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They are failures because they didn't meet the goals they had set themselves and sold investors on. Either that or they are frauds because they never had any intention to meet the goals.



When did failing become immoral?


When did it become immoral to criticize failure?


A certain personality type sees failure as the only sin.


Then that personality type should also believe that "they were either defrauding their investors or they failed at what they wanted to do" doesn't prove immoral behavior -- they could have been defrauding their investors.




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