New FTX CEO: "Never in my career have I seen such a complete failure of corporate controls" pic.twitter.com/DGkxpSBaXH
— Eliot Brown (@eliotwb) November 17, 2022
New FTX CEO says "Never in my career have I seen such a complete failure of corporate controls." But what does he know? He-- he worked for Enron, you say
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He didn't just work for Enron. He was the clean up guy that was brought in after it all went to shit.
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An actual professional jannie
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No, this man gets paid.
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Speaking of which, CROs usually get paid astronomical amounts, its ridiculous even by (most) CEO standards. There are a bunch of good reasons for that (theyre usually brought in at the time when officer liability is highest and most likely to crystallize, they have to unfrick things in a short period, etc)
If this guy was on Enron and Nortel and swore an affidavit saying this is worse, then just... lmao
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That's what professional means.
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"Ah yes, so this is how they were caught with fraud. If only they did X, Y, and Z, they might have gotten away with it."
Fun hypothesis: He used his resume-building experience to enact a similar scheme within the wild world of crypto.
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Didn't he go to Enron to clean things up after the poopy hit the fan? Kind of like he's dooing now with FTX?
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Being the finance equivalent of cleaning up spaghetti code sounds hellish
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Fun fact there are 102 bankrupt entities. Not even all of FTX's holdings, some bits aren't bankrupt.
Full filing is a good laugh
He has submitted a preliminary org chart but thinks he'll probably find more
He gives the numbers he has but doesn't trust any of them
SBF needed his daddy to help convince him to resign at 4:30 AM
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This is fricking hilarious
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For a person so familiar with "cleaning up" decrepit companies, SBF sure has a knack for spinning up and pumping investment into such fragile companies.
I wonder if their cover story about
throwing the fall guy under the busthe insider trader will be enough to avoid further scurtiny.Jump in the discussion.
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Ok but what did he think of the s*x tape?
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Why would anyone take that job?
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Making sure the big creditors get paid back as much as possible pays a lot
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He’s hired by the bankruptcy courts. He’s not trying to turn the company around.
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CRO engagements are usually approved by the BK court (not hired by them though, creditors ultimately foot the bill) but not here, he took the role prefiling. Its not super clear who appointed him on an initial read but it looks like the restructuring professionals picked him during creditor-vs-former-CEO discussions and his appointment was made effective upon former CEO's resignation at 4am
Edit: on a closer read, some of the board members are not orgy attendants/feckless cronies, realized what was going on, and demanded that this gentleman replace the CEO. After Standford Prof daddy told him to resign, he did
Tl;dr lmao
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What did you find for board members pre-bankruptcy?
I thought "maybe the board was not paying much attention but after this they definitely have to kick him out" so I tried to look up who was on the board. All I found was a bunch of Twitter saying "HE HAD NO BOARD (lmbo)" and some articles mentioning basically the same thing as a 3-man board of SBF, an FTX employee, and a lawyer..
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Its not clear based on the filing but he refers to what appears to be independent board members at one point when describing pre-petition matters. They may have been officers though, he just says "executives".
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First paragraph in the screenshot he is basically the Navy SEALs copypasta of cleaning up this sort of mess
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Snapshots:
archive.org
ghostarchive.org
archive.ph (click to archive)
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