[nico]

With this, SVB, FTX, it’s pretty clear that whatever paperwork is done for due diligence is just theater.

The real due diligence is their networks and reputations. If the people in charge say yes, then the paperwork will support whatever they said already.

[vkou]

That's like saying that because people die in car crashes, seatbelts and airbags are pure theater.

This is a poster-child example for confirmation bias. You don't hear about all the DD that doesn't result in a fraudulent company being purchased.

[nico]

Of course there is good DD.

But what we are uncovering is that DD is not the boss or the final decision maker.

People in power can arbitrarily choose to ignore DD.

That’s what we are seeing.