> They also suggest that these projects look like a Ponzi scheme: A project's loss is paid by doing even crazier projects. This seems to me to be the most inte

> They also suggest that these projects look like a Ponzi scheme: A project's loss is paid by doing even crazier projects. This seems to me to be the most interesting finding: the company was not doing all this illegal shit in a diabolical scheme to make the owners or management super rich (though they probably got some fat unwarranted bonuses over the years), but in desperate attempts to stave off bankruptcy. A bit like Nick Leeson's Barings Bank shenanigans, just with less leverage, so it took a whole company to do half the damage a single person could do in finance...