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NY Payroll Company Vanishes With $35 Million

posted by Fnord666 on Friday September 13 2019, @10:56AM   
from the who-needs-a-payroll dept.

upstart writes:

Submitted via IRC for SoyCow2718

NY Payroll Company Vanishes With $35 Million

This communique came after employees at companies that depend on MyPayrollHR to receive direct deposits of their bi-weekly payroll payments discovered their bank accounts were instead debited for the amounts they would normally expect to accrue in a given pay period.

To make matters worse, many of those employees found their accounts had been dinged for two payroll periods — a month’s worth of wages —leaving their bank accounts dangerously in the red.

The remainder of this post is a deep-dive into what we know so far about what transpired, and how such an occurrence might be prevented in the future for other payroll processing firms.

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Original Submission

• Re:Non-standard algebra Re:Non-standard algebra (Score: 2) by BsAtHome on Friday September 13 2019, @12:38PM (2 children)

  by BsAtHome (889) on Friday September 13 2019, @12:38PM (#893610)

  Yes, 2 + 2 = 5 for very large values of 2.

  Parent

  Starting Score:	1		point
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• Re:Non-standard algebra Re:Non-standard algebra (Score: 0) by Anonymous Coward on Friday September 13 2019, @12:49PM (1 child)

  by Anonymous Coward on Friday September 13 2019, @12:49PM (#893614)

  No, this is much bigger. Modern finance is so complex that we need probabilities outside the standard 0-1 range and correlations outside the standard -1 to 1 range to understand it:

  Similarly, probabilities less than 0 and greater than 1 were long considered non-sensible. However, these ex-
  tended probabilities and especially their important case-negative probabilities with values between 1 and −1,
  have been applied in physics for quite a while (cf. Wigner, 1932 [4]; Dirac, 1942 [5]; 1943 [6]; Bartlett, 1945 [7];
  Feynman, 1987 [8]; Mückenheim, 1986 [9]; Krennikov, 1992 [10] and 2009 [11]). The probabilities which are
  negative and bigger than 1 are also applied in finance (Haug, 2004 [12]; Székely, 2005 [13]; Burgin and Meiss-
  ner, 2010 [14] and 2012 [15]; and 2012 [16]).

  Mathematical patterns of negative probabilities were studied in Bartlett 1945 [7] and in Allen 1976 [17]. A
  mathematical theory of negative probabilities in p-adic fields was developed in (Krennikov, 2009) [11]. A ma-
  thematical theory of extended probabilities, which included negative probabilities, was created by Burgin and
  Meissner in 2010 [14] and 2012 [15] for the standard situations in physics, economics and finance, where real
  numbers and not p-adic numbers are used. Mathematically grounded interpretations of negative probabilities
  were constructed in Burgin, 2012 [18]; Abramsky and Brandenburger, 2014 [19].

  In this paper, we study correlation coefficients used in mathematical models of financial markets. By their
  conventional construction, correlation coefficients cannot be larger than 1 and smaller than −1. However, by ex-
  ploring the theory and practice of financial markets, we have discovered emergence of correlation coefficients
  beyond these limits. We call them extended correlations and develop a mathematical theory for them.
  The significance of our research lies on the fact that conventional mathematical theories cannot fully model
  all existing correlation values and processes in finance. That is why we introduce and study the concept of ex-
  tended correlations, which is more general than conventional correlations including them as a special case.
  Hence all correlations in finance (and other sciences), i.e. conventional, and correlations that are smaller than −1
  or larger than 1 can be evaluated using the concept of extended correlations.

  Journal of Mathematical Finance, 2016, 6, 178-188 http://dx.doi.org/10.4236/jmf.2016.61017 [doi.org]

  Parent

  • Re:Non-standard algebra (Score: 1, Funny) by Anonymous Coward on Friday September 13 2019, @06:52PM

    by Anonymous Coward on Friday September 13 2019, @06:52PM (#893807)

    Fool. You forgot to carry the "1".

    Parent