But don’t call them Enron. Enron caused the Enron crash.
it needs to come from the Enron region of France, otherwise it's just sparkling creative financial engineering.
It’s highly unlikely that fraud at that level is being perpetuated now by these companies.
if we're going to have someone make a full-throated defense of the balance-sheet shenanigans AI companies are engaged in - shenanigans he himself describes:
This way Meta gets its datacenter but most of the debt incurred to build it is not shown as a liability on its books.
...I would really like to hear a stronger claim than it being "highly unlikely" that fraud is occurring.
Meta is a public company. one of the tradeoffs we require public companies to make, in exchange for the larger pool of possible stockholders, is making their financial information publicly available.
so this author, or another journalist, should be able to look at that published financial information and definitively say that large-scale fraud isn't occurring.
but that's not possible, precisely because of the shell game the author is defending, where the liability is not on the books of Meta, but a company named Special-Purpose Vehicle That Is Totally Not Meta, LLC.
Comments
it needs to come from the Enron region of France, otherwise it's just sparkling creative financial engineering.
if we're going to have someone make a full-throated defense of the balance-sheet shenanigans AI companies are engaged in - shenanigans he himself describes:
...I would really like to hear a stronger claim than it being "highly unlikely" that fraud is occurring.
Meta is a public company. one of the tradeoffs we require public companies to make, in exchange for the larger pool of possible stockholders, is making their financial information publicly available.
so this author, or another journalist, should be able to look at that published financial information and definitively say that large-scale fraud isn't occurring.
but that's not possible, precisely because of the shell game the author is defending, where the liability is not on the books of Meta, but a company named Special-Purpose Vehicle That Is Totally Not Meta, LLC.