FTX shattered balance sheet [Behind a wall]
https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af558
The new CEO, John J. Ray III, previously was brought in by Enron to clean up its finances.
https://twitter.com/kadhim explains
NOTE: His parents worked in compliance, and risk management
THE FTX FIRST DAY DECLARATION
New CEO John Ray is scathing about Sam Bankman-Fried’s management.
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information.”
https://twitter.com/insilicobunker/status/1593228005450878976
<and> Bought homes for employees and consultants with company funds, deeds in personal names with no loan documentation/payback expectation. Including Sam’s $40M penthouse.
Pacer docs
https://cases.ra.kroll.com/FTX/Home-DocketInfo
“I do not believe it appropriate for stakeholders or the Court to rely on the audited financial statements as a reliable indication” “The Debtors have been unable to prepare a complete list of who worked for the FTX Group as of the Petition Date”
FTX, FTX US and Alameda “do not have an accounting department”.
You can find all of the FTX bankruptcy case documents here from now on: https://cases.ra.kroll.com/FTX/Home-DocketInfo
However could it have gone wrong? “The audit firm for the Dotcom Silo was Prager Metis, a firm with which I am not familiar and whose website indicates that they are the “first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland.”
2 CPA firms with very dim futures –