The crypto world is in shock after FTX, a major cryptocurrency exchange, declared bankruptcy. We discuss what led to the company’s collapse and how its 30-year-old founder went from a philanthropic darling to disgraced CEO.
Sam Bankman-Fried, chief executive of the FTX cryptocurrency derivatives exchange, speaks during a House Financial Services Committee hearing in Washington on Dec. 8, 2021. (Stefani Reynolds/Bloomberg News)What led to the ruin of FTX, one of the world’s biggest cryptocurrency exchanges? It’s the question confounding Silicon Valley — and Washington.
After the collapse, founder and CEO Sam Bankman-Fried stepped down amid claims of mismanagement. Newly appointed CEO John J. Ray III — who oversaw Enron’s bankruptcy proceedings — said in FTX’s bankruptcy filing: “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.” Meanwhile, federal regulators and politicians in Washington have soured on Bankman-Fried, whose millions in campaign donations previously earned him audiences with top lawmakers.
Post economic policy reporter Tory Newmyer unpacks FTX’s downfall and tracks the rise and fall of Sam Bankman-Fried, from his massive political donations and lobbying efforts in Washington to his apology campaign.
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The crypto world is in shock after FTX, a major cryptocurrency exchange, declared bankruptcy. We discuss what led to the company’s collapse and how its 30-year-old founder went from a philanthropic darling to disgraced CEO.
Sam Bankman-Fried, chief executive of the FTX cryptocurrency derivatives exchange, speaks during a House Financial Services Committee hearing in Washington on Dec. 8, 2021. (Stefani Reynolds/Bloomberg News)What led to the ruin of FTX, one of the world’s biggest cryptocurrency exchanges? It’s the question confounding Silicon Valley — and Washington.
After the collapse, founder and CEO Sam Bankman-Fried stepped down amid claims of mismanagement. Newly appointed CEO John J. Ray III — who oversaw Enron’s bankruptcy proceedings — said in FTX’s bankruptcy filing: “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.” Meanwhile, federal regulators and politicians in Washington have soured on Bankman-Fried, whose millions in campaign donations previously earned him audiences with top lawmakers.
Post economic policy reporter Tory Newmyer unpacks FTX’s downfall and tracks the rise and fall of Sam Bankman-Fried, from his massive political donations and lobbying efforts in Washington to his apology campaign.
For the fifth time in two years, Georgians will cast a ballot for or against Raphael G. Warnock, and despite Democratic control of the Senate, the stakes of this race for both parties are big.
Republican Kevin McCarthy is on the verge of becoming the next speaker of the House. But how did a once-moderate Californian climb to the top of the GOP’s ranks and thrive in the Trump era? Michael Kranish joins us to explain.
