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16.03.17

Silent but Deadly

Posted 16th March 2017

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Daring Fireball, 15th March 2017:

Jon Rubinstein Named Co-CEO of World’s Biggest Hedge Fund, Fired 10 Months Later

Mary Childs, reporting for The Financial Times 10 months ago:

Bridgewater has chosen former Apple executive Jon Rubinstein as the new co-chief executive of the world’s biggest hedge fund, replacing Greg Jensen as part of a 10-year handover from founder Ray Dalio.

Mr Rubinstein, who also sits on the boards of Amazon.com and Qualcomm, is expected to join Bridgewater in May and to share the co-CEO role with Eileen Murray.

Now:

Bridgewater Associates co-CEO Jon Rubinstein is stepping down and transitioning to an external advisory role in April after 10 months on the job, the firm told clients in a note Wednesday.

“While over the last ten months Jon has helped build a plan to re-design our core technology platform and has brought in a group of extremely talented executives to build out our technology leadership, we mutually agree that he is not a cultural fit for Bridgewater,” Bridgewater founder, chairman, and co-CIO Ray Dalio wrote in the note.

Except that this isn’t how this piece was written when it was first published. It originally went as follows:

Jon Rubinstein Named Co-CEO of World’s Biggest Hedge Fund

Mary Childs, reporting for The Financial Times:

Bridgewater has chosen former Apple executive Jon Rubinstein as the new co-chief executive of the world’s biggest hedge fund, replacing Greg Jensen as part of a 10-year handover from founder Ray Dalio.

Mr Rubinstein, who also sits on the boards of Amazon.com and Qualcomm, is expected to join Bridgewater in May and to share the co-CEO role with Eileen Murray.

Not where I expected Rubinstein to wind up.

Screengrab here, taken from Google’s cache.1

What’s happened is pretty clear. John Gruber originally saw the FT article about Jon Rubinstein, didn’t clock that it was from ten months ago, and published in haste. Once he saw that the news was out of date, and Rubinstein was actually stepping down, he edited the article to correct the error… but didn’t mention his correction anywhere.

Not exactly fake news of the century, of course. Still, I thought it was worth pointing out, if only because Gruber is one of the good guys. And as the good guys, we should all be as transparent as possible about what we write. If we fuck up, even on a small piece such as this, we need to admit it. Otherwise, who knows what other mysterious edits happen with Daring Fireball after the fact? The issue is one of trust, and it only takes a small breach of that trust to make you doubt an entire site.

I could happily go back through Dirty Feed’s archives and do some nifty editing to ensure I’ve always been right about everything first time. But it’d be a pretty dishonest way to write.


  1. No idea why the spacing is incorrect on the navigation bar there, but I thought editing to make it correct wouldn’t be in the spirit of this article. 

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