Please ensure Javascript is enabled for purposes of website accessibility

No One Should Be Surprised to Learn FTX Used QuickBooks

shocked chihuahua

Before the House Committee on Financial Services on Tuesday, recently-appointed FTX CEO John J. Ray III gave testimony to back up comments he made to the New York Times last month about FTX being a “complete failure” the likes of which he hadn’t seen in two decades. Back in the day, Ray was chairman of Enron Creditors Recovery Corp, the accurately named entity in charge of recovering creditor funds from the most notorious accounting failure of our time. So he knows a thing or two about complete failures.

At Tuesday’s hearing, Congresswoman Ann Wagner of Missouri asked Ray to elaborate on the specific ways FTX is worse than Enron. And he did. Transcribed from a video clip:

This one is unusual, and it’s unusual in the sense that literally there’s no recordkeeping whatsoever, the absence of recordkeeping. Employees would communicate invoicing and expenses on Slack which is essentially a way of communicating for chat rooms. They used QuickBooks, a multibillion-dollar company using QuickBooks.

Let’s make sure we get a screenshot of both their faces when he said that last part:


“They used QuickBooks. A MULTIBILLION-DOLLAR COMPANY used QuickBooks.”

Congresswoman Wagner then responds incredulously “QuickBooks?!”

“Nothing against QuickBooks,” replies Ray. “It’s a very nice tool, just not for a multibillion-dollar company.”

Full video:

And a relevant video:

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.


  1. Friedman needs to go to jail for a really long time. The way he was smiling when he admitted to billions of customer funds missing was disturbing

Comments are closed.

Related articles

dachshund in the sand at the beach sea on summer vacation holidays, wearing red sunglasses with coconut cocktail

Friday Footnotes: More Bad News for PwC; Firm Leader Says AI Will Get People Back in the Office | 6.2.23

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Bye. Technology AI threat will motivate workers to return to the office, says […]

Bonus Season Is Not Looking Good at the King’s KPMG

According to reporting across the pond (including this story from City A.M. we shall be quoting in a moment), KPMG UKers are not going to have a fruitful bonus season due in large part to a slowdown in business. KPMG has slashed the bonus pool of its UK workforce and reined in commission for salespeople […]