Posted on 11/22/2022 1:09:07 AM PST by blueplum
John Ray III took over as FTX's CEO for $1,300 per hour on November 11 as he attempts to clean up the collapsed cryptocurrency company. FTX is bankrupt but is still paying key employees top dollar as the company tries to fix the mistakes made by founder Sam Bankman-Fried. Disgraced tech bro Bankman-Fried gave up control of his company after his Stanford law professor persuaded him to do so. The company is also paying their chief administrative officer and chief information officer about $975 per hour. Other contractors at the company that seeks to ensure the company remains ethical throughout its recovery are being paid $50,000 per month
(Excerpt) Read more at dailymail.co.uk ...
If you own a small business and it fails you don’t still make a lot of money. Why should it be different for these people?
Liberal hypocrisy, as per usual.
This is all just graft and theft under the guise of cpapitalism.
New CEO has to parachute in, instantly figure out the whole sorry, corrupt mess, and take appropriate action. $1300 an hour is chicken feed for that level of intelligence and expertise. A lot of high profile lawyers get much more.
It all makes sense and seems fair when you understand that that $1300/hr doesn't include commissary privileges, and that he also has to pay his own cab fare!
Regards,
when will the arrests begin?
VIDEO: 4m58s: 21 Nov: Fox Business: Fallen FTX boss spent lavishly in Bahamas while allegedly misusing customer funds
Sam Bankman-Fried’s Bahamas spending spree has been called into question since the collapse of FTX
by Michael Ruiz; Fox News’ Paul Best contributed to this report.
He bought a $40 million penthouse with views of the water on three sides and a $60 million plot where he “broke ground” on FTX’s future headquarters but never began construction. When visited Sunday, the site was a fenced off tract of weeds with a view of the Atlantic...
Additionally, there is his multimillion-dollar, 52-foot HCB yacht...
He donated millions to the local government and Bahamian charities – prompting local media to report, “FTX tentacles stretched far across Bahamas.”
“They were walking around the Bahamas making it rain,” a Ukrainian ex-pat working in finance on the island told Fox News Digital Sunday...
A filing on Nov. 19 revealed the exchange owes its 50 biggest creditors nearly $3.1 billion, all of which are customers, although the document did not name them. The companies’ total liabilities are estimated at more than $10 billion. An estimated million customers and other investors are facing combined losses in the billions of dollars...
Crews rake the beaches every time the tide drops to clear away seaweed and other debris. A pile of sand near the jetty is used to freshen up the narrow beachfront...
https://www.foxbusiness.com/lifestyle/fallen-ftx-boss-spent-lavishly-bahamas-while-allegedly-misusing-customer-funds
> clean up the collapsed cryptocurrency
Well they did say to clean up.
From the article -
“However, John Ray, who was appointed FTX CEO after Bankman-Fried revealed his financial troubles, filed for bankruptcy and resigned, said in court filings that FTX and its dozens of sister companies lacked functional accounting and human resources departments, and Bankman-Fried had received a $1 billion personal loan from one of his own firms.”
“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,” he wrote, after noting twice he had worked on Enron’s collapse, in a court filing this week. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
a $1-billion personal loan??
must be nice!
He paid for his protection, a citizen scam that will go unpunished because........ he paid for his protection. The money invested in politicians pockets will be taking the same route as DICK Durban who said he will take this invested money that was stolen from investors and make a donation to a good cause, yeah right! DICK will take your money and make a DONATION instead of giving it back to you.
I was going to say, as a professional at my level of expertise, I could command 300-400 as a going rate. and this guy has way more specialized skills and experience in forensic accounting. This seems right. as a stakeholder you would want a guy like this, and pay him hundreds of thousands so that you might be able to recover millions and billions.
MAn , Daniel Assange got in the wrong business and plaid with the wrong people.
Dude eats vegetable dildos on Tv, gets to cannibalize America.
REcover what? This seems like a continuation of the scam and not a lawyer appointment to get Friedman and his family assets in the Bahamas.
PEople have done much less and gotten the FBI helicopters over New Zealand
Did he pay or was he paid for protection?
THis case looks more like Epstein than Maddof to me..
THe point is if this guy was in trouble, the mafia would be on him to extort him assets already in his isolation.
He is being protected right now... for how long, I don’t know, Epstein might have an idea.
There is a recurrence of acculturated schizophrenic Jewish leftists in these scams, it is amazing, but they are the tip of the iceberg. What is remarkable is how the dudes sell their soul for white democrat ghouls.
That is never good.
Hopefully some of the scammed money came from drug cartels and or the Mafia. Payment will be made, one way or the other.
Hey these guys have college loans to pay off.
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