Category: Economics

Scams, Schemes, Ruthless Cons: The Untold Story of How Jeffrey Epstein Got Rich

“Why did you do it?” Tennenbaum stammered.

Without an impressive degree or two, Epstein said, “I knew nobody would give me a chance.”

This resonated with Tennenbaum. He had benefited from his own share of second chances over the years. And so he agreed to give Epstein one as well.

It was perhaps the first example of Epstein getting caught cheating — and then avoiding punishment thanks to his uncanny ability to take advantage of those in positions of power. This would become a lifelong pattern, one that largely explains Epstein’s remarkable success at amassing wealth and, eventually, orchestrating a vast sex-trafficking operation.

→ The New York Times

The Thinking Game

DeepMind’s journey chronicles the chase for AGI, the new fire destined to reshape civilization. From the digital sandboxes of Atari and the ancient silence of Go, its self-taught learning machines rose, proving that true general intelligence could be birthed from scratch.

As the AGI “boulder accelerates down the hill,” the film is an urgent call: the thinking game is won, but the moral stewardship of this boundless new power has just begun.

→ YouTube

Spreadsheet Superstars

His obnoxiousness stands out even more in this crowd, which seems to skew introverted and mild-mannered. Nobody’s exactly competing for stage time with Lau’s antics. But as uncomfortable as everyone appears to be with his shtick, they also seem to understand his point. After all, these people do puzzles for fun and overwhelmingly do financial modeling for work. For all the fun art projects and life-tracking stuff that everyday people do in Excel, the true customers for these tools are the money guys. The ones who used the advent of the spreadsheet to turn Wall Street into a global industry, that built wildly complicated things like collateralized debt obligations and helped usher in a financial crisis in 2008. The world may not run on spreadsheets, but spreadsheets run the world. Maybe all Lau is doing is saying the quiet part out loud, which is surprisingly uneasy in a room full of finance professionals.

→ The Verge

Alexey Navalny Died In Darkness

Photograph by Stefano de Luigi

Here goes another martyr, †Alexey Navalny died in Russian’s prison.

Breathtaking portrait of Navalny from 2011 :

Navalny and his supporters are keenly aware of such brutal reprisals. “I have a lot of respect for what he’s doing, but I think they’ll arrest him,” I was told by a high-ranking employee at a state corporation that Navalny is investigating. “He’s taunting really big people and he’s doing it in an open way and showing them that he’s not afraid. In this country, people like that get crushed.” When I asked Navalny’s mother, Lyudmila, if she was afraid for her son, she melted into tears before I even got the question out. “I have forgotten what normal sleep is,” she said. “I believe in what he’s doing, he’s doing the right thing, but I’m not ready. I’m not ready for my son to become a martyr.”

→ The New Yorker

Prophet and Loss

A 2000 piece about the supposed Real Wolf of Wall Street, †Dana Giacchetto :

Anxiously tugging at his Dolce & Gabbana T-shirt, Giacchetto launched into a passage from Aeschylus’ Agamemnon, in which Cassandra declares that despite the machinations of her enemies, her legend will endure.

“I am not like a bird,” he intoned, “scared at an empty bush, trembling for nothing. Wait: When you shall see my death atoned with death … then witness for me – these and all my prophecies were utter truth.”

Giacchetto’s New Year’s performance notwithstanding, the mythological character he’s often compared to these days is not Cassandra but Icarus, who got burned flying too close to the sun. “I just had a suspicion it wouldn’t last,” says one intimate. “He was flying too high, had too many people signing on. You knew that if anything ever went wrong, they’d all start jumping ship. He was a New York Magazine article waiting to happen.”

→ New York Magazine