Investors have turned dividends into a religion. They must come every quarter like clockwork and never decrease; otherwise, it seems like there's a five-alarm fire and the place is on the brink of bankruptcy. It is irrational but reality.
433 karma · joined January 3, 2020
Investors have turned dividends into a religion. They must come every quarter like clockwork and never decrease; otherwise, it seems like there's a five-alarm fire and the place is on the brink of bankruptcy. It is irrational but reality.
"an undertaking being conducted for a purpose other than making a profit"
…rather than…
"an organization that has been recognized by the Internal Revenue Service as being organized and operated exclusively for exempt purposes as set forth in section 501(c)(3) of the Internal Revenue Code."
https://wordpressfoundation.org/trademark-policy/#:~:text=If....
> Synapse often used multiple Partner Banks to service different functions for the same Fintech Partner. In certain instances, end user deposits through a Fintech Partner were deposited in an account at one Partner Bank, while end user withdrawals through that same Fintech Partner were processed from a different account at a different Partner Bank. This business model makes it both essential and difficult to reconcile transactions and ensure end users receive access to the correct amount of funds due to each end user.
https://www.courtlistener.com/docket/68458190/synapse-financ...
This fintech product model, with multiple intermediaries and service providers between end users and the depository banks, is a house of cards. Is running your bank-like financial services product as an actual bank that hard? These technology companies seem to want all the upsides of being a bank, with none of the responsibilities.
From my perspective, the big gap is that these depository banks aren't maintaining the customer and transaction data for the beneficial owners of the money they have on deposit. They seem like they should be the ones ultimately responsible for safeguarding the customer's funds. In the middle of this, the Federal Reserve dropped this gem about KYC non-compliance for one of the banks involved, swearing that it has nothing to do with the Synapse bankruptcy.
https://www.federalreserve.gov/newsevents/pressreleases/enfo...
https://developer.chrome.com/docs/extensions/reference/api/s...
This isn't a novel issue: the courts and legal system regularly deal with defective products, including vehicles, that cause injury or death. If a defective product causes damage, the injured party is typically compensated financially for their loss. They even have frameworks for determining https://en.wikipedia.org/wiki/Value_of_life in monetary terms.
When humans break traffic laws, it's often because they decide to break the law or do not take appropriate care to ensure that the law is followed. As a result, the process focuses on personal responsibility and accountability for the driver's actions. That framework doesn't map onto self-driving vehicles; we probably shouldn't be trying to force it to fit. Treating a self-driving vehicle that violates traffic laws as a defective product is a better way to frame the issue.
I'd compare it to a situation where a car runs a red light: it could be because the driver wasn't paying attention, or it could have been because the brakes failed and couldn't stop. The breaks could have failed because they weren't properly maintained or because of a flaw in the design. Who is responsible and what appropriate accountability looks like depends on the details. If the driver wasn't paying attention, they should get a citation for violating traffic laws. The operator/owner (the registered owner) should get a citation if the breaks aren't reasonably maintained. If there is a design flaw, a regulatory agency should address the issue with the manufacturer to ensure that the problem is corrected. If the manufacturer was reckless with its design or manufacturing practices, it and/or its employees should be held accountable for those choices.
My concerns with Tesla are primarily about the safety implications of how it's automation capabilities get marketed, rather than the hardware itself… I also don't "get" the obsession over the "vision only" approach, which seems like an unwarranted compromise to me.
"Tech culture" intersecting with safety critical products and services indeed needs to be reckoned with.