“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. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.” That’s John Ray III, the overseer brought in to manage the FTX bankruptcy. To give some context to his “unprecedented” comments, he also worked on the Enron bankruptcy.

+ “Federal policymakers have been left to ask themselves a familiar, if uncomfortable question: Could they have prevented a crisis if they had paid close attention sooner?” Oh, they paid attention. It’s just that they paid attention to the donations heaped on them by those they were tasked to regulate. In other words: the usual. WaPo: Congress took millions from FTX. Now lawmakers face a crypto reckoning.

+ Vegan canapes and fat donations: How Sam Bankman-Fried won Washington before he lost everything.

+ Sam Bankman-Fried in his own words, on Twitter. (Something tells me there will be follow up questions.)