Ask a Wise Ape

Share this post
šŸ¦ the fixer - ftx's new ceo
www.wiseape.fyi

šŸ¦ the fixer - ftx's new ceo

Ape of the Emerald City
Dec 25, 2022
Share this post
šŸ¦ the fixer - ftx's new ceo
www.wiseape.fyi

natural psoriasis care – click logo above!

photo : al drago / bloomberg

ftx declares bankrupcy

as i’m 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. let’s take a brief look through his history:

  • following enron’s 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?

it’s not like ray is going to bring back ftx to its former glory - that’s not what he’s 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 ā€œutter failure of corporate controlsā€ he had ever seen. so let’s see if he can pull off the task of managing this company

 
 

šŸ•° 51 years ago today…

photo : david kawai / bloomberg

canadian prime minister justin trudeau was born today! merry christmas everyone

that's all, folks šŸ’

thanks for reading Ask a Wise Ape – if you’re enjoying our content, please share with your friends to check it out and subscribe!

Share

buy me a coffee :)

instagram

as always, let us know if there’s a topic you want to read about!
Share this post
šŸ¦ the fixer - ftx's new ceo
www.wiseape.fyi
Comments
TopNewCommunity

No posts

Ready for more?

© 2023 Ape of Omaha 🐵
Privacy āˆ™ Terms āˆ™ Collection notice
Start WritingGet the app
SubstackĀ is the home for great writing