New FTX CEO says lax oversight, bad decisions caused failure
GLENN GAMBOA
Associated Press
WASHINGTON (AP) — The new CEO of the cryptocurrency exchange FTX is appearing before a House committee Tuesday, detailing for lawmakers the lack of oversight and financial controls that he discovered since taking over the company a month ago. John Ray III called FTX’s collapse one of the worst business failures he has seen _ even worse than Enron, which he helped restructure two decades ago. Notably absent from the hearing before the House Financial Services Committee is FTX’s founder and former CEO Sam Bankman-Fried, who was arrested in the Bahamas just hours before he was scheduled to testify.
