FTX, Enron, Theranos: How proper corporate governance could avert such business failures

SINGAPORE - When crypto exchange FTX filed for bankruptcy in November, its new chief executive John Ray III said he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information” in his career.

Mr Ray also oversaw the bankruptcy of the US energy and commodities giant Enron in 2001. Enron was embroiled in a massive accounting scandal and still he thinks FTX is a bigger mess than Enron – an indication of the extent of the corporate mess at FTX.