John Ray
19 hours agoJohn Ray, the newly appointed CEO of the bankrupt cryptocurrency exchange FTX, is best recognized for his role in managing the collapse of Enron, a Houston-based energy company that was the seventh largest public firm in the United States at the time and became the largest company in U.S. history to file for bankruptcy.
Ray is regarded as a specialist in the bankruptcy process.
Enron's corporate leaders employed "creative accounting" and financial manipulation to create the illusion of greater profitability than the company actually had.
The company's financial losses were concealed within shell companies, and anticipated future profits were reported as actual earnings before they materialized.
Ray's background in handling bankruptcies, along with his experience with companies that may obscure their true financial situations, is believed to be the reason for his appointment.
In relation to FTX's downfall and subsequent bankruptcy in November 2022, Ray remarked, “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 will also need to navigate the complexities involving 130 affiliates and subsidiaries of FTX that are entangled in the bankruptcy, while striving to maintain the existing structure as much as possible.
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