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The Latest Breaking News from Enron

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

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

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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

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FTX Founder and Co Are "Potentially Compromised"

John Ray, the new CEO in charge of restructuring the cryptocurrency exchange, makes a scathing indictment of the Bankman-Fried years.

The Street

Crypto’s Enron moment? How FTX went from $32 billion to $0 in just one week

Cryptocurrency exchange FTX CEO Sam Bankman-Fried was the golden child of the industry. This week, it all unravelled.

Crikey

Crypto Crisis: FTX's Sam Bankman-Fried Questioned by Police

Suspicious withdrawals have been made on FTX, while accounts of his empire have been frozen by a rival.

The Street

‘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

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 Conversation

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’

The Guardian - US

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’

Evening Standard

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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

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.

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news in one place.

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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

The Guardian - UK

‘Greed and fear’: How BP and Shell oil profit is boosted by own traders

Analysis: Turmoil resulting from pandemic and Ukraine war create ideal conditions for speculators

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