Right, I wouldn’t want to over-correct, but personally “more respect for good governance (even at cost of some increase in bureaucracy)” is the major lesson I’ve drawn from recent events. (I expect I’m still more anti-bureaucratic than most people, but maybe finding a more balanced view than I previously had.)
I’m unsure whether “risk aversion” is the right way to put this, but even if it is I think we probably just want a bit more of it rather than much more.
FTX and Alameda definitely needed more bureaucracy—as in, doing stuff in a way that doesn’t resemble a scene from Idiocracy. https://docs.house.gov/meetings/BA/BA00/20221213/115246/HHRG-117-BA00-Wstate-RayJ-20221213.pdf “Although our investigation is ongoing and detailed findings will have to await its conclusion, the FTX Group’s collapse appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people’s money or assets.”
Right, I wouldn’t want to over-correct, but personally “more respect for good governance (even at cost of some increase in bureaucracy)” is the major lesson I’ve drawn from recent events. (I expect I’m still more anti-bureaucratic than most people, but maybe finding a more balanced view than I previously had.)
I’m unsure whether “risk aversion” is the right way to put this, but even if it is I think we probably just want a bit more of it rather than much more.
FTX and Alameda definitely needed more bureaucracy—as in, doing stuff in a way that doesn’t resemble a scene from Idiocracy. https://docs.house.gov/meetings/BA/BA00/20221213/115246/HHRG-117-BA00-Wstate-RayJ-20221213.pdf “Although our investigation is ongoing and detailed findings will have to await its conclusion, the FTX Group’s collapse appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people’s money or assets.”