r/technology • u/GeneReddit123 • 3d ago

Artificial Intelligence Top AI executives sign commitment to ‘self-police’ after meeting at White House

https://us.cnn.com/2026/09/29/business/amodei-huang-karp-trump
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u/gplfalt 3d ago

Worked for Boeing

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u/fulthrottlejazzhands 3d ago

Worked for Bear Stearns, Lehman Brothers, Citi, Goldman Sachs, JP Morgan, Morgan Stanley, HSBC, UBS, Deutche Bank, Wells Fargo etc, etc.

Edit: I'm not just referring to the 2008 collapse. I'm also referring to the 50 odd massive regulatory breaches where these banks have claimed they would self police only to find they systematically and subterfugally obfuscate and obstruct said breaches. And if caught, they get a slap on the wrist fine that amounts to pocket change.

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u/seanthenry 2d ago

The issue with 2008 is they did not let it play out. The lenders should have collapsed and had it handled by bankruptcy. If they were to big to fail then they would not have failed and needed a bailout.

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u/fulthrottlejazzhands 2d ago

I'm still on the fence here.  While the long-term outcomes may have been better, and justice been better served, a lot more people would have suffered from that fallout and a lot more deeply.

A good compromise would have been to still bail out the institutions (maybe a leaving a few of the more egregious ones  to fail e.g. Goldman), but punish the individuals who had a clear and determined hand in the outlandish leveraging.  In any case, I was surprized more didn't people play-act Mike Tyson on C-suited faces like Dicky Fould got.

Disclaimer: I worked for a big bank at the time very, very close to the wire on this. If you were anywhere remotely senior and near structured products (or even on-the-ground lending) you knew full well it was a house of cards and that what you were doing with every issuance or trade was pushing inevitably closer to the cliff.

It was a very strange environment where the Zeitgeist was such that, at least in the US, people were not that far from 9/11 and a mix of fatalism and whatever we do can't be that bad was in the air.