Tag Archives | Finances

Report Suggests NSA May Be Manipulating Financial Data

LwJ1J6rIs the NSA manipulating the financial system? It certainly appears that it could.

Matt Blaze has been pointing out that when you read the new White House intelligence task force report and its recommendations on how to reform the NSA and the wider intelligence community, that there may be hints to other excesses not yet revealed by the Snowden documents. Trevor Timm may have spotted a big one. In the recommendation concerning increasing security in online communications, the second sub-point sticks out like a sore thumb.

If you can’t read that, it says: Governments should not use their offensive cyber capabilities to change the amounts held in financial accounts or otherwise manipulate the financial system.

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Is Apple Holding More Cash Than The U.S.?

Photo: TheIronLion

Photo: TheIronLion

Do US companies have more money than the US government? Recent financial figures show that Apple does. Via BBC News:

Apple now has more cash to spend than the United States government.

Latest figures from the US Treasury Department show that the country has an operating cash balance of $73.7bn (£45.3bn).

Apple’s most recent financial results put its reserves at $76.4bn (£46.9bn).

The US House of Representatives is due to vote on a bill to raise the country’s debt ceiling, allowing it to borrow more money to cover spending commitments.

If it fails to extend the current limit of $14.3 trillion (£8.7tn) dollars, the federal government could find itself struggling to make payments, and risks the loss of its AAA credit rating.

[Continues at BBC News]… Read the rest

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Kill Bill 2011: The Ongoing Sabotage Of Financial Reform

U.S._currency_iconSome years back Thomas Franck nailed it in his book, The Wrecking Crew. It was subtitled “How Conservatives Rule” and showed how narrow self-interest and well practiced cynicism in the service of partisan warfare has crippled our political system resulting in a deep paralysis despite the threat of a collapse.

I call it sabotage, a tactic that goes way back and involves deliberate effort to insure that reforms are effectively undermined.

When the book came out, Publishers Weekly praised it and criticized it in the same breath, writing,

“Frank paints a complex and conspiracy-ridden picture that illuminates the sinister and controversial practices of the Republican Party in the 20th and 21st centuries. While Frank’s assessments and interpretations of key events, players and party doctrines is accurate and justifiable, his overwhelming blame of the Republican Party as the source of everything that’s wrong with this county and as the emblem of self-destructing government denies the Democrats and the citizenry their roles in a decaying democracy”

How true!… Read the rest

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Are Banksters Too Big To Jail?

BankUSWhy are we banking on banks to a promote economic recovery? HBO’s “Too Big To Fail” should have been about banksters “too big to jail.”

This week the financial crisis finally went prime time in the form of a big budget HBO docudrama called “Too Big To Fail.”

It was a well-acted docudrama focused on the BIG Men and some women in the banks and in government who tried to put Humpty Dumpty back together again up on that wall to prevent a total economic collapse when panic dried up credit and financial institutions faced failure.

Based on the work of a New York Times reporter, it offered a skillfully-made but conventional narrative which, like most TV shows, showcase events but miss their deeper context and background.

We heard all the explanations, save one.

There was greed, ambition, ego and money lust. There were personal rivalries and ideological battles, parochial agendas and narrow self-interest.… Read the rest

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The Sexual World Of Bankers

Untitled-4Strauss-Kahn And The Secret Culture Of Aggressive Sexuality In The High Pressure World Of Bankers And Banksters.

My colleague Mike Whitney asks:

“So, what are the chances that Strauss-Kahn will get a fair trial now that he’s been blasted as a serial sex offender in about 3,000 articles and in all the televised news reports?

Do you remember any Wall Street bankers being dragged off in handcuffs when they blew up the financial system and bilked people out of trillions of dollars?”

The answer to both questions is certainly Non, in French or No in English, but there’s more to the connection between Sex and Wall Street. Without commenting on the evidence in this case—which has been asserted, not proven– there is a deeper context that is being ignored.

I call it the “Testosterone Factor” in The Crime of Our Time, my book about how Wall Street criminally engineered the financial crisis.… Read the rest

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