FTX's new CEO: "Never in my career have I seen such a complete failure"
CBSN
New FTX CEO John Ray III has decades of experience guiding companies through bankruptcy, including Enron following its infamous 2001 collapse. But nothing he has seen over his career compares to the problems at the cryptocurrency exchange just before it declared bankruptcy last week.
"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," Ray said in court documents filed on Thursday.
Among those shortcomings under former CEO Sam Bankman-Fried were imprecise accounting of the value of FTX's crypto assets; sloppy employee management of the company's cash holdings; and poor human resources practices, the documents suggest.
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