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© 2020 Relevant Protocols Inc.
A space for sharing and discussing news related to global current events, technology, and society.
69452 Members
We'll be adding more communities soon!
© 2020 Relevant Protocols Inc.
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"In the now infamous debacle of the Boeing 737 MAX, the company produced a plane outfitted with a half-assed bit of software programmed to override all pilot input and nosedive when a little vane on the side of the fuselage told it the nose was pitching up. [...] It is understood, now more than ever, that capitalism does half-assed things like that, especially in concert with computer software and oblivious regulators: AIG famously told investors it was hard for management to contemplate “a scenario within any kind of realm of reason that would see us losing one dollar in any of those transactions” that would, a few months later, lose the firm well over $100 billion—but hey, the risk management algorithms had been wrong. A couple of years later, a single JP Morgan trader lost $6 billion because someone had programmed one of the cells in the bank’s risk management spreadsheet to divide two numbers by their sum instead of their average.
"In the now infamous debacle of the Boeing 737 MAX, the company produced a plane outfitted with a half-assed bit of software programmed to override all pilot input and nosedive when a little vane on the side of the fuselage told it the nose was pitching up. [...] It is understood, now more than ever, that capitalism does half-assed things like that, especially in concert with computer software and oblivious regulators: AIG famously told investors it was hard for management to contemplate “a scenario within any kind of realm of reason that would see us losing one dollar in any of those transactions” that would, a few months later, lose the firm well over $100 billion—but hey, the risk management algorithms had been wrong. A couple of years later, a single JP Morgan trader lost $6 billion because someone had programmed one of the cells in the bank’s risk management spreadsheet to divide two numbers by their sum instead of their average.
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