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Category Archives: Financial System

New York judge rebukes law firm for using ChatGPT to justify its fees

FT.com [unpaywalled]: “A New York judge has scolded a law firm for citing ChatGPT to support its application for “excessive” attorneys’ fees of up to $600 an hour. The Cuddy Law Firm had invoked the predictive artificial intelligence tool in a declaration to the court over a case it won against the city’s education department. It said it had done so “to provide context to what a parent — having ChatGPT-4 open and available to them — might take away in researching whether to hire an attorney and who to accept or reject”. When asked what would be a “reasonable hourly rate” to expect for an associate attorney with up to three years experience in a hearing over disabilities education, the large language model said it could “range anywhere from $200 to $500 an hour”, an attorney at the firm wrote. He also pointed out that ChatGPT concluded that “lawyers who specialise in a certain type of law (such as special education law, in this case) may command higher rates” and that an attorney with “25 years of experience” might command an hourly rate of up to $1,200 “or even more”. Judge Paul Engelmayer, who ultimately cut the fees to be awarded to Cuddy’s lawyers by more than half, called the firm’s reliance on the AI program “utterly and unusually unpersuasive”, adding that “barring a paradigm shift in the reliability of this tool, the [firm] is well advised to excise references to ChatGPT from future fee applications”…”

Pete Recommends – Weekly highlights on cyber security issues, February 17, 2024

Via LLRX –  Pete Recommends – Weekly highlights on cyber security issues, February 17, 2024 -Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, finance, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on the… Continue Reading

Digital Policy Alert – CLaiRK BETA

“CLaiRK is the latest initiative of the Digital Policy Alert team. Over the first half of 2024, we aim to build a comprehensive tool that will help you navigate the rapidly changing landscape of artificial intelligence rules. Our mission is to help policymakers, legal professionals, journalists and citizens better understand the nuances of digital regulations… Continue Reading

AI will judge your entire financial life – and Moody’s is stoked about it

Quartz – The credit-rating firm provided a window into how generative AI could change its business – “A lot of CEOs are highlighting AI initiatives on earnings calls with investors and analysts. Add Moody’s to the list. The firm, which rates the creditworthiness of institutions including companies and governments, cited “GenAI” at least 33 times… Continue Reading

Commonness of Races in Different Occupations

FlowingDate – Nathan Yau: “Some jobs are worked commonly by people of a certain race or ethnicity more than others. Farm managers are almost all white, postal service processors are half black, manicurists are 65% Asian, and drywall installers are 75% Hispanic. The chart below shows the percentage of employed persons 16 years and older… Continue Reading

Understanding the Privacy Practices of Political Campaigns: A Perspective from the 2020 US Election Websites

024 IEEE Symposium on Security and Privacy (SP) Understanding the Privacy Practices of Political Campaigns: A Perspective from the 2020 US Election Websites Year: 2024, Pages: 91-91, DOI Bookmark: 10.1109/SP54263.2024.00091. Kaushal Kafle, William & Mary, USA ;  Prianka Mandal, William & Mary, USA  ; Kapil Singh, IBM T.J. Watson Research Center, USA ; Benjamin Andow,… Continue Reading

Biden invested big in more tax audits. A new IRS analysis claims it’s working.

Vox: “In 2021, Americans owed about $625 billion in taxes that they never paid. This number, called the “tax gap,” represented some 13.7 percent of all taxes due, and, had it been collected, it would have reduced the deficit by nearly one-quarter. Getting more of that number collected is naturally an obsession of many tax… Continue Reading

New tool to automatically remove your personal information from data broker sites

Introducing Mozilla Monitor Plus – “Today, Mozilla Monitor (previously called Firefox Monitor), a free service that notifies you when your email has been part of a breach, announced its new paid subscription service offering: automatic data removal and continuous monitoring of your exposed personal information…“When we launched Monitor, our goal was to help people discover… Continue Reading

From Businesses and Banks to Colleges and Churches: Americans’ Views of U.S. Institutions

“Continued partisan divides on schools, unions, churches 0 How we did this – Americans overwhelmingly see small businesses as having a positive effect on the way things are going in the country. By contrast, their views of large corporations are broadly negative. Most people – including identical shares in both parties – also are critical… Continue Reading

LLRX January 2024 Issue

LLRX Articles and Columns for January 2024 The 2024 ‘Burning Issues’ Confronting Firm Leaders – Patrick J, Mckeena and Michael B. Rynowecer AI in Banking and Finance, January 31, 2024 – This semi-monthly column by Sabrina I. Pacifici highlights news, government documents, NGO/IGO papers, industry white papers, academic papers and speeches on the subject of… Continue Reading

Pete Recommends – Weekly highlights on cyber security issues, February 3, 2024

Via LLRX – Pete Recommends – Weekly highlights on cyber security issues, February 3, 2024 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, finance, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on… Continue Reading