YouSaid · the spoken record

Anat Admati

lines on the record: 132
first: 2022-08-05
most recent: 2022-08-05
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“It's supposed to be sort of forgiving now for an individual again. It's like a fresh restart. We're forgiving of taking too much debt. But if you use it as a shield, like we discussed the Sackler, et cetera, or if you start spinning off as subsidiaries, it's going to take off your Talcom liability if you're Johnson and Johnson using some two Texas two-step trick or whatever, or you're a Pfizer and they found you guilty of some fraud and you just put”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Know as long as you keep your promise, everybody's happy. What if, so there are different terminologies that are important to distinguish. There's the issue of default. What if you just don't pay? You promise and you don't keep your promise. Now, you know, stuff can happen. You might end up filing for bankruptcy, but bankruptcy is a legal process. So it has to be separated from default. It can happen before default. You know, PG&E filed for bankruptcy companies without defaulting to seek protection from their creditors. So bankruptcy is like a legal option that is for to kind of get from all the overhangs of debt that prevent you from breathing.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Corporate America, because that has a dark side, precisely for that reason. The dark side of debt, I mean, I already mentioned the sort of addictiveness of debt at high levels, okay, which is especially true for banking because they are heavily indebted fundamentally and because they have all the safety nets that make their creditors.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think that I think Belgium's tried to have some, there were other countries that were giving something to dividends and tried to fix that bias, that tax bias. It is well known that the tax bias Of debt over equity is a distortion in the economy. The economists had periodically starts, and even Bloomberg here, Bloomberg view, screams every so often to stop that. And somehow nobody's listening. So it's just this persistent distortion that we never fix.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“It's been capped, but it should be canceled, and many countries don't have it. Now, for corporations across the world, the historical mistake was made to allow tax deductibility of interest where debt funding is a funding expense, not a business expense should not be considered a business expense. We should not favor that over equity funding for corporations because it can always have access to their own profits and to investors because they're global.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“For example, home ownership almost, but specific people, not the rich people, because right now housing subsidies, even with poor people, specific housing subsidies and vouchers that nobody takes and all of that, the most of the subsidies for housing go to rich people. That makes no sense. The bigger the house, the bigger the deduction. It's a regressive”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it depends if you want to subsidize it or not. In this country, we subsidize home ownership only if you borrow through taxes. So we don't need that deduction. That deduction has got, it's doing nothing good. If you want to subsidize home ownership, choose the people you want to subsidize. And then, for example, you can give them a little tax credit for their down payment.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“So the use of debt to fund things, meaning I give you money, then I get an IOU from you, is pervasive throughout the economy. I mean, it's sort of a particular contract that gets signed all the time. And a lot happens by... Using that funding. Okay. And we seem to encourage it unnecessarily for buying houses or for funding corporations against other forms of funding.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Transaction. And the money laundering is just pervasive. So dirty money, when we talk about jurisdictions taking dirty money, you know, it's a competition between US and UK. You have American Kryptocracy on one hand. You have, you know, Butler to the World and all kinds of other books, Moneyland and Kryptocracy saying that UK is the winner on this. Which one is more of a home to dirty money? Butler to the world is like, you know, we are no longer an empire, but you want something hidden. You want something taken care of? The Butler will take care of it.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Little bit of money, you can find out the actual beneficial owners of every private corporation. And if that's another corporation that you can pay a little bit more until you get to a person, not in the US. In the US, you know, because Delaware likes it and because other states that compete with Delaware like it and because the legal profession likes it, we somehow sign on all kinds of agreements that are sort of for transparency after all the scandals, the Pandora paper, the Panama Paper and all of that, and then where are the laggards in the world. So right now, finally, because of sanctions on Ukraine, et cetera, we have a law going through the Enablers Act. And that is expansion of the bank secrecy law, which is basically know your customers. But we had FinCEN, that department in Treasury that gets all these suspicious activity reports leak. And we saw what happens to all these banks that filed suspicious activity report.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, you know, among the books there is a book called What's the Matter with Delaware? And so that's quite, I mean, the fact, you know, if you start going back to the origins of incorporation and why we even have corporate law in the state and why Delaware is sort of the state that matters to the whole world on an uncorporate law, that's the only business model it has for the state is these fees you can become a corporation 10 minutes if you pay, it's not that very much without even identifying yourself. And that's like a whole other can of worms. Why is the US so slow in basic transparencies that you have more transparency in China? David Barboza was able to track the wealth of the top Chinese people through chains of corporate ownership because for”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Be a deal cut because. Well, the question is what actual literal power does that Delaware court have on Elon Musk? He's known for...”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“It's complicated. I mean, that's like how we now say, well, you know, can Delaware, you know, Chancery Court, make Elon Musk, you know, buy Twitter? It's like, okay, the court can decide, but what muscle does the court even have”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Kind of pathetic We'll let it dream. Well, the question is, so here's the question for the victims. Can they actually go after the settlers? The Sackler's money is abroad. How can you actually find it? This is like the discussion we have today.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm not sure, but the victims anyway were publishing saying, well, I wasn't going to get very much. Maybe I was going to get, you know, three thousand dollars or. $1,000, and now I may not get anything So they were even, they signed because it was so little they were going to get anyway. So it's all.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“No, it wasn't the bankruptcy court. They chose a particular bankruptcy court, a particular bankruptcy judge. This is shopping, exactly, form shopping, and then that judge was favorable to these master agreements and gave them that. And the other court said that doesn't make sense.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“It's nowhere. I mean, the bankruptcy court is back. They had sort of an agreement and it was thrown out, which is very rare. That tells you how.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“But they were the owners. I mean, so exactly. So the creditors can, but now the creditors of Purdue are mostly victims and insurance companies and the government. And, you know, so in the bankruptcy court are all these tort victims, including people whose family members died, people who are addicted, Medicare, all the insurance companies that had to pay, all the municipalities, all the states. I mean, you got claimants from here and the Department of Justice comes and says, well, you call Medicare fraud. We want billions of dollars. Who gets the little pie that rents?”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“This is like fraudulent conveyance. I mean, you know, in bankruptcy, usually you say you took money out, you diverted money, you know, knowing that this thing is going to collapse.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“From the bankruptcy of Purdue, not themselves, but Released from all civil liabilities, which a court above bankruptcy court struck down. And nowhere are we, we're nowhere. It's a mess. That company cannot possibly make up for all the harm they caused. And voila, the Sackler's name is obviously not as prestigious as it used to be.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a problem. But yeah, but, you know, the Sackler's took away a whole bunch of money, a private company, and then they sought release.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“That was a distribution. They were marketing it through the doctors and to the public using false claims and misleading deceptive marketing. Now what happened? No individual in Purdue was, you know, three were criminally charged.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“There were all the enablers around them. The McCassan and all the pharmacies and all of that. Purdue and other internally”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Political speech rights, religious rights, you know, they get more and more rights in the courts. And responsibilities is kind of nobody home when you come for, you know, you caused harm, when you come for, say, Boeing or Purdue or, you know, PG&E or all these companies. That's where I'm interested in now. A corporation living in a legal environment, who are they? What if they harm? What happens? What can we do?”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“That, you know, so they have to interact with all laws. They have to obey all laws, minimum wage, you know, all kinds of laws. And so now that's my current interest, which is the corporation as a legal person. Are not a set of assets owned by shareholders. They are a separate thing, right? Twitter is a thing. They have a board. They have shareholders. They have various stakeholders. Everybody has some claim or some control in some cases. How does the corporation, as a legal person, interact with the rule of law in general? They have rights, they have responsibilities. Who's home to get more and more rights? They send the lawyers to get more and more rights in the courts.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Because, you know, the government is always there. It's what it doesn't, what it doesn't do for all sectors. It's the rules of the game for the economy. And they affect all companies. That's labor law, environmental laws, you know, all kinds of consumer protection laws Know, and some specific regulations, you know, airline regulation, or in other words, the rules, the speed limits, the rules of the road for companies and for people. Are you allowed to do mandatory arbitration or not? There's just thousands of things that where the law in general, not specialized to a sector, but just the laws that exist anti-discrimination, or you name it, I mean, Facebook got in trouble for allowing people to mark race as a thing and put housing ads in front of people from certain race. That was against.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so there are a few people more involved in that policy debate I basically became conversant enough at least to teach a course. I haven't done a lot of writing on it. I basically took it into my examples of two sectors, banking and the internet that sort of seemed to have some kind of a clash with democracy basically.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, because they don't release it because they are not forced to disclose relevant information to the public, to researchers, anonymize and all, but just so we can understand what their impact is on our lives.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Happens behind what is actually going on, what are people seeing? Let's see, let's you have researchers unable to access the data to even know how much misinformation, what are people reading. I mean, you don't have, you know, even in the problem.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“But very little. We're at the mercy of these private companies. Now what we can do and what we can regulate is just first of all what”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“So, some of it is TV. Extreme. So exactly. So we had a certain polarization with all the proliferation of media outlets and people choosing their silos so it's no longer the evening news that gives you the truth anymore. Everybody has their own truth. And the internet is just one place where that happens. Now the problem with the internet and I think what needs to happen. So first of all, this country has a First Amendment, which means that the government can't do much.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“So I delved deeply into it, and I'll give you just a brief answer. First of all, you know, there is some debate about why our ecosystem of sort of just engagement with each other has gotten so toxic. And, you know, you can, you know, it doesn't, it's not all from the internet. I mean, you can talk about cable, television, and Rush Limbo and Fox News or whatever, whoever is your channel that you think is...”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm going to curate a news feed to you that I think is what you want to see. Now, maybe what you want to see is the things that, you know, you're going to get aroused by that create engagement, which became sort of the mantra for what they were looking for is to get you to spend more time and therefore give them more information. So you kind of trace the business models and you step back and ask how's that working out for us and this surveillance capitalism, what we'll do with calls, et cetera, you know, was beginning to not work very well already in 2017-18. And the Silicon Valley HBO series in the last season was sort of seeing that trend and they wanted to kind of capture the fact that all of a sudden Zuckerberg is in front of congressional committees and the sort of beginning rumbling about what's going on there.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“That was then, and then they found more and more and more ways to monetize the predictiveness of where people are going and sell that to advertisers and targeted ad and all of that. By then also destroying newspapers, especially local newspapers, and therefore becoming, and then of course the way they curate. So now you're going to say, I didn't create this content. It's not my content. I will have some filters to remove naked people or whatever else. But now I'm going to...”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“The Google, yes, and so then they have the venture capitalists and they have the people breathing down their necks to produce and all of a sudden all their nice words about how they're against advertisers then they were sort of they”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly They're obviously for profit. I mean, when Google started, in that class, we dug into it. When Google started, the creators of Google were at Stanford. And they said at the time they didn't like advertisements. They thought search should be. Run as a nonprofit in the academic domain. And Google started with Stanford Google search and then a web search. So it started right at Stanford, just like, you know, Facebook was for, you know, for college students to meet people. And so then Internet bubble bursts and they wanted to get funding and go public and all kinds of things like that. And then investors.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Because people just post. Okay, so you're not responsible for that content, but of course then comes the slippery slope, which is news feed, which is the data gathering that happens, you know, that Facebook, for example, collects.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“And they are, the government cannot regulate, cannot tell these companies they're immune from any litigation on content. Now, preceding this, there were a lot of lawsuits that were targeted at companies that actually tried to moderate content like CompuSat, et cetera. So you had these servers, these platforms, and the ones that claim to do some moderation like to keep family friendly or this or that were getting sued for content that was left up. Some enemy of mine posted something that I was related to Columbine or some nude pictures of me or whatever. And they constantly had to deal with being sued. And so they wanted, but the government, so there was this sort of a bargain made with them that we will give you immunity from lawsuits. And the idea was that it would enable you to moderate.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Is a big regulation From misinformation, we're platform Yeah, so I didn't know about Section 230 until I started delving into this Section 230. What is it? There's a whole book about the 19 words that changed the internet.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Early 2000s was fascinating to me in terms of how it interacts or not with government because people were beginning to think something's wrong with it, privacy issues, net neutrality. I mean, there were all these topics I had no clue what the policy was. I ended up taking a dip into banking regulation and now what is there any what is the regulation how is it different from telephone? How is it different from newspaper? How is it different from TV? What sector does it? Disrupt”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, exactly. So let's remember that the government got it sort of started. And then obviously there were a lot of innovations. There was a mouse and there was, of course, the browser, the first search engines, all of that in the 90s. So it's a very young sector, the internet. And now we're all digital. Now all the way to mobile. So for a sits desktops and internet, when I sort of in the 80s, we were writing emails in the 80s already, but it was then there was laptop. And then there was mobile. And so this whole move to, you know, we got our digital everywhere and we're so”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so I wanted to check, so I'm like, here is a sector that has sort of an origin that's completely different. In other words, born free. Born free in the sense that, you know, they got started in the private sector. A lot of the, even the innovations, the things that are wonderful that we take for granted, the fact that our email goes for free, that all of a sudden we have all these communication technologies. And let's remember, though, that the internet itself started with, you know, with the government, started with Dark Bar and all of that.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“I became curious about this sector as a sector just to, because I come from, my original interest was in corporate governance generally. Corporations run on behalf of shareholders and what's the implication, which in banking I saw were disastrous, you know, because I could get away with all the stuff they got away with, which was extremely inefficient and included all kinds of bad policies, tax subsidies of debt, all kinds of things that I saw no reason for and just somehow stuck bad bankruptcy codes.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, it's a bit sickening to kind of be in that environment. I'm like, wait a minute, I'm in Silicon Valley. And now at that point, there was already the first round of what's called tech lash. You know, that was Cambridge Analytica. That was when all these tech companies stopped being the ones we love the most and we started being a little bit suspicious. You started having the people saying it's addictive and that was the first round, not Francis Hogan, which is more the more recent after the 2020 election or whatever. But this was kind of after 2016 and into 2017.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“The internet. So here's what happened. So then it sort of 2015, I'm kind of, I've already spent like literally five years of my life full-time on banking where I just came to look, you know, and here I was, you know, just, and it's just kind of.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Because we had regulations that also prevented them from diversifying, so they were very subject to local calamities, and they just kept failing. And they were privately issued money was good as long as it was good. And then it wasn't. So then we decided to have a currency and the whole history of banking, et cetera, until we got to have national banks and these mammoth banks that consolidated and consolidated and still thousands of other banks. So just a bloated, huge system. But anyway, so I was basically... I've seen banking since I started looking at it in 2010 and 9-10 and then becoming involved in that, consumed with that, lobbying for policy, you know, how I get to be. So”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we got to be involved in in the last season only. And therefore, it was one of the ones I streamed kind of had to binge stream sort of to see also the season I ended up at also being a cameo in the last show with Middle Ditch, the whole thing and being there in the Stanford graduation and decorating his office and all that stuff. Anyway, banking is super regulated but poorly regulated, but it's like born kind of born tied at the hip with the state, with the government, because of central banks, because of they're about money, they're kind of intertwined with government. And why is it not everybody understands? Because there's still private corporations, but they are super duper connected.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“That was actually the title of a course that I taught with one of the producers of HBO Silicon Valley. Which we'll talk about.”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“Spread it through everything. And super duper triple securitization that are side bets, basically, on the mortgages. And only the big short, they made money”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source
“And then there were some defaults. Okay, but I mean, the amounts were trivial, really. And how do they create a global financial crisis from a little housing bubble burst in the US?”
2022-08-05 · Masters in Business · Anat Admati on Banking Regulations and Techlash · IDENTIFIED FROM THE TRANSCRIPT · source