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Who Keeps The Money When AI Rewrites Bank Code?

Who Keeps The Money When AI Rewrites Bank Code? Authored by Patrick Feeley via Substack, The code most American banks run on was designed in 1959, the year Alaska and Hawaii became states. A committee of government and industry people wrote COBOL so that business programs could be read by people who were not mathematicians, and a good part of it was modeled on FLOW-MATIC, an earlier language from Grace Hopper, a Navy officer. I doubt anyone on that committee thought it would still be running banks in 2026. In 2017...
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Nov 10, 2026 / Tyler Durden
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