Technology

At the moment this is a win for the workers. They should get their full share of the payout, now. The main danger is now their parent company may be hostile to them (or even try to close them) until the parent company CEO gets replaced.

oh god, sounds like Krafton were already assholes. I bet the put the other 250 in and sell it in pieces.

definitely not successful because they are smart.

I mean, "smart" is a relative term. They were smart enough to find the money hose and latch onto it. But the skills necessary to schmooze $250M out of a creditor are fundamentally different than the skills necessary to manage a workforce or meet the terms of the contract.

You can call it the Peter Principle or the Principle-Agent Problem or any number of other business short-hands for "skills mismatch". The bottom line is that "meritocracy" in a capitalist system boils down to rent-seeking effectiveness. That's the skill set that is rewarded. And it produces legions of people who train and compete for the opportunity to maximize rent-seeking returns.

This guy fumbled the ball in a spectacular fashion. But I have no doubt he'll get back on his horse and find another pool of labor to extract wealth from. Because, if he's a CEO, he's honed the skills needed to do exactly that.

What we get to mock him for is his failure, not his decision. If he'd retrieved a useful answer from the ChatGPT answer lottery, or the courts had been stacked with his friends such that any answer he pulled was considered the right one, he'd be hailed as a business genius on the front page of the WSJ rather than scoffed at in the back pages of 404media.

Yep. And I'd go further. Class mobility in the West is dead. No matter how smart and skilled and competent you are, you will never be one of the ultra-rich - and no matter how ignorant and incompetent one of the ultra-rich is, they'll never lose enough money to become "merely" well off. The entire broken system, one that's designed to funnel money from the working class to a handful of ultra-rich families, will keep making the rich richer no matter what they do.

We have a billionaire caste, not a billionaire class, and this story makes it painfully obvious.

This is why the LLMs are so popular with execs, they are the ultimate yes men. They will feed ego and purport to give a strategy that will support any dumbass idea without challenging them.

These damn stupid ceos using AI slop to make decisions are ruining the world!!!

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