Yearly Archives: 2013

Michigan’s 4.375% Yield on School Notes Shows Detroit Stigma

"Michigan’s Finance Authority is offering an interest rate almost 14 times higher than that on top-rated bonds to sell $92 million of one-year notes for Detroit’s public schools. Today’s deal is the first tied to the Motor City since it sought bankruptcy protection July 18. The bonds are backed by state aid payments. The securities maturing in August 2014 are being offered with a preliminary yield of 4.375 percent, down from 4.5 percent earlier in the sale, according to three people familiar with the deal who requested anonymity because the pricing wasn’t final. That compares with a 0.32 percent interest rate on benchmark AAA munis due in one year." Continue reading →

Continue ReadingMichigan’s 4.375% Yield on School Notes Shows Detroit Stigma

Michigan’s 4.375% Yield on School Notes Shows Detroit Stigma

"Michigan’s Finance Authority is offering an interest rate almost 14 times higher than that on top-rated bonds to sell $92 million of one-year notes for Detroit’s public schools. Today’s deal is the first tied to the Motor City since it sought bankruptcy protection July 18. The bonds are backed by state aid payments. The securities maturing in August 2014 are being offered with a preliminary yield of 4.375 percent, down from 4.5 percent earlier in the sale, according to three people familiar with the deal who requested anonymity because the pricing wasn’t final. That compares with a 0.32 percent interest rate on benchmark AAA munis due in one year." Continue reading →

Continue ReadingMichigan’s 4.375% Yield on School Notes Shows Detroit Stigma

Decline and Fall: The Second Stage is Anger

"Not too long ago, I predicted that if I live to the average American male lifespan of 76 — I’m 46 now — I’ll have outlived the United States as we know it. At the time, I feared I was being over-optimistic, but lately I’m leaning the other way and thinking that my timetable may have been unduly timid. The recent temper tantrums of the American political class and its toadies abroad bring to mind an old saying (incorrectly attributed to Gandhi) — 'first they ignore you, then they laugh at you, then they fight you, then you win' — and the Kubler-Ross model of grief. Our would-be masters appear to have moved forward from 'denial' to 'anger' in a big way." Continue reading →

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Second British man jailed for selling fake bomb detectors to governments

"The boxes cost less than £5 ($7.85, 5.85 euros) to make, but Gary Bolton claimed they could detect explosives, narcotics, tobacco, ivory and even cash. They were sold for between £2,500 and £10,000 in bulk or up to £15,000 if bought individually. The court heard Bolton’s company, Global Technology, had a turnover of almost £3 million. In May, British businessman James McCormick was sentenced to 10 years in jail for selling fake bomb detectors to the Iraqi government and other countries. McCormick, 57, made an estimated £50 million from selling the devices, which prosecutors said were based on a novelty golf ball finder." Continue reading →

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‘Guardian’ editor: Destroying hard drives allowed us to continue NSA coverage

"Alan Rusbridger, the Guardian editor-in-chief, has said that the destruction of computer hard drives containing information provided by NSA whistleblower Edward Snowden allowed the paper to continue reporting on the revelations instead of surrendering the material to UK courts. Rusbridger told BBC Radio 4′s The World at One on Tuesday that he agreed to the 'slightly pointless' task of destroying the devices – which was overseen by two GCHQ officials at the Guardian’s headquarters in London – because the newspaper is in possession of digital copies outside Britain." Continue reading →

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What NSA Transparency Looks Like

"That is the publicly released version of a semiannual report from the administration to Congress describing NSA violations of rules surrounding the FISA Amendments Act. The act is one of the key laws governing NSA surveillance, including now-famous programs like Prism. As an oversight measure, the law requires the attorney general to submit semiannual reports to the congressional intelligence and judiciary committees. The section with the redactions above is titled 'Statistical Data Relating to Compliance Incidents.' The document, dated May 2010, was released after the ACLU filed a freedom of information lawsuit." Continue reading →

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Schedule 7 and the detention of David Miranda

"One of the most troubling aspects of Section 7 is that the UK government is using it to seize computers and mobile phones of travellers without cause, and retain the data indefinitely. The UK justifies its actions as a natural extension of its powers to examine a traveller's paper documents. But mobile electronic devices carry so much more intimate information about us than we would have previously hauled around in our luggage. Everything from a list of contacts, to photos of loved ones, to financial and medical documents, to trade secrets might be contained on a traveller's computer." Continue reading →

Continue ReadingSchedule 7 and the detention of David Miranda

David Miranda: I was treated like a threat to the United Kingdom

"David Miranda, the partner of the Guardian journalist who broke stories of mass surveillance by the US National Security Agency, has accused Britain of a 'total abuse of power' for interrogating him for almost nine hours at Heathrow under the Terrorism Act. In his first interview since returning to his home in Rio de Janeiro early on Monday, Miranda said the authorities in the UK had pandered to the US in trying to intimidate him and force him to reveal the passwords to his computer and mobile phone. During that time, he said, he was not allowed to call his partner, who is a qualified lawyer in the US, nor was he given an interpreter." Continue reading →

Continue ReadingDavid Miranda: I was treated like a threat to the United Kingdom

Judge: California can force-feed inmates on hunger strike

"U.S. District Court Judge Thelton E. Henderson, responding to a request by state authorities, ruled that California prison doctors may force-feed select inmates who are near death, even if they had signed orders asking not to be resuscitated. Some 136 inmates are currently taking part in a hunger strike that begun July 8 in prisons statewide to demand an end to a policy of housing inmates believed to be associated with gangs in near-isolation for years. Some 69 of the striking inmates have refused food continuously since the strike began." Continue reading →

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