I guess you are assuming that they did not employ an accounting firm or accountants to assist with the design of their system?

If that is the case (non-accountants attempting accounting, or not bothering, perhaps) then you have a point… but I doubt that is what happened.

It would be grossly negligent crossing into malfeasance, and probably criminally illegal to operate a money business without proper accounting supervision (and accounting is a regulated, qualified profession similar to law)

But, if that is indeed what happened, I look forward to seeing the founders in federal prison. I just kinda doubt they ran a banking startup without ever consulting a lawyer or an accountant.

▲ zaphar 7 months ago | parent | next [-]

    I just kinda doubt they ran a banking startup without ever consulting a lawyer or an accountant.

Why do you find this hard to believe? I find it hilariously easy to believe.

	▲	K0balt 7 months ago \| parent [-]
		Well, if that was the case, it is indeed hilariously incompetent on the part of the founders. I guess I’m just not fully inoculated to the clown-world reality we currently share.

▲ salawat 7 months ago | parent | prev [-]

...Because there are no shady accountants or lawyers more motivated by a quick buck to be made, with the wherewithal to stay reasonably distant from anything blatantly capable of blowing back on them. Surely.

	▲	K0balt 7 months ago \| parent [-]
		So then you are saying it -was- Malfeasance? So I guess we agree then. Welcome to the dark side.