Wall Street Firm Develops New High-Speed Algorithm Capable Of Performing Over 10,000 Ethical Violations Per SecondPosted: March 12, 2015
NEW YORK—Calling it a major breakthrough that will significantly expedite and streamline its daily operations, Wall Street financial firm Goldman Sachs revealed Thursday it has developed a new high-speed algorithm that is capable of performing more than 10,000 ethical violations per second.
“With this new automated program, we’ll be able to systematically deceive investors, engage in conflicts of interest, and execute thousands of other blatantly unethical dealings in the time it takes to press a button.”
…said John Waldron, co-head of Goldman Sachs’ investment banking division, who added that the high-frequency impropriety system will be able to break more rules in a minute than an entire floor of morally suspect securities traders, financial analysts, and portfolio managers could over the course of a week.
“In the past, if one of our brokers wanted to exploit a questionably legal regulatory loophole or breach the covenant of good faith with an investment client, that would require hours of manually contravening the basic principles of professional integrity. But this innovative system will allow millions of such transgressions to go through every single day. Going forward, I expect this revolutionary program to be the cornerstone of our business.”
– John Waldron, co-head of Goldman Sachs’ investment banking division
From The Chinese University of Hong Kong: A New Algorithm That Recognizes Faces Better Than People CanPosted: April 24, 2014
It’s already a little eerie when Facebook suggests tags for who it recognizes in your photo, especially for faces that are small, blurry, or otherwise difficult to distinguish. What if Facebook were even better–better at recognizing people in pictures than you are?
Two computer scientists are announcing they’ve made a program that is better at matching photos than people are, the Physics arXiv Blog reports. This is the first time a program has performed better than people at recognizing people.
To be sure, the new algorithm, developed at the Chinese University of Hong Kong, outperforms people in a very specific task with a very specific set of photos. The Hong Kong researchers asked the algorithm to tell whether two faces are the same, drawing from a set of 13,000 photos of 600 public figures. Humans get the right answer 97.53 percent of the time, on this test. The Chinese University of Hong Kong algorithm is right 98.52 percent of the time. (You can try some sample matches at the Physics arXiv Blog!)