Matt Levine’s newsletter is a delight to read, and I’m happy others here enjoy it!
The report on the Challenger disaster also chalked the loss of life and failure up to poor risk (and conflict) management. Experts the night before the launch raised serious concerns about the safety of launching under certain temperature conditions… and were basically over-ruled by managers who didn’t want to pull the plug on such a high-profile launch that had been so long in the making.We recently enjoyed this documentary on Wirecard’s failure. The firm’s auditors at E&Y (much like Arthur Andersen for Enron) basically mailed in their audits to avoid rocking the boat with a large client, ignoring flaming red flags that follow-on auditors from KPMG identified immediately.Not sure that the Challenger and Wirecard examples add more beyond the valuable points you’ve made re: Archegos, but sharing as additional case studies in case they may be of interest to others.
In a similar vein I enjoyed these two books with case studies of disasters:
Flirting with Disaster: Why Accidents are Rarely Accidental
Warnings: Finding Cassandras to Stop Catastrophes
Thank you for sharing these — I may pick up the Clarke book as summer reading!