Exec who cleaned up Enron calls FTX mess ‘unprecedented’
The Associated Press
NEW YORK (AP) – The man who had to clean up the mess at Enron says the situation at FTX is even worse, describing what he calls a “complete failure” of corporate control.
The filing by John Ray III, the new CEO of the bankrupt cryptocurrency firm, lays out a damning description of FTX’s operations under its founder Sam Bankman-Fried, from a lack of security controls to business funds being used to buy employees homes and luxuries.
Ray was named CEO of FTX less than a week ago when the company filed for bankruptcy protection and Bankman-Fried resigned.
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11/17/2022 1:48:24 PM (GMT -6:00)