Block, Siteadmin, SkipCaptcha, Upload, Automoderated users, delete, edit, move, nsTeam2RO, nsTeam2RW, nsTeam2_talkRO, nsTeam2_talkRW, protect, rollback, Administrators, template
295,417
edits
Changes
Jump to navigation
Jump to search
Line 4:
Line 4: +
no edit summary
The CEO of FTX, Sam Blankman-Fried, was the #2 donor to the [[Democrats]] in the [[2020 presidential election]] giving $39.8 million, second only to [[George Soros]], and said he intended to spend up to $1 billion in the [[2024 presidential election]].<ref>https://thepostmillennial.com/revealed-ceo-of-cratering-crypto-firm-ftx-is-dems-second-largest-donor-behind-soros</ref>
The CEO of FTX, Sam Blankman-Fried, was the #2 donor to the [[Democrats]] in the [[2020 presidential election]] giving $39.8 million, second only to [[George Soros]], and said he intended to spend up to $1 billion in the [[2024 presidential election]].<ref>https://thepostmillennial.com/revealed-ceo-of-cratering-crypto-firm-ftx-is-dems-second-largest-donor-behind-soros</ref>
==Internal controls==
FTX, a company valued at $32 billion, never had board meetings. Neither did most of the subsidiaries. FTX had no cash management system. Management had no idea how much cash was on hand at any given time, or even where all their cash was. FTX didn't keep proper records of who they employed. Employees and contractors co-mingled throughout the different companies without proper documentation of how they spent their time. Employees submitted expense reimbursements over chat. A random manager would accept or reject those reimbursements with an EMOJI. Very few records were kept. Most decisions were made over chat, with the messages automatically deleted after a certain time.
FTX, a company valued at $32 billion, never had board meetings. Neither did most of the subsidiaries. FTX had no cash management system. Management had no idea how much cash was on hand at any given time, or even where all their cash was. FTX didn't keep proper records of who they employed. Employees and contractors co-mingled throughout the different companies without proper documentation of how they spent their time. Employees submitted expense reimbursements over chat. A random manager would accept or reject those reimbursements with an EMOJI. Very few records were kept. Most decisions were made over chat, with the messages automatically deleted after a certain time.