Plus, what will be more valuable by the end of the year: Musk’s stake in Twitter, or a lettuce?Don’t get TechScape delivered to your inbox? Sign up for the full article hereIf you owe the bank a grand and can’t repay it, you’re in trouble.
If the bank owes you a billion and can’t repay it, the system’s in trouble.When the cryptocurrency exchange FTX filed for bankruptcy last week, it didn’t actually know how much it owed customers, the company’s new chief executive, John Ray III, said in a filing.
That’s a weighty statement, given he worked on the Enron bankruptcy, the most notorious example of corporate fraud in recent American history.
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray wrote.
Now a US court has to determine who gets what – if anything.
The 50 biggest claims against FTX total $3.1bn.
Source: the guardian
Summary automatically generated by NewSUM A.I. from the following sources: