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Shit Management Says

Important to highlight that Excel’s row limit brought down Charlie Javice

cc: @ryxcommar@twitter.com

Wirecard used client data from one segment to support a fake segment & wouldn’t share anything in writing. SoftBank could only view the data at a one-time screening at Wirecard HQ

So if you wanna do fraud, just say no to DD & make them come to you. It’ll come off as confidence

Email exchange on how to make fake data look more real. Amateur hour fraud over here. Never put anything in writing. Is this because GenZ hates the phone

These are Task Rabbit level fees, not “commit fraud” level fees

C’mon, fraudsters, know your worth.

So I think there are at least two broader takeaways from this debacle:
1) Due diligence. I've tweeted enough about this re: FTX, but I do have some sympathy for the teams having to conduct. When a company provides a data room with millions, billions of data points --

with separate teams designated to examining one piece of the giant pie, I can imagine a scenario where the legal team finds 2 red flags, finance finds 3, HR finds 3...collectively they'd add up, but sometimes these red flag sightings even get buried due to internal politics

Sometimes you're conducting due diligence knowing that your boss' boss' boss needs to get this deal done to plug a revenue hole. So it's always the case that diligence teams miss obvious signs. It's that the signs are shared, surfaced, and worse, they are seen and buried

Other takeaway is more of a side rant. Data science. It is a tool, not a science, and it's intended to support "data-driven decisionmaking." However, there is simply no such thing.

Data science is, when used in business, is almost unilaterally data laundering -- using data, using unconscious or conscious bias, to drive home the point that you want to see

Not illegal or wrong, but I do hope people get that data isn't without bias

@Shitmgmtsays

BT/DT, quit a high-paying job because it was unethical. The higher-priced the consultant, the more likely they will (grudgingly?) lie for money.

@Shitmgmtsays Revenue or product hole — I have been involved in transactions where there are obvious risks (which you try to mitigate in the agreement) but the target has something of value that is independently worthwhile

@Shitmgmtsays when the investors are actually doing the work and they're getting fake data, it's hard to say they're badly at fault given how often there's literally no work done at all.