Much of what Big Tech values is praiseworthy, from fun (a good thing) to wondrous creativity. But, like similar episodes in the nineteenth century, the meltdown of FTX, and the turmoil engulfing Twitter and Meta, have exposed the costs of blindly worshiping enterprise and wealth.
CHICAGO – The failure of the cryptocurrency exchange FTX, the latest in a long history of American financial shenanigans, was a doozy. “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,” said the corporate restructuring specialist John Ray III, who is now overseeing FTX’s bankruptcy.
CHICAGO – The failure of the cryptocurrency exchange FTX, the latest in a long history of American financial shenanigans, was a doozy. “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,” said the corporate restructuring specialist John Ray III, who is now overseeing FTX’s bankruptcy.