Hacker News Reader

Let her who has not mislaid 7 billion in assets cast the first stone. (I'm sure I have that thumb-drive around here somewhere.)

I mean, yay, this is great news for depositors, but, um, assuming no malicious intent, this is perhaps not a good look for a financial company.

I'm not sure more regulations will help, but it may encourage depositors to be more diligent about who they store their money with.

View on HN

Reading the latest update from the bankruptcy, regulation and enforcement definitely would have helped - I suspect any appropriate auditor conducting a thorough audit would have very quickly realised that the business lacked any controls at all on expenditure (amongst many other issues).

Instead, their auditors claim they stand by their work as they weren't asked to audit any internal controls. For a company with billions in customer deposits, that should never have happened.

> regulation and enforcement definitely would have helped

As it did in Japan, where the customers already got their money back.

Reply on news.ycombinator.com