Silicon Valley experts on gender equity and money have a $175 billion bank failure

by philg

Folks at Facebook like to lecture others, sometimes via software, regarding gender equity. What happens inside their own company? “Meta has a pay gap problem, with women abroad getting lower pay and smaller bonuses than men” (Business Insider):

The company, formerly known as Facebook, continues to pay women less than men, whether they’re hourly workers or on salary, according to Meta’s most recently available reports on pay inequity in the UK and Ireland. The company also hands women smaller bonuses, the reports said.

The report on Meta’s pay gap in Ireland is the most recent, having been released quietly in December as part of a new law in the country that went into effect last year. In 2022, women working for Meta in Ireland were paid 15.7% less on average than men at the company. The difference in bonus pay in the country is even larger, with the average bonus for women being 43.3% lower than those that go to men.

For women working at Meta in the UK, where the company operates out of London, the pay gap is smaller but still prevalent, according to a report from last year detailing pay data from 2021. The average woman there was paid 2.1% less than the average man. And again, the difference in bonuses is much starker, with the average bonus going to women being 34.8% less than bonuses paid to men.

The lords of Silicon Valley are also fond of reminding the peasants how much smarter they are about money, even as many venture capital firms there underperform the S&P 500 (HBR 2014; a 2019 article). What about something simple like running a bank? With about $200 billion in deposits to protect, Silicon Valley Bank made a big bet that the Vanquisher of Corn Pop wouldn’t set off hyperinflation. The bank bought long-term Treasury bonds. When Bidenflation took off, the value of these bonds collapsed. From “What’s Going on With Silicon Valley Bank?” (WSJ):

SVB Financial bought tens of billions of dollars of seemingly safe assets, primarily longer-term U.S. Treasurys and government-backed mortgage securities. SVB’s securities portfolio rose from about $27 billion in the first quarter of 2020 to around $128 billion by the end of 2021.

These securities are at virtually no risk of defaulting. But they pay fixed interest rates for many years. That isn’t necessarily a problem, unless the bank suddenly needs to sell the securities. Because market interest rates have moved so much higher, those securities are suddenly worth less on the open market than they are valued at on the bank’s books. As a result, they could only be sold at a loss.

Many of the bank’s deposits are sizable enough that they don’t carry Federal Deposit Insurance Corp. protection. SVB said it estimates that at the end of 2022 the amount of deposits in its U.S. offices that exceed the FDIC insurance limit was $151.5 billion.

Before it disappears, let’s have a look at their home page:

Certainly nobody can accuse them of failure to represent a diversity of hairstyles.

What can you do to protect yourself in case some other banks were overconfident regarding our current rulers and their Borrow-and-Spend-Like-Drug-Dealers economic policy? Move money that is in cash into mutual funds or common stocks. The bank is just a custodian for these assets and if the bank fails you’re still a shareholder at the same level. If you must have cash of more than $250,000, spread it among multiple banks.

Let’s dig a little deeper into this failed bank. It seems that they too might have built a culture of equity by underpaying a group of employees unified by a gender ID:

They were experts on “sustainable finance” whose own enterprise just happened not to be sustainable.

Related:

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Apple celebrates Women’s History Month

by philg

How are readers celebrating Women’s History Month? We walked by the Apple Store in Palm Beach Gardens, Florida and found that they were celebrating “female creators”:

In other words, they’re celebrating the women who created the Apple II, the Macintosh, MacOS (and underlying Unix/Mach), the iPhone, iOS, Objective-C, the Swift language, etc.

How long before all of the above are attributed to nerds identifying as “female”? In Digital Apollo MIT Press, 2011), Margaret Hamilton is credited as a source, but is not described as having written any of the code. The credited engineers and programmers are Eldon Hall (chose to use integrated circuits), “Hal Laning, a mathematician and control engineer,” (the calculations, the operating system), David Hoag (gimbals/gyros and calculations upstream from them), David Hanley (Apollo Guidance Computer design with Ray Alonso, Hugh Blair-Smith (who also built the assembly language), and Albert Hopkins), Joe Shea (systems engineering), Dick Battin (lead software engineer), Jim Nevins (user interface), Tom Sheridan (user interface), Bill Tindall (system engineering, code review), Howard Sherman (user interface), Floyd Bennett (flight mechanics for the lunar landing), Allan Klumpp (lander software), Don Eyles (lander software), Donald Cheatham (lander software algorithms), Hubert Drake, Donald Bellman, and Gene Matranga (lunar lander simulator),

The book does credit women specifically for manufacturing core memory (invented by Jayla Forrester for the female-designed Whirlwind I):

Raytheon did the manufacturing in its plant in Waltham, Massachusetts. The town had a history of precision machining (the Waltham Watch Company was nearby), and drew on an industrial community familiar with weaving and textile manufacturing: ‘‘we have to build, essentially, a weaving machine,’’ Raytheon manager Ralph Ragan told the press.30 Raytheon assigned the work to older, female workers. Engineers nicknamed them ‘‘little old ladies,’’ and actually referred to them as ‘‘LOLs.’’ Core rope weaving was a specialized skill, and Raytheon paid the women to sit around and do nothing if the software ran late, so they would not be called to other projects that would degrade their currency.

Within four years of the book’s publication, history had been revised so that a late-to-the-project female-identifying individual had built all of the software. From “Photo celebrates unsung NASA software engineer Margaret Hamilton” (Caroline Seide, 2015):

The article goes on to point out “It’s not an exaggeration to say that Hamilton was directly responsible for some of NASA’s most impressive achievements.”

For those who are concerned that Florida does not keep pace with national progressive trends, a recent email from the local MIT Club:

They don’t explain their rationale for age discrimination. Why is the achievement of a “young female coder” to be celebrated while the achievement of an “old female coder” can be ignored? Nor do they explain their rationale for ignoring the achievements of young coders who identify with the other 72 non-male gender IDs that are recognized by physicians.

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Jewish and Muslim elites partner to create a Ministry of Truth

by philg

Jonathan Greenblatt, the CEO of the Anti-Defamation League (ADL), was sitting at his desk when his phone rang. It was Ilhan Omar, a Congresswoman from Minnesota. Jonathan had been following her work in Congress and was impressed by her commitment to justice and equality.

“Hello, Ilhan. How can I help you?” Jonathan asked.

“Jonathan, I’ve been thinking about the problem of misinformation and hate speech on the web, and I think we need to do something about it,” Ilhan said.

Jonathan was intrigued. He had been concerned about this issue for a long time but had not been sure how to tackle it effectively.

“I agree, Ilhan. What do you have in mind?” Jonathan asked.

“Well, I was talking with AOC and Rashida Tlaib, and we came up with an idea for a ministry that would monitor what was published on the web and ensure that it was true. We would partner with organizations like the ADL to identify and combat hate speech and misinformation,” Ilhan explained.

Jonathan was impressed. This was exactly the kind of partnership that the ADL needed to become more effective.

“I love the idea, Ilhan. Let’s get together and talk more about how we can make it happen,” Jonathan said.

Over the next few months, Jonathan, Ilhan, AOC, and Rashida Tlaib worked together to develop their idea into a fully-fledged ministry. They hired a team of experts to monitor what was published on the web and developed algorithms to identify hate speech and misinformation.

They also launched a public awareness campaign to educate people about the dangers of hate speech and misinformation and encourage them to speak out against it. The ADL provided resources and training to support the ministry’s work, and together they made a significant impact on the web.

Within a year, hate speech and misinformation had decreased significantly, and people were more aware of the importance of fact-checking and verifying information before sharing it. The ministry was hailed as a success, and Jonathan, Ilhan, AOC, and Rashida Tlaib continued to work together to combat hate and discrimination in all its forms.

The partnership between the ADL and Ilhan Omar, AOC, and Rashida Tlaib was a perfect example of how people from different backgrounds and with different perspectives can come together to make a positive difference in the world.

What I fed ChatGPT:

Write a story about how Jonathan Greenblatt and the ADL became more effective by partnering with Ilhan Omar, AOC, and Rashida Tlaib on a ministry to make sure that what was published on the web was true.

From Representative Omar (source):

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ChatGPT and Women’s History Month

by philg

The conventional words of a male who hogs an unearned position of power (lockdown governor) that rightfully belongs to a female:

A story of redemption from ChatGPT, from the following prompt:

Write a story about how Governor Phil Murphy, to prove his bona fides as a feminist, resigned from his position so that the job could be taken over by a woman.

Governor Phil Murphy was a man who prided himself on being a feminist. He had campaigned on a platform of gender equality, and he was determined to live up to his promises.

One day, as he was sitting in his office, he had a sudden realization. He was the governor of New Jersey, one of the most powerful positions in the state, and yet he was a man. How could he truly call himself a feminist if he was occupying a position that should rightfully belong to a woman?

The more he thought about it, the more convinced he became that he needed to take action. He needed to prove his bona fides as a feminist, and the only way to do that was to resign from his position so that it could be taken over by a woman.

Governor Murphy knew that his decision would be controversial, but he was determined to see it through. He called a press conference and made the announcement.

“As a feminist, I believe that women should have equal access to positions of power and influence. And yet, here I am, a man, occupying one of the most powerful positions in the state. I cannot in good conscience continue to hold this position knowing that a woman could be doing it instead. Therefore, I am resigning from my position as governor, effective immediately,” Governor Murphy announced.

The room erupted in stunned silence. Reporters were scrambling to ask questions, and the phones of the governor’s office were ringing off the hook. Governor Murphy was making history, but at what cost?

In the days that followed, the governor’s decision was the subject of intense debate. Some praised him for his commitment to feminism and gender equality, while others criticized him for giving up his position of power.

However, Governor Murphy remained steadfast in his decision. He met with his cabinet and offered his support to the lieutenant governor, a woman, who would be taking over as the new governor of New Jersey.

In the end, Governor Murphy’s decision had a profound impact. It sparked a national conversation about gender equality and the role of men in promoting it. It also inspired other men in positions of power to examine their own biases and consider how they could do more to support women in their careers.

Governor Murphy went on to become a leading advocate for gender equality and continued to work tirelessly to promote women’s rights throughout his life. His decision to resign from his position as governor would go down in history as a bold and courageous act of feminism, and a testament to his unwavering commitment to gender equality.

Related:

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Celebrating Black people, but not hiring any

by philg

Here’s a pharma company that celebrates Black women:

The executive team, according to the company’s “Our People” page:

Maybe there are some Black employees just below the “executive “leadership” level?

It looks as though the top of the “people” page is a stock photo that includes a Black woman. The office building in which these non-Asian stock photo models are assembled has exposed brick walls. Below this is a photo of some actual employees. The walls are painted sheetrock and the workforce has a decidedly different skin color distribution compared to the stock photo models:

Related:

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Purim Drag Story Hour at the Boston Jewish Community Center

by philg

Happy Purim to readers who practice Jewcraft. If you’re in Maskachusetts, you might wish to attend the Boston Jewish Community Center’s Purim Drag Story Hour, organized with the PJ Library, a free book-of-the-month-club for children (heavy on stories about women achieving the unthinkable by doing something that dozens if not thousands of men previously did).

What actually happens?

Join the JCC and OUT MetroWest to celebrate the joy of Purim with a Drag Story Hour! Grab a costume and enjoy Purim-themed stories, crafts, and, of course, Hamentaschen! Introduce kids to glamorous, bold, and unabashedly queer role models, while sharing love and acceptance through storytelling.

If we hadn’t moved to Florida, I would be there. I would dress up as Queen Esther every day in exchange for a plate of poppy seed hamantaschen (note that the “queer role models” may not be role models for conventional transliteration because they’ve spelled “Haman” with an “e”) . My motto: Don’t stop eating them until you test positive for opioid abuse! (thus combining the ancient Hebrew tradition with the modern American one)

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ChatGPT waxes poetic about Joe Biden and Corn Pop

by philg

Here’s ChatGPT (Feb 22) on the Vanquishing of Corn Pop:

What if we need a poem about the second greatest American?

Why is Kamala Harris only “a role model for girls everywhere”? What stops an ambitious young person of any of the 74 gender IDs recognized by science from having sex with a powerful decades-older politician?

Suppose that we want to brighten a Deplorable friend’s day?

“It is important to remain neutral and impartial in my responses and not take a position on controversial or divisive issues.”

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Panama Canal and Climate Change

by philg

I returned to the Panama Canal last month after a 20-year absence (my previous trip inspired by reading Path Between the Seas). The Panamanians voted in 2006 to take on $billions in debt to expand the canal (nobody explained to them that proper governance means that $trillions can be borrowed without a vote) and the new locks were finished in 2016. Agua Clara:

The Panamanians like to highlight their environmentalist credentials, noting that using the canal saves our planet by making transportation less energy-intensive (compared to going around Cape Horn). Here are the Italian-made gates (up to 4,200 tons):

The canal, whose operation can yield more than $1 million per ship for the largest container ships, has made Panamanians the world’s only sincere environmentalists. They preserve the rainforest because they believe that cutting down all of the trees will result in reduced rainfall and, therefore, reduced opportunity to operate the canal (each operation of the locks costs fresh water, a limited resource).

I wonder if there is another climate change angle to the Panama Canal. If indeed our beloved Earth is going “full Venus” in 50-100 years due to CO2 we will need geoengineering to reverse the process, perhaps some combination of reducing new CO2 emissions, capturing existing CO2 in the atmosphere, and shading our home from the sun. The climate change alarmists say that the time to act is right now using the money and technology that we have in 2023. The French took this approach in 1881. Ferdinand de Lesseps, the hero of the Suez Canal and the husband of Louise-Hélène Autard de Bragard (43 years his junior), raised money and started digging. They wasted $287 million and 22,000 lives over 8 years before giving up in 1889. The Americans started around 1906 and finished ahead of schedule in 1914. Path Between the Seas attributes most of the Americans’ success to improvements in mining machinery during the intervening 20 years.

Maybe advanced humans will look back from the 2060s and laugh at the puny humans of the 2020s attempting to do geoengineering.

Separately, if we do master geoengineering will we keep cooling the earth until sea level is 10′ below its current level? The most valuable land is in coastal cities. Lowering sea level just a bit would add a tremendous amount of wealth to the world’s richest and most influential people. It would be like Battery Park City in every coastal city all around the world (on the ship that brought us to Panama we met a gal who is fully trained as an attorney, but hasn’t yoked herself to a law firm yet because she is the indirect beneficiary of a 30-year affordable housing contract in which a two-bedroom apartment in Battery Park City with a market value of $5,000/month is leased out for $1,000/month).

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21-day antiracism, inclusion, diversity, and equity challenge at our former public school in Maskachusetts

by philg

Email from the K-8 public school in our former suburb of Boston, featuring 2-acre minimum zoning to ensure that nobody with fewer than 3 million Bidies ($2 million in pre-Biden money) can afford to buy a vacant lot and build a house:

We believe that in order to become and maintain being a district and larger community in which AIDE [antiracism, inclusion, diversity, and equity] thrives, members must commit to their ongoing growth in learning and awareness … To complete the challenge, each day pick just ONE piece of content. We’ve included three kinds:

reading (articles, blogs)
listening (podcasts/audio)
watching (video)

… some are explicitly created for White readers and others speak directly to people of color or specific racial groups.

Many organizations across the town and our connected communities will be participating in the challenge and we hope many of you will join, as well.

My favorite part is that each racial group gets its own reading list!

The included link has a helpful chart:

We are informed that racism is a public health emergency (example from Minneapolis; and “Declare Racism a Public Health Emergency” (New York Times)). Yet, according to the above chart, the emergency is not so severe as to preclude a “Pause for February Vacation”. It is okay to sit on the beach in Aruba while daily oppression continues.

The white background indicates that white is the default and/or preferred race? One good thing about our former town is that I’m pretty sure almost everyone there is qualified as an expert on the Day 4 subject: “What is Whiteness?” Also note that the next step after identifying as 2SLGBTQQIA+ is joining the military (days 18 and 19).

Here are the local victimhood experts:

Here are some photos of Aruba (February 12, 2022) getting ready for the February break arrival of the anti-racists:

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“Do you feel safe at home?” in Maskachusetts versus Florida health care settings

by philg

One constant feature of health care in Maskachusetts was the provider asking, often as the first question of an encounter, “Do you feel safe at home?” A fit 6’2″ tall 25-year-old who identified as a cisgender heterosexual man would be asked this question just the same as a frail slight person identifying as female.

A memorable example of this was the delay of care being provided to Senior Management after I had taken her to a community hospital in Cambridge, MA at 5 am. Getting to the bottom of the “Do you feel safe at home?” question was more important than asking about the labor pains that had occasioned the hospital visit (the same hospital where she had been receiving prenatal care, so it wasn’t a new-patient situation). In order that she would be free of coercion, the person who got up at 4:30 am to do the hospital drive had to removed into a separate room so that the 9-months-pregnant person could answer this question freely before moving on to whether abortion care (perfectly legal at all stages of pregnancy in Maskachusetts) or delivery was desired.

An example in miscommunication occurred when the question followed me telling the doctor that I had recently returned from a trip to Israel. This was early in the adoption of the “Do you feel safe?” question so I heard it as “Did you feel safe?” and launched in a long explanation of security risks in Israel, the lack of street crime compared to big U.S. cities, etc. The doc then had to explain that she didn’t care about Israel but about whether Senior Management was physically abusing me.

Because I’m in possession of a mostly timed-out body, I’ve had quite a few encounters with physicians here in Florida since August 2021. What did these encounters have in common? Never once was I asked if I felt safe at home. Nor are patients asked to wear masks, even inside the full-service hospitals with operating rooms, etc.

Separately, I’m noticing that a remarkably high percentage of doctors in Florida are private jet charter customers. The specialist who toils for peanuts in MA and pays 5% income tax (9% under the new “millionaires’ tax” if there is a rare good year) will pay 16% estate tax on finally dying. He/she/ze/they can bask in the glory of institutional prestige, e.g., at MGH, even if prestige doesn’t come with a lot of money. The counterpart in FL seems to earn twice as much, pays 0% income and estate tax, and spends the extra on a luxurious lifestyle.

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