> Artificial intelligence in its current form is based on the wholesale appropriation of existing culture, and the notion that it is actually intelligent could be actively dangerous

cross-posted from: https://szmer.info/post/293029 > tl;dr: > - the CEO himself lobbied for less regulatory scrutiny of SVB > - Trump signed the law effectively granting him that wish > - SVB CEO sold his SVB stock 2 weeks before the crash > - **bonus:** [SVB Chief Administrative Oficer used to be Lehman Brothers' CFO](https://nitter.lacontrevoie.fr/corncommunist/status/1634570955488915456) 🤣 > > > > CEO Greg Becker personally led the bank’s half-million-dollar push to reduce scrutiny of his institution – and lawmakers obliged > > (…) > > > The bank reportedly did not have a chief risk officer in the months leading up to the collapse, while more than 90% of its deposits were not insured. > > > In 2015, SVB President Greg Becker submitted a statement to a Senate panel pushing legislators to exempt more banks – including his own – from new regulations passed in the wake of the 2008 financial crisis. > > (…) > > > Touting “SVB’s deep understanding of the markets it serves, our strong risk management practices”, Becker argued that his bank would soon reach $50bn in assets, which under the law would trigger “enhanced prudential standards”, including more stringent regulations, stress tests and capital requirements for his and other similarly sized banks. > > > In his testimony, Becker insisted that $250bn was a more appropriate threshold. > > > **“Without such changes, SVB likely will need to divert significant resources from providing financing to job-creating companies in the innovation economy to complying with enhanced prudential standards and other requirements,” said Becker, who reportedly sold $3.6m of his own stock two weeks ago, in the lead-up to the bank’s collapse.** > > (…) > > > Around that time, federal disclosure records show the bank was lobbying lawmakers on “financial regulatory reform” and the Systemic Risk Designation Improvement Act of 2015 – a bill that was the precursor to legislation ultimately signed by President Donald Trump that increased the regulatory threshold for stronger stress tests to $250bn. > > Thanks Obama! 🤡 🤣

> Recently I had the idea to cryptographically sign my blog posts with gpg. It came to me while I was thinking about various forms of news fakes, whether intentionally misrepresenting news orgs, individuals, or AI generated by the latest round of eldrich horrors we have unleashed. > > The idea itself is simple: By signing the posts you can add trust to the source.