Friday, November 11, 2022
HomeLife InsuranceFTX Meltdown Has ‘Whiffs’ of Enron-Like Scandal: Summers

FTX Meltdown Has ‘Whiffs’ of Enron-Like Scandal: Summers


“The regulatory group ought to attract two classes from this” episode, mentioned Summers, a Harvard College professor and paid contributor to Bloomberg Tv. First is the necessity for “extra forensic accountants” to assist detect points at each the company and nationwide stage, he mentioned.

Second, there must be a rule for “the whole lot that touches finance” that individuals in positions of accountability take every week or two off annually, disconnected from their work. Different observers have identified that people engaged in monetary malfeasance want fixed monitoring of their positions to maintain issues hidden.

“That is most likely much less concerning the complexities of the nuances of the foundations of crypto regulation” than it’s about basic monetary fraud, Summers mentioned.

 

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