PRINCETON The collapse of cryptocurrency exchange FTX and the mesmerising rise and fall of its founder, Sam Bankman-Fried, is only the most recent episode encapsulating the perils of financial innovation. At this point, it should be easy for regulators, financial institutions, and investors to spot an obvious Ponzi scheme. Why, then, must we relearn a difficult lesson over
PRINCETON The collapse of cryptocurrency exchange FTX and the mesmerising rise and fall of its founder, Sam Bankman-Fried, is only the most recent episode encapsulating the perils of financial innovation. At this point, it should be easy for regulators, financial institutions, and investors to spot an obvious Ponzi scheme. Why, then, must we relearn a difficult lesson over
Before Sam Bankman-Fried, a Scotsman in France tried to take advantage of financial stress for his own benefit. But why must we relearn a difficult lesson over and over?