An anonymous reader quotes a report from Politico: The Consumer Financial Protection Bureau on Thursday released a landmark proposal restricting how financial institutions handle consumer data. [...] The proposed rule -- which faces months of feedback and lobbying from industry and consumer groups before it's approved -- would bar financial firms from "hoarding" a consumer's data, the agency said. It would require companies to share information, at a customer's request, with other businesses offering competing products and prevent them from charging for it.

Banks would be required to make personal financial data available to consumers free of charge, and companies that access a person's data would not be able to use it for targeted advertising. Access to a person's data would have to be reauthorized annually, and consumers would have the right to revoke access at any time. The proposal, which implements Section 1033 of the 2010 Dodd-Frank law, also "seeks to move the market away from risky data collection practices" such as screen scraping, the CFPB said. "It is often really daunting for a consumer to switch banks, in part because it's difficult to take their financial transaction history data to a new bank," White House National Economic Council Director Lael Brainard said on a call with reporters. "Today's rule will help ensure financial companies compete based on service quality and pricing."

The bar for taking a sick day is getting lower, and some bosses say that's a problem. From a report: U.S. workers have long viewed an unwillingness to take sick days as a badge of honor. That's a laurel workers care much less about these days. The number of sick days Americans take annually has soared since the pandemic, employee payroll data show. Covid-19 and a rise in illnesses such as RSV, which can require days away from work, are one reason. Managers and human-resources executives also attribute the jump to a bigger shift in the way many Americans relate to their jobs.

For one, more workers are using up sick time often for reasons such as mental health. And unlike older workers, who might have been loath to call in sick for fear of seeming weak or unreliable, younger workers feel more entitled to take full advantage of the benefits they've been given, executives and recruiters say. That confidence has only grown as record low unemployment persists. So far this year, 30% of white-collar workers with access to paid leave have taken sick time, up from 21% in 2019, according to data from payroll and benefits software company Gusto. Employees between ages 25 and 34 are taking sick days most often, with their use rates jumping 45% from before the pandemic.

[...] Younger workers used to follow the example of their older peers and come in even when under the weather, says Crystal Williams, chief human resources officer at global business payments company Fleetcor, which has around 5,000 U.S. employees. She suspects early-career employees aren't taking cues from older co-workers in the same way now that five days a week at the office is no longer the norm. Prepandemic, Fleetcor workers in their 20s and 30s took one or two sick days a year, she says. Now, it's more like three to five.

An anonymous reader quotes a report from TechCrunch: The IRS will test a free tax filing service in 2024 for a subset of lucky taxpayers in as many as 13 states, the agency announced today. Direct File, as the service is called, is a shot across the bows of Turbotax, H&R Block, and other paid tax prep services, whose owners have resisted free and simple tax filing for decades. "This is a critical step forward for this innovative effort that will test the feasibility of providing taxpayers a new option to file their returns for free directly with the IRS," said IRS Commissioner Danny Werfel in a press release announcing the news.

Over the last year and a half, the IRS has been building out the pilot program, which it characterizes as being "one more potential option" on the continuum from self-managed Free File, to commercial products like Turbotax, to a tax prep professional. The IRS describes Direct File as "a mobile-friendly, interview-based service" available in English and Spanish, intended for people with simpler tax situations like W-2s and common income credits and deductions. Whether the interviews are with actual people or some kind of automated or semi-automated process is unclear. But this, like many of its specifics, will likely change as the agency receives feedback from this limited scale pilot.

Arizona, California, Massachusetts, and New York are the four states that are integrating with Direct File for 2024 (i.e. the 2023 tax year); Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming "may also be eligible," due to not having state income tax, but it is not final. Every state was given the opportunity to participate in the Direct File program, but not all were "in a position to join." Among the residents of these states, a limited number of individuals with "relatively simple returns" will have the opportunity to try Direct File. This will in turn "allow the IRS to evaluate the costs, benefits and operational challenges associated with providing a voluntary Direct File option to taxpayers." In software terms, we'd probably call this an alpha.

A new book by Nobel prize-winning economist Angus Deaton"feels like an existential crisis," writes Fast Company, "as he questions his own legacy — and wonders whether policies prescribed by economists over the years have unintentionally contributed to inequality" in America. Angus Deaton: People who have a four-year college degree are doing pretty well. But if you go to the people who don't have a college degree, horrible things are happening to them... The opportunities are getting bigger and bigger, but the safety net's falling further and further away. . . I think of it as much broader than income inequality: People without a BA are like an underclass. They're dispensable...

Fast Company: Why has Europe been able to avoid so many of these rises in inequality and "deaths of despair" and the U.S. hasn't?

Deaton: Anne [Case, my wife] and I wrestled with that in our book Deaths of Despair. One reason is that we don't have any safety net here... The other story is we've got this hideous healthcare system... we're spending [almost] 20% of GDP. There's no other country that spends anything like that. That money comes out of other things we could have, like a safety net and a better education system. And it's not delivering much, except the healthcare providers are doing really quite well: the hospitals, the doctors, the pharma companies, the device manufacturers. Not only does it cost a lot, but we fund it in this really bizarre way, which is that for most people who are not old enough to qualify for Medicare, they get their health insurance through their employer...

Fast Company : The theme of your new book seems to be something of an existential crisis for you as an economist. How much are economists to blame for some of these issues?

Deaton: [...] I think there are some broad things that we didn't do very well. We bent the knee a little too much to the Chicago libertarian view, that markets could do everything. I'm not trying to say that I was right and everybody else was wrong. I was with the mob. I think we thought that financial markets were much safer than they'd been in the past, and we didn't have to worry about them as much. That was dead wrong. I think we were way overenthusiastic about hyperglobalization. We had this belief that people would lose their jobs but they'd find other, better jobs, and that really didn't happen. So there are a lot of things that I think are going to be seriously reconsidered over the next years.
But he admits economists are short on solutions for economic inequality. "When they say, 'Well, what would work'" there's this uncomfortable silence where you feel foolish. Everybody's quoting [former Italian philosopher and politician Antonio] Gramsci [saying that] the old system is broken but the new system is struggling to be born. No one really knows what it's going to look like."

The book is titled Economics in America: An Immigrant Economist Explores the Land of Inequality. But in the interview Deaton still remains hopeful about America, calling it "a very inventive place," and noting that in the field of economics "there's always hope and there's always change; economics is a very open profession, and it changes very quickly."

Four California dams are now being dismantled, reports the Arizona Republic: Sometime in January, work crews will start drilling a tunnel at the base of a concrete dam on the Klamath River, near the California-Oregon border. The tunnel will begin the process of drawing down the reservoir behind the dam, known as Copco-1, and prepare the site to remove the dam from the river. Time was, removing a dam in the West was unheard of. Dams were built to store water, generate electricity, manage the use of rivers for growers. But environmental activists started telling the story of how dams damage a river and its ecosystem, and Indigenous communities have told their stories of how dams took away traditional resources and food sources. And so, in recent years, we've seen more dams removed. In Arizona, the removal of a hydroelectric dam on Fossil Creek led to the restoration of a sparkling waterway and a habitat for fish, birds and other wildlife.
California's dam-removal project began in June, reports the Los Angeles Time, when the smallest of the four dams was torn down by crews using heavy machinery. "The other three dams are set to be dismantled next year, starting with a drawdown of the reservoirs in January." "The scale of this is enormous," said Mark Bransom, CEO of the nonprofit Klamath River Renewal Corp., which is overseeing dam removal and river restoration efforts. "This is the largest dam removal project ever undertaken in the United States, and perhaps even the world." The $450-million budget includes about $200 million from ratepayers of PacifiCorp, who have been paying a surcharge for the project. The Portland-based utility — part of billionaire Warren Buffett's conglomerate Berkshire Hathaway — agreed to remove the aging dams after determining it would be less expensive than trying to bring them up to current environmental standards.

The dams were used purely for power generation, not to store water for cities or farms. "The reason that these dams are coming down is that they've reached the end of their useful life," Bransom said. "The power generated from these dams is really a trivial amount of power, something on the order of 2% of the electric utility that previously owned the dams." An additional $250 million came through Proposition 1, a bond measure passed by California voters in 2014 that included money for removing barriers blocking fish on rivers.

Crews hired by the contractor Kiewet Corp. have been working on roads and bridges to prepare for the army of excavators and dump trucks. "We have thousands of tons of concrete and steel that make up these dams that we have to remove," Bransom said. "We'll probably end up with 400 to 500 workers at the peak of the work..."

In addition to tearing down the dams, the project involves restoring about 2,200 acres of reservoir bottom to a natural state.

The singer known as Tomberlin says their first five years in the music industry may have been a net loss, according to MarketWatch. Selling "merch[andise]" like t-shirts "is what really is covering your costs and hopefully helping you make, like, an actual profit."

And then... After being told she would have to hand over more than 40% of the money she collected from selling T-shirts and other items, Tomberlin refused to sell her merchandise at the venue and publicly spoke about a practice she calls robbery — venues taking cuts from bands' merchandise sales... Other musicians are also speaking out about the practice, and their complaints seem to be having an effect. Industry giant Live Nation Entertainment Inc. announced recently that it would stop collecting merch fees at nearly 80 of the smaller clubs it owns and operates and provide all bands that play at those venues with an additional $1,500 in gas cards and cash.

Musicians who spoke with MarketWatch remain unsatisfied, however. Because of the way the announcement is phrased, many think merch fees at Live Nation clubs are only being paused until the end of the year. The musicians said they also wonder about the roughly 250 other Live Nation concert facilities, as well as the hundreds of venues owned by other companies. A Live Nation spokesperson told MarketWatch the change is "open-ended."

[...] As Tomberlin continues on her current tour, she wonders if she will be able to make a profitable career in music. Of all her ways of earning money, streaming services like Spotify and Apple Music provide "the least amount of money," she said, and with tours not leaving her with any cash at the end, she feels that even modest ambitions are out of reach.
Musician Laura Jane Grace is even soliciting signers for an online petition demanding venues stop taking cuts of the musicians' merchandise sales...

Thanks to Slashdot reader quonset for sharing the news.

An anonymous reader quotes a report from the BBC: A thief who stole more than $470 million in cryptocurrency when FTX crashed is trying to cash it out while the exchange's founder is on trial. Sam Bankman-Fried's high-profile court case began last week. The former crypto mogul denies fraud. After lying dormant for nine months, experts say $20 million of the stolen stash is being laundered into traditional money every day. New analysis shows how the mystery thief is trying to hide their tracks. [...] On the day FTX collapsed, hundreds of millions of dollars of cryptocurrency controlled by the exchange were stolen by an unidentified thief that is believed to still have control of the funds. No one knows how the thief -- or thieves -- was able to get digital keys to FTX crypto wallets, but it is thought it was either an insider or a hacker who was able to steal the information. The criminal moved 9,500 Ethereum coins, then worth $15.5 million, from a wallet belonging to FTX, to a new wallet. Over the next few hours, hundreds of other cryptoassets were taken from the company's wallets, in transactions eventually totaling $477 million.

According to researchers from Elliptic, a cryptocurrency investigation firm, the thief lost more than $100 million in the weeks following the hack as some was frozen or lost in processing fees as they frantically moved the funds around to evade capture. But by December around $70 million was successfully sent to a cryptocurrency mixer -- a criminal service used to launder Bitcoin, making it difficult to trace. [...] Although mixers make it difficult to trace Bitcoin, Elliptic was able to follow a small amount of the funds -- $4 million -- that was sent to an exchange. The rest of the stolen FTX stash -- around $230 million -- remained untouched until 30 September -- the weekend before Mr Bankman-Fried's trial began. Nearly every day since then chunks worth millions have been sent to a mixer for laundering and then presumably cashing out. Elliptic has been able to trace $54 million of Bitcoin being sent to the Sinbad mixer after which the trail has gone cold for now. "Crypto launderers have been known to wait for years to move and cash out assets once public attention has dissipated, but in this case they have begun to move just as the world's attention is once again directed towards FTX and the events of November 2022," said Tom Robinson, Elliptic's co-founder.

An anonymous reader quotes a report from Reuters: U.S. President Joe Biden traveled to Philadelphia on Friday to announce the recipients of $7 billion in federal grants across 16 states for the development of seven regional hydrogen hubs, advancing a key part of a plan to decarbonize the U.S. economy. The announcement of the funding to boost manufacturing and blue-collar jobs was held in Pennsylvania -- a state that could decide the 2024 presidential election -- underscoring the power Biden wields as he spends the upcoming months doling out money flowing from his landmark pieces of legislation that remain largely unknown to large swaths of the American public.

The seven proposed hubs involving companies ranging from Exxon Mobil to Amazon were selected, with their projects spanning 16 states from Pennsylvania to California. The program is intended to jump-start the production of "clean hydrogen" along with the infrastructure needed to get it to industrial users like steelmakers and cement plants. "I'm here to announce one of the largest advanced manufacturing investments in the history of this nation," Biden said," He noted that the total investment will reach $50 billion when taking into account additional investments from private companies.

The hub selections will now kick off a long process that includes multiple phases, from design and development to permitting, financing and construction. "It's not guaranteed that someone selected is even going to make it through negotiations and get awarded the money," said Jason Munster, who was involved in analyzing the projects for the Department of Energy and is now a hydrogen consultant at CleanEpic. The hubs selected will serve the Middle Atlantic, Appalachian, Midwest, Minnesota and Plains states, the Gulf Coast, Pacific Northwest and California. The two largest projects include $1.2 billion each for Texas and California -- the former an oil giant and the other a green energy leader.

A long-time Slashdot reader writes: T-Mobile, formerly known as the "Un-carrier", confirmed plans today to force customers on older/cheaper plans onto newer/more expensive ones. Astute observers of the cellular industry will surely recall the former CEO, John Legere, assuring customers that they would always be able to keep their existing plans and prices would never rise without their consent. They will also observe that this comes nearly three years to the day after T-Mobile merged with Sprint, with one of the conditions for that merger being they would not raise prices for three years. It's also worth noting that T-Mobile continues to buyback its shares, recently announced thousands of layoffs, and is now paying a dividend. T-Mobile tells CNET that users on its older plans will see "an increase of approximately $10 per line with the migration," starting with their November bill. Those who sign up for AutoPay can save $5 per line (on up to eight lines per account), the spokesperson noted.

"The company adds that those who don't want to have their plan changed will be able to reverse the move, but they'll need to call T-Mobile's Customer Care support line to make that happen," reports CNET. "The carrier is giving users a period of time to call in and reverse the forced switch, but how long that period will be is unknown at this point. It's also unknown whether customers who go back will be able to stay on their older plans for good or if a reversal simply buys a little more time before they're again compelled to switch."

An anonymous reader quotes a report from the New York Times: Many electric utilities are putting up lots of new power lines as they rely more on renewable energy and try to make grids more resilient in bad weather. But a Vermont utility is proposing a very different approach: It wants to install batteries at most homes to make sure its customers never go without electricity. The company, Green Mountain Power, proposed buying batteries, burying power lines and strengthening overhead cables in a filing with state regulators on Monday. It said its plan would be cheaper than building a lot of new lines and power plants. The plan is a big departure from how U.S. utilities normally do business. Most of them make money by building and operating power lines that deliver electricity from natural gas power plants or wind and solar farms to homes and businesses. Green Mountain — a relatively small utility serving 270,000 homes and businesses -- would still use that infrastructure but build less of it by investing in television-size batteries that homeowners usually buy on their own. "Call us the un-utility," Mari McClure, Green Mountain's chief executive, said in an interview before the company's filing. "We're completely flipping the model, decentralizing it."

Green Mountain's plan builds on a program it has run since 2015 to lease Tesla home batteries to customers. Its filing asks the Vermont Public Utility Commission to authorize it to initially spend $280 million to strengthen its grid and buy batteries, which will come from various manufacturers. The company expects to invest an estimated $1.5 billion over the next seven years -- money that it would recoup through electricity rates. The utility said the investment was justified by the growing sum it had to spend on storm recovery and to trim and remove trees around its power lines. The utility said it would continue offering battery leases to customers who want them sooner. It will take until 2030 for the company to install batteries at most homes under its new plan if regulators approve it. Green Mountain says its goal to do away with power outages will be realized by that year, meaning customers would always have enough electricity to use lights, refrigerators and other essentials. Green Mountain would control the batteries, allowing it to program them to soak up energy when wind turbines and solar panels were producing a lot of it. Then, when demand peaked on a hot summer day, say, the batteries could release electricity. Under the proposal, the company would initially focus on delivering batteries to its most vulnerable customers, putting some power lines underground and installing stronger cables to prevent falling trees from causing outages.

Microsoft, Google and others experiment with how to produce, market and charge for new tools. From a report: Microsoft has lost money on one of its first generative AI products, said a person with knowledge of the figures. It and Google are now launching AI-backed upgrades to their software with higher price tags. Zoom has tried to mitigate costs by sometimes using a simpler AI it developed in-house. Adobe and others are putting caps on monthly usage and charging based on consumption. "A lot of the customers I've talked to are unhappy about the cost that they are seeing for running some of these models," said Adam Selipsky, the chief executive of Amazon.com's cloud division, Amazon Web Services, speaking of the industry broadly. It will take time for companies and consumers to understand how they want to use AI and what they are willing to pay for it, said Chris Young, Microsoft's head of corporate strategy.

"We're clearly at a place where now we've got to translate the excitement and the interest level into true adoption," he said. Building and training AI products can take years and hundreds of millions of dollars, more than with other types of software. AI often doesn't have the economies of scale of standard software because it can require intense new calculations for each query. The more customers use the products, the more expensive it is to cover the infrastructure bills. These running costs expose companies charging flat fees for AI to potential losses.

Microsoft used AI from its partner OpenAI to launch GitHub Copilot, a service that helps programmers create, fix and translate code. It has been popular with coders -- more than 1.5 million people have used it and it is helping build nearly half of Copilot users' code -- because it slashes the time and effort needed to program. It has also been a money loser because it is so expensive to run. Individuals pay $10 a month for the AI assistant. In the first few months of this year, the company was losing on average more than $20 a month per user, according to a person familiar with the figures, who said some users were costing the company as much as $80 a month.

Long-time Slashdot reader theodp writes: "42 states to go!" exclaimed Code.org to its 1+ million Twitter followers as it celebrated victorious efforts to pass legislation making North Carolina the 8th state to pass a high school computer science graduation requirement, bringing the tech-backed nonprofit a step closer to its goal of making CS a requirement for a HS diploma in all 50 states. But as states make good on pledges made to tech CEOs to make their schoolchildren CS savvy, Education Week cautions that K-12 CS has a big certified teacher shortage problem.
From the article: When trying to ensure all students get access to the knowledge they need for college and careers, sometimes policy can get ahead of teacher capacity. Computer science is a case in point. As of 2022, every state in the nation has passed at least one law or policy intended to promote K-12 computer science education, and 53 percent of high schools offered basic computer science courses that year, according to the nonprofit advocacy group Code.org."

"'There's big money behind making [course offerings] go up higher and faster,' thanks to federal and state grants as well as private foundations, said Paul Bruno, an assistant professor of education policy, organization, and leadership at the University of Illinois Urbana-Champaign. "But then that raises the question, well, who are we getting to teach these courses...?"

Bruno's work in states such as California and North Carolina suggests that few of those new computer science classes are staffed with teachers who are certified in that subject."

Lawmakers in the United States last year passed bipartisan legislation intended to maintain US competitiveness with countries such as China by boosting funding for science and innovation. But concerns are mounting that the US Congress will fail to deliver on its promises. From a report: The money allotted to a handful of major US science agencies that had been targeted for a budget boost is likely to fall short of the legislation's goals by more than US$7 billion in 2024, according to a report. And overall funding for those agencies will continue to hover at a 25-year low.

"We're leaving scientific opportunities on the table," says Matt Hourihan, who led the analysis for the Federation of American Scientists, an advocacy group based in Washington DC. "If we drop this ball, others will be happy to pick it up." It was precisely this fear that drove members of Congress to come together to pass the CHIPS and Science Act of 2022. The legislation promised one of the largest increases in US science funding in a long time, totalling some $280 billion over five years. Much of the spending mandated by the bill was focused on semiconductor research and manufacturing -- areas in which other countries, particularly China, have dominated. Lawmakers also authorized investments in other science and innovation programmes, but these were not mandated, and need to be approved by Congress during an appropriations process each year.

That process has become increasingly contentious as political polarization in the United States has risen over the past few decades. Disputes about overall spending levels and funding for various social programmes have led to repeated delays in crafting the annual budget, at times forcing the government to shut down. This year is a prime example: Republicans, who control the US House of Representatives, blocked legislation that would have allowed the government to increase the federal debt limit and pay its bills, until they were able to secure an agreement with the Democrats in May to limit spending. And last month, a handful of extreme right-wing Republicans sought to close the government down as they pushed for further spending cuts.

samleecole writes: Tickets for rapper Travis Scott's upcoming tour sold out fast. Check StubHub right now, however, and you can find thousands of tickets to "sold out" shows in many cities for between $10 and $20, far below the face value for his cheapest tickets at $61.50 before fees when they first went on sale. In ticket reseller lingo, Scott's tour is a "bloodbath," the result of overzealous brokers and noobs "overbuying" tickets based on a miscalculation of the likely value of his tickets on the secondary market. Many brokers now stand to lose a lot of money on Scott's shows. At least part of this buying frenzy was fueled by a bet placed by PFS Buyers Club, a credit card maxing site I wrote about earlier this week that has recently pivoted from buying rare coins to buying concert tickets. PFS told its members to buy as many tickets to Scott's shows as possible, according to emails viewed by 404 Media.

PFS itself stands to lose more than $1 million on Travis Scott alone when all is said and done, it told members. The entire situation, which has become a complicated mess, sheds light on a little-known segment of the ticket broker industry, where resellers partner with credit card "buyers clubs" to obtain tickets. The fiasco also highlights the risks associated with ticket reselling and shows how Ticketmaster profits from the secondary market, helping it sell out artists even before their ability to sell out venues is guaranteed, and passing that risk on to resellers.

Amazon used an algorithm code-named "Project Nessie" to test how much it could raise prices in a way that competitors would follow, according to redacted portions of the Federal Trade Commission's monopoly lawsuit against the company. From a report: The algorithm helped Amazon improve its profit on items across shopping categories, and because of the power the company has in e-commerce, led competitors to raise their prices and charge customers more, according to people familiar with the allegations in the complaint. In instances where competitors didn't raise their prices to Amazon's level, the algorithm -- which is no longer in use -- automatically returned the item to its normal price point.

The company also used Nessie on what employees saw as a promotional spiral, where Amazon would match a discounted price from a competitor, such as Target.com, and other competitors would follow, lowering their prices. When Target ended its sale, Amazon and the other competitors would remain locked at the low price because they were still matching each other, according to former employees who worked on the algorithm and pricing team. The algorithm helped Amazon recoup money and improve margins. The FTC's lawsuit redacted an estimate of how much it alleges the practice "extracted from American households," and it also says it helped the company generate a redacted amount of "excess profit." Amazon made more than $1 billion in revenue through use of the algorithm, according to a person familiar with the matter. Amazon stopped using the algorithm in 2019, some of the people said. It wasn't clear why the company stopped using it.

Long-time Slashdot reader schwit1 shares a report from The Intercept: The Heat Initiative, a nonprofit child safety advocacy group, was formed earlier this year to campaign against some of the strong privacy protections Apple provides customers. The group says these protections help enable child exploitation, objecting to the fact that pedophiles can encrypt their personal data just like everyone else. When Apple launched its new iPhone this September, the Heat Initiative seized on the occasion, taking out a full-page New York Times ad, using digital billboard trucks, and even hiring a plane to fly over Apple headquarters with a banner message. The message on the banner appeared simple: 'Dear Apple, Detect Child Sexual Abuse in iCloud' -- Apple's cloud storage system, which today employs a range of powerful encryption technologies aimed at preventing hackers, spies, and Tim Cook from knowing anything about your private files.

Something the Heat Initiative has not placed on giant airborne banners is who's behind it: a controversial billionaire philanthropy network whose influence and tactics have drawn unfavorable comparisons to the right-wing Koch network. Though it does not publicize this fact, the Heat Initiative is a project of the Hopewell Fund, an organization that helps privately and often secretly direct the largesse -- and political will -- of billionaires. Hopewell is part of a giant, tightly connected web of largely anonymous, Democratic Party-aligned dark-money groups, in an ironic turn, campaigning to undermine the privacy of ordinary people.

For an organization demanding that Apple scour the private information of its customers, the Heat Initiative discloses extremely little about itself. According to a report in the New York Times, the Heat Initiative is armed with $2 million from donors including the Children's Investment Fund Foundation, an organization founded by British billionaire hedge fund manager and Google activist investor Chris Cohn, and the Oak Foundation, also founded by a British billionaire. The Oak Foundation previously provided $250,000 to a group attempting to weaken end-to-end encryption protections in EU legislation, according to a 2020 annual report. The Heat Initiative is helmed by Sarah Gardner, who joined from Thorn, an anti-child trafficking organization founded by actor Ashton Kutcher. [...] Critics say these technologies aren't just uncovering trafficked children, but ensnaring adults engaging in consensual sex work. "My goal is for child sexual abuse images to not be freely shared on the internet, and I'm here to advocate for the children who cannot make the case for themselves," Gardner said, declining to name the Heat Initiative's funders. "I think data privacy is vital. I think there's a conflation between user privacy and known illegal content."

Ian Freeman, a New Hampshire man in his 40s, has been sentenced to eight years in prison for running an unlicensed bitcoin exchange business. He will also be fined at least $40,000, although the exact amount still has to be determined in a hearing. The Associated Press reports: Ian Freeman was taken away in handcuffs following his sentencing in U.S. District Court in Concord. Prosecutors said Freeman, a libertarian activist and radio show host, created a business that catered to fraudsters who targeted elderly women with romance scams, serving as "the final step in permanently separating the victims from their money." Freeman, who is in his 40s, said in court he did not believe he broke the law. He said he was trying to get people to adopt bitcoin. He said there were times he detected fraud and protected many potential scam victims. He apologized for not being able to help them all. "I don't want people to be taken advantage of," said Freeman, who said he cooperated with law enforcement to help some people get their money back.

Freeman said he devised a series of questions for customers, including whether a third party was putting them up to their transactions or if they were under duress. Some victims lied about their circumstances, he said. Freeman also said he didn't learn about scam victims until he saw their stories in the news. "It didn't matter how strict I was or how many questions I asked," he said. After a two-week trial, he was convicted of eight charges in December, although his conviction on a money laundering charge was later overturned by the judge. The prosecution is appealing it to the 1st Circuit Court of Appeals.

Freeman was sentenced on the remaining charges, which include operating an unlicensed money transmitting business and conspiracy to commit money laundering and wire fraud. Freeman's lawyers said they planned to appeal and asked that he remain free on bail for now, but U.S. District Court Judge Joseph LaPlante didn't allow it. The sentencing guidelines called for much longer term, ranging from about 17 years to nearly 22 years in prison.

Bill Omar Carrasquillo, better known by his YouTube name Omi In a Hellcat, has been arrested after the feds found Carrasquillo had amassed a $30 million fortune with a large-scale piracy scheme in which he was buying and reselling copyrighted material from cable TV. Jalopnik reports: He was sentenced to five years in prison for "piracy of cable TV, access device fraud, wire fraud, money laundering, and hundreds of thousands of dollars of copyright infringement," along with having to forfeit his millions and pay $15 million in restitution. Those millions helped pay for the car collection now going up for auction.

[Road & Track reports Omi In A Hellcat's entire 57 vehicle collection is up for auction.] As of this writing, the auction features 32 cars and 25 bikes and off road vehicles. Despite his crimes, the man had decent taste in cars. There's good stuff to be had like.

MacKenzie Sigalos writes via CNBC: Sam Bankman-Fried, the alleged crypto criminal who stands accused of masterminding one of the biggest financial frauds in U.S. history, was considering paying Donald Trump $5 billion not to run for president, according to best-selling author Michael Lewis. In an interview with CBS's "60 Minutes" that aired on Sunday, Lewis said the FTX founder wanted to put a stop to a Trump White House run in 2024 over fears that the former president was a threat to democracy. Lewis traces the rise and fall of the crypto entrepreneur in his latest book, "Going Infinite," which comes out on Tuesday, the same day Bankman-Fried's first criminal trial gets underway in New York.

"Sam's thinking, 'We could pay Donald Trump not to run for president. Like, how much would it take?'" Lewis said. "He did get an answer. He was floated -- there was a number that was kicking around. And the number that was kicking around when I was talking to Sam about this was $5 billion. Sam was not sure that number came directly from Trump." According to Lewis, Bankman-Fried's ambition to derail Trump's presidential campaign ultimately went nowhere, in part because he wasn't sure if his proposal was legal. Also, his crypto empire imploded in November 2022, wiping out Bankman-Fried's billions of dollars of wealth.

Consumers should be spending less by now. Interest rates are up. Inflation remains high. Pandemic savings have shrunk. And the labor market is cooling. Yet household spending, the primary driver of the nation's economic growth, remains robust remains robust. From a report: Americans spent 5.8% more in August than a year earlier, well outstripping less than 4% inflation. And the experience economy boomed this summer, with Delta Air Lines reporting record revenue in the second quarter and Ticketmaster selling over 295 million event tickets in the first six months of 2023, up nearly 18% year-over-year. Economists and financial advisers say consumers putting short-term needs and goals above long-term ones is normal. Still, this moment is different, they say.

A tough housing market has more consumers writing off something they'd historically save for, while the pandemic showed the instability of any long-term plans related to health, work or day-to-day life. So, they are spending on once-in-a-lifetime experiences because they worry they may not be able to do them later. "It's not a regret-filled, spur-of-the-moment decision," says Michael Liersch, who oversees a team of advisers as head of advice at Wells Fargo. "It's the opposite of that, where I would regret not having done it." Liersch cautions that it's too soon to say whether the spate of spending is a fleeting moment or a new normal. And consumers remain frustrated about inflation as the price of many goods remains significantly higher than a few years ago.