Never in my career have I seen such an utter failure of corporate control: New FTX CEO

FTX CEO John Ray said he had never “seen such an utter failure of corporate controls at every level of an organization, from the lack of financial statements to a complete failure of any internal controls or governance whatsoever.”

He continued by saying that the FTX management “failed to implement virtually any of the systems or controls” required to safeguard client assets.