This Odd Lots podcast episode focuses on the Bureau of Fiscal Service (BFS) within the US Treasury and the implications of Elon Musk's team gaining access to its payment systems. The interview with Nathan Tankus, an expert on the BFS, details the complexity of the system, its reliance on aging COBOL technology, and the potential risks associated with unauthorized access. Tankus highlights the lack of a backup system and the legal debate surrounding the executive branch's authority over payments, emphasizing the potential for significant disruptions if the system is compromised. The discussion underscores the critical role of the BFS in processing government payments and the potential consequences of its vulnerability. The episode concludes with a discussion of the market's apparent lack of concern regarding this situation.
