Macro Trends Advisors' Mitch Roschelle joins"The Evening Edit" and speaks on the latest developments in FTX's collapse.while also emphasizing that it is very different from the company founded by Sam Bankman-Fried.
"Although the debtors’ exposure to FTX is a major cause of this bankruptcy filing, the debtors do not face the myriad issues apparently facing FTX, quite the opposite," said Mark Renzi, managing director of Berkeley Research Group, the financial adviser to BlockFi. In a court filing, Renzi said that thus far he has found the BlockFi management team to be knowledgeable, experienced, diligent and responsible stewards of their stakeholders’ assets, with each member caring deeply about "doing the right thing and maximizing value for clients and stakeholders."
"To date, I have not found any failure of corporate controls or systems integrity, and I have found BlockFi’s financial information to be trustworthy," he said.I have found the BlockFi management team to be knowledgeable and experienced, diligent, responsible stewards of their stakeholders’ assetsRenzi’s comments are in sharp contrast to statements made by John Ray III, the CEO of FTX Trading who took over from Bankman-Fried.
"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.
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