Felix Salmon, a prominent financial journalist, joins seasoned journalist Emily Peck and media entrepreneur Elizabeth Spiers to tackle whether Gen Z even uses checks. They dive into a TikTok trend of exploiting Chase’s check fraud glitches, highlighting a need for financial literacy. The trio also discusses gender dynamics in leadership roles, pointing out biases against female CEOs compared to their male counterparts. Lastly, Elizabeth humorously shares her battle with Japanese knotweed, drawing parallels to broader societal issues.
Teenagers' exploitation of a banking glitch for check fraud highlights the gap in financial literacy regarding checks among Gen Z.
The conversation around leadership styles illustrates the unfair scrutiny faced by women CEOs compared to their male counterparts in the corporate world.
Deep dives
Check Fraud Among Teens
Teenagers on TikTok engaged in check fraud, exploiting a bank ATM glitch to access funds they didn't have. They discovered that by writing large checks to themselves and depositing them, they could withdraw cash before the checks cleared. This led to a frenzy where participants posted videos of their activities, underestimating the risks involved. The lack of familiarity with checks among teens and misunderstanding of how the banking system operates contributed to this illegal trend.
The Relevance of Checks Today
Despite the digital evolution of banking, checks remain a common payment method for some transactions, especially in schools and certain businesses. The discussion revealed differing opinions on whether younger generations are adequately educated about checks and their usage. Some argue that basic financial literacy, including understanding checks, should be addressed in schools, while others contend that checks are becoming obsolete and education should pivot towards modern payment methods. The dialogue highlights a generational gap in knowledge and attitudes towards checks.
Founder Mode vs. Manager Mode
The conversation shifted to the contrasting styles of founder mode versus manager mode in running a company, with insights from Brian Chesky of Airbnb. Founders often exhibit micromanagement tendencies, feeling that their unique vision allows them to run the company more effectively than professional managers. However, there's acknowledgment that as companies grow, a shift to manager mode is necessary for sustainable scaling, countering the notion that founder-centric methods are always superior. The debate emphasizes the complexities of leadership as companies transition from startup to established entities.
Cultural Perceptions of Leadership Styles
The discussion also touched on how women in leadership positions are often judged more harshly for adopting micromanagement styles compared to their male counterparts. This reflects a broader issue where women leaders must often provide more evidence for their decisions, while men are celebrated for their visionary leadership. The conversation revealed societal biases that can impede the success of female executives, who may feel pressured to conform to different standards. Understanding these dynamics is crucial in fostering a more inclusive environment for leadership growth and diversity.
This week, Felix Salmon, Emily Peck, and Elizabeth Spiersdebate one of the great questions of our time: Do Gen Zs even get checks? They can write them at least, as proved by the recent Chase check fraud TikTok fad. Also: the “founder mode” trend has Silicon Valley types in a tizzy, but does it apply to women CEOs? And what’s Japanese knotweed, and why is it destroying Elizabeth’s house?
In the Plus bonus mini-episode, the hosts talk about the rise and fall of hotel room service and the allure of breakfast in bed.
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Podcast production by Jared Downing and Cheyna Roth.
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