It’s really bad. I mean if some policy was in place to ask for audited financial statements, that could have shown some hint of what had transpired now....
Seems like it was something Sam wrote himself from scratch in a mad hurry last week rather than a reflection of the record-keeping actually in place until that point?
I do not think so, if he has an accountant (presumably given the amount of money involved) he will not state that that represents the totality of accounting records in his company through an unstructured excel monitoring. Or yeah, this might been the case which goes back to my recommendations in various posts to request audited financial statements from donors so that its faster to detect if one is not involved in shady transactions…
That is apparently what FTX was sending to potential investors, as their balance sheet, when asking for a bailout. Seems bad.
It’s really bad. I mean if some policy was in place to ask for audited financial statements, that could have shown some hint of what had transpired now....
Seems like it was something Sam wrote himself from scratch in a mad hurry last week rather than a reflection of the record-keeping actually in place until that point?
I do not think so, if he has an accountant (presumably given the amount of money involved) he will not state that that represents the totality of accounting records in his company through an unstructured excel monitoring. Or yeah, this might been the case which goes back to my recommendations in various posts to request audited financial statements from donors so that its faster to detect if one is not involved in shady transactions…