• 4 Posts
Joined 3Y ago
Cake day: Jul 26, 2020

> 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! 🤡 🤣

I am personally convinced of the latter and agree with Alejandro Pisanty saying that “the future is to be determined by the agendas of commercial interests and governments, to our chagrin”. The biggest problem imho is that this topic is almost exclusively discussed within professional circles. The wider public is completely unaware what lies ahead.

Absolutely correct.

What we urgently needed is a broad discussion across the entire society, and this requires to communicate the relevant topics in a language the wider “non-tech” public can understand.

Yup. Doing my part in Polish:

Experts agree that powerful corporate and government authorities will expand the role of AI in people’s daily lives in useful ways.

No. No they do not agree on that!

The compulsion to show ‘balance’ by always referring to AI’s alleged potential for good should be dropped by acknowledging that the social benefits are still speculative while the harms have been empirically demonstrated.

(from one of the links above)

Enough with the “experts agree AI is great” bullcrap already!

Signing Posts with gpg
> 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.

Invidious and NewPipe FTW if one needs to view YT videos.

As a friend noted: “free to receive, costs to send - perfect for the new kleptocracy.”