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☆ FTX’s New CEO Faults Lax Oversight in Bankruptcy Filing
  + stars: | 2022-11-17 | by ( Alexander Saeedy | Soma Biswas | ) www.wsj.com   time to read: 1 min
FTX’s new chief executive said lax controls over the company’s billions of cash and cryptocurrency assets under the leadership of Sam Bankman-Fried has left current management scrambling to establish just how much money the bankrupt crypto platform has today. The declaration made in a Delaware bankruptcy court on Thursday marks the first attempt by FTX’s new chief executive, appointed shortly before the company filed for bankruptcy, to explain what went wrong at the company. John J. Ray, who led the liquidation of Enron Corp.’s assets in the years after the company collapsed, took over as CEO last week and his first official act was to authorize the company’s bankruptcy filing, he said.
☆ FTX’s New CEO Says Lack of Oversight Helped Lead to Bankruptcy
  + stars: | 2022-11-17 | by ( Alexander Saeedy | Soma Biswas | ) www.wsj.com   time to read: 1 min
FTX’s new chief executive said lax controls over the company’s billions of cash and cryptocurrency assets under the leadership of Sam Bankman-Fried has left current management scrambling to establish just how much money the bankrupt crypto platform has today. The declaration made in a Delaware bankruptcy court on Thursday marks the first attempt by FTX’s new chief executive, appointed shortly before the company filed for bankruptcy, to explain what went wrong at the company. John J. Ray, who led the liquidation of Enron Corp.’s assets in the years after the company collapsed, took over as CEO last week and his first official act was to authorize the company’s bankruptcy filing, he said.
☆ CEO in Charge of FTX Restructuring Calls Case an ‘Unprecedented’ Mess
  + stars: | 2022-11-17 | by ( Alexander Saeedy | Soma Biswas | Eliot Brown | ) www.wsj.com   time to read: 1 min
FTX suffered a “complete failure of corporate controls” that culminated in an “unprecedented debacle,” its new chief executive officer said Thursday. John J. Ray , who has helped oversee some of the biggest bankruptcies ever, including Enron’s, said in a filing to federal bankruptcy court that he has never seen anything as bad in 40 years of restructuring firms.
☆ CEO in Charge of FTX Restructuring Calls It an ‘Unprecedented’ Mess
  + stars: | 2022-11-17 | by ( Alexander Saeedy | Soma Biswas | Eliot Brown | ) www.wsj.com   time to read: 1 min
FTX suffered a “complete failure of corporate controls” that culminated in an “unprecedented” debacle, its new chief executive said Thursday. John J. Ray , who has helped oversee some of the biggest bankruptcies ever, including Enron’s, said in a filing to federal bankruptcy court that he’s never seen anything as bad in 40 years of restructuring firms.
☆ Lawyer who managed Enron bankruptcy says he’s never seen such a ‘complete failure’ as FTX
  + stars: | 2022-11-17 | by ( Allison Morrow | ) edition.cnn.com   time to read: 1 min
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☆ Emoji for expenses, penthouses and slipshod accounting: The most damning details from new FTX CEO's report
  + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +5 min
Penthouses, perks and personal items"In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors. Other reports have detailed lavish perks allegedly given to FTX employees in the Bahamas. Ray's filing indicated that corporate funds were used to purchase homes for employees and advisors, sometimes in their name. For example, employees of the FTX Group submitted payment requests through an online 'chat' platform where a disparate group of supervisors approved disbursements by responding with personalized emojis." It isn't immediately clear what platform FTX used, although the company is known to have used Slack for internal communications.
☆ Sam Bankman-Fried says filing for bankruptcy at FTX was his 'biggest' mistake and the people now running the company are 'trying to burn it all to the ground out of shame'
  + stars: | 2022-11-17 | by ( Beatrice Nolan | ) www.businessinsider.com   time to read: +2 min
Sam Bankman-Fried has said his "biggest single " mistake at FTX was filing for bankruptcy. Bankman-Fried said those now in charge of the company were "trying to burn it all to the ground." "You know what was maybe my single biggest fuckup?" Bankman-Fried suggested to Vox that "everything would be ~70% fixed right now" if FTX hadn't filed for bankruptcy. FTX has been accused of misusing customer funds to prop up another company owned by Bankman-Fried, the trading firm Alameda Research.
☆ New FTX CEO John Ray: Never in my career have I seen 'complete failure of corporate controls'
  + stars: | 2022-11-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew FTX CEO John Ray: Never in my career have I seen 'complete failure of corporate controls'New FTX CEO John Ray, who oversaw Enron during its bankruptcy proceeding, said in a court filing that he's never seen such a "complete failure of corporate controls." CNBC's 'Squawk Box' team reports.
☆ A new bankruptcy filing shows the value of FTX's crypto holdings is just $659,000, after Sam Bankman-Fried said they were worth $5.5 billion
  + stars: | 2022-11-17 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +2 min
Bankruptcy filings show the fair value of crypto held by FTX is $659,000. That compares to Sam Bankman-Fried claim FTX held about $5.5 billion in "less liquid" crypto tokens. "Never in my career have I seen such a complete failure of corporate controls," new FTX CEO John Ray III said. A particularly jarring disclosure is that the total fair value of crypto held by FTX International was just $659,000 as of the end of September, compared to claims from its founder Sam Bankman-Fried's that the company held $5.5 billion in "less liquid" crypto tokens. That's quite the statement coming from Ray, given that he oversaw the liquidation of Enron following its more than $60 billion bankruptcy in 2001.
☆ Never seen 'such a complete failure' of corporate controls, says new FTX CEO who also oversaw Enron bankruptcy
  + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +3 min
Ray formerly served as the CEO of Enron after the implosion of the energy titan. He promised to work with regulators to investigate FTX founder Sam Bankman-Fried. Bankman-Fried." Ray excoriated Bankman-Fried and his management team for what were described as lackadaisical controls on systems and regulatory compliance. Coordinating with regulators, Ray wrote, the chapter 11 bankruptcy process would examine the actions of Bankman-Fried in connection with FTX's collapse.
☆ Breakingviews: FTX affords a turning point in venture governance
  + stars: | 2022-11-17 | by ( Liam Proud | ) www.reuters.com   time to read: +3 min
The new chief executive of the collapsed cryptocurrency exchange, insolvency veteran John Ray, uncovered giant financial gaps and signs of looting. Ray’s first in-depth account, submitted to the court on Thursday, reveals a brazen lack of controls and governance. Financial statements dated to Sept. 30, when founder Sam Bankman-Fried was in charge, contain no record of customer liabilities at either the U.S. subsidiary or the international division. Many of the FTX corporate entities never had board meetings. Ray also criticised his predecessor and FTX co-founder Sam Bankman-Fried for making “erratic and misleading public statements”.
☆ FTX affords a turning point in venture governance
  + stars: | 2022-11-17 | by ( Liam Proud | ) www.reuters.com   time to read: +3 min
The new chief executive of the collapsed cryptocurrency exchange, insolvency veteran John Ray, uncovered giant financial gaps and signs of looting. Ray’s first in-depth account, submitted to the court on Thursday, reveals a brazen lack of controls and governance. Financial statements dated to Sept. 30, when founder Sam Bankman-Fried was in charge, contain no record of customer liabilities at either the U.S. subsidiary or the international division. Many of the FTX corporate entities never had board meetings. Ray also criticised his predecessor and FTX co-founder Sam Bankman-Fried for making “erratic and misleading public statements”.
☆ FTX's new CEO blasted Sam Bankman-Fried over 'a complete failure of corporate controls' in a scathing bankruptcy filing
  + stars: | 2022-11-17 | by ( Grace Dean | ) www.businessinsider.com   time to read: +3 min
FTX's new CEO issued scathing remarks about Sam Bankman-Fried in a bankruptcy filing on Thursday. He cited "inexperienced" execs, auto-deleting messages, and "a complete failure of corporate controls." Ray said that FTX "did not keep appropriate books and records, or security controls, with respect to its digital assets." Ray said that many companies in the FTX Group also lacked "appropriate corporate governance," with some of the entities never holding board meetings. FTX Group had "unclear records and lines of responsibility" related to its staff and contractors, Ray wrote.
☆ FTX collapse an example of ‘greed and FOMO,’ says short-seller Carson Block
  + stars: | 2022-11-17 | by ( Jenni Reid | ) www.cnbc.com   time to read: +3 min
Carson Block, founder of short selling investment firm Muddy Waters, thinks the collapse of cryptocurrency exchange FTX under Sam Bankman-Fried is a "great example of greed and FOMO." Block told CNBC's "The Exchange" he had seen the business trajectory of the former billionaire and thought there was "obviously something wrong." Block is a crypto sceptic who described the recent surge into the industry as a bubble based on a "suspension of disbelief." His comments come amid a war of words in the crypto sphere as it grapples with the recent volatility. At an event hosted by CNBC on Thursday, Changpeng Zhao, founder of cryptocurrency exchange Binance, said he was "shocked" that Bankman-Fried "lied to everybody," and described his actions as "fraud."
☆ FTX is the 'Enron moment' for the crypto industry, says Rep. Patrick McHenry
  + stars: | 2022-11-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX is the 'Enron moment' for the crypto industry, says Rep. Patrick McHenryNorth Carolina Rep. Patrick McHenry, the lead Republican on the Financial Services Committee, joins CNBC's 'Squawk Box' to discuss how lawmakers are responding to the collapse of crypto exchange FTX.
☆ FTX used corporate funds to purchase employee homes, new filing shows
  + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +2 min
The logo of FTX is seen on a flag at the entrance of the FTX Arena in Miami, Florida, November 12, 2022. Corporate funds were used to purchase Bahama homes and "personal items" in the name of employees and advisors of FTX, a bankruptcy declaration said, days after the penthouse apartment of founder Sam Bankman-Fried was listed for nearly $40 million. Auditing for one of the FTX corporate verticals – what Ray referred to as "Silos" – was done by Prager Metis, a firm with "which I am not familiar," Ray wrote. Ray, who oversaw Enron's bankruptcy proceedings and restructuring, declared he had 40 years of experience in the bankruptcy and corporate space. FTX and affiliated companies, including Alameda Research, Bankman-Fried's crypto trading firm, filed for Chapter 11 bankruptcy protection earlier this month.
☆ Sam Bankman-Fried and a company he owns got $3.3 billion in loans from his Alameda trading firm, bankruptcy filing says
  + stars: | 2022-11-17 | by ( Brian Evans | ) www.businessinsider.com   time to read: +2 min
Alameda Research lent $3.3 billion to Sam Bankman-Fried and entities he controlled. FTX's bankruptcy filing disclosed a $1 billion loan directly to Bankman-Fried. The other $2.3 billion went to Paper Bird Inc., a company SBF owns a majority stake in. A loan of $1 billion went directly to Bankman-Fried, the filing said, while $2.3 billion went to Paper Bird Inc., which he owns a majority stake in. The bankruptcy filing included numerous stunning revelations about FTX.
☆ Binance exec says 'it was like a bomb went off' at FTX, compares Bankman-Fried to Madoff and Elizabeth Holmes
  + stars: | 2022-11-17 | by ( Kate Rooney Sofia Pitt | Kate Rooney | Sofia Pitt | ) www.cnbc.com   time to read: +3 min
"It was like a bomb went off in that place," Patrick Hillmann, Binance CSO, told CNBC on Thursday. It was money that FTX didn't have, because it was using client deposits for other purposes. "Somehow they were always spending more and more and more and more money," Hillmann said. Hillmann said that early on there were some concerns with FTX and its unsavory relationship with Alameda Research, Bankman-Fried's hedge fund. WATCH: Binance decided FTX was beyond saving after two-hour review of balance sheet
☆ Crypto firm Multicoin expects contagion from FTX to wipe out many trading firms in coming weeks
  + stars: | 2022-11-17 | by ( Ari Levy Mackenzie Sigalos | Ari Levy | Mackenzie Sigalos | ) www.cnbc.com   time to read: +4 min
It's a stark reversal for five-year-old Multicoin, which announced a $430 million fund in July, its third and largest to date. "We put entirely too much trust in our relationship with FTX," Multicoin managing partners Kyle Samani and Tushar Jain wrote in the 3,400-plus word letter, which CNBC obtained. Multicoin said it doesn't expect the crypto market to turn anytime soon. "Many trading firms will be wiped out and shut down, which will put pressure on liquidity and volume throughout the crypto ecosystem. The crypto market has experienced multiple pullbacks in the last few years and has bounced back.
☆ From $32 billion to criminal investigations: How Sam Bankman-Fried's empire vanished overnight
  + stars: | 2022-11-15 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +17 min
Alameda's success spurred the launch of crypto exchange FTX in the spring of 2019. A Twitter fight with the CEO of rival exchange Binance pulled the mask off the scheme. Alameda, FTX and a host of subsidiaries Bankman-Fried founded have filed for bankruptcy protection in Delaware. On Nov. 2, CoinDesk reported a leaked balance sheet showing that a significant amount of Alameda's assets were held in FTX's illiquid FTT token. On Nov. 6, according to Bankman-Fried, the exchange had roughly $5 billion of withdrawals, "the largest by a huge margin."
☆ FTX's new CEO helped bolster Enron victims' recovery
  + stars: | 2022-11-15 | by ( Dietrich Knauth Brendan Pierson | Dietrich Knauth | Brendan Pierson | ) www.reuters.com   time to read: +3 min
Nov 15 (Reuters) - FTX Trading's new CEO John J. Ray III, a lawyer tapped to lead the collapsed crypto exchange's restructuring, previously oversaw the $23 billion bankruptcy of energy firm Enron Corp and has a reputation for boosting creditor recoveries. Ray, 63, on Monday declined to comment on his initial priorities as FTX's CEO. Serving as Enron's CEO throughout its years-long bankruptcy, Ray's work resulted in major settlements with banks accused of helping Enron deceive investors, including a $1.66 billion settlement with Citigroup in 2008. Mark Lichtenstein, an attorney who worked on Enron's bankruptcy, saw many parallels between FTX and that case. "You’ve got such a meltdown, similar to Enron, sort of a run on the bank," Lichtenstein said.
☆ New FTX CEO Unwound Enron and Other Major Corporate Failures
  + stars: | 2022-11-14 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
The executive tapped to lead FTX through the biggest cryptocurrency bankruptcy in history has helped recover billions of dollars for creditors of Enron Corp., Nortel Networks and other major companies that have collapsed over the last two decades. John J. Ray III was appointed chief executive of FTX just before the crypto exchange plunged into chapter 11 bankruptcy and founder Sam Bankman-Fried resigned. Mr. Ray is now tasked with investigating FTX’s sudden collapse and unwinding an enterprise with more than 130 corporate...
☆ FTX's future went from being in the hands of the young disrupters to grizzled veteran lawyers
  + stars: | 2022-11-14 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
The two key lawyers involved — who were profiled here by Insider's Jack Newsham — have quite the track record, including stints working with Enron, Michael Milken, and Elon Musk. In other news:Mia Lee decided to become a professional girlfriend for a living after her Wall Street accounting job left her burnt out. Here's where they say Wall Street got it wrong when it comes to VC. Salesforce evaluated employees in a way that actually set up some of its top salespeople to get axed, insiders say. "You can take the girl off Wall Street, but you can't take the banker out of the whore."
☆ Bahamian police reportedly interviewed Sam Bankman-Fried this weekend, investigations into downfall intensify
  + stars: | 2022-11-13 | by ( Bethany Biron | ) www.businessinsider.com   time to read: +2 min
Bahamian police questioned FTX founder Sam Bankman-Fried on Saturday, Reuters reported. The police say they are investigating if "criminal misconduct occurred" tied to the downfall of FTX. Bankman-Fried was rumored to have fled to Argentina earlier this weekend. The Royal Bahamas Police questioned Bankman-Fried to discover if any "criminal misconduct occurred," Reuters reported on Sunday. The Financial Times later reported that FTX held only $900 million in sellable assets against $9 billion in liabilities.
☆ Jim Cramer: Why the two-day rally to end last week is significant — and what to expect next
  + stars: | 2022-11-13 | by ( Jim Cramer | ) www.cnbc.com   time to read: +8 min
You would just stay mum, enabling investors to expect another raise of 75 basis points, especially if retail sales this week come in above expectations. The best that can be said, though, is that the two days up to end last week seem significant — especially in light of the collapse of FTX. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
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