Economics/Class Relations

Wall Street AI takeover

April 14, 2024 • 3 min read
with Matt Turner
Welcome back! Pro tip for aspiring founders: Don’t use the word “delve” in your emails to venture capitalists. Some say it’s a dead giveaway that ChatGPT wrote your pitch.
On the agenda:
But first: The trial of O.J. Simpson, who died last week, left a mark on America.

 

Was this email forwarded to you? Sign up now
Ted Soqui/Sygma via Getty Images; Rick Maiman/Sygma via Getty Images; Rebecca Zisser/BI
Dispatch
O.J.’s impact
O.J. Simpson died this week — a couple months before the 30th anniversary of his famous police chase. That chase, and Simpson’s subsequent murder trial, changed media forever.

 

Simpson had been a star athlete at the University of Southern California, a running back in the NFL, and a Hollywood star. But it was his arrest for the murder of his ex-wife, Nicole Brown Simpson, and her friend Ron Goldman, that would change American culture forever.

 

Simpson was ordered to turn himself in to the police, and was then spotted on an interstate in a white Ford Bronco. An estimated 95 million watched the ensuing chase.

 

A year later, 150 million would watch the jury declare a shocking not guilty verdict. Robert Kardashian helped defend Simpson, putting the family in the spotlight for the first time.

 

Simpson was later found liable for the wrongful deaths of Simpson and Goldman by a civil jury. He was sent to prison in 2008 for armed robbery, kidnapping, and conspiracy.

 

The car chase and trial presaged the media culture to come. It cemented the role of rolling cable news channels packed with talking heads. Michael Socolow, a professor, told CNN that the trial convinced Rupert Murdoch to launch Fox News in 1996.

 

The trial put camera crews inside the courtroom. It was the original true crime show. It was infotainment. It was America’s first reality TV obsession.

 

 
iStock; Rebecca Zisser/BI
Retirement dread
Instead of looking forward to life without work, the thought of retirement has become anxiety-inducing for many people.

 

Whereas it used to be that workers would receive money from plans like pensions after they retire, the onus is now on them to pay into funds like IRAs and 401(k)s. With more responsibility resting on workers, many feel they’re not prepared to retire comfortably.

 

How retirement became a nightmare.

 

Also read:

 

 
Emrah_Oztas/ Getty Image, eGreg Bajor/Getty Image, Aleksey Balatskiy/Getty Image, Cici Morosanu/500px/Getty Image, Busà Photography/Getty Image, Abanti Chowdhury/BI
Landlords’ secret weapon
Big-time apartment owners have a secret weapon to help them keep rents high: RealPage, a company that sells software to property managers to help them set rents and juice their profits.

 

Its algorithm tells landlords exactly how much rent they should charge for units in their buildings. It claims it can help clients “outpace the market” — but a new lawsuit is accusing the company of price fixing.

 

Inside the lawsuit against RealPage.

 

 
iStock; BI
AI fever hits the Street
Banks, hedge funds, and private equity firms are on the hunt for more tech talent, particularly when it comes to artificial intelligence. Some AI-focused gigs can pull in $2 million compensation packages.

 

BI spoke with five recruiters, each of whom shared the hottest jobs Wall Street firms are hiring for.

 

See their top picks.

Also read:

 

 
Chelsea Jia Feng/BI
Spotify spending backlash
In November, Spotify celebrated its annual Wrapped campaign by splashing out on a glitzy party in London. Sam Smith and Charli XCX performed at the event, which was attended by staff and celebrities alike.

 

Four days later, the company laid off 1,500 employees. Some Spotify staff told BI the company is spending too much on lavish events, especially as it looks to cut even more costs.

 

Everything employees told us.

 

 
 

This week’s quote

“As a personality hire, you can get away with not being as competent and doing half of your job.”

— Daniel Bennett, a startup founder who said he once got a job as the “personality hire.”

 

 
 

More of this week’s top reads

 

 
The Insider Today team

Matt Turner, deputy editor-in-chief, in New York. Jordan Parker Erb, editor, in New York. Dan DeFrancesco, deputy editor and anchor, in New York City. Lisa Ryan, executive editor, in New York.

 

Get in touch. Email us at insidertoday@insider.com

 

Get more Business Insider

Subscribe for unlimited articles.

Never miss a story when you download our app.

 

Leave a Reply