Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6996983275143524352
#FTX: Former #Treasury #Secretary #LawrenceSummers: #Enron Like #Fraud: https://lnkd.in/d-HQSBYn : Or, Much Worse: $3 #Trillion #Ponzi #Scam? https://lnkd.in/g2Y6isvS : #Crypto #CanaryInTheCoalMine: https://lnkd.in/gvXH_mBU :
This is probably less about the #complexities of the #nuances of the #rules of #crypto #regulation and more about some very basic #financial #principles that go back to #financial #scandals that took place in ancient #Rome.: https://lnkd.in/g_ragPQQ :
Summers called for an expansion in the number of #forensic #accountants (our #riskmanagement #controls focus) — though not necessarily an increase in #regulation:
“I would compare it to #Enron. The smartest guys in the room. Not just #financial #error but whiffs of #fraud. Stadium namings very early in a company’s history. Vast #explosion of #wealth that nobody quite understands where it comes from.”
#FTX #US #Senate #Testimony: #RiskManagement-#Controls-#Governance #Smoke & #Mirrors: #Early #Red #Flags: https://lnkd.in/gyAjvr_g : How Deep the #RabbitHole Goes: https://lnkd.in/gWEJUpcN :
Financial Times: Untangling the knotty empire of #BankmanFried-#FTX: https://lnkd.in/d8s2YRis : With crypto exchange FTX short $8bn and hurtling towards #bankruptcy, please take a moment to survey the task that might be awaiting #liquidators and #law #enforcement #agencies. U.S. Securities and Exchange Commission’s post-mortem diagram of #Lehman’s #corporate #structure looks a #model of #simplicity in comparison:
Bloomberg LP: Burned by #Crypto? No #financial #market can offer those kinds of staggering #gains without #huge #risk. https://lnkd.in/d-HQSBYn .
Fast Company: Embattled FTX files for #bankruptcy, SBF will be replaced by John J. Ray III, the lawyer who was brought in to clean up the #mess during #Enron’s infamous #collapse.: https://lnkd.in/dQasdB5C .
If you are new to this feed, listed below are background articles on key #industry #events discussed earlier on this feed:
The Latest Domino to Fall: FTX: https://lnkd.in/d9Ccs9W2
CNBC #Crypto peaked a year ago — #investors have lost more than $2 #trillion since: The #cryptowinter turned disastrous this week with the spectacular collapse of FTX. https://lnkd.in/dbiBWYUD
MarketWatch Why you need to understand the FTX debacle even if you have no investments in crypto:
https://lnkd.in/dJs_xFWC
The sudden collapse of FTX #cryptocurrency #exchange underlines how important it is for any #investor to learn about the #risks taken when #money is parked with a #lightly #regulated firm. Look deeper than the #correlation may have nothing to do with #causality underlying #deepening #fissures in #market #microstructure:
#FutureOfRisk is [Already] #Quantum, Are You Prepared?: https://lnkd.in/dJACCYBK
Silicon Valley’s Next Big Thing™: CEO-CxO Know-Build-Monetize™ Networks: Join The CEO Metaverse™:
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