Kenneth C. Griffin Quotes
As an industry, we have a responsibility to manage risk in a way that is prudent.
Griffin, Kenneth C. "Testimony of Kenneth C. Griffin." Hedge Funds and the Financial Market, Hearing before the Committee on Oversight and Government Reform, House of Representatives, 13 Nov. 2008, U.S. Government Printing Office, 2008.
In this particular case Griffin was referring to manned space flight, but the principle is a general one. Risk can be managed and in many cases minimized, but can never be eliminated completely unless virtually all activity ceases.
He was referring to projects like the ObamaCare website. This was then only the most recent failure of a major IT government project. The IRS has for years been unsuccessful and developing a system for tax filing. And the Defense Department tried to develop a standardized programming language—ADA—that failed miserably despite all the pressure the government put on companies. Microsoft and Google rarely meet their own internal deadlines for development of a major innovative product, and that is typical as there is risk in many parts of a system and further risk as to whether they work together, and then whether they work with heavy use, etc.
Kenneth Cordele "Ken" Griffin is an American hedge fund manager, entrepreneur and investor. He is the founder, chief executive officer, Co-chief investment officer, and 85% owner of Citadel LLC, which had $38 billion of assets under management as of March 2021. Citadel Securities, a market maker, handles 40% of the stock trades in the United States.
