John Ray III, a veteran insolvency practitioner who oversaw Enron’s liquidation, told a court on Thursday that FTX was the worst case of corporate failure he had seen in his 40-year career. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial information as occurred here,” he said. “From the compromised integrity of systems and flawed regulatory oversight overseas to the concentration of control in the hands of a very small group of inexperienced, unskilled and potentially compromised individuals, this situation is unprecedented.” More to come
