An anonymous reader quotes a report from Ars Technica: On Tuesday, Stability AI released Stable Video Diffusion, a new free AI research tool that can turn any still image into a short video — with mixed results. It’s an open-weights preview of two AI models that use a technique called image-to-video, and it can run locally on a machine with an Nvidia GPU. […] Right now, Stable Video Diffusion consists of two models: one that can produce image-to-video synthesis at 14 frames of length (called “SVD”), and another that generates 25 frames (called “SVD-XT”). They can operate at varying speeds from 3 to 30 frames per second, and they output short (typically 2-4 second-long) MP4 video clips at 576×1024 resolution.

In our local testing, a 14-frame generation took about 30 minutes to create on an Nvidia RTX 3060 graphics card, but users can experiment with running the models much faster on the cloud through services like Hugging Face and Replicate (some of which you may need to pay for). In our experiments, the generated animation typically keeps a portion of the scene static and adds panning and zooming effects or animates smoke or fire. People depicted in photos often do not move, although we did get one Getty image of Steve Wozniak to slightly come to life.

Given these limitations, Stability emphasizes that the model is still early and is intended for research only. “While we eagerly update our models with the latest advancements and work to incorporate your feedback,” the company writes on its website, “this model is not intended for real-world or commercial applications at this stage. Your insights and feedback on safety and quality are important to refining this model for its eventual release.” Notably, but perhaps unsurprisingly, the Stable Video Diffusion research paper (PDF) does not reveal the source of the models’ training datasets, only saying that the research team used “a large video dataset comprising roughly 600 million samples” that they curated into the Large Video Dataset (LVD), which consists of 580 million annotated video clips that span 212 years of content in duration.

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Source: Slashdot – New ‘Stable Video Diffusion’ AI Model Can Animate Any Still Image

Simon Sharwood reports via The Register: Amazon Web Services has announced the WorkSpaces Thin Client — a device dedicated to connecting to its WorkSpaces desktop-as-a service offering and based on Amazon’s own “Fire Cube” smart TV box. The $195 machine has the same hardware as the Fire Cube: the eight-core Arm-powered Amlogic POP1-G SoC, plus 2GB of LPDDR4 RAM, 10/100 ethernet, and a single USB-A 2.0 port. Bluetooth is included to connect other peripherals. A second HDMI output can be added by acquiring an $85 hub that also offers four more USB ports. Like the Fire TV Cube, the Thin Client also runs a modified cut of Android.

But there the similarities end. AWS created custom firmware and ripped out anything remotely related to running a consumer device, replacing it with software designed solely to create a secure connection between the device and desktops running in the Amazonian cloud. Amazon Business — the B2B version of Jeff Bezos’s digital souk — will ship the device to your door, and charge it to your AWS bill. At least if you are in the USA. Europe will get the Thin Client in early 2024, and it’ll eventually migrate elsewhere.

AWS decided to base the box on the Fire Cube because, according to a corporate blog post, AWS customers expressed a desire for cheaper and easier-to-maintain client devices. As AWS execs searched for a well-priced box, they considered the Fire TV Cube, found it fit the bill and noted it was already being made at scale. Keeping things in-house made sense, too. And so we find ourselves with AWS taking on established thin client providers. The cloudy concern is also keen to have a crack at the thick wedge of the enterprise PC market: call centers, payment processing centers, and other environments with lots of users and high staff turnover due to factors like seasonal demand for workers.

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Source: Slashdot – AWS Repurposes Fire TV Cubes Into 5 Thin Clients For Cloud Desktops

After acquiring VMware for $69 billion, Broadcom is eliminating several positions at the virtualization technology company. Business Insider reports: Employees whose positions were eliminated received an email on Monday, viewed by Business Insider, that read: “Broadcom recently completed its acquisition of VMware. As part of integration planning, and following an organizational needs assessment, we identified go-forward roles that will be required within the combined company. We regret to inform you that your position is being eliminated and your employment will be terminated.”

“We would like to thank you for your dedication and service. We want to make this transition as smooth as possible, including offering you a generous severance package and providing you a non-working paid notice period,” the email continued. Currently, it’s unclear exactly how many employees will be affected by the cuts.

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Source: Slashdot – Broadcom Lays Off VMware Employees After Closing Its Billion Acquisition

An anonymous reader quotes a report from Ars Technica: [L]ast week, researchers at Blackwing Intelligence published an extensive document showing how they had managed to work around some of the most popular fingerprint sensors used in Windows PCs. Security researchers Jesse D’Aguanno and Timo Teras write that, with varying degrees of reverse-engineering and using some external hardware, they were able to fool the Goodix fingerprint sensor in a Dell Inspiron 15, the Synaptic sensor in a Lenovo ThinkPad T14, and the ELAN sensor in one of Microsoft’s own Surface Pro Type Covers. These are just three laptop models from the wide universe of PCs, but one of these three companies usually does make the fingerprint sensor in every laptop we’ve reviewed in the last few years. It’s likely that most Windows PCs with fingerprint readers will be vulnerable to similar exploits.

Blackwing’s post on the vulnerability is also a good overview of exactly how fingerprint sensors in a modern PC work. Most Windows Hello-compatible fingerprint readers use “match on chip” sensors, meaning that the sensor has its own processors and storage that perform all fingerprint scanning and matching independently without relying on the host PC’s hardware. This ensures that fingerprint data can’t be accessed or extracted if the host PC is compromised. If you’re familiar with Apple’s terminology, this is basically the way its Secure Enclave is set up. Communication between the fingerprint sensor and the rest of the system is supposed to be handled by the Secure Device Connection Protocol (SCDP). This is a Microsoft-developed protocol that is meant to verify that fingerprint sensors are trustworthy and uncompromised, and to encrypt traffic between the fingerprint sensor and the rest of the PC.

Each fingerprint sensor was ultimately defeated by a different weakness. The Dell laptop’s Goodix fingerprint sensor implemented SCDP properly in Windows but used no such protections in Linux. Connecting the fingerprint sensor to a Raspberry Pi 4, the team was able to exploit the Linux support plus “poor code quality” to enroll a new fingerprint that would allow entry into a Windows account. As for the Synaptic and ELAN fingerprint readers used by Lenovo and Microsoft (respectively), the main issue is that both sensors supported SCDP but that it wasn’t actually enabled. Synaptic’s touchpad used a custom TLS implementation for communication that the Blackwing team was able to exploit, while the Surface fingerprint reader used cleartext communication over USB for communication. “In fact, any USB device can claim to be the ELAN sensor (by spoofing its VID/PID) and simply claim that an authorized user is logging in,” wrote D’Aguanno and Teras.”Though all of these exploits ultimately require physical access to a device and an attacker who is determined to break into your specific laptop, the wide variety of possible exploits means that there’s no single fix that can address all of these issues, even if laptop manufacturers are motivated to implement them,” concludes Ars.

Blackwing recommends all Windows Hello fingerprint sensors enable SCDP, the protocol Microsoft developed to try to prevent this exploit. PC makers should also “have a qualified expert third party audit [their] implementation” to improve code quality and security.

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Source: Slashdot – Researchers Figure Out How To Bypass Fingerprint Readers In Most Windows PCs

Charter Communications confirmed to Light Reading it will lower the default video streaming resolution for its Unlimited Plus mobile customers to 480p from 720p starting in December. From a report: Charter’s default setting for customers on its other By The Gig and Unlimited mobile plans is already set at 480p. The company said its Unlimited Plus mobile customers can change their default streaming setting back from 480p to 720p using the company’s My Spectrum App for no extra charge. Further, the change will not affect customers who are connected to Wi-Fi. When customers are on Wi-Fi, the video streaming resolution among Charter’s Spectrum Mobile customers is determined by the format of the video content the customer is streaming and the capabilities and settings of their device, according to the company.

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Source: Slashdot – Charter To Reduce Mobile Video Streaming Resolution for Some Customers

Many Plex users were alarmed when they got a “week in review” email last week that showed them what they and their friends had watched on the popular media server software. From a report: Some users are saying that their friends’ softcore porn habits are being revealed to them with the feature, while others are horrified by the potentially invasive nature feature more broadly. Plex is a hybrid streaming service/self-hosted media server. In addition to offering content that Plex itself has licensed, the service allows users to essentially roll their own streaming service by making locally downloaded files available to stream over the internet to devices the server admin owns. You can also “friend” people on Plex and give them access to your own server.

A new feature, called “Discover Together,” expands social aspects of Plex and introduces an “Activity” tab: “See what your friends have watched, rated, added to their Watchlist, or shared with you,” Plex notes. It also shares this activity in a “week in review” email that it sent to Plex users and people who have access to their servers.

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Source: Slashdot – Plex Users Fear New Feature Will Leak Porn Habits To Their Friends and Family

Feeling especially drained after a day on Zoom is not a figment of your imagination — videoconferencing fatigue (VCF) is real, according to a study penned by a quartet of Austrian investigators. From a report: “Self-report evidence, collected all around the world, indicates that VCF is a serious issue,” wrote the authors of a study appearing in Scientific Reports, a journal published by Nature Reports. However, most available research on VCF relies on personal accounts of the problem, and focuses on the cause rather than the consequences, explained the researchers.

To determine the effects on the brain caused by hours of videoconferences, the team measured electrical activity in the noggins of 35 university students who watched a 50-minute lecture while wired into an electroencephalogram (EEG). The researchers asked another group to watch same content live. The researchers also calculated effects on heart rate for the two groups with electrocardiography (ECG), measured before and after videoconferencing sessions. Subjects were also given cognitive attention tasks and asked for self reports on moods. Those attending the live lecture reported they felt more lively, happy and active, and less tired, drowsy and fed-up than online counterparts.

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Source: Slashdot – Videoconferencing Fatigue is Real, Study Finds

Germany will entice electric vehicle drivers to charge up when there’s plenty of green power on the system by offering them cheap tariffs linked to wholesale prices. From a report: It’s part of a push by the government to better integrate huge swings of renewable power onto the grid when it’s particularly sunny or windy by ramping demand up or down to match. It’s an example of the flexible tariffs that are popping up all over Europe aimed at consumers with electricity-hungry devices like heat pumps or cars that can help balance the network.

Europe’s largest economy aims to produce 80% of its power from renewables by 2030, but is struggling to expand its network infrastructure. To reduce bottlenecks, consumers’ network costs should be reduced by as much as $208 per year, or they can opt for a 60% reduction on their energy price and benefit from other levy exemptions for heat pumps, the regulator Bundesnetzagentur said in a statement Monday.

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Source: Slashdot – Germany To Compensate Power Users Hit by Grid Bottlenecks

Russia has added the spokesman of U.S. technology company Meta, which owns Facebook and Instagram, to a wanted list, according to an online database maintained by the country’s interior ministry. From a report: Russian state agency Tass and independent news outlet Mediazona first reported that Meta communications director Andy Stone was included on the list Sunday, weeks after Russian authorities in October classified Meta as a “terrorist and extremist” organization, opening the way for possible criminal proceedings against Russian residents using its platforms.

The interior ministry’s database doesn’t give details of the case against Stone, stating only that he is wanted on criminal charges. According to Mediazona, an independent news website that covers Russia’s opposition and prison system, Stone was put on the wanted list in February 2022, but authorities made no related statements at the time and no news media reported on the matter until this week. In March this year, Russia’s federal Investigative Committee opened a criminal investigation into Meta.

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Source: Slashdot – Russia Puts Spokesman For Facebook-owner Meta on a Wanted List

Rooting out manipulation should not depend on dedicated amateurs who take personal legal risks for the greater good. From a story on Financial Times: As the Oxford university psychologist Dorothy Bishop has written, we only know about the ones who get caught. In her view, our “relaxed attitude” to the scientific fraud epidemic is a “disaster-in-waiting.” The microbiologist Elisabeth Bik, a data sleuth who specialises in spotting suspect images, might argue the disaster is already here: her Patreon-funded work has resulted in over a thousand retractions and almost as many corrections. That work has been mostly done in Bik’s spare time, amid hostility and threats of lawsuits. Instead of this ad hoc vigilantism, Bishop argues, there should be a proper police force, with an army of scientists specifically trained, perhaps through a masters degree, to protect research integrity.

It is a fine idea, if publishers and institutions can be persuaded to employ them (Spandidos, a biomedical publisher, has an in-house anti-fraud team). It could help to scupper the rise of the “paper mill,” an estimated $1bn industry in which unscrupulous researchers can buy authorship on fake papers destined for peer-reviewed journals. China plays an outsize role in this nefarious practice, set up to feed a globally competitive “publish or perish” culture that rates academics according to how often they are published and cited. Peer reviewers, mostly unpaid, don’t always spot the scam. And as the sheer volume of science piles up — an estimated 3.7mn papers from China alone in 2021 — the chances of being rumbled dwindle. Some researchers have been caught on social media asking to opportunistically add their names to existing papers, presumably in return for cash.

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Source: Slashdot – ‘There is a Scientific Fraud Epidemic’

A modern-day rush prospecting frenzy for lithium, a crucial battery metal, is unfolding across remote Western Australian deserts. The arid outback that previously supplied gold, nickel and iron now hosts fierce competition between miners racing to stake claims on lithium resources needed for the global green energy transition. Lithium giants U.S.’s Albemarle and Chile’s SQM have sparred with Australian billionaires Gina Rinehart and Chris Ellison over contested acquisitions of unproven explorers there. With demand surging, the harsh outback has become the modern El Dorado as pioneers and corporations scramble to tap into lithium, the “white gold,” before rivals beat them to the punch. The deal frenzy has also come at a time when the lithium price has crashed as much as 70% compared with highs seen last year, as expectations of electric vehicle demand in key markets such as China have been lowered, Financial Times adds. The report adds: Western Australia already supplies about half of the world’s raw lithium and is seen as a stable place to invest compared with parts of Africa, where there has been political instability, and Chile, where the state has moved to take control of lithium projects. Local expectations are high. A report by Australia’s chief economist said lithium product exports should exceed A$20bn in the year to June 2023, up from A$5bn in the previous year. The report added that by 2028, the value of lithium exports should exceed those of coal, a staple of Australia’s economy for decades. Australia has ambitions to step up its efforts to refine spodumene to keep more of the value onshore rather than shipping all of its resources to China, which has a commanding share of the refining process.

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Source: Slashdot – Mining Tycoons Battle Over Lithium’s ‘Corridor of Power’ in Australia

Amazon has grabbed the crown of biggest delivery business in the U.S., surpassing both UPS and FedEx in parcel volumes. From a report: The Seattle e-commerce giant delivered more packages to U.S. homes in 2022 than UPS, after eclipsing FedEx in 2020, and it is on track to widen the gap this year, according to internal Amazon data and people familiar with the matter. The U.S. Postal Service is still the biggest parcel service by volume; it handles hundreds of millions of packages for all three companies. A decade ago Amazon was a major customer for UPS and FedEx, and some executives from the incumbents and analysts mocked the notion that it could someday supplant them. Amazon’s outsize growth combined with strategy shifts at FedEx and UPS have changed the balance.

Before Thanksgiving this year, Amazon had already delivered more than 4.8 billion packages in the U.S., and its internal projections predict that it will deliver around 5.9 billion by the end of the year, according to documents viewed by The Wall Street Journal. Last year Amazon shipped 5.2 billion packages. Amazon’s figures include only packages that Amazon shipped from beginning to end. UPS and FedEx include packages they hand off to the postal service for final delivery in their tallies. UPS has said that its domestic volume this year is unlikely to exceed last year’s 5.3 billion, which includes packages delivered to customers through the postal service. In the first nine months this year, UPS handled around 3.4 billion parcels domestically.

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Source: Slashdot – Amazon Tops UPS and FedEx To Become Biggest US Delivery Business

The United States, Britain and more than a dozen other countries on Sunday unveiled what a senior U.S. official described as the first detailed international agreement on how to keep AI safe from rogue actors, pushing for companies to create AI systems that are “secure by design.” From a report: In a 20-page document unveiled Sunday, the 18 countries agreed that companies designing and using AI need to develop and deploy it in a way that keeps customers and the wider public safe from misuse. The agreement is non-binding and carries mostly general recommendations such as monitoring AI systems for abuse, protecting data from tampering and vetting software suppliers.

Still, the director of the U.S. Cybersecurity and Infrastructure Security Agency, Jen Easterly, said it was important that so many countries put their names to the idea that AI systems needed to put safety first. “This is the first time that we have seen an affirmation that these capabilities should not just be about cool features and how quickly we can get them to market or how we can compete to drive down costs,” Easterly told Reuters, saying the guidelines represent “an agreement that the most important thing that needs to be done at the design phase is security.”

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Source: Slashdot – US, Britain, Other Countries Ink Agreement To Make AI ‘Secure by Design’

Google Drive users are reporting files mysteriously disappearing from the service, with some posters on the company’s support forums claiming six or more months of work have unceremoniously vanished. From a report: The issue has been rumbling for a few days, with one user logging into Google Drive and finding things as they were in May 2023. According to the poster, almost everything saved since then has gone, and attempts at recovery failed. Others chimed in with similar experiences, and one claimed that six months of business data had gone AWOL. There is little information regarding what has happened; some users reported that synchronization had simply stopped working, so the cloud storage was out of date.

Others could get some of their information back by fiddling with cached files, although the limited advice on offer for the affected was to leave things well alone until engineers come up with a solution. A message purporting to be from Google support also advised not to make changes to the root/data folder while engineers investigate the issue. Some users speculated that it might be related to accounts being spontaneously dropped. We’ve asked Google for its thoughts and will update should the search giant respond.

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Source: Slashdot – Google Drive Misplaces Months’ Worth of Customer Files

Fast Company published some thoughts about porch piracy from Rohan Shah, the cofounder of the shipment-insurance platform Extend:

In New York City, where as many as 90,000 packages are stolen every day, the Department of Transportation has launched a pilot program, LockerNYC, in which consumers can collect their online purchases at various storefront or sidewalk locations. Amazon Locker has 900 locations across the U.S. and recently launched Amazon Key, allowing consumers to throw privacy to the wind and give delivery persons access to their homes and cars. Amazon also has pick up kiosks at Whole Foods and Kohl’s and The U.S. Postal Service has set up after-hours pick-up locations in many states.

All of that said, for consumers who simply wanted convenient, free two-day shipping, the time spent driving and waiting in line for a package doesn’t seem like the best fix, nor a differentiated digital experience. AI to the rescue… This year, the fastest path to progress is simply reinventing shipping protection for the digital era and AI can do that at scale, for pennies on the dollar… My company, Extend, for example, leverages AI to process 98% of shipping claims in 90 seconds, with a replacement product shipped to the customer the same day… The new approach is a type of no-fault insurance, which the consumer purchases at checkout for around 2% of the purchase price. For a $200 pair of shoes, the cost to protect against shipping issues would be just $4.

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Source: Slashdot – Startup Suggests Fighting Porch Piracy with AI-Enhanced Shipment Insurance

“On a typical day 1,300 planes take off and land at Heathrow Airport, and keeping that going requires around 20 million litres of jet fuel every day,” reports the BBC. “That’s the equivalent of filling up your car around 400,000 times.

“But, when it comes to fuel, airports around the world are having to have a major rethink…”

To be of any use to the aviation industry, hydrogen needs to be in its liquid form, which involves chilling it to minus 253C. Handling a liquid at that kind of temperature is immensely challenging. Given the chance, liquid hydrogen will “boil-off” and escape as a gas — potentially becoming a hazard. So tanks, pipes and hoses all have to be extra-insulated to keep the liquid cold.
France’s Air Liquide has a lot of experience in this area. For around 50 years it has been supplying cryogenic hydrogen to the Ariane rockets of the European Space Agency (ESA)… Over the past three years, in partnership with Airbus and France’s biggest airport operator, Group ADP, Air Liquide has been investigating the potential of hydrogen in the aviation business. It is also part of the H2Fly consortium which this summer successfully flew an aircraft using liquid hydrogen. For Air Liquide, it was an opportunity to test systems for fuelling a hydrogen aircraft…

However, installing the equipment needed to store and distribute hydrogen at airports will not be cheap. The consultancy Bain & Company estimates it could cost as much as a billion dollars per airport. One start-up, Universal Hydrogen, says it has a solution… The company has developed special tanks to hold liquid hydrogen (UH calls them modules), which can then be trucked to the airport. The modules are designed to slot straight into the aircraft, where they can be plugged into the propulsion system. No need for pipes, hoses and pumps.
The modules are extremely well insulated and can keep the hydrogen in its liquid form for four days. Two modules would hold 360kg of hydrogen and would be able to fly an aircraft 500 miles, plus an extra 45 minutes of flight time in reserve.

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Source: Slashdot – Could Airports Make Hydrogen Work As Fuel?

The Hill published this warning from an Information Sciences assistant professor:
Since 1980, more than 40,000 scientific publications have been retracted. They either contained errors, were based on outdated knowledge or were outright frauds… Yet these zombie publications continue to be cited and used, unwittingly, to support new arguments. Why? Almost always it’s because nobody noticed they had been retracted…

Just by citing a zombie publication, new research becomes infected: A single unreliable citation can threaten the reliability of the research that cites it, and that infection can cascade, spreading across hundreds of papers. A 2019 paper on childhood cancer, for example, cites 51 different retracted papers, making its research likely impossible to salvage. For the scientific record to be a record of the best available knowledge, we need to take a knowledge maintenance perspective on the scholarly literature… And we need to build on that knowledge, not on the errors and fraud…

Slow science, living articles and reducing the pressure to publish are among the interventions that could help. We need a healthy, trustworthy ecosystem that rewards effort, not just results… Individuals and organizations that do the work of science must ensure that the work doesn’t end at publication. Sometimes, it is just the beginning.

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Source: Slashdot – Science Is Littered With ‘Zombie Studies’ – Retracted Research Still Referenced By Others

America’s census bureau looked at how many people relocated into each state from another state, compared to the total number of people making a move in that state. The state with the lowest “inmigration” ratio? California.

From 2021 through 2022, “California’s inmigration rate was 11.1% last year…” reports SFGate. “For comparison, nearby Oregon had a inmigration rate of 21%.”

But the census bureau cautions that California — America’s most populous state — “also had a relatively large base of movers overall” — over 4 million — which could help explain its low ratio in several statistics. SFGate reports:
California’s outmigration rate — defined as the “number of people moving out of a state as a share of that state’s total number of movers” — was also below the national migration average. Texas had the country’s lowest outmigration rate, at 11.7%, according to the Census Bureau’s analysis.

California and Texas are America’s two most populous states. (The total population of California is 39 million — roughly 11.7% of America’s population — while Texas has another 30 million. Oregon’s population is just 4,240,137.) Interestingly, most people moving to California arrived from… Texas. (44,279). At the same time, 102,422 people moved from California to Texas, with another 74,157 moving from California to Arizona.

New York state also lost 91,201 people to Florida, and another 75,103 people to New Jersey.

The second-highest number of people (31,225) who moved from a different state to California came from New York…

According to the San Francisco Chronicle, California saw a net loss of 340,000 residents between 2021 and 2022, with most of the people who left heading to Florida or Arizona.

Read more of this story at Slashdot.

Source: Slashdot – Fewer People Moving in California Are Moving Into the State Than Anywhere Else

AI employed by the U.S. military “has piloted pint-sized surveillance drones in special operations forces’ missions and helped Ukraine in its war against Russia,” reports the Associated Press.

But that’s the beginning. AI also “tracks soldiers’ fitness, predicts when Air Force planes need maintenance and helps keep tabs on rivals in space.”

Now, the Pentagon is intent on fielding multiple thousands of relatively inexpensive, expendable AI-enabled autonomous vehicles by 2026 to keep pace with China. The ambitious initiative — dubbed Replicator — seeks to “galvanize progress in the too-slow shift of U.S. military innovation to leverage platforms that are small, smart, cheap, and many,” Deputy Secretary of Defense Kathleen Hicks said in August. While its funding is uncertain and details vague, Replicator is expected to accelerate hard decisions on what AI tech is mature and trustworthy enough to deploy — including on weaponized systems.’

There is little dispute among scientists, industry experts and Pentagon officials that the U.S. will within the next few years have fully autonomous lethal weapons. And though officials insist humans will always be in control, experts say advances in data-processing speed and machine-to-machine communications will inevitably relegate people to supervisory roles. That’s especially true if, as expected, lethal weapons are deployed en masse in drone swarms. Many countries are working on them — and neither China, Russia, Iran, India or Pakistan have signed a U.S.-initiated pledge to use military AI responsibly.

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Source: Slashdot – The US Military’s AI ‘Swarm’ Initiatives Speed Pace of Hard Decisions About Autonomous Weapons

“Government-funded investment accounts for children could be on the horizon,” writes CNBC, “and if tech investor Brad Gerstner has his way, corporate America will match the funds…”

Gerstner been working with lawmakers to promote a legislative program known as Invest America that would create an investing account seeded with $1,000 for each child that’s born in the U.S., but it’s still too early in the process to publicly name supporters. He’s aiming, however, to have legislation passed before the next presidential election. At the same time, he’s working with corporate America to encourage businesses to offer matching funds to help employees further their savings.

“The vision is simple — that corporations would include an Invest America match of $1,000 into the Invest America account of children of their employees,” Gerstner, founder and chief executive of Altimeter Capital, said in an email. “We have talked with companies ranging from Zillow to Dell to Uber and, subject to details, the response has been overwhelmingly positive,” he said. Rich Barton, co-founder and chief executive of Zillow, said it’s a “no-brainer” for his company to fully support and match the type of program Gerstner is proposing. “A 401(k)-style investment account from birth seems like a great way to tackle the growing divide around financial literacy and wealth,” he said in an email. “It is a small investment to help parents achieve more peace of mind.”

Representatives for Microsoft CEO Satya Nadella, Michael Dell and Uber CEO Dara Khosrowshahi, other companies Gerstner cited in a recent CNBC interview as being receptive to his pitch, did not respond to email requests for comment…

Certainly, there can be tangible — and intangible — benefits to companies that participated in a matching program. For instance, the government would have to provide tax incentives to companies that would presumably function similarly to how deductions are handled for 401(k) contributions, said Jeffrey Sharp, executive vice president at HUB International, a global insurance broker that provides employee benefits, and other products and services. Someone with $1,000 in her account at birth could expect a balance of about $107,000 by age 67, provided the portfolio grew at an annualized rate of 7%, according to CNBC Make It’s compounding interest calculator. With a company match, a $2,000 investment could grow to around $215,000, under the same conditions. The outcome could be even more beneficial if parents contribute additional funds.

The article also hedges that companies “would have to consider the advisability of paying for this type of benefit that not all employees could take advantage of. They might decide, for instance, they’d be better off upping their 401(k) match so more employees could benefit.”

But “I think we have a historic moment right now to get everybody into the game of capitalism,” Gerstner says in an interview, noting it would cost just $3.7 billion to fund 50 million accounts — “less than 1/100th of 1% of the national budget” — and that he hopes to see the legislation introduced next year “in the spring.”

Read more of this story at Slashdot.

Source: Slashdot – Microsoft, Uber, Dell CEOs Consider Government-Funded Stock Funds for Children