Matt Levine’s Money Stuff: The Board Can’t Fire You If It Quits

Ozy

This is a sequence of corporate governance moves that is honestly new to me:

1. Do some stuff that is, let us say, arguably fraud-adjacent.

• 2. Get caught, in an enormously public and embarrassing way.

• 3. Announce that your board has hired a high-powered law firm to conduct a review of what you did.

• 4. Announce that actually you are just shutting down the business.

• 5. Obviously you don’t need the board investigation or the fancy law firm.

• 6. You don’t even need a board.

• 7. Bye everyone!

• 8. Announce that you changed your mind and are not ...