FTX Is 50 Largest Creditors, Some to 3.1 Billion

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I think people forget the Enron scale. We're not even in inning one yet of figuring out what happened here. It was years and years before all this stuff came out in the Enron case. I don't think there's a single interaction between Enron and a human, like mostly employees, where the human didn't make out versus the company like a bandit. Every person just pulled one over on the company and it's shareholders over and over and over again.

The FTX fraud has dominated headlines now for weeks, during which we’ve debated if and how Acquired could uniquely add to the conversation. Then we realized there was an angle so perfect that we had to drop everything and enter Acquired research overdrive: Enron. Travel back with us to the granddaddy fraud of them all, 2001’s then-largest bankruptcy in US history and the impetus for the famous Sarbanes-Oxley Act. So much of Enron’s history parallels FTX that the uncanniness is almost unbelievable — right down to the same CEO running the two bankruptcies. Sit back and enjoy this crazy tale of villainy, greed, and the nature of humans and money. Maybe just don’t take notes on this one…

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