Your Agent Is Making Decisions Nobody Authorized

A quant fund ran five independent strategies. Every one passed its individual risk limits. Every quarterly filing looked reasonable in isolation. But all five strategies were overweight the same sector. Aggregate exposure exceeded anything anyone had authorized — because the complexity budget was scoped per-strategy, never cross-strategy. No single decision was wrong. The aggregate outcome was unauthorized. Nobody was watching the right scope. This is governance debt. It accumulates invisibly. Each decision individually correct. Aggregate outcome unauthorized. The failure only surfaces when the sector moves against the fund and the concentration nobody explicitly built turns out to have been built anyway — one individually-reasonable decision at a time. The token economy has no accounting entry for this. Nothing on the infrastructure bill reflects what happened. The cost appears later, in a different quarter, a different system, a different team's incident report. Two Clocks Every agen