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What happened at FTX? “They stole the money” seems to be a true but insufficient answer. I think that part of the answer is that they found, and helped to build, a toy financial system, and they played with it. They didn’t take the game too seriously; they didn’t spend a lot of energy hiring accountants and compliance people, because that is not the fun part of finance. They built clever systems for margin lending and risk management, because it is fun to build an idealized trading system from scratch. But they also exempted themselves—Alameda—from that system, because it was just a game. In the real world, if you run a hedge fund and your balance becomes negative, the game is over. At FTX, when Alameda’s balance became negative, it got to keep playing.
How Not to Play the Game
bloomberg.com
Starting in iOS 11, Apple introduced PDFKit, a framework that encapsulates PDF-related functionality in a more abstract manner
Why Is the PDF Format So Well Supported on Apple Platforms? | Inside PSPDFKit
pspdfkit.com
Moral formation, as I will use that stuffy-sounding term here, comprises three things. First, helping people learn to restrain their selfishness. How do we keep our evolutionarily conferred egotism under control? Second, teaching basic social and ethical skills. How do you welcome a neighbor into your community? How do you disagree with someone constructively? And third, helping people find a purpose in life.
How America Got Mean
theatlantic.com
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