Andrés Velasco, a former presidential candidate and finance minister of Chile, is dean of the School of Public Policy at the London School of Economics. He is the author of numerous books and papers on international economics and development, and has served on the faculty at Harvard, Columbia and New York Universities

Forgive the appalling cash management (or was it something else…?) that caught FTX with less than $1bn on hand at a time when short-term liabilities were $9bn. That sort of thing has also been known to happen to banks.