FTX's new CEO: "Never in my career have I seen such a complete failure" [CBS News]
Overseas Shipholding Group, Inc. Class A (OSG)
US:NYSE Investor Relations:
osg.com/investor-relations
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Source: CBS News
But nothing he has seen over his career compares to the problems at the cryptocurrency exchange just before it declared bankruptcy last week. "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," Ray said in court documents filed on Thursday. Among those shortcomings under former CEO Sam Bankman-Fried were imprecise accounting of the value of FTX's crypto assets; sloppy employee management of the company's cash holdings; and poor human resources practices, the documents suggest. Ray is a Chicago lawyer known as the turnaround specialist who restructured mortgage lender Residential Capital, oil tanker company Overseas Shipholding and other large corporations. FTX failed in part because the company was "in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals," he said in the court filings. "One of the most pervasive fail
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OSG
Analyst Actions
- 2/15/24 - TheStreet
OSG
Sec Filings
- 4/16/24 - Form 4
- 4/16/24 - Form PRE
- 4/8/24 - Form 8-K
- OSG's page on the SEC website