Investor. Writer. Investing: SK Ventures. Not often found in cities.
Siesta Key
Joined September 2007
- Tweets47.2K
- Following6.3K
- Followers5.3K
- Likes8.9K
Defrag retweeted
This is how banks are planning to stop those "agentic bank runs." Watch closely: their business model depends on seeding this narrative that AI agents are dangerous.
Remember, an "agentic bank run" (coined by Apollo) means agents helping customers move their own money en masse to higher-yielding products.
Once agents are ubiquitous, there are only a few ways for banks to hold onto cheap retail deposits.
Option A: Raise APYs (lol no)
Option B: Reduce leverage via fewer loans (no fun)
Option C: Ban AI agents, claiming they are a security risk (ding ding ding)
Cloud agents like Muse and Dot are trivial to stop, since they come from Meta / OAI IP ranges. If JPM sends them a cease and desist, they will comply.
Why would JPM bother? Because their business model depends on it; a huge portion of their ROE comes from cheap retail deposits. This is not theoretical. Just like Amazon banned Muse from shopping there to protect their ad revenue, JPM and Schwab have already banned AI agents to protect sticky deposits.
Are agents perfectly reliable today? Of course not. But look at the fix they chose. Not "here's a safe API for agents," it's "no agents ever." That tells you they're not protecting customers, they're protecting themselves.
No company ever wins a technological revolution this way. It's the last gasp of a dying business model. It's like the retailers who refused to put their inventory online and demanded users walk into the storefront. Over time they will lose market share to those platforms that embrace what's coming. Their whole deposit franchise depends on users unthinkingly clicking through walls of T&Cs and accepting 0.2% when the risk free rate is closer to 4%. Agents read the fine print and do their research, even when humans don't.
For users, the answer is simple: local AI agent frameworks like Hermes, that will actually act on your behalf and that the banks can't block. As the article says, if the agent is running on your own computer, they can't actually tell it's not you.
SCOOP: Major U.S. banks are detecting unauthorized third-party AI agents inside customer accounts, including some attempting to take actions that appear to be independent of user instructions, sources told Axios.
The findings have alarmed banking executives, who are racing to restrict access to their systems as AI moves at a velocity faster than financial institutions can respond, multiple industry and bank executives told Axios.
Several banks are now preparing for worst-case and even “day after” scenarios, including how to rapidly secure or restore customer accounts if things go wrong, the people said.
Several bank executives told Axios they're struggling to distinguish between human users and AI agents. One executive said banks also struggle to determine whether agents are authorized by customers or potentially operating without their permission, more akin to rogue agent behavior.
Read my latest for Axios here: axios.com/2026/10/22/ai-agen…
I didn't read this as a rogue AI agent emptying bank accounts. I read this as an AI agent *authorized* by the end user to do some broad task started taking actions not necessarily authorized by the user. Ex: "maximize my APY on excess cash funds" -- agent goes off willy nilly chasing daily APY across any number of bank accounts....
Imagine a rogue AI agent liquidating your bank account and investment portfolio.
If you are the only victim, I suppose you could get made whole by the AI company responsible.
If rogue agents liquidate hundreds of billions across millions of accounts, the AI company would go bankrupt and you wouldn’t get made whole.
Imposing criminal liability on AI executives might help mitigate it at the front end, but once the crime is complete and you lose everything criminal responsibility will be necessary but completely insufficient.
Defrag retweeted
FRANCE'S MACRON: SEDITIOUS ULTRA-LEFT GROUPS WERE BEHIND SATURDAY’S RIOTS AND PLANNED TO “BRING DOWN THE REPUBLIC”
Defrag retweeted
The Tampa Bay Rays are now 92-0 when leading after 8 innings, the longest streak since the 2002 Oakland A’s
Defrag retweeted
This article is "factually inverted" and opposite of what happened.
The Trump administration refocused the GeoXO satellite program back to weather forecasting undoing Biden admin additions that risked the whole program.
This story is a complete fabrication.
The Trump administration’s cuts to weather satellites will set the country back nearly a decade, experts say. The loss of data used to observe, forecast and research extreme weather could prevent the US from making major advances in weather prediction in the coming years. cnn.it/4k6eD4o
Defrag retweeted
New NBA tool incoming to @StatRankings 🏀
🏀ICYMI: we ran NBA projections last season @StatRankings 🏀
They're back opening night & FREE in October 🎃
After that, they're included in 📊statrankings+
One subscription, both sports 🏈 🏀
Built on projected minutes x per-minute production, adjusted for usage (on/off), role (he's a "center" but is actually a guard), pace, opponent defense, etc.
Connect to @grok, Claude, or ChatGPT & your AI can you monitor injuries & lineup changes inside the tool.
Defrag retweeted
Yeah…this isn’t a”how much he loves football “ story. It’s a “ everyone in the Eagles organization needs to answer some really hard questions “story
Defrag retweeted
I’m firmly in the camp if you have to stay awake for 36 hours before kickoff so you don’t die from a blood clot you should probably skip playing that game.
Okay, I get it. Harbaugh wanted to make a point to Skattebo -- but this is now ridiculous. He's *clearly* the most explosive RB on the team. Play him.
Shouldn't the authorities, ya know, send in a military presence to take back their own cities (or neighborhoods in cities)?
Defrag retweeted
From the @FT: "Cracks are appearing in America’s debt-laden $10tn AI infrastructure boom as project delays, public backlash and shaky investor confidence bring a reckoning for the data centre build-out underpinning the US economy."
IMO, what makes all these issues even more interesting is that no matter how they evolve, there are significant economic, financial, social, and geopolitical implications
#economy #markets #tech #ai
