Tuesday Schadenfreude Tweets — an embarrassment of embarrassments



I love this quote.

We'll make this first part fairly brief, partly because Joseph has already given us a good overview of last week in crypto and partly because Matt Levine (in his essential newsletter) warns us we don't want to spend too much time staring into this abyss.

If a troubled company has a few days to beg potential investors for a bailout before it files for bankruptcy, and it sends those investors its balance sheet so they can consider investing, and they all pass, and then the company files for bankruptcy, of course the balance sheet was bad. That is not a state of affairs that is consistent with a pristine fortress balance sheet.
But there is a range of possible badness, even in bankruptcy, and the balance sheet that Sam Bankman-Fried’s failed crypto exchange FTX.com sent to potential investors last week before filing for bankruptcy on Friday is very bad. It’s an Excel file full of the howling of ghosts and the shrieking of tortured souls. If you look too long at that spreadsheet, you will go insane.