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As we await Donald Trump’s pick to lead the Department of Education, I’d like to suggest he consider appointing John J. Ray III.
Ray is a kind of corporate janitor. He specializes in leading clean-up efforts of failed companies that are going out of business.
He’s currently the CEO of FTX, the disgraced cryptocurrency exchange firm that used to be led by Sam Bankman-Fried. FTX still exists, in bankruptcy, and Ray’s job is to recover as much money as possible. Ray held a similar role at Enron, as the guy called in by the bankruptcy court to clean up the mess. He has overseen the liquidation of several other major companies and been very successful at winding them down in an orderly manner.
“Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity,” Ray has said of his career experience.
That means he would feel right at home in the Department of Education, and his skillset is directly relevant to the mission of shutting it down.
Of FTX, Ray said he had never seen “such an utter failure of corporate controls at every level of an organization,” nor had he seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” That’s from a guy who saw Enron, so it means something.
I think the Department of Education could top it.
One problem with FTX, according to Ray, was that it was run by “a very small group of grossly inexperienced and unsophisticated individuals.” Replacing the worst education secretary in U.S. history is right up his alley.
Another problem at FTX was “unacceptable management practices,” including untrustworthy financial information, and efforts to “conceal the misuse of customer funds.” Taking over an agency that has spent the past few years trying to find ways to illegally give away money would be a perfect job for Ray.
I have no idea what his political views are, he could be a Democrat, but it doesn’t matter. He was the last CEO of Enron, is supposed to be the last CEO of FTX, and would make a fine last secretary of education.