I think that’s false; I think the FTX bankruptcy was hard to anticipate or prevent (despite warning flags), and accepting FTX money was the right judgment call ex ante.
I think Jack’s point was that having some technical expertise reduces the odds of a Bad Situation happening at a general level, not that it would have prevented exposure to the FTX bankruptcy specifically.
If one really does not want technical expertise on the board, a possible alternative is hiring someone with the right background to serve as in-house counsel, corporate secretary, or a similar role—and then listening to that person. Of course, that costs money.
I think that’s false; I think the FTX bankruptcy was hard to anticipate or prevent (despite warning flags), and accepting FTX money was the right judgment call ex ante.
I think Jack’s point was that having some technical expertise reduces the odds of a Bad Situation happening at a general level, not that it would have prevented exposure to the FTX bankruptcy specifically.
If one really does not want technical expertise on the board, a possible alternative is hiring someone with the right background to serve as in-house counsel, corporate secretary, or a similar role—and then listening to that person. Of course, that costs money.
I read his comment differently, but I’ll stop engaging now as I don’t really have time for this many follow-ups, sorry!