Debtors' Report Blames 'Hubris' and 'Greed' for FTX Failure

Former FTX US President Brett Harrison resigned last September due to a "protracted disagreement" with CEO Sam Bankman-Fried and his inner circle, according to a report filed with the US bankruptcy court. Harrison had concerns about the lack of appropriate delegation of authority, formal management structure, and key hires. When he took those concerns to Bankman-Fried and Nishad Singh, his bonus was reduced, and he was instructed to apologize to Bankman-Fried, which he refused. The report paints a picture of FTX and related entities as a sloppily run web of companies ruled over by Bankman-Fried and his circle of cronies, who cared little for organization or internal controls.