statism

Deadly Cyberattacks Highlight the Need for a Cybersecurity Upgrade

"The Sayano-Shushenskaya hydro-dam disaster was a cyberattack. You can characterize it as an accident in the nature of 'friendly fire.' But overall, this cascading wave of destruction was triggered by a bad computer command. Sayano-Shushenskaya demonstrates the immense scope of destruction that can come from cyberattacks. Indeed, per Gen. Alexander, only nuclear bombs and other weapons of mass destruction can cause more damage, faster, over wider areas. [..] In a speech at the National Press Club, Napolitano stated that the U.S. 'will, at some point, face a major cyber event that will have a serious effect on our lives, our economy and the everyday functioning of our society.'" Continue reading →

Continue ReadingDeadly Cyberattacks Highlight the Need for a Cybersecurity Upgrade

Microsoft and Google to sue over U.S. surveillance requests

"The companies announced the lawsuit on Friday, escalating a legal battle over the Foreign Intelligence Surveillance Act (Fisa), the mechanism used by the National Security Agency (NSA) and other US government agencies to gather data about foreign internet users. Microsoft’s general counsel, Brad Smith, made the announcement in a corporate blog post which complained of the government’s 'continued unwillingness' to let it publish information about Fisa requests. The companies denied the NSA had 'direct access' to their systems but said they were legally unable to disclose how many times they have been asked to provide information on users." Continue reading →

Continue ReadingMicrosoft and Google to sue over U.S. surveillance requests

Coinsetter CEO’s Message to Banks: You Will Soon Love Bitcoin

"Put yourself into a world in which banks charge $20 to $50 to manage an international wire transfer, but hardly make a profit on it. Conceptualize a world in which banks delay domestic ACH transfers up to three days, in a large part to reduce fraud risk. Imagine a world in which taking on just one new customer necessitates the hiring of another employee. If you’re a commercial bank, these problems are likely all too familiar. Your costs are continuously rising, but your clearing and compliance infrastructure hasn’t changed. Well I have some good news for you: Bitcoin is going to lower your network and compliance costs by 90%, and I guarantee you will be using it within ten years or less." Continue reading →

Continue ReadingCoinsetter CEO’s Message to Banks: You Will Soon Love Bitcoin

Lawyers’ Heaven: Big Banks’ Legal Bills Total $100 Billion.

"The six biggest U.S. banks, led by JPMorgan Chase & Co. (JPM) and Bank of America Corp., have piled up $103 billion in legal costs since the financial crisis, more than all dividends paid to shareholders in the past five years. Bank of America, led by Chief Executive Officer Brian T. Moynihan increased its legal costs by $3.3 billion in the first half to a total of $19.1 billion. That’s the amount allotted to lawyers and litigation, as well as for settling claims about shoddy mortgages and foreclosures, according to data compiled by Bloomberg. The sum, equivalent to spending $51 million a day, is enough to erase everything the banks earned for 2012." Continue reading →

Continue ReadingLawyers’ Heaven: Big Banks’ Legal Bills Total $100 Billion.

U.S. seeking $6 billion from JPMorgan to settle mortgage claims

"U.S. government housing finance authorities are pressing JPMorgan Chase & Co for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter. The FHFA litigation is among a raft of legal issues JPMorgan is trying to work through in addition to investigations over its $6.2 billion 'London Whale' derivatives loss of last year. The FHFA, which oversees Fannie Mae and Freddie Mac, sued JPMorgan over some $33 billion of securities two years ago and also sued at least 16 other financial institutions. Fannie Mae and Freddie Mac were seized by the government in 2008 and received $187.5 billion to stay afloat." Continue reading →

Continue ReadingU.S. seeking $6 billion from JPMorgan to settle mortgage claims

Delta and Virgin Atlantic venture gets tentative immunity from antitrust laws

"Delta Air Lines and Virgin Atlantic Airways on Friday won tentative US approval for antitrust immunity for their proposed transatlantic joint venture, officials said. The Department of Transportation said it had recommended approving a request by the two airlines for protection from prosecution over antitrust issues, saying the tie-up would likely increase competition. The antitrust immunity 'would allow the airlines to operate a joint venture on flights between the United States and the United Kingdom,' the department said on its website." Continue reading →

Continue ReadingDelta and Virgin Atlantic venture gets tentative immunity from antitrust laws

Peter Schiff: The Unfriendly Skies

"The truth is that our impoverished citizenry can no longer support the airline industry we once had. That's why American and U.S. Air had to merge in order to stay competitive and profitable. That is the sad truth behind the headlines. The government is correct about one thing, the merger would result in fewer choices and higher fares for customers. But given the reduction of our living standards that outcome is impossible to avoid. If our government really wants to protect consumers and allow for more affordable air travel, a better solution would be to reverse the destructive policies that made the merger necessary in the first place." Continue reading →

Continue ReadingPeter Schiff: The Unfriendly Skies

Lengthy, costly trail to Bay Bridge’s eastern span

"The $6.4 billion eastern span of the bridge costs roughly five times its original estimate and took at least seven years longer than expected. It took Caltrans officials 7 1/2 years and $1 million in research before they decided to replace the eastern span rather than retrofit it. In March, as contractors were tightening huge bolts attaching seismic safety devices to the bridge deck, the rods cracked. The surprising discovery of the cracked rods, some as long as 17 feet, led to an intensive investigation into how and why it happened and who was responsible, how the embarrassing problem could be fixed and whether - and when - it would be safe to open the bridge." Continue reading →

Continue ReadingLengthy, costly trail to Bay Bridge’s eastern span

The Italian government really screwed this poor woman

"They’ve jacked tax rates to the moon. And governments have forced banks to become unofficial tax collectors… limiting the amount of money that can be withdrawn and scrutinizing international wire transfers. Then the government went and, practically overnight, made her agricultural operations unprofitable. The home is another story altogether. The villa was awarded a special status as a sort of national monument years ago. This meant that she was able to make upgrades, improvements, and maintenance investments on a tax-free basis. The government revoked this status, retroactively. And they’ve now presented her with a big tax bill that she was never expecting before." Continue reading →

Continue ReadingThe Italian government really screwed this poor woman

Argentina rejects court order to pay ‘vulture fund’

"Argentina has said it will continue to pay back debt on its own terms, after a US appeals court ordered the South American country to hand $1.47 billion (1.1 billion euros) to two hedge funds holding its defaulted bonds. Buenos Aires’ defiant stance is just the latest chapter in an ongoing dispute over government bonds it defaulted on in 2001. Facing bankruptcy at the time, the country struck a deal with almost all of its creditors to restructure its debt at a discount of nearly 70 percent. Argentina has claimed that the court’s decision would spur the other 93% of creditors who previously agreed to a deal to also demand full repayment, thus forcing the country back to bankruptcy." Continue reading →

Continue ReadingArgentina rejects court order to pay ‘vulture fund’