What we’re reading (5/17)
“Can We Count On The Government To Do Something About AI?” (Vox). “Big Tech moves fast. DC doesn’t…Many federal lawmakers have learned that Big Tech and social media companies can operate recklessly when guardrails are self-imposed. But those lessons haven’t resulted in much by way of actual laws, even after the consequences of not having them became obvious and even when both parties say they want them.”
“Schwab Taps Credit Markets To Raise $2.5 Billion In Debt” (Wall Street Journal). “Schwab issued $1.2 billion of bonds due in 2029 and $1.3 billion of bonds due in 2034, according to a person familiar with the matter. The bonds due in 2029 were issued at a 5.643% yield, or 2.05 percentage point higher than U.S. Treasurys, while the notes due in 2034 were sold at a 5.853% yield or 2.27 percentage point spread.”
“Will The Fed Keep Interest Rates ‘Higher For Longer’?” (The Hill). “Given the muted transmission of Fed rate hikes via the interest rate, the asset-price, and the exchange-rate channels so far, a lot is riding on the credit and risk-taking channels. The ongoing banking sector turmoil is shrinking credit availability and raising lending standards.”
“JPMorgan Is Watching: How The Nation’s Largest Bank Keeps Tabs On Its Workforce — From Their Office Attendance To Emails And Zoom Calls” (Insider). “Last year, Insider correspondent Reed Alexander unearthed details about JPMorgan's monitoring systems by speaking to roughly a dozen people currently or recently employed by the bank. They explained how the bank tracks everything from office attendance to time spent on Zoom calls and composing emails. He documented what he learned in a series of stories, starting with the bank’s tracking of office attendance and culminating in a story about a proprietary system called the ‘Workforce Activity Data Utility,’ or WADU for short, that monitors the bank's computer laptops.”
“Toronto’s Proudly Anti-Capitalist Cafe Is Permanently Closing” (blogTO). “Sims-Fewer [the proprietor] uploaded a bittersweet message to the cafe’s website this week announcing the shop’s closure…‘Unfortunately, the lack of generational wealth/seed capital from ethically bankrupt sources left me unable to weather the quiet winter season, or to grow in the ways needed to be sustainable longer-term,’ the message continues.”
