How brokerage transfers actually work
Patrick McKenzie reads from his 2024 Bits About Money essay on ACATS, the Automated Customer Account Transfer Service that governs how Americans move investment accounts between brokerages, then updat...
4 Kesä 43min
Wrong numbers and why they survive, with Aaron Brown
Patrick McKenzie (patio11) is joined by Aaron Brown, author of Wrong Number, to examine why institutions that produce bad statistics face so few consequences for doing so. They trace the pattern from ...
14 Touko 55min
Defendant, Censor, Politico, Spy
The improbable but true story of how non-profits operating a private intelligence agency to combat terrorism decided to interfere with campaign infrastructure in a U.S. election.This piece includes or...
8 Touko 1h 5min
How the SPLC became financial infrastructure
Patrick McKenzie reads from his latest Bits About Money essay, walking through why bank fraud charges are a prosecutor's favorite tool, how the Bank Secrecy Act's surveillance regime is designed to fo...
1 Touko 51min
The honey badger of payments
Patrick McKenzie (patio11) reads his classic Bits about Money essay on how checks shaped the entire American payments infrastructure, from the origins of ACH to why a standard US bank account is, tech...
23 Huhti 29min
Cash received is not revenue earned
Patrick McKenzie (patio11) reads his classic Bits about Money essay explaining why revenue recognition in software is more complicated than most engineers, founders, and financial reporters think. The...
16 Huhti 33min
Your bank balance isn’t in the bank, and other alchemy
Patrick McKenzie (patio11) reads his classic Bits About Money essay on why your bank deposit is not what you think it is. He explains the capital stack that makes deposits appear riskless while fundin...
9 Huhti 48min
Payroll, pins, and punch cards
In this episode of Complex Systems, Patrick McKenzie riffs on why public sector payroll modernization is even more likely to fail than the typical public software procurement project. He then goes int...
2 Huhti 47min
