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I don't really understand why people say this. 2008 was really the popping of an investment bubble due to business incompetence and exuberance among many actor
by j_bond 9y ago
I don't really understand why people say this.
2008 was really the popping of an investment bubble due to business incompetence and exuberance among many actors. I don't really see that as a criminal act. If that were the case, then all VC employees should be arrested for causing the 2001 bubble. The only argument that really has any merit is the one that rating agencies misled investors, so I can see some action being done there.
Whereas here with Uber, there are clear laws being broken - very different in my opinion.
- milquetoastaf 9y agoIncompetence can be criminal
- jon_richards 9y agoMuch more rarely than some people seem to think, though.
- misiti3780 9y agoIf you are still confused about the criminal acts that occurred, read more about REPO 105: https://en.wikipedia.org/wiki/Repo_105 https://en.wikipedia.org/wiki/Repo_105
- Karunamon 9y agoI'm not sure criminal is the right word here. The suit was settled for $10M, and there are conflicting interpretations as to whether that accounting maneuver was actually illegal or not. Given that the case never went to trial, it still remains up in the air.
- j_bond 9y agoThat is a pretty weak example since it even says in the article that the window dressing maneuver was probably within the GAAP principles and the regulatory bodies were aware of the practice. It kind of goes to my point that it seem to be more of incentive and business failure than a criminal one. Being aggressive with your company and then failing isn't a crime.