False Sense Of Security

Caterpillar Punked By Chinese Fraud, To Write Off Half Of Q4 Earnings

"Fraudulent Chinese corporations are nothing new - we have been warning about them since late 2010. One company, however, which apparently was completely unaware of the now pervasive and proven for the past two years Chinese corporate fraud, is US industrial titan Caterpillar. This was made clear when, after hours on Friday night naturally, the company revealed that it had been misled by 'deliberate, multi-year, coordinated accounting misconduct' at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal." Continue reading →

Continue ReadingCaterpillar Punked By Chinese Fraud, To Write Off Half Of Q4 Earnings

See You in Court: Russians May Sue Over Cyprus Losses

"Big depositors- many of them Russian — face losses of up to 40 percent as the result of a so-called 'bail-in' to back 10 billion euros in EU financial aid to stabilize the Cypriot banking system. 'It's worth trying, it's not going to be easy, its not going to be a one-off, 24-hour court case, but the nature of the action itself sounds like expropriation,' said Andrey Goltsblat, at law firm Goltsblat BLP. There could be a basis to sue either Cyprus or individual banks, say lawyers who have been contacted by current and prospective clients seeking redress. 'People are just frustrated and ... are trying to find a way to get their money off Cyprus,' said Goltsblat." Continue reading →

Continue ReadingSee You in Court: Russians May Sue Over Cyprus Losses

Cyprus’ New Reality: Cash Society Without Cash

"Cyprus’ sudden acquiescence to demands by international lenders to confiscate 40 percent or more of bank deposits over 100,000 euros ($130,000) and limit withdrawals to 100 euros per day, while keeping the banks shut, has turned much of the country overnight into a fright-filled society with many people unable to get their hands on enough cash to pay for anything except food. Credit cards weren’t being accepted because businesses believe they won’t be paid, making the instruments as worthless as the plastic of which they are made. Checks weren’t being accepted either as Cyprus has become a cash society, even if most people are cashless." Continue reading →

Continue ReadingCyprus’ New Reality: Cash Society Without Cash

Think Twice Before Accepting Bank Transfers For Online Payment

If you're a seller on Ebay or any number of other peer-to-peer commerce sites, chances are you've run into a buyer who either maliciously charges-back the transaction despite having received the product, or a buyer who is operating using someone else's stolen credit card or other financial account. The accepted wisdom is that a bank transfer is the safest payment option to accept, on the basis that it cannot be reversed once it is credited to the recipient's account. Unfortunately, that is not true in the case of ever-increasing online fraud. Continue reading →

Continue ReadingThink Twice Before Accepting Bank Transfers For Online Payment

Defense contractor accused of espionage had worked in deterrence at US Pacific Command

"A civilian defense contractor accused of giving his Chinese girlfriend military secrets worked on developing military plans to deter potential U.S. enemies when the two began their romance, according to his online professional profile and court documents. Bishop was arrested Friday at Pacific Command headquarters at Camp H.M. Smith in Hawaii. The LinkedIn profile says he moved to a different department last May to work on cybersecurity. During that month, the FBI claims, Bishop emailed military secrets to the woman, including war plans and information on nuclear weapons." Continue reading →

Continue ReadingDefense contractor accused of espionage had worked in deterrence at US Pacific Command

New report says there are still no federal safety standards for nation’s bioterror defense labs

"US labs that research bioterror germs such as anthrax are at risk for accidents because they do not have uniform building and operation standards, a Congressional investigative group said on Monday. A lack of oversight has persisted despite a 2009 report by the Government Accountability Office on the same topic, leaving no single agency in charge of safety or research goals at bioterror labs, the GAO said in its report. US labs that research ways to protect against bioterror germs and disease outbreaks have been on the rise since the September 11, 2001 attacks." Continue reading →

Continue ReadingNew report says there are still no federal safety standards for nation’s bioterror defense labs

Vial of easily weaponized virus goes missing in Texas

"A virus that authorities worry could easily be weaponized as an aerosol went missing from a medical research facility in south Texas, an official at the University of Texas Medical Branch (UTMB) in Galveston said Saturday. About a quarter of a teaspoon of frozen viral material went missing last Wednesday, UTMB President David L. Callender explained in prepared text. The virus is an exotic strain from south America called Guanarito, which can cause a life-threatening condition that includes fever, convulsions and hemmhoraging." Continue reading →

Continue ReadingVial of easily weaponized virus goes missing in Texas

Bridges become the hottest new item for thieves to steal

"Are you in the market for a 22-tonne bridge? Is there an 82ft gap that you’re aching to span? If so, and assuming you like to play fast and loose with the law, you might want to get over to the Kocaeli province of Turkey where, earlier this month, audacious thieves stole an entire bridge overnight. It’s thought the miscreants intended to sell it for scrap metal; now villagers wanting to reach their orchards have to paddle across barefooted. It’s not the first time thieves have displayed such ambition. Earlier this year half a bridge in India was stolen over the course of three days." Continue reading →

Continue ReadingBridges become the hottest new item for thieves to steal
Read more about the article Nigel Farage: EU wants to steal money from Cypriots bank accounts

Nigel Farage: EU wants to steal money from Cypriots bank accounts

"Taking the bailout model to extremes - the EU has given Cyprus an ultimatum - either force savers to save banks, or go bankrupt. United Kingdom Independence Party MEP Nigel Farage gives his perspective on the deposit levy and Cypriot parliament vote." Continue reading →

Continue ReadingNigel Farage: EU wants to steal money from Cypriots bank accounts

Retirement crisis: Impoverished seniors on horizon

"American households are so strapped that only half could come up with $2,000 in cash if an unexpected need arose in the next month. You would think that savings levels would increase, but no. The percentage reporting saving anything for retirement is at 66 percent, down from 75 percent in 2009. In a little more than a decade, there will be a lot of older people who will run out of money. There will be stories written in 2025 about Joe Smith, 82, a retired autoworker, living in a flophouse on $2,100 a month in Social Security after his pension was cut off and his personal savings ran out, while his children, in their 60s themselves, moved 2,000 miles away." Continue reading →

Continue ReadingRetirement crisis: Impoverished seniors on horizon