TechTakes

I haven't listened yet. Enron quite interestingly wasn't audited. Enron participated in the dot-com bubble; they had an energy-exchange Web app. Enron's owners, who were members of the stock-holding public, started doing Zitron-style napkin math after Enron posted too-big-to-believe numbers, causing Enron's stock price to start sliding down. By early 2001, a group of stockholders filed a lawsuit to investigate what happened to stock prices, prompting the SEC to open their own investigation. It turns out that Enron's auditor, Arthur Andersen, was complicit! The scandal annihilated them internationally.

From that perspective, the issue isn't regulatory capture of SEC as much as a complete lack of stock-holding public who could partially own OpenAI and hold them responsible. But nVidia is publicly traded…

I've now listened to the section about Enron. The point about Coreweave is exactly what I'm thinking with nVidia; private equity can say yes but stocks and bonds will say no. I think that it's worth noting that private equity is limited in scale and the biggest players, Softbank and Saudi/UAE sovereign wealth, are already fully engaged; private equity is like musical chairs and people must sit somewhere when the music stops.

I outlined it here a bit. Basically there's a lot of Wall St fuck fuck games - AI is just one of them - that's a tottering heap of dollar-denominated accounting entries for lies and trash. But also, the institutions have been white anted. Trump's pick for the next Fed chair is a bitcoiner who espouses Austrian economics - that is, literally the same gold standard economics that made Great Depression 1 worse.