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Steve Mollman

‘A lot of people have compared this to Lehman. I would compare it to Enron’: Larry Summers has some choice words for Sam Bankman-Fried and FTX

Larry Summers FTX Lehman Enron Sam Bankman-Fried Crypto Harvard University

Former Treasury Secretary and current Harvard Professor Larry Summers (Credit: MIKE THEILER—AFP via Getty Images)

The FTX downfall is not so much a Lehman moment as an Enron one.

So says former Treasury Secretary Larry Summers about the once-heralded cryptocurrency exchange that today declared bankruptcy and announced the resignation of founder and CEO Sam Bankman-Fried after a sudden and dramatic collapse this week.

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