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ftx declares bankrupcy
as iām sure many wise ape readers are aware, the cryptocurrency exchange ftx went bankrupt after it was revealed that they were misusing customer funds. former ceo sam bankman-fried was arrested last week
in comes the new boss
following these developments, a new ceo was put in charge to take care of the situation - attorney john j ray iii. letās take a brief look through his history:
following enronās accounting scandal and bankruptcy in 2001, he managed to help creditors in the aftermath
he has spent over 20 years taking over companies going through bankruptcy and managing the situation - other companies include fruit of the loom, nortel, etc.
what does that mean moving forward?
itās not like ray is going to bring back ftx to its former glory - thatās not what heās there to do. he will, however, try to recover assets and use his experience to minimize damage
at the us house committee of financial services he stated that ftx was the worst āutter failure of corporate controlsā he had ever seen. so letās see if he can pull off the task of managing this company
š° 51 years ago todayā¦
canadian prime minister justin trudeau was born today! merry christmas everyone
that's all, folks š
