FTX’s new CEO and liquidator, John Ray III, who also oversaw the unwinding and liquidation of Enron, admits that “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.”
And just in case his shock at FTX’s fraud of epic proportions was not quite clear enough, he adds that “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 and potentially compromised individuals, this situation is unprecedented.”
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Article has a good overview backed by details. It was big-time fraud. Repercussions unpredictable, ultimate perps and reasons for no govt oversight to be determined (or more likely deep-sixed). Sort of looks like a super-size laptop from hell, which conveniently it overshadows. Timing, psyop, FTX is going to overshadow and hide many things. ABN
American Buddhist Net 