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FTX’s Balance Sheet Was Bad

  • Article
  • Nov 14, 2022
  • #Cryptocurrency
Matt Levine
@matt_levine
(Author)
www.bloomberg.com
Read on www.bloomberg.com
3 Recommenders
3 Mentions
If a troubled company has a few days to beg potential investors for a bailout before it files for bankruptcy, and it sends those investors its balance sheet so they can consider inv... Show More

If a troubled company has a few days to beg potential investors for a bailout before it files for bankruptcy, and it sends those investors its balance sheet so they can consider investing, and they all pass, and then the company files for bankruptcy, of course the balance sheet was bad. That is not a state of affairs that is consistent with a pristine fortress balance sheet.

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Tren Griffin @TrenGriffin · Nov 15, 2022
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This is solid writing by Matt Levine: "You cannot apply ordinary arithmetic to numbers in a cell labeled “HIDDEN POORLY INTERNALLY LABELED ACCOUNT.” The result of adding or subtracting those numbers with ordinary numbers is not a number; it is prison."
Ilan Strauss @ilanstrauss · Nov 14, 2022
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Brilliant pieces.
Gokce Idiman @gokce · Nov 17, 2022
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''$16 billion of dollar liabilities and assets consisting mostly of some magic beans you invented and acquired for zero dollars? WHAT?'' Unbelievable and yet recurring story. a Netflix doc soon looms up...
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