Squawk Pod
A Fed-Fueled Rally, FedEx, & the Fourteenth Amendment 12/20/23
Dec 20, 2023
Former Fed Governor Kevin Warsh discusses the market rally and the Fed's next move. Donald Broughton explains FedEx's impact as a bellwether for the economy. The Colorado Supreme Court blocks Donald Trump's appearance on state ballots. Rite Aid shelves its facial recognition strategy. The hosts discuss the public opinion on billionaires, with Warren Buffett coming out on top.
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Quick takeaways
- Rite Aid settles with the FTC after using facial recognition technology to wrongly identify customers as shoplifters, resulting in thousands of improper matches involving black, Latino, and female customers.
- CNBC's All-America Economic Survey reveals Warren Buffett as the only billionaire with a positive net rating, while Elon Musk, Jeff Bezos, and Mark Zuckerberg have mixed or negative ratings across various demographics and political affiliations.
Deep dives
Rite Aid misuses facial recognition technology, leading to mistaken accusations of shoplifting
Rite Aid has settled with the US Federal Trade Commission after misusing facial recognition technology to wrongly identify customers as shoplifters. The pharmacy chain used low-quality images from security cameras to create a database of alleged shoplifters, resulting in alerts sent to employees when a match was found. However, the system generated thousands of improper matches, often involving black, Latino, and female customers. As part of the settlement, Rite Aid agreed to cease using facial recognition for five years and delete the collected images.
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