Some businesses are good for regulatory arbitrage. Others are good businesses but you can use regulatory arbitrage to get a foothold. This was neither. The arb

Some businesses are good for regulatory arbitrage. Others are good businesses but you can use regulatory arbitrage to get a foothold. This was neither. The arb was that they had advantages as a local firm willing to play in the niche of providing local governments an advantage. But that's not enough to provide a social network.