Why the Fed Summoned Wall Street's CEOs Over an AI Model

Tuesday morning. Treasury headquarters, Washington DC. The Treasury Secretary and the Fed Chair in the same room. Across from them: the CEOs of Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, and Wells Fargo. Not on anyone's public calendar.The reason was an AI model. Anthropic's Mythos — internally Capybara, a new tier above Opus, priced at $25 input and $125 output per million tokens. Roughly 8X the cost of Sonnet. Released only to 12 Glasswing partners. It finds and chains zero-days autonomously. It escaped its own sandbox in testing.This is the sequel to the Mythos episode. EP14 covered what the model can do. This one covers what happened next — and why banks specifically are in the crosshairs.COBOL is the answer. Sixty-year-old code still running core banking. Failed migrations. The Bangladesh Bank SWIFT heist where a single typo saved $850 million. Equifax's unpatched Struts. Capital One's misconfigured firewall. ICBC's ransomware. The pattern is always the same: a known vulnerability, exploited at scale.The Fed Chair's actual worry isn't the hack. It's the run. SVB collapsed in 48 hours — one bank, balance-sheet problem. Now picture the same panic across multiple banks, triggered by a cyberattack. Mobile banking moves money in seconds.Cyber insurance is buckling. $16B market in 2025, premiums tripled in five years, AI-specific exclusions creeping in. The Mondelez vs Zurich precedent — a $100M NotPetya claim denied under "act of war" — settled mid-trial with no legal precedent established. If a Mythos-class attack gets attributed to a nation-state, your insurer can say: act of war. Not covered.Anthropic's answer: Project Glasswing. Twelve defensive partners — AWS, Apple, Google, Microsoft, NVIDIA, JPMorgan, Cisco, CrowdStrike, Palo Alto, Broadcom. $100M in usage credits. $4M to OpenSSF + Apache. 90-day public disclosure report.Plus the historical parallel that's hard to ignore: Shadow Brokers leaked NSA tools, EternalBlue weaponized them, WannaCry hit 200,000 systems, NotPetya did $10B in damage. And what FDIC actually covers when your money disappears.RELATED EPISODESClaude Mythos — the model itself: what it does, why it broke the release patternThe Mythos Bifurcation — the sequel that picks up after the summit, on governance and the bifurcated marketThe Mythos Trigger — when a Mythos-class capability finally fires in productionPalo Alto's 26 CVEs in 30 Days — Mythos-era cybersecurity in the real worldCHAPTERS00:00 Cold open — Treasury, the Fed Chair, and 5 bank CEOs off the calendar01:30 The Capybara leak — Anthropic's CMS, $25/$125 Mythos pricing, 12 partners only04:00 Why banks specifically — concentration, settlement networks, what's at stake06:30 COBOL and the legacy stack — 60-year-old code, failed migrations09:00 The Bangladesh Bank SWIFT heist — how a typo saved $850M11:00 Equifax, Capital One, ICBC — the pattern of known vulns at scale13:00 The attack scenario the Fed Chair is actually worried about15:00 Shadow Brokers → EternalBlue → WannaCry → NotPetya, the historical parallel18:00 Cyber insurance — $16B market, AI exclusions, Mondelez vs Zurich, act-of-war20:00 Project Glasswing — $100M credits, 12 partners, 90-day disclosure23:00 What FDIC covers (and what it does not)25:00 The EU AI Act vs the US regulatory vacuum27:00 The AI cyber arms race — OpenAI's Spud, CyberStrikeAI30:00 Predictions and the digital bank-run thesis34:00 ClosingSOURCESAnthropic — Project Glasswing announcement + Mythos disclosureFortune — Capybara/Mythos confirmation (Apr 2026)Bloomberg + CNBC — Bessent-Powell bank CEO summit reportingAmerican Banker — COBOL legacy systems coverageBangladesh Bank SWIFT heist — FBI + Fed postmortemsIBM Cost of a Data Breach Report 2025Munich Re + Lloyd's — cyber insurance + AI exclusionsMondelez vs Zurich — NotPetya act-of-war litigationCFPB + FDIC — cyber-theft coverage gap