The base rate I have in mind is that FTX had access to a gusher of easy money, run by young energetic people with minimal oversight and a limited usage of formalized hiring systems. That produced a situation where top management’s opinion was the critical factor in who got promoted or hired into influential positions. The more that other EA organizations resemble FTX, the stronger I would think this.
I suspect “easy money” is an important risk factor for “top management’s opinion [is] the critical factor in who got promoted or hired into influential positions” but it certainly doesn’t have to be the case!
The base rate I have in mind is that FTX had access to a gusher of easy money, run by young energetic people with minimal oversight and a limited usage of formalized hiring systems. That produced a situation where top management’s opinion was the critical factor in who got promoted or hired into influential positions. The more that other EA organizations resemble FTX, the stronger I would think this.
I suspect “easy money” is an important risk factor for “top management’s opinion [is] the critical factor in who got promoted or hired into influential positions” but it certainly doesn’t have to be the case!
do you mean ftx the exchange or ftx the future fund?