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Javier E

Huffington Post in Limbo at Verizon - NYTimes.com - 0 views

  • The Huffington Post sits at the center of a phenomenon that some describe as the birth of a new media establishment: Several digital start-ups, including BuzzFeed and Vice, are trying to upend news presentation the way cable channels encroached on broadcast television in the 1980s. By that measure, some in the industry say, $1 billion is a reasonable valuation for a site with more than 200 million unique visitors a month, and acquiring it is a smart play for Verizon as it follows other communications companies, like Comcast, in owning its own content.
  • Others see, instead, a frothy market that has led to overly high valuations for media companies, based largely on branding and a relentless focus on audience development techniques. Photo
  • According to a document published in 2013 by the website The Smoking Gun, The Huffington Post was expected to generate $60 million in revenue in 2011, when AOL bought it, with $10 million in Ebitda (earnings before interest, tax, depreciation and amortization) growing to $165 million in revenue and $58 million in Ebitda by 2013. People with knowledge of its current finances said that its annual revenue is now in the hundreds of millions, and that its profitability depends on how generously its recent investments in a global expansion and video are assessed.
Javier E

Yelp and the Wisdom of 'The Lonely Crowd' : The New Yorker - 1 views

  • David Riesman spent the first half of his career writing one of the most important books of the twentieth century. He spent the second half correcting its pervasive misprision. “The Lonely Crowd,” an analysis of the varieties of social character that examined the new American middle class
  • the “profound misinterpretation” of the book as a simplistic critique of epidemic American postwar conformity via its description of the contours of the “other-directed character,” whose identity and behavior is shaped by its relationships.
  • he never meant to suggest that Americans now were any more conformist than they ever had been, or that there’s even such a thing as social structure without conformist consensus.
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  • In this past weekend’s Styles section of the New York Times, Siegel uses “The Lonely Crowd” to analyze the putative “Yelpification” of contemporary life: according to Siegel, Riesman’s view was that “people went from being ‘inner-directed’ to ‘outer-directed,’ from heeding their own instincts and judgment to depending on the judgments and opinions of tastemakers and trendsetters.” The “conformist power of the crowd” and its delighted ability to write online reviews led Siegel down a sad path to a lackluster expensive dinner.
  • What Riesman actually suggested was that we think of social organization in terms of a series of “ideal types” along a spectrum of increasingly loose authority
  • On one end of the spectrum is a “tradition-directed” community, where we all understand that what we’re supposed to do is what we’re supposed to do because it’s just the thing that one does; authority is unequivocal, and there’s neither the room nor the desire for autonomous action
  • In the middle of the spectrum, as one moves toward a freer distribution of, and response to, authority, is “inner-direction.” The inner-directed character is concerned not with “what one does” but with “what people like us do.” Which is to say that she looks to her own internalizations of past authorities to get a sense for how to conduct her affairs.
  • Contemporary society, Riesman thought, was best understood as chiefly “other-directed,” where the inculcated authority of the vertical (one’s lineage) gives way to the muddled authority of the horizontal (one’s peers).
  • The inner-directed person orients herself by an internal “gyroscope,” while the other-directed person orients herself by “radar.”
  • It’s not that the inner-directed person consults some deep, subjective, romantically sui generis oracle. It’s that the inner-directed person consults the internalized voices of a mostly dead lineage, while her other-directed counterpart heeds the external voices of her living contemporaries.
  • “the gyroscopic mechanism allows the inner-directed person to appear far more independent than he really is: he is no less a conformist to others than the other-directed person, but the voices to which he listens are more distant, of an older generation, their cues internalized in his childhood.” The inner-directed person is, simply, “somewhat less concerned than the other-directed person with continuously obtaining from contemporaries (or their stand-ins: the mass media) a flow of guidance, expectation, and approbation.
  • Riesman drew no moral from the transition from a community of primarily inner-directed people to a community of the other-directed. Instead, he saw that each ideal type had different advantages and faced different problems
  • As Riesman understood it, the primary disciplining emotion under tradition direction is shame, the threat of ostracism and exile that enforces traditional action. Inner-directed people experience not shame but guilt, or the fear that one’s behavior won’t be commensurate with the imago within. And, finally, other-directed folks experience not guilt but a “contagious, highly diffuse” anxiety—the possibility that, now that authority itself is diffuse and ambiguous, we might be doing the wrong thing all the time.
  • Siegel is right to make the inference, if wayward in his conclusions. It makes sense to associate the anxiety of how to relate to livingly diffuse authorities with the Internet, which presents the greatest signal-to-noise-ratio problem in human history.
  • The problem with Yelp is not the role it plays, for Siegel, in the proliferation of monoculture; most people of my generation have learned to ignore Yelp entirely. It’s the fact that, after about a year of usefulness, Yelp very quickly became a terrible source of information.
  • There are several reasons for this. The first is the nature of an algorithmic response to the world. As Jaron Lanier points out in “Who Owns the Future?,” the hubris behind each new algorithm is the idea that its predictive and evaluatory structure is game-proof; but the minute any given algorithm gains real currency, all the smart and devious people devote themselves to gaming it. On Yelp, the obvious case would be garnering positive reviews by any means necessary.
  • A second problem with Yelp’s algorithmic ranking is in the very idea of using online reviews; as anybody with a book on Amazon knows, they tend to draw more contributions from people who feel very strongly about something, positively or negatively. This undermines the statistical relevance of their recommendations.
  • the biggest problem with Yelp is not that it’s a popularity contest. It’s not even that it’s an exploitable popularity contest.
  • it’s the fact that Yelp makes money by selling ads and prime placements to the very businesses it lists under ostensibly neutral third-party review
  • But Yelp’s valuations are always possibly in bad faith, even if its authority is dressed up as the distilled algorithmic wisdom of a crowd. For Riesman, that’s the worst of all possible worlds: a manipulated consumer certainty that only shores up the authority of an unchosen, hidden source. In that world, cold monkfish is the least of our problems.
Javier E

Book Review: Models Behaving Badly - WSJ.com - 1 views

  • Mr. Derman is perhaps a bit too harsh when he describes EMM—the so-called Efficient Market Model. EMM does not, as he claims, imply that prices are always correct and that price always equals value. Prices are always wrong. What EMM says is that we can never be sure if prices are too high or too low.
  • The Efficient Market Model does not suggest that any particular model of valuation—such as the Capital Asset Pricing Model—fully accounts for risk and uncertainty or that we should rely on it to predict security returns. EMM does not, as Mr. Derman says, "stubbornly assume that all uncertainty about the future is quantifiable." The basic lesson of EMM is that it is very difficult—well nigh impossible—to beat the market consistently.
  • Mr. Derman gives an eloquent description of James Clerk Maxwell's electromagnetic theory in a chapter titled "The Sublime." He writes: "The electromagnetic field is not like Maxwell's equations; it is Maxwell's equations."
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  • He sums up his key points about how to keep models from going bad by quoting excerpts from his "Financial Modeler's Manifesto" (written with Paul Wilmott), a paper he published a couple of years ago. Among its admonitions: "I will always look over my shoulder and never forget that the model is not the world"; "I will not be overly impressed with mathematics"; "I will never sacrifice reality for elegance"; "I will not give the people who use my models false comfort about their accuracy"; "I understand that my work may have enormous effects on society and the economy, many beyond my apprehension."
  • As the collapse of the subprime collateralized debt market in 2008 made clear, it is a terrible mistake to put too much faith in models purporting to value financial instruments. "In crises," Mr. Derman writes, "the behavior of people changes and normal models fail. While quantum electrodynamics is a genuine theory of all reality, financial models are only mediocre metaphors for a part of it."
  • Although financial models employ the mathematics and style of physics, they are fundamentally different from the models that science produces. Physical models can provide an accurate description of reality. Financial models, despite their mathematical sophistication, can at best provide a vast oversimplification of reality. In the universe of finance, the behavior of individuals determines value—and, as he says, "people change their minds."
  • Bringing ethics into his analysis, Mr. Derman has no patience for coddling the folly of individuals and institutions who over-rely on faulty models and then seek to escape the consequences. He laments the aftermath of the 2008 financial meltdown, when banks rebounded "to record profits and bonuses" thanks to taxpayer bailouts. If you want to benefit from the seven fat years, he writes, "you must suffer the seven lean years too, even the catastrophically lean ones. We need free markets, but we need them to be principled."
aliciathompson1

Macy's, Univision, and NBC Dropping Trump Over Mexican Comments Could Cost Him - The At... - 0 views

  • Donald Trump’s run for the presidency is premised on one fact above all: He’s a fabulously successful businessman. And yet, paradoxically, running for president may be the most disastrous business decision he’s made—or, at the very least, his worst in a while.
  • It’s unclear what the value of Trump’s NBC, Macy’s, and Serta deals were, but it’s a safe bet that altogether they’re a bigger deal to Trump than they are to any one of those corporations
  • How did Trump get from $250 million, the upper end of O’Brien’s range, in 2005 to $9 billion today? It’s been 10 years, and an already-wealthy person can make a lot of money in 10 years, but that decade also included a massive economic slump, a crisis in real estate (putatively Trump’s core business), and a 2009 declaration of Chapter 11 bankruptcy by his casino group. One way to get to the $9 billion figure is that, as Jordan Weissmann highlighted, Trump estimates that the value of his name alone is worth more than a third of tha
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  • The thing about Trump’s comments about Mexicans and his clumsy attempts at clean-up since is that they don’t just hurt him directly, in the loss of earnings from the Miss USA contest or any of those ties and shirts; they also degrade the value of his brand and reputation. So even if you take Trump’s self-valuation at face value, you can see how his comments about Mexican immigrants have been costly.
  • And now he has validated his own point in an unfortunate way: By any measure, the campaign has been terrible for his brand.
Javier E

The Problem With Confidence - NYTimes.com - 2 views

  • I almost never see problems caused by underconfidence, but I see (and create) problems related to overconfidence every day.
  • Much of the recent psychological research also suggests that overconfidence is our main cognitive problem, not the reverse. Daniel Kahneman’s book “Thinking, Fast and Slow” describes an exhaustive collection of experiments demonstrating how often people come to conclusions confidently and wrongly
  • my second reaction is to notice that people are phenomenally terrible at estimating their own self-worth. Some Americans seem to value themselves ridiculously too little while others value themselves ridiculously too highly.
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  • If you want to talk about something real, it’s probably a mistake to use a suspect concept like self-confidence, which is self-oriented. It’s probably a better idea to think about competence, which is task-oriented. If you ask, “Am I competent?” at least you are measuring yourself according to the standards of a specific domain.
  • The person with the confidence mind-set is like the painfully self-conscious person at a dinner party who asks, “How am I coming across?” The person with an instrumentalist mind-set is serving a craft and asks “What does this specific job require?” The person with a confidence mind-set is told “Believe in yourself.” This arouses all sorts of historical prejudices and social stereotypes. The person with an instrumentalist mind-set is told “Look accurately at what you have done.”
  • One of the hard things in life is learning to ask questions that you can actually answer. For example, if you are thinking about taking a job, it’s probably foolish to ask, “What future opportunities will this lead to?” You can’t know. It’s probably better to ask, “Will going to this workplace be rewarding day to day?” which is more concrete.
Javier E

Arianna Huffington's Improbable, Insatiable Content Machine - The New York Times - 0 views

  • Display advertising — wherein advertisers pay each time an ad is shown to a reader — still dominates the market. But native advertising, designed to match the look and feel of the editorial content it runs alongside, has been on the rise for years.
  • the ethical debate in the media world is over. Socintel360, a research firm, predicts that spending on native advertising in the United States will more than double in the next four years to $18.4 billion.
  • news start-ups today are like cable-television networks in the early ’80s: small, pioneering companies that will be handsomely rewarded for figuring out how to monetize your attention through a new medium. If this is so, the size of The Huffington Post’s audience could one day justify that $1 billion valuation.
Javier E

Evolution and the American Myth of the Individual - NYTimes.com - 0 views

  • the country’s two main political parties have “fundamental philosophical differences.” But what exactly does that mean?
  • In a broad sense, Democrats, particularly the more liberal among them, are more likely to embrace the communal nature of individual lives and to strive for policies that emphasize that understanding.
  • Republicans, especially libertarians and Tea Party members on the ideological fringe, however, often trace their ideas about freedom and liberty back to Enlightenment thinkers of the 17th and 18th centuries, who argued that the individual is the true measure of human value, and each of us is naturally entitled to act in our own best interests free of interference by others. Self-described libertarians generally also pride themselves on their high valuation of logic and reasoning over emotion.
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  • Philosophers from Aristotle to Hegel have emphasized that human beings are essentially social creatures, that the idea of an isolated individual is a misleading abstraction. So it is not just ironic but instructive that modern evolutionary research, anthropology, cognitive psychology and neuroscience have come down on the side of the philosophers who have argued that the basic unit of human social life is not and never has been the selfish, self-serving individual.
  • The irony here is that when it comes to our responsibilities to one another as human beings, religion and evolution nowadays are not necessarily on opposite sides of the fence.
  • in the eyes of many conservative Americans today, religion and evolution do not mix. You either accept what the Bible tells us or what Charles Darwin wrote, but not both
  • Contrary to libertarian and Tea Party rhetoric, evolution has made us a powerfully social species, so much so that the essential precondition of human survival is and always has been the individual plus his or her relationships with others.
  • as Matthew D. Lieberman, a social neuroscience researcher at the University of California, Los Angeles, has written: “we think people are built to maximize their own pleasure and minimize their own pain. In reality, we are actually built to overcome our own pleasure and increase our own pain in the service of following society’s norms.”
  • Why then did Rousseau and others make up stories about human history if they didn’t really believe them? The simple answer, at least during the Enlightenment, was that they wanted people to accept their claim that civilized life is based on social conventions, or contracts, drawn up at least figuratively speaking by free, sane and equal human beings — contracts that could and should be extended to cover the moral and working relationships that ought to pertain between rulers and the ruled.
  • Jean-Jacques Rousseau famously declared in “The Social Contract” (1762) that each of us is born free and yet everywhere we are in chains. He did not mean physical chains. He meant social ones. We now know he was dead wrong. Human evolution has made us obligate social creatures. Even if some of us may choose sooner or later to disappear into the woods or sit on a mountaintop in deep meditation, we humans are able to do so only if before such individualistic anti-social resolve we have first been socially nurtured and socially taught survival arts by others. The distinction Rousseau and others tried to draw between “natural liberty, which is bounded only by the strength of the individual” and “civil liberty, which is limited by the general will” is fanciful, not factual.
  • In short, their aims were political, not historical, scientific or religious.
  • what Rousseau and others crafted as arguments in favor of their ideas all had the earmarks of primitive mythology
  • Bronislaw Malinowski argued almost a century ago: “Myth fulfills in primitive culture an indispensable function: it expresses, enhances, and codifies belief, it safeguards and enforces morality, it vouches for the efficiency of ritual and contains practical rules for the guidance of man.”
  • not all myths make good charters for faith and wisdom. The sanctification of the rights of individuals and their liberties today by libertarians and Tea Party conservatives is contrary to our evolved human nature as social animals. There was never a time in history before civil society when we were each totally free to do whatever we elected to do. We have always been social and caring creatures. The thought that it is both rational and natural for each of us to care only for ourselves, our own preservation, and our own achievements is a treacherous fabrication. This is not how we got to be the kind of species we are today.
  • Myths achieve this social function, he observed, by serving as guides, or charters, for moral values, social order and magical belief.
  • Nor is this what the world’s religions would ask us to believe.
martinelligi

S&P 500 jumps more than 1% to hit a record high, Nasdaq rallies 2.5% - 0 views

  • The S&P 500 climbed 1.3% to reach an all-time high, its first record since Feb. 16. The Dow Jones Industrial Average added 350 points to hit another intraday record. The Nasdaq Composite jumped 2.5% amid a rotation back into tech shares. Tesla was up 4%. Apple, Facebook and Netflix all jumped at least 2%, while Amazon, Alphabet and Microsoft shares were also higher.
  • Tech and growth stocks are rebounding from a swift correction triggered by rising interest rates. Higher rates make profits in far-off years seem less attractive to investors and can knock down stocks with relatively high valuations.
  • “The stimulus is beating the virus at least as far as the market is concerned,”
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  • President Joe Biden is expected to sign the $1.9 trillion coronavirus relief package Thursday afternoon. The plan will send direct payments of up to $1,400 to most Americans, and will also put nearly $20 billion into Covid-19 vaccinations and $350 billion into state, local and tribal relief.
  • The economic reopening, coupled with additional fiscal stimulus, accelerated the rotation into more cyclical sectors, such as energy. The S&P 500 energy sector has been the biggest winner this year, up 40% so far.
caelengrubb

How Cognitive Bias Affects Your Business - 0 views

  • Human beings often act in irrational and unexpected ways when it comes to business decisions, money, and finance.
  • Behavioral finance tries to explain the difference between what economic theory predicts people will do and what they actually do in the heat of the moment. 
  • There are two main types of biases that people commit causing them to deviate from rational decision-making: cognitive and emotional.
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  • Cognitive errors result from incomplete information or the inability to analyze the information that is available. These cognitive errors can be classified as either belief perseverance or processing errors
  • Processing errors occur when an individual fails to manage and organize information properly, which can be due in part to the mental effort required to compute and analyze data.
  • Conservatism bias, where people emphasize original, pre-existing information over new data.
  • Base rate neglect is the opposite effect, whereby people put too little emphasis on the original information. 
  • Confirmation bias, where people seek information that affirms existing beliefs while discounting or discarding information that might contradict them.
  • Anchoring and Adjustment happens when somebody fixates on a target number, such as the result of a calculation or valuation.
  • Hindsight bias occurs when people perceive actual outcomes as reasonable and expected, but only after the fact.
  • Sample size neglect is an error made when people infer too much from a too-small sample size.
  • Mental accounting is when people earmark certain funds for certain goals and keep them separate. When this happens, the risk and reward of projects undertaken to achieve these goals are not considered as an overall portfolio and the effect of one on another is ignored.
  • Availability bias, or recency bias skews perceived future probabilities based on memorable past events
  • Framing bias is when a person will process the same information differently depending on how it is presented and received.
  • Cognitive errors in the way people process and analyze information can lead them to make irrational decisions which can negatively impact business or investing decisions
  • . These information processing errors could have arisen to help primitive humans survive in a time before money or finance came into existence.
Javier E

He Wants to Save Classics From Whiteness. Can the Field Survive? - The New York Times - 0 views

  • Padilla laid out an indictment of his field. “If one were intentionally to design a discipline whose institutional organs and gatekeeping protocols were explicitly aimed at disavowing the legitimate status of scholars of color,” he said, “one could not do better than what classics has done.”
  • Padilla believes that classics is so entangled with white supremacy as to be inseparable from it. “Far from being extrinsic to the study of Greco-Roman antiquity,” he has written, “the production of whiteness turns on closer examination to reside in the very marrows of classics.”
  • Rather than kowtowing to criticism, Williams said, “maybe we should start defending our discipline.” She protested that it was imperative to stand up for the classics as the political, literary and philosophical foundation of European and American culture: “It’s Western civilization. It matters because it’s the West.” Hadn’t classics given us the concepts of liberty, equality and democracy?
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  • Williams ceded the microphone, and Padilla was able to speak. “Here’s what I have to say about the vision of classics that you outlined,” he said. “I want nothing to do with it. I hope the field dies that you’ve outlined, and that it dies as swiftly as possible.”
  • “I believe in merit. I don’t look at the color of the author.” She pointed a finger in Padilla’s direction. “You may have got your job because you’re Black,” Williams said, “but I would prefer to think you got your job because of merit.”
  • What he did find was a slim blue-and-white textbook titled “How People Lived in Ancient Greece and Rome.” “Western civilization was formed from the union of early Greek wisdom and the highly organized legal minds of early Rome,” the book began. “The Greek belief in a person’s ability to use his powers of reason, coupled with Roman faith in military strength, produced a result that has come to us as a legacy, or gift from the past.” Thirty years later, Padilla can still recite those opening lines.
  • In 2017, he published a paper in the journal Classical Antiquity that compared evidence from antiquity and the Black Atlantic to draw a more coherent picture of the religious life of the Roman enslaved. “It will not do merely to adopt a pose of ‘righteous indignation’ at the distortions and gaps in the archive,” he wrote. “There are tools available for the effective recovery of the religious experiences of the enslaved, provided we work with these tools carefully and honestly.”
  • Padilla sensed that his pursuit of classics had displaced other parts of his identity, just as classics and “Western civilization” had displaced other cultures and forms of knowledge. Recovering them would be essential to dismantling the white-supremacist framework in which both he and classics had become trapped. “I had to actively engage in the decolonization of my mind,” he told me.
  • He also gravitated toward contemporary scholars like José Esteban Muñoz, Lorgia García Peña and Saidiya Hartman, who speak of race not as a physical fact but as a ghostly system o
  • In response to rising anti-immigrant sentiment in Europe and the United States, Mary Beard, perhaps the most famous classicist alive, wrote in The Wall Street Journal that the Romans “would have been puzzled by our modern problems with migration and asylum,” because the empire was founded on the “principles of incorporation and of the free movement of people.”
  • In November 2015, he wrote an essay for Eidolon, an online classics journal, clarifying that in Rome, as in the United States, paeans to multiculturalism coexisted with hatred of foreigners. Defending a client in court, Cicero argued that “denying foreigners access to our city is patently inhumane,” but ancient authors also recount the expulsions of whole “suspect” populations, including a roundup of Jews in 139 B.C., who were not considered “suitable enough to live alongside Romans.”
  • The job of classicists is not to “point out the howlers,” he said on a 2017 panel. “To simply take the position of the teacher, the qualified classicist who knows things and can point to these mistakes, is not sufficient.”
  • Dismantling structures of power that have been shored up by the classical tradition will require more than fact-checking; it will require writing an entirely new story about antiquity, and about who we are today
  • To find that story, Padilla is advocating reforms that would “explode the canon” and “overhaul the discipline from nuts to bolts,” including doing away with the label “classics” altogether.
  • . “What I want to be thinking about in the next few weeks,” he told them, “is how we can be telling the story of the early Roman Empire not just through a variety of sources but through a variety of persons.” He asked the students to consider the lives behind the identities he had assigned them, and the way those lives had been shaped by the machinery of empire, which, through military conquest, enslavement and trade, creates the conditions for the large-scale movement of human beings.
  • ultimately, he decided that leaving enslaved characters out of the role play was an act of care. “I’m not yet ready to turn to a student and say, ‘You are going to be a slave.’”
  • Privately, even some sympathetic classicists worry that Padilla’s approach will only hasten the field’s decline. “I’ve spoken to undergrad majors who say that they feel ashamed to tell their friends they’re studying classics,”
  • “I very much admire Dan-el’s work, and like him, I deplore the lack of diversity in the classical profession,” Mary Beard told me via email. But “to ‘condemn’ classical culture would be as simplistic as to offer it unconditional admiration.”
  • In a 2019 talk, Beard argued that “although classics may become politicized, it doesn’t actually have a politics,” meaning that, like the Bible, the classical tradition is a language of authority — a vocabulary that can be used for good or ill by would-be emancipators and oppressors alike.
  • Over the centuries, classical civilization has acted as a model for people of many backgrounds, who turned it into a matrix through which they formed and debated ideas about beauty, ethics, power, nature, selfhood, citizenship and, of course, race
  • Anthony Grafton, the great Renaissance scholar, put it this way in his preface to “The Classical Tradition”: “An exhaustive exposition of the ways in which the world has defined itself with regard to Greco-Roman antiquity would be nothing less than a comprehensive history of the world.”
  • Classics as we know it today is a creation of the 18th and 19th centuries. During that period, as European universities emancipated themselves from the control of the church, the study of Greece and Rome gave the Continent its new, secular origin story. Greek and Latin writings emerged as a competitor to the Bible’s moral authority, which lent them a liberatory power
  • Historians stress that such ideas cannot be separated from the discourses of nationalism, colorism and progress that were taking shape during the modern colonial period, as Europeans came into contact with other peoples and their traditions. “The whiter the body is, the more beautiful it is,” Winkelmann wrote.
  • While Renaissance scholars were fascinated by the multiplicity of cultures in the ancient world, Enlightenment thinkers created a hierarchy with Greece and Rome, coded as white, on top, and everything else below.
  • Jefferson, along with most wealthy young men of his time, studied classics at college, where students often spent half their time reading and translating Greek and Roman texts. “Next to Christianity,” writes Caroline Winterer, a historian at Stanford, “the central intellectual project in America before the late 19th century was classicism.
  • Of the 2.5 million people living in America in 1776, perhaps only 3,000 had gone to college, but that number included many of the founders
  • They saw classical civilization as uniquely educative — a “lamp of experience,” in the words of Patrick Henry, that could light the path to a more perfect union. However true it was, subsequent generations would come to believe, as Hannah Arendt wrote in “On Revolution,” that “without the classical example … none of the men of the Revolution on either side of the Atlantic would have possessed the courage for what then turned out to be unprecedented action.”
  • Comparisons between the United States and the Roman Empire became popular as the country emerged as a global power. Even after Latin and Greek were struck from college-entrance exams, the proliferation of courses on “great books” and Western civilization, in which classical texts were read in translation, helped create a coherent national story after the shocks of industrialization and global warfare.
  • even as the classics were pulled apart, laughed at and transformed, they continued to form the raw material with which many artists shaped their visions of modernity.
  • Over the centuries, thinkers as disparate as John Adams and Simone Weil have likened classical antiquity to a mirror. Generations of intellectuals, among them feminist, queer and Black scholars, have seen something of themselves in classical texts, flashes of recognition that held a kind of liberatory promise
  • The language that is used to describe the presence of classical antiquity in the world today — the classical tradition, legacy or heritage — contains within it the idea of a special, quasi-genetic relationship. In his lecture “There Is No Such Thing as Western Civilization,” Kwame Anthony Appiah (this magazine’s Ethicist columnist) mockingly describes the belief in such a kinship as the belief in a “golden nugget” of insight — a precious birthright and shimmering sign of greatness — that white Americans and Europeans imagine has been passed down to them from the ancients.
  • To see classics the way Padilla sees it means breaking the mirror; it means condemning the classical legacy as one of the most harmful stories we’ve told ourselves
  • Padilla is wary of colleagues who cite the radical uses of classics as a way to forestall change; he believes that such examples have been outmatched by the field’s long alliance with the forces of dominance and oppression.
  • Classics and whiteness are the bones and sinew of the same body; they grew strong together, and they may have to die together. Classics deserves to survive only if it can become “a site of contestation” for the communities who have been denigrated by it in the past.
  • if classics fails his test, Padilla and others are ready to give it up. “I would get rid of classics altogether,” Walter Scheidel, another of Padilla’s former advisers at Stanford, told me. “I don’t think it should exist as an academic field.”
  • One way to get rid of classics would be to dissolve its faculties and reassign their members to history, archaeology and language departments.
  • many classicists are advocating softer approaches to reforming the discipline, placing the emphasis on expanding its borders. Schools including Howard and Emory have integrated classics with Ancient Mediterranean studies, turning to look across the sea at Egypt, Anatolia, the Levant and North Africa. The change is a declaration of purpose: to leave behind the hierarchies of the Enlightenment and to move back toward the Renaissance model of the ancient world as a place of diversity and mixture.
  • Ian Morris put it more bluntly. “Classics is a Euro-American foundation myth,” Morris said to me. “Do we really want that sort of thing?”
  • There’s a more interesting story to be told about the history of what we call the West, the history of humanity, without valorizing particular cultures in it,” said Josephine Quinn, a professor of ancient history at Oxford. “It seems to me the really crucial mover in history is always the relationship between people, between cultures.”
  • “In some moods, I feel that this is just a moment of despair, and people are trying to find significance even if it only comes from self-accusation,” he told me. “I’m not sure that there is a discipline that is exempt from the fact that it is part of the history of this country. How distinctly wicked is classics? I don’t know that it is.”
  • “One of the dubious successes of my generation is that it did break the canon,” Richlin told me. “I don’t think we could believe at the time that we would be putting ourselves out of business, but we did.” She added: “If they blew up the classics departments, that would really be the end.”
  • Padilla, like Douglass, now sees the moment of absorption into the classical, literary tradition as simultaneous with his apprehension of racial difference; he can no longer find pride or comfort in having used it to bring himself out of poverty.
  • “Claiming dignity within this system of structural oppression,” Padilla has said, “requires full buy-in into its logic of valuation.” He refuses to “praise the architects of that trauma as having done right by you at the end.”
  • Last June, as racial-justice protests unfolded across the nation, Padilla turned his attention to arenas beyond classics. He and his co-authors — the astrophysicist Jenny Greene, the literary theorist Andrew Cole and the poet Tracy K. Smith — began writing their open letter to Princeton with 48 proposals for reform. “Anti-Blackness is foundational to America,” the letter began. “Indifference to the effects of racism on this campus has allowed legitimate demands for institutional support and redress in the face of microaggression and outright racist incidents to go long unmet.”
  • Padilla believes that the uproar over free speech is misguided. “I don’t see things like free speech or the exchange of ideas as ends in themselves,” he told me. “I have to be honest about that. I see them as a means to the end of human flourishing.”
  • “There is a certain kind of classicist who will look on what transpired and say, ‘Oh, that’s not us,’” Padilla said when we spoke recently. “What is of interest to me is why is it so imperative for classicists of a certain stripe to make this discursive move? ‘This is not us.’
  • Joel Christensen, the Brandeis professor, now feels that it is his “moral and ethical and intellectual responsibility” to teach classics in a way that exposes its racist history. “Otherwise we’re just participating in propaganda,”
  • Christensen, who is 42, was in graduate school before he had his “crisis of faith,” and he understands the fear that many classicists may experience at being asked to rewrite the narrative of their life’s work. But, he warned, “that future is coming, with or without Dan-el.”
  • On Jan. 6, Padilla turned on the television minutes after the windows of the Capitol were broken. In the crowd, he saw a man in a Greek helmet with TRUMP 2020 painted in white. He saw a man in a T-shirt bearing a golden eagle on a fasces — symbols of Roman law and governance — below the logo 6MWE, which stands for “Six Million Wasn’t Enough,
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Whistleblower: Twitter misled investors, FTC and underplayed spam issues - Washington Post - 0 views

  • Twitter executives deceived federal regulators and the company’s own board of directors about “extreme, egregious deficiencies” in its defenses against hackers, as well as its meager efforts to fight spam, according to an explosive whistleblower complaint from its former security chief.
  • The complaint from former head of security Peiter Zatko, a widely admired hacker known as “Mudge,” depicts Twitter as a chaotic and rudderless company beset by infighting, unable to properly protect its 238 million daily users including government agencies, heads of state and other influential public figures.
  • Among the most serious accusations in the complaint, a copy of which was obtained by The Washington Post, is that Twitter violated the terms of an 11-year-old settlement with the Federal Trade Commission by falsely claiming that it had a solid security plan. Zatko’s complaint alleges he had warned colleagues that half the company’s servers were running out-of-date and vulnerable software and that executives withheld dire facts about the number of breaches and lack of protection for user data, instead presenting directors with rosy charts measuring unimportant changes.
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  • The complaint — filed last month with the Securities and Exchange Commission and the Department of Justice, as well as the FTC — says thousands of employees still had wide-ranging and poorly tracked internal access to core company software, a situation that for years had led to embarrassing hacks, including the commandeering of accounts held by such high-profile users as Elon Musk and former presidents Barack Obama and Donald Trump.
  • the whistleblower document alleges the company prioritized user growth over reducing spam, though unwanted content made the user experience worse. Executives stood to win individual bonuses of as much as $10 million tied to increases in daily users, the complaint asserts, and nothing explicitly for cutting spam.
  • Chief executive Parag Agrawal was “lying” when he tweeted in May that the company was “strongly incentivized to detect and remove as much spam as we possibly can,” the complaint alleges.
  • Zatko described his decision to go public as an extension of his previous work exposing flaws in specific pieces of software and broader systemic failings in cybersecurity. He was hired at Twitter by former CEO Jack Dorsey in late 2020 after a major hack of the company’s systems.
  • “I felt ethically bound. This is not a light step to take,” said Zatko, who was fired by Agrawal in January. He declined to discuss what happened at Twitter, except to stand by the formal complaint. Under SEC whistleblower rules, he is entitled to legal protection against retaliation, as well as potential monetary rewards.
  • “Security and privacy have long been top companywide priorities at Twitter,” said Twitter spokeswoman Rebecca Hahn. She said that Zatko’s allegations appeared to be “riddled with inaccuracies” and that Zatko “now appears to be opportunistically seeking to inflict harm on Twitter, its customers, and its shareholders.” Hahn said that Twitter fired Zatko after 15 months “for poor performance and leadership.” Attorneys for Zatko confirmed he was fired but denied it was for performance or leadership.
  • A person familiar with Zatko’s tenure said the company investigated Zatko’s security claims during his time there and concluded they were sensationalistic and without merit. Four people familiar with Twitter’s efforts to fight spam said the company deploys extensive manual and automated tools to both measure the extent of spam across the service and reduce it.
  • Overall, Zatko wrote in a February analysis for the company attached as an exhibit to the SEC complaint, “Twitter is grossly negligent in several areas of information security. If these problems are not corrected, regulators, media and users of the platform will be shocked when they inevitably learn about Twitter’s severe lack of security basics.”
  • Zatko’s complaint says strong security should have been much more important to Twitter, which holds vast amounts of sensitive personal data about users. Twitter has the email addresses and phone numbers of many public figures, as well as dissidents who communicate over the service at great personal risk.
  • This month, an ex-Twitter employee was convicted of using his position at the company to spy on Saudi dissidents and government critics, passing their information to a close aide of Crown Prince Mohammed bin Salman in exchange for cash and gifts.
  • Zatko’s complaint says he believed the Indian government had forced Twitter to put one of its agents on the payroll, with access to user data at a time of intense protests in the country. The complaint said supporting information for that claim has gone to the National Security Division of the Justice Department and the Senate Select Committee on Intelligence. Another person familiar with the matter agreed that the employee was probably an agent.
  • “Take a tech platform that collects massive amounts of user data, combine it with what appears to be an incredibly weak security infrastructure and infuse it with foreign state actors with an agenda, and you’ve got a recipe for disaster,” Charles E. Grassley (R-Iowa), the top Republican on the Senate Judiciary Committee,
  • Many government leaders and other trusted voices use Twitter to spread important messages quickly, so a hijacked account could drive panic or violence. In 2013, a captured Associated Press handle falsely tweeted about explosions at the White House, sending the Dow Jones industrial average briefly plunging more than 140 points.
  • After a teenager managed to hijack the verified accounts of Obama, then-candidate Joe Biden, Musk and others in 2020, Twitter’s chief executive at the time, Jack Dorsey, asked Zatko to join him, saying that he could help the world by fixing Twitter’s security and improving the public conversation, Zatko asserts in the complaint.
  • In 1998, Zatko had testified to Congress that the internet was so fragile that he and others could take it down with a half-hour of concentrated effort. He later served as the head of cyber grants at the Defense Advanced Research Projects Agency, the Pentagon innovation unit that had backed the internet’s invention.
  • But at Twitter Zatko encountered problems more widespread than he realized and leadership that didn’t act on his concerns, according to the complaint.
  • Twitter’s difficulties with weak security stretches back more than a decade before Zatko’s arrival at the company in November 2020. In a pair of 2009 incidents, hackers gained administrative control of the social network, allowing them to reset passwords and access user data. In the first, beginning around January of that year, hackers sent tweets from the accounts of high-profile users, including Fox News and Obama.
  • Several months later, a hacker was able to guess an employee’s administrative password after gaining access to similar passwords in their personal email account. That hacker was able to reset at least one user’s password and obtain private information about any Twitter user.
  • Twitter continued to suffer high-profile hacks and security violations, including in 2017, when a contract worker briefly took over Trump’s account, and in the 2020 hack, in which a Florida teen tricked Twitter employees and won access to verified accounts. Twitter then said it put additional safeguards in place.
  • This year, the Justice Department accused Twitter of asking users for their phone numbers in the name of increased security, then using the numbers for marketing. Twitter agreed to pay a $150 million fine for allegedly breaking the 2011 order, which barred the company from making misrepresentations about the security of personal data.
  • After Zatko joined the company, he found it had made little progress since the 2011 settlement, the complaint says. The complaint alleges that he was able to reduce the backlog of safety cases, including harassment and threats, from 1 million to 200,000, add staff and push to measure results.
  • But Zatko saw major gaps in what the company was doing to satisfy its obligations to the FTC, according to the complaint. In Zatko’s interpretation, according to the complaint, the 2011 order required Twitter to implement a Software Development Life Cycle program, a standard process for making sure new code is free of dangerous bugs. The complaint alleges that other employees had been telling the board and the FTC that they were making progress in rolling out that program to Twitter’s systems. But Zatko alleges that he discovered that it had been sent to only a tenth of the company’s projects, and even then treated as optional.
  • “If all of that is true, I don’t think there’s any doubt that there are order violations,” Vladeck, who is now a Georgetown Law professor, said in an interview. “It is possible that the kinds of problems that Twitter faced eleven years ago are still running through the company.”
  • The complaint also alleges that Zatko warned the board early in his tenure that overlapping outages in the company’s data centers could leave it unable to correctly restart its servers. That could have left the service down for months, or even have caused all of its data to be lost. That came close to happening in 2021, when an “impending catastrophic” crisis threatened the platform’s survival before engineers were able to save the day, the complaint says, without providing further details.
  • One current and one former employee recalled that incident, when failures at two Twitter data centers drove concerns that the service could have collapsed for an extended period. “I wondered if the company would exist in a few days,” one of them said.
  • The current and former employees also agreed with the complaint’s assertion that past reports to various privacy regulators were “misleading at best.”
  • For example, they said the company implied that it had destroyed all data on users who asked, but the material had spread so widely inside Twitter’s networks, it was impossible to know for sure
  • As the head of security, Zatko says he also was in charge of a division that investigated users’ complaints about accounts, which meant that he oversaw the removal of some bots, according to the complaint. Spam bots — computer programs that tweet automatically — have long vexed Twitter. Unlike its social media counterparts, Twitter allows users to program bots to be used on its service: For example, the Twitter account @big_ben_clock is programmed to tweet “Bong Bong Bong” every hour in time with Big Ben in London. Twitter also allows people to create accounts without using their real identities, making it harder for the company to distinguish between authentic, duplicate and automated accounts.
  • In the complaint, Zatko alleges he could not get a straight answer when he sought what he viewed as an important data point: the prevalence of spam and bots across all of Twitter, not just among monetizable users.
  • Zatko cites a “sensitive source” who said Twitter was afraid to determine that number because it “would harm the image and valuation of the company.” He says the company’s tools for detecting spam are far less robust than implied in various statements.
  • “Agrawal’s Tweets and Twitter’s previous blog posts misleadingly imply that Twitter employs proactive, sophisticated systems to measure and block spam bots,” the complaint says. “The reality: mostly outdated, unmonitored, simple scripts plus overworked, inefficient, understaffed, and reactive human teams.”
  • The four people familiar with Twitter’s spam and bot efforts said the engineering and integrity teams run software that samples thousands of tweets per day, and 100 accounts are sampled manually.
  • Some employees charged with executing the fight agreed that they had been short of staff. One said top executives showed “apathy” toward the issue.
  • Zatko’s complaint likewise depicts leadership dysfunction, starting with the CEO. Dorsey was largely absent during the pandemic, which made it hard for Zatko to get rulings on who should be in charge of what in areas of overlap and easier for rival executives to avoid collaborating, three current and former employees said.
  • For example, Zatko would encounter disinformation as part of his mandate to handle complaints, according to the complaint. To that end, he commissioned an outside report that found one of the disinformation teams had unfilled positions, yawning language deficiencies, and a lack of technical tools or the engineers to craft them. The authors said Twitter had no effective means of dealing with consistent spreaders of falsehoods.
  • Dorsey made little effort to integrate Zatko at the company, according to the three employees as well as two others familiar with the process who spoke on the condition of anonymity to describe sensitive dynamics. In 12 months, Zatko could manage only six one-on-one calls, all less than 30 minutes, with his direct boss Dorsey, who also served as CEO of payments company Square, now known as Block, according to the complaint. Zatko allegedly did almost all of the talking, and Dorsey said perhaps 50 words in the entire year to him. “A couple dozen text messages” rounded out their electronic communication, the complaint alleges.
  • Faced with such inertia, Zatko asserts that he was unable to solve some of the most serious issues, according to the complaint.
  • Some 30 percent of company laptops blocked automatic software updates carrying security fixes, and thousands of laptops had complete copies of Twitter’s source code, making them a rich target for hackers, it alleges.
  • A successful hacker takeover of one of those machines would have been able to sabotage the product with relative ease, because the engineers pushed out changes without being forced to test them first in a simulated environment, current and former employees said.
  • “It’s near-incredible that for something of that scale there would not be a development test environment separate from production and there would not be a more controlled source-code management process,” said Tony Sager, former chief operating officer at the cyberdefense wing of the National Security Agency, the Information Assurance divisio
  • Sager is currently senior vice president at the nonprofit Center for Internet Security, where he leads a consensus effort to establish best security practices.
  • Zatko stopped the material from being presented at the Dec. 9, 2021 meeting, the complaint said. But over his continued objections, Agrawal let it go to the board’s smaller Risk Committee a week later.
  • “A best practice is that you should only be authorized to see and access what you need to do your job, and nothing else,” said former U.S. chief information security officer Gregory Touhill. “If half the company has access to and can make configuration changes to the production environment, that exposes the company and its customers to significant risk.”
  • The complaint says Dorsey never encouraged anyone to mislead the board about the shortcomings, but that others deliberately left out bad news.
  • The complaint says that about half of Twitter’s roughly 7,000 full-time employees had wide access to the company’s internal software and that access was not closely monitored, giving them the ability to tap into sensitive data and alter how the service worked. Three current and former employees agreed that these were issues.
  • An unnamed executive had prepared a presentation for the new CEO’s first full board meeting, according to the complaint. Zatko’s complaint calls the presentation deeply misleading.
  • The presentation showed that 92 percent of employee computers had security software installed — without mentioning that those installations determined that a third of the machines were insecure, according to the complaint.
  • Another graphic implied a downward trend in the number of people with overly broad access, based on the small subset of people who had access to the highest administrative powers, known internally as “God mode.” That number was in the hundreds. But the number of people with broad access to core systems, which Zatko had called out as a big problem after joining, had actually grown slightly and remained in the thousands.
  • The presentation included only a subset of serious intrusions or other security incidents, from a total Zatko estimated as one per week, and it said that the uncontrolled internal access to core systems was responsible for just 7 percent of incidents, when Zatko calculated the real proportion as 60 percent.
  • When Dorsey left in November 2021, a difficult situation worsened under Agrawal, who had been responsible for security decisions as chief technology officer before Zatko’s hiring, the complaint says.
  • Agrawal didn’t respond to requests for comment. In an email to employees after publication of this article, obtained by The Post, he said that privacy and security continues to be a top priority for the company, and he added that the narrative is “riddled with inconsistences” and “presented without important context.”
  • On Jan. 4, Zatko reported internally that the Risk Committee meeting might have been fraudulent, which triggered an Audit Committee investigation.
  • Agarwal fired him two weeks later. But Zatko complied with the company’s request to spell out his concerns in writing, even without access to his work email and documents, according to the complaint.
  • Since Zatko’s departure, Twitter has plunged further into chaos with Musk’s takeover, which the two parties agreed to in May. The stock price has fallen, many employees have quit, and Agrawal has dismissed executives and frozen big projects.
  • Zatko said he hoped that by bringing new scrutiny and accountability, he could improve the company from the outside.
  • “I still believe that this is a tremendous platform, and there is huge value and huge risk, and I hope that looking back at this, the world will be a better place, in part because of this.”
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