Whore Jinx is the undisputed poster child for zero accountability, nuff said

Heads they win, tails we lose.

Something fucking stinks, not smells.

😡😡😡

HAHAHAHA HOW APT!

Is Whore Jinx hinting at something?

Fuck Sinkies, Temasek always did as it damn pleased, and must continue to do so!

Bertha Henson also chimed in to subtly whack Temasek liao

Inaccurate article title, it should have been "the man that conned Temasek".

New FTX CEO John J. Ray III, who was brought in to oversee Enron’s high-profile bankruptcy in 2001, didn’t hold back in his appraisal of FTX and its CEO Sam 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," Ray wrote in a filing to Delaware court. "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."

Ray’s brutal comments offered a stunning rebuke to venture capitalists who invested tens of millions of dollars in FTX after allegedly performing the most exacting due diligence, and others who treated Sam Bankman-Fried and his crypto exchange as white knights in an industry filled with scoundrels.

Here are some highlights from Ray’s report:

• “In the Bahamas, corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors. There’s no documentation of these transactions as loans, and real estate was recorded in the personal name of these employees and advisors on the records of the Bahamas.”

• “The FTX Group’s approach to human resources combined employees of various entities and outside contractors with unclear records and lines of responsibility.”

• “The main companies in the Alameda Silo and the Ventures Silo did not keep complete books and records of their investments and activities.”

Now, let’s contrast this with recent statements from venture capitalists, who because of the irresponsibilities at FTX, have now written down their investments to zero.

From Temasek, Singapore’s state-owned venture capital fund:

• Similar to all investments, we conducted an extensive due diligence process on FTX, which took approximately 8 months from February to October 2021. During this time, we reviewed FTX’s audited financial statement, which showed it to be profitable.

And here’s what Sequoia had to say:

• We do not take this responsibility lightly and do extensive research and thorough due diligence on every investment we make. At the time of our investment in FTX, we ran a rigorous diligence process.

But what exactly did these firms do during the due diligence process?

Is it that Bankman-Fried and friends were able to construct a Potemkin village and show investors an alternate reality? Or is it just that his cult of personality is so great that the siren song of promised returns distracted these professionals from their work?

Regardless, Ray and his team have uncovered more holes in a week than companies who explore investments for a living found in months of research.

Through poor accounting, corporate loopholes and other accounting methods, Enron cloaked billions of dollars in debt. Its bankruptcy at the time was the largest in U.S. history.

Notably, Ray led shareholder lawsuits against banks that worked with Enron’s leadership to help prop up its ruse. Eleven banks paid Enron’s creditors around $3.4 billion; Citi paid nearly $1.7 billion. Banks, after all, were part of the problem with Enron. They created, and enabled, the Potemkin village of Enron’s financial vehicles.

Substitute venture capitalists for banks, and the story sounds familiar.

https://www.coindesk.com/markets/2022/11/18/first-mover-asia-bitcoin-wont-budge-cryptos-ignore-the-ftx-chaos-for-another-day

It has become darn bloody obvious Temasek got trolled. Turns out that cooperate control and trustworthy financial information do not feature among its criteria for investing in a company.

SILENCE IS GOLDEN EH TEMASICK?