[jacquesm]

It was supposed to have two functions: tax dodge + pull the wool over the eyes of regulators. It may fail on both counts now that they've shown that the nonprofit wasn't functional in its stated capacity. Win the battle, possibly lose the war?

[sanderjd]

Yeah this is what I think as well. Certainly regulation won't be avoided now, and regulators will (or should) know not to trust Altman to contribute to developing it.