August 8, 2007 by Nobody Fugazi
Posted in
Courtesy Peter Stindberg's interesting transcript of Philip Linden's Office Hours:
[14:19] Jay S.: lol, is there any new policy concerning the Ginko scandle, Ie it looks more like a ponzi scam
[14:19] Philip Linden: jay we haven't created any policy thusfar on bank, etc.
[14:19] Philip Linden: we try very hard not to make rules we do not need to.
[14:20] Philip Linden: We haven't made any about banks
[14:20] Jay S.: ok
[14:20] Philip Linden: I would note that there is a lot of transparency around projects like Ginko
[14:20] Philip Linden: moreso that in the real world
These words may come back to haunt Philip Linden. And the fact that there are no policies related to banks is probably not an indicator that there should not be such rules - if anything, the continued issues at Ginko Financial demonstrate this.
Phil says Ginko Financial is transparent. Meanwhile, a two fingered sloth in Suriname is awaiting powdered goat milk. One of these statements is true - pick one.
The rest of the transcript is worth a read, especially for those people who are still trying to do something about the gambling ban... despite there being nothing to do.
- Nobody Fugazi's blog
- Add new comment
- 2921 reads
Philip
Somebody please tell me this isn't true.
Philip Linden said this? And wait -he's in charge around here?
He's either clueless or smarter than he seems.
I'm going for the latter. Again - I can't ever seeing him admitting 'Yeah Ginko is a Ponzi and we let it run and knew a bunch of residents would be derfrauded"
He's just playing the same old avoid litigation game.
Slashdot woke up:
Bank Run in Second Life - pretty late in the game, actually. But now everyone who already knew knows and those who didn't know still don't know because... the story's kind of out there.
that's a great answer...
if you are a politician.
Disconnect
There are many ways one can try to defend Ginko, but saying it has "transparency" isn't one of them. Even regular depositors who are still flaking for Ginko don't say it has transparency. That's really an odd statement. And yeah, it's potentially problematic in a suit that names LL for its role in failing to end Ginko after it became unmistakably clear what it is. I can definitely see that transcript sitting on a conference table with a little yellow "Exhibit 1" sticker in the corner at some point.
Yeah...
Comments inworld on this have been:
'HUH?'
'What was Philip thinking?'
'No way'
There is just no way that I can explain it... but there it is.
Baffled
No, I can't imagine what he was talking about either. Ginko is not even transparent to Linden Lab, which knows their transaction details but nothing about their off-world funding and investments and reserves.