There are two classes of share – A and B. Each class B share carries 10 times the voting rights of its class A counterpart. Zuck owns 27.1% of the class B shares outright and the company’s pre-IPO filings to the Securities and Exchange Commission revealed agreements with other owners of class B shares to assign their voting rights to him. The net result is that he has voting control over at least 57.1% of the class B shares. In other words, he’s omnipotent.

This would be a problem even if Zuck had the brains of Einstein and the wisdom of Solomon. But, alas, he doesn’t. He is undoubtedly a smart and talented guy, but he also happens to have a megalomaniacal obsession – that everything has to be social, ie public. And if you’re a Facebook user and don’t like that – well, tough.

So we now have another powerful media company with a shareholding structure that renders its charismatic, single-minded founder immune from shareholder pressure. Remind you of anyone? Hint: it begins with “News”.

Email has become the central communications channel of all modern organisations, to the point where none of them could now function without it. But there’s increasing evidence – both anecdotal and empirical – that it has become dysfunctional. It eats into people’s working and thinking time, for example, distracts them from doing “real” work and generates guilt feelings that ratchet up stress levels to unsustainable levels.

In the old world of desktop PCs, you could at least leave it behind when you left the office. But the advent of the smartphone changed all that. Email has now infiltrated leisure time, family time – even sleep time. It’s become a monster that’s destroying our lives.

Deep down, most of us know this. But we daren’t talk about it out loud, for fear of seeming inadequate…

We went to a lovely wedding of a friend’s daughter in Holland just over a week ago. It was a large and lavish affair, and there were two very good professional photographers in attendance. But I got the “money shot” (he said, modestly)!

Larger version here.

“Cogito interruptus is typical of those who see the world inhabited by symbols or symptoms. Like someone who, for example, points to the little box of matches, stares hard into your eyes, and says, ‘You see, there are seven…,’ then gives you a meaningful look, waiting for you to perceive the meaning concealed in that unmistakable sign.”

Umberto Eco, quoted here.

The Law Faculty library, in the rain, after a hailstorm. In May.

is that the loss also occurred because of a continued lack, nearly four years after the crisis, of rules and regulators up to the task of protecting taxpayers and the economy from the excesses of too big to fail banks; and, yes, of protecting the banks from their executives’ and traders’ destructive risk-taking.

The fact that JPMorgan’s loss — which Mr. Dimon has warned could “easily get worse” — is not enough to topple the bank, is not the point. What matters is that JPMorgan, like the nation’s other big banks, is still engaged in activities that can provoke catastrophic losses. If policy makers do not strengthen reform, then luck is the only thing preventing another meltdown.

All of which brings to mind Mr Dimon’s ferocious opposition to the Dobb-Frank Act, which was the Congressional response to the banking catastrophe, compliance with which — he claimed — would cost his bank $400m-$600m annually. The Dobb-Frank Act was also the object of sustained ridicule by the Economist magazine in a long piece last February (which quoted Dimon’s estimate of the cost of compliance). The piece attacked what it portrayed as flaws in “the confused, bloated law passed in the aftermath of America’s financial crisis”, but failed to observe that one reason for the complexity of Dodd-Frank was the unconscionable complexity of the financial system that it was attempting to regulate.

The other thing that, strangely, escaped the notice of Economist is the need to make a cost-benefit assessment of initiatives like Dodd-Frank. Sure, the costs it imposes on banks are no doubt heavy; sure, it will give employment to lawyers and form-fillers. But what about the costs that the banking meltdown has inflicted on our societies (as some readers of the Economist pointed out in letters to the Editor the following week)?

But perhaps the most acute angle on the irony of JP Morgan Chase’s screw-up is provided by this chart by Derek Thompson of The Atlantic:

The NYT points out that the Dodd-Frank Act also calls for new rules on derivatives — including transparent trading and requirements for banks to back their trades with collateral and capital. If such rules were in place, JPMorgan’s trades could not have escaped notice by regulators and market participants. In the face of heavy lobbying, the derivatives’ rules have also been delayed or watered down. But guess what?

There are now several bills in the House, with bipartisan support, to weaken the Dodd-Frank law on derivatives. One of those would let the banks avoid Dodd-Frank regulation by conducting derivatives deals through foreign subsidiaries. The JPMorgan loss was incurred in its London office, which doesn’t lessen the effect here.

Finally — and needless to say — Mitt Romney has called for repealing the Dodd-Frank Act. Sometimes, one wonders if there is any intelligent life left on earth.

What comes irresistibly to mind the first time one sees a 3D printer in action is Arthur C Clarke’s famous observation that “any sufficiently advanced technology is indistinguishable from magic”. You’re sitting there watching the machine busily going about its business and then, suddenly, there’s a complex, fully functional object with moving parts – for example the roller-bearings that are an essential component in every thing that runs on wheels. And then you realise that this is not a technology for making toys and garden gnomes, but something that could transform manufacturing.

And of course Clayton Christensen’s The Innovator’s Dilemma, which has shaped my thinking about innovation ever since I read it many years ago. But although I knew his work, I knew very little about the man himself, which is why I found Larissa MacFarquhar’s New Yorker profile of him such riveting reading.

It appears in the May 14 issue and is, alas, behind the paywall, but the online summary gives a flavour of it.

In industry after industry, Christensen discovered, the new technologies that had brought the big, established companies to their knees weren’t better or more advanced—they were actually worse. The new products were low-end, dumb, shoddy, and in almost every way inferior. But the new products were usually cheaper and easier to use, and so people or companies who were not rich or sophisticated enough for the old ones started buying the new ones, and there were so many more of the regular people than there were of the rich, sophisticated people that the companies making the new products prospered. Christensen called these low-end products “disruptive technologies,” because, rather than sustaining technological progress toward better performance, they disrupted it.

It’s eerie how Christensen’s analysis still resonates. A few weeks ago, Kamal Munir from the Judge Business School gave a terrific talk in my Arcadia Seminar series at Cambridge University Library about his investigation of how Kodak fumbled the digital future. By any definition, Kodak was a great company which not only dominated its market, but had effectively created that market. And yet when the early digital cameras (like the Sony Mavica) arrived, the crappy technical quality of the images they produced was one of the factors that led Kodak to underestimate the threat that they would represent to its future. (Another factor was that the margins on digital photography were minuscule compared with the 70 per cent margins that Kodak was squeezing out of analog photography.)

And the innovation story goes on. We’re seeing it currently in the Higher Education business. Traditional universities are expensive and inefficient as teaching institutions, but most of them persist in believing that their USPs are such that scrappy online alternatives will never pose a serious threat. And it’s true that at the moment most online offerings are still pretty chaotic, variable and uncoordinated. But if Christensen’s analysis is correct, the challengers will eventually prove “good enough” for many customers (especially as the costs of traditional university courses continue to escalate) — with the result that he observed all those decades ago in industries like disk storage and steel-making. Caveat vendor.

Interestingly, MacFarquhar says that one of the people who first spotted Christensen’s work was Andy Grove:

One of the first C.E.O.s to understand the significance of Christensen’s idea was Andy Grove, the C.E.O. of Intel. Grove heard about it even before Christensen published his book, “The Innovator’s Dilemma,” in 1997. Intel brought out the Celeron chip, a cheap product that was ideal for the new low-end PCs, and within a year it had captured thirty-five per cent of the market. Soon afterward, Andy Grove stood up at the COMDEX trade show, in Las Vegas, holding a copy of “The Innovator’s Dilemma,” and told the audience that it was the most important book he’d read in ten years.

I’ve always thought that Grove was one of the most insightful CEOs of all time. He also understood the real significance of the Internet long before most people got it — as when he declared in 1999 that “in five years’ time all companies will be Internet companies or they won’t be companies at all”. What he meant was that the Net would become like the telephone or mains electricity: a utility that would transform the world in which everyone did business. Grove was much ridiculed for the declaration at the time. But he had the last laugh.

Observed in the Dom Square in Utrecht yesterday morning.

The video of my Lancaster talk about systems analysis and pathological paradigms. Plus a reply by Peter Checkland.

A list of the other lectures and talks in the symposium can be found here.