The FTX fallout

The new bankruptcy CEO’s first evaluation of FTX has just been submitted, and it makes for an interesting read; he claims that this is the worst situation he has ever encountered in his career, and he was part of Enron. This thing did not have a financial team, a cash management system, a list of its bank accounts, a list of its personnel, or their contractual obligations. In addition to lending the company’s founder one billion dollars, the business was using corporate funds to purchase apartments in the names of employees working there. In the meantime, the founder direct messaged a Vox reporter this week to admit that he…