onfocus

"CEO Greg Becker personally led the bank’s half-million-dollar push to reduce scrutiny of his institution – and lawmakers obliged."

"This makes me wonder what it would be like if I decided to take all my API evangelism superpowers and unionize all of the public API developers out there and ask them to stop working for free. Do not sign up for any new APIs. Do not work for free. I don’t care how interesting an API is, your time is too valuable."

"“Contrary to industry narratives, the increase in the price of eggs has not been an ‘Act of God’—it has been simple profiteering,” the letter notes, adding that the industry’s profit margins have risen to “unprecedented” levels alongside egg price increases."

"Here is how platforms die: first, they are good to their users; then they abuse their users to make things better for their business customers; finally, they abuse those business customers to claw back all the value for themselves. Then, they die."

"The problem with this description isn't just that it's wrong. It's that the AI is eliding an important reality about many loans: that if you pay them down faster, you end up paying less interest in the future. In other words, it's feeding terrible financial advice directly to people trying to improve their grasp of it."

"To ignore Musk is to sacrifice the precious clicks that a new Musk prediction will inevitably garner. Thus a for-profit tech journalism website faces a conflict between its financial self-interest and its integrity. In a time when it’s tough for media outlets to survive, it’s hard to turn down the clicks."

"A few decades ago, physicists got involved in studying inequality. They normally study the physical world – like how two balls might interact when they hit each other. But they started using their methods to study economics – a field now dubbed econophysics. Instead of looking at how two balls interact, they looked at how two people might interact in a transaction, and then modeled how that might play out on a large scale. This helped them model wealth distribution."

"Others may argue that with so much money involved, the bad guys will find another way. I strongly disagree. There are only three existing mechanisms capable of transferring a $5 million ransom—a bank-to-bank transfer, cash or cryptocurrencies. No other mechanisms currently exist that can meet the requirements of transferring millions of dollars at a time."

"Exxon Mobil broke records with its profits in the third quarter, raking in $19.66 billion in net income. The Irving, Texas company said Friday that it booked $112.07 billion in quarterly revenue, more than double the revenue it received last year during the same period."

"So far, even as the U.S. and U.K. have ramped up sanctions on more than 100 Russian individuals and entities, these assets of the country’s elite -- which can be worth hundreds of millions of dollars each -- have avoided any direct hit. So too have their high-end real estate holdings, which in London range from Chelsea penthouses to Highgate mansions."