"I have over 40 years of legal and restructuring experience. [...] 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[1] and potentially compromised individuals, this situation is unprecedented."[2]
I am really looking forward to the next Matt Levine column going through this filing!
[1] Ouch that hurts. At least you want to go down in history as a criminal mastermind!
Employee theft - CYA in case they're not, but heavily implying that there's evidence of criminal activity from the inexperienced and unsophisticated people in control of FTX.
"I have over 40 years of legal and restructuring experience. [...] 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[1] and potentially compromised individuals, this situation is unprecedented."[2]
I am really looking forward to the next Matt Levine column going through this filing!
[1] Ouch that hurts. At least you want to go down in history as a criminal mastermind!
[2] https://pacer-documents.s3.amazonaws.com/33/188450/042020648...