Its absolutely flabbergasting when a company, which has the sole purpose of protecting customer information, allows this to occur. They've raised 4 major institutional rounds (their last $42 million), its discomforting that neither their team nor investors thought to secure their systems better than this.
" That is a funny business because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work. " - Charlie Munger ( http://ycombinator.com/munger.html )
I worked there as one of their first engineer's, It's surprising to me that they've raised that much $, however the hack isn't. Incompetence is a word I use fairly when describing my time there...
I think his point is that in an efficient market (invisible hand - an Adam Smith reference) incompetent companies should loose all of their customers to better companies and die.
Comments
Its absolutely flabbergasting when a company, which has the sole purpose of protecting customer information, allows this to occur. They've raised 4 major institutional rounds (their last $42 million), its discomforting that neither their team nor investors thought to secure their systems better than this.
" That is a funny business because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work. " - Charlie Munger ( http://ycombinator.com/munger.html )
I worked there as one of their first engineer's, It's surprising to me that they've raised that much $, however the hack isn't. Incompetence is a word I use fairly when describing my time there...
mumble mumble invisible hand mumble
I didn't get it.
I think his point is that in an efficient market (invisible hand - an Adam Smith reference) incompetent companies should loose all of their customers to better companies and die.
Thanks! I didn't know it was an Adam Smith reference. It makes sense now.