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MYSTERIOUS: 4 - You Need To See This

Editorial: The FTX saga is hard to understand, but the greed behind it isn't

Back in 2001, precious few Americans could have explained what Houston-based Enron did as a company and how it got so spectacularly wealthy. But when it filed for a record-breaking bankruptcy, Americans got schooled fast about not putting their trust and money behind swaggering, fast-talking con artists. But fools and…

St. Louis Post-Dispatch

Crypto's Enron-sized scandal threatens to undermine its core reason to exist

The crypto industry was already facing a trust deficit, and this has set it back far.

Axios

Former FTX users say the failed crypto exchange was a 'Ponzi scheme.' Here's how Ponzis work

SBF, as Bankman-Fried was often called, says he didn’t commit fraud. But bankruptcy specialists say the findings so far are ‘pretty devastating.’

Fortune

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Did Sam Bankman-Fried's Millions Buy the Media's Loyalty?

The mainstream coverage of SBF and FTX is more than a little blasé.

Reason

Polyamory, penthouses and plenty of loans: inside the crazy world of FTX

After the crypto firm collapsed, the executive who handled the Enron debacle was brought in – and said he’d never seen anything like it

The Guardian - UK

The FTX crash could be the start of a 'gold rush' for crypto lawyers

Lawyers with specialties in digital assets are giving way to experts in restructuring. “There's going to be a lot of work.”

Fortune

Tech venture capital fueled FTX’s rise—and bears some responsibility for its downfall

Mounting evidence shows VC firms ignored major warning signs and failed to take basic risk-mitigation steps.

Fortune

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FTX's downfall casts a shadow over other sports-rights deals. What's up, Crypto.com Arena?

When the Miami Heat announced in March 2021 that the team had sold naming rights for its arena to FTX, the response from sports fans was a resounding: Who?

Los Angeles Times

Why the FTX scandal gets compared to Enron

If FTX's blowup is anything like Enron's, that means big changes are on the horizon for the systems that enabled the crypto company's rise and fall.

Axios

FTX had a 'complete absence of trustworthy financial information' says new CEO

The man appointed to administer the collapsed crypto exchange in chapter 11 bankruptcy, who oversaw the clean-up after Enron's collapse, says he has never seen "such a complete failure of corporate controls".

ABC News

The Enron man in charge of restructuring FTX has one big takeaway from this bankruptcy: There is no paper trail

Usually in bankruptcies, it's at least clear who the 50 largest creditors are, or where the money was coming from. Not this time.

Fortune

Tech venture capital fueled FTX’s rise—and bears some responsibility for its downfall

Mounting evidence shows VC firms ignored major warning signs and failed to take basic risk-mitigation steps.

Fortune

New FTX boss, who worked on Enron bankruptcy, condemns ‘unprecedented failure’

US corporate restructuring expert John Ray says ‘never in my career have I seen such a complete failure of corporate controls’

The Guardian - US

‘A lot of people have compared this to Lehman. I would compare it to Enron’: Larry Summers has some choice words for Sam Bankman-Fried and FTX

Lessons from the FTX collapse center more around accounting than crypto complexity, believes ex-Treasury Secretary Larry Summers.

Fortune

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The Conversation

Renaming California's Hastings law school sparks $1.7 billion legal fight that shows how hard it is to ditch donors' names

Six descendants of Serranus Clinton Hastings, California’s first chief justice, and a group that says it represents alumni are suing the state of California over its decision to rename a nearly 150-year-old law school. The University of California, Hastings College of the Law, will become UC College of the Law,…

The Guardian - US

Musk proposes charging $8 for verified Twitter account despite user backlash

The new owner justified the measure saying ‘we need to pay the bills somehow’

Evening Standard

Twitter: Stephen King leads backlash against Elon Musk’s $20 blue tick fee plan

The novelist wrote: ‘$20 to keep my blue check? F*** that, they should pay me. If that gets instituted, I’m gone like Enron’

The Independent UK

‘F*** that, they should pay me’: Stephen King hits back at Elon Musk’s reported plan to charge blue-tickers on Twitter

Musk is reportedly considering charging verified users up to $20 (£17) per month to keep their blue ticks

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The Guardian - UK

When McKinsey Comes to Town: The Hidden Influence of the World’s Most Powerful Consulting Firm – review

Walt Bogdanich and Michael Forsythe’s devastating investigation into the consulting firm uncovers a story of secrecy, delusion and untold harm

Benzinga

Donald Trump And 5 Other Business Bosses Who Invoked Their Fifth Amendment Rights

A day after the Federal Bureau of Investigation raided his residence in Mar-a-Lago, FL, Former President Donald Trump invoked his Fifth Amendment rights during a scheduled deposition by New York Attorney General lawyers on Wednesday.

The Conversation

From in-crowds to power couples, network science uncovers the hidden structure of community dynamics

The world is a networked place, literally and figuratively. The field of network science is used today to understand phenomena as diverse as the spread of misinformation, West African trade and protein-protein interactions in cells.

Benzinga

Citi Remains Unfazed By Enron Collapse Predictor's Bearishness On These Data Center Stocks

Citi analyst Michael Rollins noted data center stocks Equinix, Inc (NASDAQ:EQIX), Digital Realty Trust, Inc (NYSE:DLR), Cyxtera Technologies, Inc (NASDAQ:CYXT) were down an average of >5% on July 1 on reports (including Financial Times) that an investor is "betting against 'legacy' data centers that now face growing competition from the trio of tech giants that have been…

Salon

How Wall Street is driving inflation

Deregulated Wall Street traders are driving price spikes on gas and food — but Biden could shut them down easily

Benzinga

The Role Financial Company Corporate Boards Need to Play In ESG Reporting

By Rashida Salahuddin

The Independent UK

A look at big US legal settlements amid Surfside's $1B deal

The proposed settlement of more than $1 billion as compensation for the 98 people who died in a Florida condominium collapse is far from the largest in U.S. history

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