Just drawing attending to the bankruptcy filing day one statement, which really is something else. This is just a brief intro filing and by no means comprehensive, but the sentiment is incredibly damning for SBF and his inner circle. Putting aside the Vox interview and questionable EV thinking re risk, it also appears that FTX was just badly run. If the plan was to run a high risk/reward strategy (even if you thought you might need to obfuscate activity in the future), you would not have such poor internal controls and governance. It all looks a lot more ham-fisted than I thought possible. I honestly don’t get it.
The bankruptcy filing is something else, including the statement (from the man who restructured Enron) ‘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. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.’
Just drawing attending to the bankruptcy filing day one statement, which really is something else. This is just a brief intro filing and by no means comprehensive, but the sentiment is incredibly damning for SBF and his inner circle. Putting aside the Vox interview and questionable EV thinking re risk, it also appears that FTX was just badly run. If the plan was to run a high risk/reward strategy (even if you thought you might need to obfuscate activity in the future), you would not have such poor internal controls and governance. It all looks a lot more ham-fisted than I thought possible. I honestly don’t get it.