June 2023 - cypherpunks - lists.cpunks.org

Amazon Is in Talks to Offer Free Mobile Service to US Prime Members
by Gunnar Larson 02 Jun '23

02 Jun '23

They should do this at UNICEF. --- Amazon Is in Talks to Offer Free Mobile Service to US Prime Members https://www.bloomberg.com/news/articles/2023-06-02/amazon-talking-with-veri… Amazon.com Inc. (AMZN) has been talking with wireless carriers about offering low-cost or possibly free nationwide mobile phone service to Prime subscribers, according to people familiar with the situation.

1 0

Disgraced Silvergate Bank Hints It May Not Be Able to Cover All of Its Deposits; Fed Slaps It with a Cease and Desist Consent Order
by Gunnar Larson 02 Jun '23

02 Jun '23

https://wallstreetonparade.com/2023/06/disgraced-silvergate-bank-hints-it-m… By Pam Martens and Russ Martens: June 2, 2023 ~ Alan Lane, CEO, Silvergate Bank Alan Lane, CEO, Silvergate Bank Last week, on Tuesday, May 23, the Federal Reserve and California Department of Financial Protection and Innovation (the state banking regulator) hit the collapsed federally-insured bank, Silvergate Bank, and its parent, Silvergate Capital Corporation, with an enforcement action called a “Cease and Desist Consent Order.” The action was not announced to the public until yesterday. A Consent Order is meant to function along the lines of a legal settlement, with the bank agreeing to the detailed terms of the Consent Order and waiving its right to judicial review. The individual signing the Consent Order on behalf of the bank was its controversial CEO, Alan Lane, who had allowed his federally-insured bank to get in bed with Sam Bankman-Fried’s house of frauds, including the FTX crypto exchange and Bankman-Fried’s hedge fund, Alameda Research. Lane also had allowed his deposit base to become heavily involved with other crypto-related companies. When details of the Bankman-Fried relationship with Silvergate Bank came out in the news, a run on deposits commenced. On January 5, Silvergate reported in a filing with the Securities and Exchange Commission (SEC) that its “total deposits from digital asset customers declined to $3.8 billion” as of December 31, 2022 (down from the previously reported $11.9 billion on September 30, 2022.) That’s a 68 percent drop in deposits in one quarter. The primary regulator of Silvergate Bank was, embarrassingly, the Federal Reserve, which had farmed out the examinations of the bank to the San Francisco Fed. The San Francisco Fed was also the primary supervisor for Silicon Valley Bank, which failed on March 10 and was put into FDIC receivership. (See our report: Silicon Valley Bank Was a Wall Street IPO Pipeline in Drag as a Federally-Insured Bank; FHLB of San Francisco Was Quietly Bailing It Out.) Silvergate announced on March 8 that it was going to voluntarily wind down and liquidate itself. That announcement included this statement on its deposits: “The Bank’s wind down and liquidation plan includes full repayment of all deposits.” (We thought to ourselves at the time, do federal bank regulators really want to trust a bank with this dubious history to make its depositors whole?) By March 29, Wall Street On Parade had serious questions about how Silvergate’s wind down and liquidation were proceeding. We wrote: Silvergate Capital, the parent of Silvergate Bank – which has lost 90 percent of its share price year-to-date and announced it is winding down and liquidating — is still running a website that is putting a rosy glow on the bank’s operations. For example, under the heading of “Banking for the future,” the Silvergate website shares this: “Silvergate Bank has served entrepreneurs in unique and niche industries for over 20 years. Recognizing digital currency’s potential during the sector’s infancy, we built strong relationships with pioneers who were turned away by traditional banks. This solidified our position as industry-leading partners and innovators which remains true today.” On the date that we accessed the above statement on the public website of Silvergate Bank, it was a collapsing institution, its depositors in the digital currency field had mostly fled, and the bank was under an investigation by the U.S. Department of Justice. Adding to its troubles, Silvergate’s March 1 filing with the Securities and Exchange Commission indicated that record-keeping at the bank was in such shambles that it couldn’t even file its annual report for the full year of 2022 (Form 10-K) on time and it required more time to “record journal entries.” Silvergate also noted in the SEC filing that “its independent registered public accounting firm” will require more time “to complete certain audit procedures, including review of adjustments not yet recorded and the evaluation of the effectiveness of the Company’s internal control over financial reporting.” Last week, on May 22, Silvergate made another filing with the SEC, indicating that it has fired its independent public accounting firm, Crowe LLP, and won’t be filing any annual report for the year ended December 31, 2022 – ever. (Seriously, is this any way to garner public confidence in the U.S. banking system?) But the most troubling SEC filing by Silvergate arrived on May 11, which likely freaked out the Fed and the Federal Deposit Insurance Corporation (FDIC) that insures deposits in U.S. banks. The filing included this statement, raising doubts about Silvergate Bank’s ability to make its depositors whole: “As of May 9, 2023, the Company had cash and cash equivalents in excess of the amounts required to fully repay all remaining deposit liabilities of the Bank. However, the Company has potential contingent liabilities related to, among other things, the regulatory and other inquiries and investigations that are pending with respect to the Company and the Bank, the various litigation with respect to the Company (including private litigation) and other expenses to be incurred in connection with operating the Bank through the Bank Liquidation (including expenses necessary for the operation of the Company and/or the Bank, employee benefits and compensation and fees and expenses of professionals retained by the Company in connection with the Bank Liquidation) and is unable to quantify such amounts at this time.” You are likely thinking, who (in their right mind) would still be maintaining deposits in this bank. It turns out that Silvergate was involved with brokered CDs and there may be folks out there who bought a federally-insured Certificate of Deposit from their brokerage firm and haven’t yet figured out that their CD is with this deeply-troubled, liquidating bank. A notice on Silvergate’s website yesterday has this Q&A: “Who do I contact if I have questions about my Certificate of Deposit (Brokered CD)?” “Please contact your Broker. Brokered CDs will remain active until the maturity date, at which time they will be remitted according to the agreement.” Silvergate Bank is being sued by multiple litigants over its involvement with Sam Bankman-Fried’s companies. There are going to be heavy litigation expenses. The most recent lawsuit comes from the Texas-based Word of God church. According to the lawsuit, Word of God church lost $25 million of the deposits it placed with Bankman-Fried’s FTX, which it says were mishandled by Silvergate Bank. The lawsuit shares this: “Silvergate Bank and Silvergate Capital Corporation (jointly, ‘Silvergate’), and their CEO, Alan Lane, are being sued for their role in the fraudulent scheme. Silvergate maintained both FTX and Alameda’s bank accounts and thus, had unparalleled knowledge of the rampant fraud and corporate malfeasance. Rather than flag, report, or investigate the suspicious activity, as required by federal banking regulations, Silvergate substantially assisted FTX by allowing FTX’s continued use of its services and processing new customer deposits and transfers. Silvergate further bolstered the legitimacy of FTX by consistently touting its enhanced due diligence processes, designed to weed out customers such as FTX engaging in fraud or other financial crimes… “Plaintiff was one of millions of investors who fell victim to this scheme, losing $25,000,000 that it had deposited in an FTX bank account maintained by Silvergate just two months before the fraud was uncovered by the public….” Given this background, it becomes clearer why the Fed felt it needed to get a Cease and Desist Consent Order signed by the CEO of Silvergate Bank. Among other things, the order requires the bank to: Within 10 days, “submit a plan acceptable to the Supervisors that provides for the implementation of the Bank’s voluntary decision to self-liquidate and the orderly wind down of its operations”; “The Self-Liquidation Plan shall be designed to protect the Bank’s depositors and the Deposit Insurance Fund to the fullest extent possible”; “monetize and recover on its loans, securities, and other assets in a manner that prioritizes and protects depositors’ funds”; “ensure that the books and records of the Bank are adequately maintained” – (that horse has, apparently, already left the barn); “Effective immediately, the Company and the Bank shall preserve their respective cash assets and shall not dissipate those assets, including with respect to executive compensation and severance payments, without prior written approval from the Supervisors….” On August 1 of last year, we penned this headline: Brace Yourself for Federally-Insured Bank Failures Caused by Crypto. We specifically discussed the problems at Silvergate Bank and Signature Bank. Silvergate Bank announced on March 8 its intention to liquidate; Signature Bank failed on March 12 and was put into FDIC receivership. If we saw the dangers of letting crypto get anywhere near a federally-insured bank in August, why did federal banking regulators continue to allow these toxic combinations?

1 0

Ajay Banga faces great expectations as he takes helm of World Bank | Devex
by Gunnar Larson 02 Jun '23

02 Jun '23

Bank.org is so excited to see Ajay Banga at the World Bank. Congratulations! Gunnar -- Inside DevelopmentWorld Bank Ajay Banga faces great expectations as he takes helm of World Bank By Shabtai Gold // 02 June 2023 Wrold Bank President Ajay Banga. Photo by: Benedikt von Loebell / WEF / CC BY-NC-SA Ajay Banga’s star power has been on display ever since it became clear that he would take over the World Bank. Government and financial leaders rushed to meet the former Mastercard chief executive and praise his credentials as he embarked on a worldwide campaign tour this year. They heralded his meteoric rise through the global corporate ranks and passion for fusing the private and public sectors to solve the financial quandaries that trap people in poverty. On Friday, Banga takes over the largest global anti-poverty lender — which across its five wings last year did $114 billion in loans, investments, grants, and guarantees — as it’s in the midst of a potentially radical transformation. Debates rage about the trajectory of its ongoing reform process and whether the Washington-based institution will be capable of both fighting rising inequality and meeting clients’ increasingly urgent needs for money to deliver low-carbon economies and safeguard against worsening floods and droughts. The biggest pressure will be avoiding tough tradeoffs on these two mandates — poverty and climate change — given the bank’s limited financial resources. Banga’s many fans argue the former finance executive can balance multiple constituencies with competing priorities — a must in an institution whose board is divided between wealthy and lower-income nations with a range of views on issues such as climate. They say Banga’s career trajectory is proof he can make the 78-year-old bank more modern, agile, and efficient over the coming five years and smooth over differences between rich shareholders pushing for more green spending and lower-income nations trying to ensure their citizens’ next meal. “When Ajay is committed to something, he is unshakable,” said Shamina Singh, the founder of the Center for Inclusive Growth, Mastercard’s social impact hub, which was set up while Banga ran the company. ‘A pivot to urgency’ at the bank Born in Pune, India, to a military family, Banga began his career at Nestlé in his home country, shifting jobs and eventually working his way over to financial services. He hit his corporate capstone as the chief executive of Mastercard, where he grew the firm’s size 10 times during his just over a decade in charge, turning it into the 21st largest company in the world. This explosion in Mastercard’s growth demonstrates why the former CEO is well suited to take over the bank, according to Bhaskar Chakravorti, a professor at The Fletcher School of Law and Diplomacy at Tufts University who has known the 63-year-old Banga for decades. “In many ways, he is taking on an institution with an enormous footprint and enormous potential for impact but not quite achieving it,” Chakravorti said of the bank. “He’s done this before, stepped into organizations in the past, most recently Mastercard, where he was taking over an organization that was operating beneath its potential.” Not only did Mastercard boom, but it made significant forays into financial inclusion of low-income people around the world through partnerships with governments and other firms. That — along with his work on the board of the Red Cross and other nonprofits — has supersized Banga’s credentials for the job at the development bank, with more than $230 billion in loans just at its main wing, with tens of billions going to climate-linked projects. And Banga will be capable of modernizing the lender for an era of overlapping quagmires — including debt traps, a higher cost of capital, and stretched government budgets — because of his laser-like focus on results, said Singh at the Center for Inclusive Growth. “Over an Ajay Banga tenure, we’ll see a shift to agility, a pivot to urgency.” — Shamina Singh, founder, Center for Inclusive Growth But, Singh added, this will mean building on the existing skills at the bank, rather than some root-and-branch restructuring. The U.S. Treasury Department, which handled Banga’s media appearances during his campaign, declined to make him available to Devex for an interview for this story. Listen first Those who know him well predict Banga won’t do a shock-and-awe shakeup on his first day or months at the lender, with its more than 25,000 full-time employees and consultants spread across the world. Rather, he is likely to repeat the approach he took during his campaign over the last few months as he sought the job — conduct an internal “listening tour,” understand the different groups and their needs, and then find ways to bring it all together into a strategy. “He’ll get to know the talent inside the organization and get to know the innovation — and then figure out how he takes it to a greater scale,” said Michael Schlein, the head of financial inclusion organization Accion and who worked with Banga in the financial services sector. Banga himself is well aware of such expectations and has cautioned that he will not be coming through the bank’s doors on his first day with a “magic wand.” It’s a phrase he’s used before, saying in 2020 that shaping an organization is about putting one’s shoulder to the wheel. “Culture doesn’t just come because you wave a magic wand. It comes through hard work,” he said as he was preparing the step down from Mastercard. But, as a leader this also means “you basically make people feel that your hand is on their back and not in their face,” he added. Chakravorti, his old friend, said this is what makes Banga a good manager. “He’s very approachable,” he said. “He’s down to Earth and he’s very clear about where he wants to take any organization.” Private capital Banga became a U.S. citizen about 15 years ago — meaning President Joe Biden was selecting an American when it nominated him in March for the job, keeping with a somewhat controversial tradition. In the months since Banga has become more judicious with his public appearances. His limited public comments, however, have made two things abundantly clear: He does not think public money will be sufficient for development needs, and he thinks the climate crisis will require much of his attention. “We know we need to get the private sector to be a constructive player in our mission,” Banga said in a speech in April, just before the World Bank Spring Meetings kicked off. The problem, Banga has admitted, is that the private sector does not love taking unknown risks. He sees part of his new job as helping investors navigate uncertainty so that they are willing to put in money for projects they previously shunned. Janet Yellen, the U.S. treasury secretary, focused on this in her message congratulating Banga on securing the role: “His track record of forging partnerships between the public sector, private sector, and non-profits uniquely equips him to help mobilize private capital.” However, the so-called billions-to-trillions agenda has been on the table for years and is broadly seen as a failure — aid dollars have not led to the hoped-for hordes of private investment dollars. More reading: ► Interview: World Bank's Malpass says 'urgent' debt relief is needed ► Experts react: The good, bad, and meh in the World Bank's reform plan ► Malpass to staff: World Bank exploring climate finance, more lending In addition, dozens of governments that raised money on capital markets and from new lenders like China are now facing a severe debt crisis. For Banga, this will mean a slew of headaches in the months to come as heavily indebted nations will not be able to readily attract the private capital they need for development. More capital Experts such as Annalisa Prizzon, a researcher at the Overseas Development Institute think-tank, have long argued that the World Bank should form more partnerships and generally play better with other organizations, including regional development banks, so that it can be more effective with its resources. The bank “must use its capital better,” Prizzon said. However, even if it creates efficiencies and increases its risk profile to get more money out the door to client states — and makes the whole process smoother and faster for the borrowers — the bank will still need a capital injection so it can lend more, she said. New capital would have to come from shareholders, including the United States, the largest one, though also other countries, including China — which is still a borrower from the bank, a point of contention on Capitol Hill that could become a bone for lawmakers to pick with Banga. Homi Kharas, a former banker now at the Brookings Institution, concurs with Prizzon but argues that Banga will stand a better chance of getting Congressional approval if he brings “demonstrated proof” of an improved operation. This will mean a strong focus on the reform agenda at the bank, which is already underway. Banga’s predecessor, David Malpass, began the process toward the end of 2022, under pressure from shareholders. Management is working through the next stages ahead of the World Bank’s Annual Meetings in October in Morocco, sources tell Devex. So far, they’ve found $50 billion in additional lending over the next 10 years, but Banga will be tasked with finding ways to increase this figure and speed up the delivery. More bipartisan, but more climate Despite being nominated by a Democratic president and serving as an adviser to the Obama administration, Banga is not perceived as especially partisan. His nomination was welcomed by some Republicans and ran into almost no opposition in Washington. Should he have to ask Congress for money, his ability to work across the political aisle will come in handy. Still, his worldview aligns with the current White House, including on climate. “My logic is that the climate aspect is not separated from development,” Banga has said on different occasions. This echoes similar rhetoric from the U.S. Treasury Department. This language excites climate activists, who want to see the bank leading a greener future. But these hopeful expressions often run into the realities of the world. For example, low-income countries, which historically have emitted the least carbon, by and large, want the bank to focus on fighting poverty. “Rather than pushing climate solutions that are conceived in and respond to historically high-emitting rich countries’ green priorities,” Zainab Usman, the head of the Africa Program at the Carnegie Endowment wrote in March. “[The] World Bank’s climate finance should reflect borrower countries’ growth, poverty reduction, and industrialization priorities.” Even climate devotees such as Claire Healy at the E3G think-tank have warned that reforms at the World Bank “cannot be seen as the new Washington Consensus imposed from the global north.” Banga is being brought in precisely because he understands emerging countries such as India, which are fighting extreme poverty while also facing climate concerns, such as heat waves. He brings a clear sense of ambition, which critics of the Malpass tenure say has been lacking over the last years. But turning that gumption into action is where the rubber will meet the road. About the author Shabtai Gold Shabtai Gold is a Senior Reporter based in Washington. He covers multilateral development banks, with a focus on the World Bank, along with trends in development finance. Prior to Devex, he worked for the German Press Agency, dpa, for more than a decade, with stints in Africa, Europe, and the Middle East, before relocating to Washington to cover politics and business." https://www.devex.com/news/ajay-banga-faces-great-expectations-as-he-takes-… .

1 0

Stripe Revenue and Growth Statistics (2023)
by Gunnar Larson 02 Jun '23

02 Jun '23

$94.4B, the United Nations should do something like this. ---- https://backlinko.com/stripe-users Stripe launched in 2011 as payment processing software for online businesses. Initially only available in the US, Stripe has expanded internationally and currently serves businesses based in 46 countries. Following its public launch in September 2011, it took the startup less than 3 years to achieve a valuation of over $1 billion. And today, the company is valued at $94.4 billion.

1 0

[ot][spam][crazy][personal] drafts of useful notes on experience???
by Undescribed Horrific Abuse, One Victim & Survivor of Many 02 Jun '23

02 Jun '23

These things are very hard for me on my own and I would like that to change - adhering to a schedule - making phone calls - retaining money - taking notes or making a list or calendar - doing things in a determined or repeating manner - remembering things from one hour or day to the next These things are much easier for me: - doing what others are doing when i am in a new environment - doing things i have already done a lot - doing things with a rhythm-based hypnotic story around them - meeting occasional non-repeating goals where it doesn’t matter how i meet them - remembering a specific thing for as long as i am focusing on it

1 2

Disney-DeSantis Judge Steps Aside Over Relative’s Shares
by Gunnar Larson 02 Jun '23

02 Jun '23

US District Judge Mark Walker recused himself from Walt Disney Co. (DIS)’s lawsuit against Florida Governor Ron DeSantis, citing a potential conflict because a family member owns stock in the entertainment company. Disney-DeSantis Judge Steps Aside Over Relative’s Shares https://www.bloomberg.com/news/articles/2023-06-01/disney-desantis-case-jud…

1 0

[crazy][spam] ChatGPT Addictions As An Early Political AI Zombie from 2013
by Undescribed Horrific Abuse, One Victim & Survivor of Many 02 Jun '23

02 Jun '23

ohhh man chatGPT has it all - supporting a private business - AI - records of what you say - unlimited responses that reflect the human norm and ideals - service as a software substitute in the cloud - an environment providing for gaming AI behavior to misuse their results [it's even a private one] it's funny, i've had access to language models for some time, but the for-pay aspect and the presence of the exchanges on a larger part of the internet can make it seem much more enticing. i was thinking, i should make my own language model, and make myself pay for it, so my patterns might use it instead. i'm presently ratelimited. other people don't get ratelimited, maybe it's because of my habit of trying to misuse it.

1 41

Jamie Dimon Plans to Visit Taiwan After High-Profile China Trip
by Gunnar Larson 02 Jun '23

02 Jun '23

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon is planning to visit Taiwan after wrapping up his high-profile trip to China, navigating a politically sensitive region at a time of heightened tensions between Beijing and Washington. Jamie Dimon Plans to Visit Taiwan After High-Profile China Trip https://www.bloomberg.com/news/articles/2023-06-02/jamie-dimon-plans-to-vis…

1 0

[ot][spam][crazy] drafts of clear calls for help
by Undescribed Horrific Abuse, One Victim & Survivor of Many 02 Jun '23

02 Jun '23

draft #1A: i have a dissociated part that prevents me from doing anything at all, and i badly need help with this to live a life again.

1 1

Vitalik Buterin's bad decisions condemn him to Roko's Basilisk
by professor rat 02 Jun '23

02 Jun '23

Buttface has been rejecting cryptoanarchism for almost a decade now - an eternity in net years - this has manifested itself with his vain and foolish casting about for discredited alternatives ( Holocracy, Futarchy, type garbage ) More recently he's been talking up nonsense on stilts called ' Net State ". Clearly this will end badly for him - even if he manages to upload his miserable lily ass. A literal eternity awaits him with regular reminders of what a depraved, evil, Kochsucking moron he was when he could have actually made a small difference. Endless torture Buttface - be careful what alignment you wish for.

1 0