박지영 Susan Park

I used to work at a bank. I used to licenses in finance and insurance. I used to do fraud and risk management consulting. I do a high volume of transactions using financial instruments at many financial institutions. In other words, I know a lot about this stuff through experience and private conversations with people who are supervisors to C-Suite executives. AI simply doesn’t work in many sectors or industries. At this point, I’m still advising people to keep their money (assuming they have enough) spread out at different banks. I do have some concerns about people doing another Washington Mutual style panic cash withdrawals. CRE (Commercial Real Estate) loan defaults and delinquencies will keep increasing. More billionaires and millionaires will go bankrupt. Their assets sold for pennies to the dollar, assuming that anyone wants to buy them. AI is effing up real time updates on bank transfers. A collapse could happen in between the time money is taken out and money is put in. The money that was supposed to be put in could become hard to trace or untraceable. I’m getting SPAMed by high risk lenders. I’m not high risk and I haven’t applied for a loan in 8 years. The under regulated private credit market is really wonky right now. Who knows how many hidden defaults there are? There are too many entry level loan officers without human supervisors. They’re being monitored by AI. What used to be basic in bank transactions are now done by specialists. Knowledge, information, and transactions are so fragmented and out sourced that finding the master or mistress of the house is a herculean task or impossible. There is no wizard behind the curtain.