False Sense Of Security

SEC Proposes Crowdfunding Rules, But…

"To produce an offering disclosure document, enlist a funding portal, run background checks and file an annual report with the SEC year after year might well cost upwards of $100,000. In order for equity crowdfunding to the public to serve as a useful tool, as intended, Congress needs to amend the JOBS Act to make it less onerous and costly. Unfortunately, the SEC’s hands are tied since the JOBS Act itself creates most of the restrictions in the proposed rule. The SEC, for its part, did not tighten restrictions from the JOBS Act. This might be signal that even the SEC thinks the JOBS Act is too restrictive. Time will tell." Continue reading →

Continue ReadingSEC Proposes Crowdfunding Rules, But…

Buried in Fine Print: $57B of FHA Loans Big Banks May Have to Eat

"The nation's four largest banks are holding $57 billion of seriously delinquent loans that they've been slow to move into foreclosure over concerns that the Federal Housing Administration, the government mortgage insurer, will refuse to cover the losses and hit them with damages, according to industry sources. The banks — Bank of America (BAC), Citigroup (NYSE:C), JPMorgan Chase (JPM), and Wells Fargo (WFC) — have assured investors in the footnotes of quarterly filings that the loans are government-insured and therefore pose no threat to their bottom lines, even if they end up in foreclosure." Continue reading →

Continue ReadingBuried in Fine Print: $57B of FHA Loans Big Banks May Have to Eat

State, provincial regulators raise red flags on virtual currency

"Consumers may be headed for trouble when they turn over bank and brokerage pass codes to investment advisers or get pulled into investment scams involving digital currencies, state securities regulators said. The North American Securities Administrators Association said digital currencies, such as Bitcoin, offer consumers another way of paying for goods and services, but they also provide a 'fertile ground for scam artists to capitalize on ... (their) increasing popularity and acceptance.' The association's members include state and provincial regulators in the United States, Canada and Mexico." Continue reading →

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South African banks in massive credit card data breach

"A variant of malware – short for malicious software – called Dexter, inserted into point-of-sale (POS) devices at South African fast-food outlets, has cost local banks tens of millions of rand in what is being described as one of the worst breaches of customer card data in the country's history. South Africa's banks have suffered tens of millions of rand in losses due to a major breach of customer card data by criminal syndicates that infected electronic POS devices using a variant of malicious software called Dexter. It's not known exactly how many POS devices were infected by the malware, but the problem is believed to have been widespread in the fast-food industry." Continue reading →

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New $100 bill costs 60% more to produce

"The C-note just got a colorful makeover — and a heftier price tag. The revamped $100 bill costs 12.5 cents to produce — a 60% increase over the 7.8 cents it cost to print the older version of the bill. The government has printed 3.5 billion of the new $100 bills, which it began delivering to financial institutions Tuesday. How soon customers will see the new bills depends on their distance from a regional Fed office, demand, and a few other factors. Among the reasons it’s more expensive than the older currency: Its new security features, which help prevent counterfeiting." Continue reading →

Continue ReadingNew $100 bill costs 60% more to produce

MasterCard joining push for fingerprint ID standard

"MasterCard is joining the FIDO Alliance, signaling that the payment network is getting interested in using fingerprints and other biometric data to identify people for online payments. MasterCard will be the first major payment network to join FIDO. The Alliance is developing an open industry standard for biometric data such as fingerprints to be used for identification online. The goal is to replace clunky passwords and take friction out of logging on and purchasing using mobile devices. Google is part of the Alliance, and devices running Google's Android operating system will have fingerprint sensors by next year." Continue reading →

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Americans Abroad Stranded as US Check Clearance Blocked

"U.S. citizens staying in Israel have discovered this week that they are no longer able to get Israeli shekels in exchange for their checks which are drawn to U.S. banks. Until this week, Israeli foreign exchange places would accept U.S. checks, at least from their regular customers, and would pay them out for a fee of 1 percent of their value. But this is no ,longer the case. 'The problem is with the check clearance process,” a Jerusalem money changer told The Jewish Press. 'No one outside the U.S. is able to do check clearance. It’s an international problem, it’s not a problem only in Israel.' American banks are not processing for clearance any checks coming from outside the U.S." Continue reading →

Continue ReadingAmericans Abroad Stranded as US Check Clearance Blocked

FBI to Make Announcement on Tylenol Murders

"Just over 30 years ago, 7 people died after ingesting cyanide lasted capsules from within Tylenol Bottles manufactured by Johnson and Johnson. The narrative put forth by the FBI and Johnson and Johnson through the news media at the time was described as a lone madman traveled from store to store placing the cyanide in the bottles. But is that what really happened? For the last 2 years, I have been reporting on the investigation and research of Scott Bartz. Bartz is a former Johnson and Johnson employee who claims that the narrative put forth by his employer and the FBI is entirely FALSE." Continue reading →

Continue ReadingFBI to Make Announcement on Tylenol Murders

Officer indicted for illegal drug prescriptions, fake disability claims

"Authorities say Driscoll, who was in his police uniform, went to a CVS Pharmacy in Burlington on July 10, seeking to obtain Percocet pills. Burlington police were notified and an investigation was launched. Officials allege Driscoll had presented five fraudulent prescriptions to CVS pharmacy between May and July of 2013, and that he received more than 260 Percocet tablets through these false prescriptions. Officials said they also learned Driscoll passed false prescriptions for pain medication at an Osco Pharmacy in a Burlington supermarket. In all but one instance, Driscoll is accused of dropping off and picked up medications while in his police uniform." Continue reading →

Continue ReadingOfficer indicted for illegal drug prescriptions, fake disability claims

French Study Investigates Danger Of Speed Limit Fixation

"In jurisdictions with automated speed enforcement, cruise control can save drivers from receiving a nasty surprise in the mail. A study released July 30 from the Vinci Autoroutes Foundation concluded that this reliance on cruise control can actually make driving more dangerous. These findings are consistent with those of the late Paul Smith, founder of the Safe Speed road safety campaign, who calculated that each time a driver looked down to check his speedometer in a 200 yard speed camera zone -- each glance takes about 1.1 seconds -- he loses 13 percent of the time available to observe the road for hazards. The UK Department for Transport lists driver inattention as the cause of 25% of accidents." Continue reading →

Continue ReadingFrench Study Investigates Danger Of Speed Limit Fixation