Re:Exec who cleaned up Enron calls FTX mess 'unprecedented'
by danielmarkbruce on Friday November 18, 2022 @01:08PM
(#33658997)
Mostly agree with the "should". But the guy saying it's "unprecedented" is miles off. There is plenty of precedent at young companies, he's just not aware of them, and they (almost?) all had a smaller balance sheet.
The level of organization and internal controls a company needs is a function of what it’s doing and, to a lesser extent, how big it is. The age of the company is not a factor.
Financial exchanges, in particular, have particularly strict fiduciary obligations that come into effect the day they start operations.