by Pam Martens and Russ Martens, Wall St On Parade:
Exactly how long is it going to take federal banking regulators to figure out that “move fast and break things” – the business model of Silicon Valley financial technology (fintech) startups and their voracious venture capital backers – is the last thing that Americans want to be integrated into the FDIC-insured bank where they hold their money to pay their mortgage and to buy food to feed their children.
After one form of fintech – crypto – hastened the demise of several FDIC-insured banks in the spring of last year, handing billions of dollars in losses to the FDIC’s Deposit Insurance Fund, a rational person might have thought that federal banking regulators would have moved rapidly to shut down this lunatic banking model. But no. The story becomes ever more surreal today.
The Federal Aviation Administration (FAA) has warned that hundreds of Boeing 777 jets operated by major airlines are liable to explode mid-air due to a fatal flaw in the aircraft’s design.
AI’s potential extends beyond tasks. Examples like Cicero’s deception in Diplomacy raise concerns about AI’s ability to mislead and the ethical challenges it poses.
