The words of Harry Markopolos, “the SEC lacks finance and is incapable of understanding the complex financial trading instruments being used in the 21st century.” Ok so now let’s roll forward to today, hmmm, do the words still apply?
Here’s the video for a refresher.
Right now we are looking somewhat at about the same issue, Goldman, who’s policing the investments, nobody it appears, but the SEC is our guardian angel, correct? In healthcare we have an agency that every likes to complain about called CCHIT that certified the safety, accuracy, and interoperability of healthcare records, just wonder why this process might not be explored in other areas where transactional data exchanges are taking place. We want our medical records to be accurate and concise, so why not the same with our investing? This is just a question I pose.
The Bill of Rights was written too long ago to guarantee the “Freedom of Code” (grin), but this is what we have to deal with. I don’t speak of every bit of code written by any means, only that which is transactional involving money for investing and healthcare. I think back to the recent data base in healthcare, used by most that is currently being challenged in court all over the US, would certification of the correct assessment of out of network charges been helpful. I think there could be a few that might think so, ask those with balance due bills and doctors who were paid a a substantially lower level.
What if Microsoft decided one day to stop focusing on hackers and turned a deaf ear, well it might just resemble what we have had going on here to make a comparison. I know I have mentioned computer code, but gee, you know we are at the point where we can’t just ignore the fact that it controls so many decision making processes in life.
Do you trust all the code that is put out there today, if you do think twice as there is good code and there is “other code”, the other being where we might need to focus especially if it is not open source for all to work with and see.
What do we use to create business models: Computer Code or Algorithms. Write up some new algorithms, amend and query what is already in place and “bingo” you have a new business model created with business intelligence software. The business intelligence software is not the issue or problem, it is the creation that results which is customized and proprietary.
Are we creating laws that are Algorithmic Centric or still just putting down pages and pages of verbiage with language that is supposed to set the laws on how software transactions take place without any certification so we have an idea of accuracy and operability. We have our new US CIO trying to get his hands around some of this, but his department and area of jurisdiction is also new and has a big job cut out.
All this being said and what I know of the power of computer code, this is my rant on thinking about a “Department of Algorithms”. Unless you have ever written any code I know it’s maybe difficult to understand, but to all those who have written code, they know. BD
Yes you read that correctly and it’s starting to show more and more. When you watch the 2nd video, the SEC folks have no real answer. It comes back around to intelligence with technology that wasn’t used, but perhaps they didn’t understand the type of documentation provided by the whistle blower here. People do that a lot, if they don’t understand something, it goes on ignore. FDA has their issues too along the same lines as at the beginning of last year articles were out that some clinical information was still being written out in long hand on paper and that all FDA employees did not have a computer!