From Morning Brew, this is only going to get better...
Veteran bankruptcy pro John J. Ray III, the newly appointed FTX CEO, said the collapsed crypto exchange was the worst corporate failure he’s ever witnessed. And he oversaw the liquidation of Enron.
Here’s some of what Ray wrote in an absolutely bonkers bankruptcy filing yesterday:
“I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron).”
“Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity. Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” (Emphasis ours.)