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FTX Lost Track of Its Money

  • Article
  • Apr 10, 2023
  • #Cryptocurrency
Matt Levine
@matt_levine
(Author)
www.bloomberg.com
Read on www.bloomberg.com
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1 Mention
What a weird job John Ray has. I suppose that in general, if a company hires a new chief executive officer, the new CEO will have some disagreements with the previous CEO, and some... Show More

What a weird job John Ray has. I suppose that in general, if a company hires a new chief executive officer, the new CEO will have some disagreements with the previous CEO, and some incentive to make a meal of those disagreements. For one thing, CEOs are generally people with strong opinions. Also the new CEO was hired for a reason; quite possibly the old CEO did do something wrong. Also the new CEO can make himself look better by making the old one look worse: The more you say “oh man the previous guy really messed everything up, what a disaster this place is,” the more credit you will get for any improvements.

Also I mean, separately, the former CEO of FTX Trading Ltd. really did mess the place up a lot, so Ray objectively has a lot to complain about.

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Grant Williams @ttmygh · Apr 10, 2023
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Gotta say, if you don’t enjoy the writing of @matt_levine I don’t know what to say. He’s brilliant! This, from his latest masterpiece:
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