When read how much Goldman is putting in of their own, it is small compared to what they are bringing in from other investors, and as I understand it is by invitation only. Goldman is investing in what they know – ALGORITHMS. That’s what runs their shop and they have plenty of Algo Men on board to produce all their predictive analysis of what will occur in the future. There’s one other element of predictive behaviors and to get those, you need some behavioral analytics too and I could almost bet there’s some those algorithms rolled in there too. As this article states the SEC (if they can get their algorithms together to sufficiently audit) may do some investigating.
Facebook is a bunch of web based algorithms that allows you to store pictures.
Also of interest, Boehner is going to live broadcast from Facebook tomorrow and let’s take note that both his Facebook page and the Pledge for America page just came into existence today. I find that interesting and timely with the Goldman news and the potential IPO, so all of a sudden we have some social network support where it never was before, being used by what I refer to as the “non participants” of IT literacy for the most part, that being said from what I read on the internet. You can find the announcement below here.
“Tomorrow, House Republicans will live stream the opening session of the 112th Congress - including the swearing-in ceremony and remarks by Speaker- designate John Boehner (R-OH) - on the Pledge to America Facebook Page . The House will convene and the stream will go live at 12:00 p.m. ET.
This is the first time an opening session of Congress has been broadcast live on Facebook where visitors can interact and discuss the event with others, and offer feedback directly to elected representatives.”
I don’t know about you but this “Pledge for America” for me kind of lost it’s steam when I found it was written by a staff member who was a former big lobbyist for AIG and Pfizer that either forgot or was lacking in Adobe pdf skills to remove his name as the author. Rachel Maddow had the news on that with a video and images showing all of it when she right clicked on the document properties.
When I heard about the Constitution being read on the floor I wonder why a pod cast was not used as it’s what we all use, right?
In California, our former governor sent out an executive order to create a “Digital Literacy” campaign with all different people making videos from the Department of Education to the Commissioner of the Public Utilities Commission and they said you need IT Literacy to work at Burger King, so why do we see the remnants of the 70s practices in Washington? I do hope Jerry Brown uses technology as we sure got used to it here with the “Governator” who was very active on Twitter and announced all his presentations and meetings and uploaded them to YouTube and he some of it himself with taking pictures too, so no staff all of for him.
I just worry so much when we have technology moving so fast and yet when it comes to Washington, we keep hearing things out of the 70s. Our Director of Education says every job requires some levels of literacy.
Goldman Sachs knows how addictive Facebook is and I found this old article from 2007 about a trader who got hooked while working at a Goldman office, and not sure on how valid it is, but it makes the point of addiction and look around you and see those folks who are addicted.
“Anyway, here’s a guy who got sucked into the whole social networking thing big time. Apparently he is a trader working for Goldman Sachs in the UK. He spends upwards of 4 hours a day on facebook and is so gone that when he got a warning from Goldman Sachs the first thing he did was put it up on his facebook page. “
Goldman Sachs has a ton of money tied up in algorithms that make profits for them and they spend tons of money on code that makes money for them. In essence when the SEC comes around, if they have any updated technology to audit, they don’t want them in there as we have seen over the last few years none of the banks want the SEC muddling around. I think the more folks that are distracted and addicted to Facebook keeps the wolves away from their doors so if the whole SEC spent half their day on Facebook they wouldn’t mind. Thus guy got a big sentence for taking a little bit of code from Goldman. There were reports that some high ranking members of the SEC spent a lot of time on porn sites too.
THERE’S POWER AND MONEY IN THOSE ALGORITHMS!!!!
So coming back around why not have as many members of Congress, their staff and others addicted so it gives them less time to poke around and ask questions and again we come back to IT Illiteracy on how systems work and those who have no hands on experience can only basically repeat what they hear so thus I wonder if Goldman was also helping staff the party with sharing the algorithms, not theirs of course, but those of Facebook <grin>.
Let’s face it the more people you can distract with sometimes meaningless social chatter, the less attention they pay to you and this is an area of education that gets lost here too with some sitting around and just playing games with funny money. A little bit of that is ok, but it can be addictive. As a matter of fact I think this is going to be the next 12 step program we are going to have to address as we all need balance as everyone wants us to get healthy and exercise and yet they can’t drag themselves way from the addiction, so we need some balance. Think of the mixed messages we send to the kids today.
We need IT literacy as it affects lawmaking today and I have nothing against Facebook as I have found old friends, etc. and that’s what I feel it is for and I don’t care for advertisers being able to collect and mine my data either so what goes on there is not much, just mostly feeds from this blog. Omnicom was another company mentioned today in which it was mentioned that employees may need lessons on how to use Facebook as PR and advertising is part of what they do.
When I saw the bill today (pdf here ) about healthcare repeal posted by a lobbyist, I about fell of my chair, 2 pages and felt I was back in the 70s. What I’m afraid of is the fact that the IT infrastructure seen as an intangible somehow doesn’t click in when it comes to money and the huge cost to reset everything.
Two days after the election both the CEO and CFO of Walgreens said they could not afford to do a reset of IT infrastructure should a repeal go through and they were pretty adamant and they know algorithms very well too. If you repeal healthcare as that bill stated, there’s lot of money and expense so again a good reason to bone up on what this stuff costs today and to get experts in house that don’t just load up more transaction fees with auditing and other software, There’s a ton of waste out there in healthcare in this area alone.
So again just connecting some dots where you have the very highly IT Literate who use algorithms for making big profits chatting with those who seems to be the “non participants” with technology and seem to be a bit stuck in the 70s, what do we have here, more insanity?
Election Is Done-Future for Healthcare Needs Role Models And Hopefully Not A Return to the Era of 8 Track Tapes and Old Paradigms
It’s not Superman, Spiderman or even Wonder Woman that creates solutions and become our heroes, it’s the “Algo Men” with all the data, algorithms and wisdom for innovation and collaboration.
If you have ever dealt with really highly intelligent IT people it can be difficult sometimes as you ask anyone who works for any big company and employees always tell you the IT folk lie, or at least they feel that way as they don’t comprehend.
So perhaps here (as banks lobby too) maybe Goldman created a Facebook party here with folks that had never used it before, members of our government and it’s funny that until today, Facebook had no value for them as they were and perhaps still are the “non participants’ and basically are in this for a dog and pony show. So what’s the connection I ask?
One more note, about a year ago, there was this story about folks getting suckered in on games and money going to insurance companies. Remember this one?
The games involve virtual money not real money, so perhaps not illegal, but maybe more like unethical. For your support you earn virtual money that can be cashed in somewhere along the line. I learned a new word, “Astroturfing” likening the grass roots campaign to be fake. Stop and think here too, this was a page about healthcare reform so everything is not as it seems and if you are addicted and spend all your time on Facebook with a high level of distraction, people pull the wool over your eyes and the above was not Facebook doing it, but rather someone who figured how how to work the Facebook algorithms.
Now after reading this some what long post, remember the algorithms are out there and everyone is using them, some create accurate results while others create desired results and you may not always be able to tell the difference. When it comes to money, those with the algorithms have all the money and they come to battle with machine guns and we have swords, as this is technology warfare deluxe. If you have not come to terms with that, do it soon and here’s a good book to get you on your way. You won’t like what’s being done any more than myself but you will understand the mechanics behind mathematical formulas and how algorithms carve out profits where they did not exist before. BD