👮♂️ "Why I did not go to jail"
Marc Andreessen describes how easily you can violate the law without knowing it.
In an old blog post (February 2014 but which came to my attention via Benjamin White), the all-start Silicon Valley investor & entrepreneur Marc Andreessen describes how easily you can violate the law without knowing it. Even more: credible persons and firms explicitly approved the transaction or structure.
But he didn't violate the law thanks to his trusted General Counsel, Jordan Breslow.
It's a great story that underlines the importance of all compliance professionals.
At the same time, I believe every compliance professional can fall victim to confirmation bias:
"If X approved this transaction and X is very credible, this must be OK!
We shouldn't train only our colleagues to stay critical when screening transactions, we should also train ourselves to stay critical all the time.
We're all human after all.