The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 6 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
DLJ had zero ethical lapses while Credit Suisse failed despite massive compliance
“Credit Suisse had all kinds of ethical lapses. DLJ had none, but they had immense controllers and process and whatnot. DLJ was skeletal.”
Tony James: High ethical norms protect firms better than heavy compliance layers
“Putting more controls in doesn't necessarily protect you. That a lot of it, if you have good people, and you trust them, and you hold them to very high ethical standards, and that becomes the behavioral norm, That's much better than having lots of watchers and…”
Tony James: DLJ merchant banking wasted away under Credit Suisse
“Once it got put into a Swiss bank, they had all of the institutional issues and the lack of commitment to the principal business that all the other big firms had, so it kind of started to waste away”
Blackstone turned a $119M acquisition into a $120B secondary business
“So we bought it for a hundred and nineteen million. It's a hundred and twenty billion dollar business today. It's worth tens of billions.”