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I guess you are assuming that they did not employ an accounting firm or accountants to assist with the design of their system? If that is the case (non-account
by K0balt 2y ago
I guess you are assuming that they did not employ an accounting firm or accountants to assist with the design of their system?
If that is the case (non-accountants attempting accounting, or not bothering, perhaps) then you have a point… but I doubt that is what happened.
It would be grossly negligent crossing into malfeasance, and probably criminally illegal to operate a money business without proper accounting supervision (and accounting is a regulated, qualified profession similar to law)
But, if that is indeed what happened, I look forward to seeing the founders in federal prison. I just kinda doubt they ran a banking startup without ever consulting a lawyer or an accountant.
- zaphar 2y agoI just kinda doubt they ran a banking startup without ever consulting a lawyer or an accountant. Why do you find this hard to believe? I find it hilariously easy to believe.
- K0balt 2y agoWell, if that was the case, it is indeed hilariously incompetent on the part of the founders. I guess I’m just not fully inoculated to the clown-world reality we currently share.
- salawat 2y ago...Because there are no shady accountants or lawyers more motivated by a quick buck to be made, with the wherewithal to stay reasonably distant from anything blatantly capable of blowing back on them. Surely.
- K0balt 2y agoSo then you are saying it -was- Malfeasance? So I guess we agree then. Welcome to the dark side.