[ksherlock]

WSJ has another article with more information on that:

https://www.wsj.com/articles/silicon-valley-poured-money-int...

"Silicon Valley Poured Money Into FTX, With Few Strings Attached"

"A marquee roster of investors from Silicon Valley and Wall Street swarmed FTX. They invested nearly $2 billion with few strings attached and no oversight on the cryptocurrency exchange’s board, promoting it as a safe bet."

Anyhow, The board of directors consisted of SBF until the summer of 2021. Then 2 "independent" directors were added, 1 was an FTX executive, the other was a lawyer in Antigua

[skippyboxedhero]

The recent Sebastian Mallaby book about VC charts the growth of this "founder rules" approach.

In the age of ESG, it turns out that the "G" part is being ignored totally (because it counter to the interests of insiders) but the "E" and "S" is ever more important (because it is in the interests of insiders) despite it doing little to help improve returns (SBF was the king of "S"...might there be a correlation between saying you are more ethical than anyone and permitting yourself to steal from customers?).