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April 17, 2012

Iran: Security researcher ignored by banks hacks the banks instead

  • cause About a year ago, Iranian security researcher Khosrow Zarefarid found a major security flaw in the country’s banking system and created a formal report.
  • effect He sent the report to  the CEOs of a number of banks in the country, who completely ignored it. Zarefarid decided to make his findings public in response.
  • result Zarefarid recently put up a link revealing the account info of 3 million users. Zarefarid, who left Iran, didn’t appear to use the info he hacked, just leaked it. source
11:26 // 2 years ago
January 25, 2012
HSBC faces money-laundering investigation in Senate
A big company with big problems: Reuters is reporting that HSBC is facing some tough allegations in the Senate, with the company reportedly getting investigated for its role in sketchy money-laundering practices. Reuters reports that while the scale of the investigation isn’t known, signs point to breakdowns in the company’s anti-money-laundering systems. In response to the Senate allegations, the company’s spokesman responded: ”We have ongoing discussions with officials on a number of regulatory and compliance matters. The nature of these discussions is confidential; in all cases, we are cooperating.” Read more at the link. (awesome, incredibly fitting photo by Flickr user Will Survive) source
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A big company with big problems: Reuters is reporting that HSBC is facing some tough allegations in the Senate, with the company reportedly getting investigated for its role in sketchy money-laundering practices. Reuters reports that while the scale of the investigation isn’t known, signs point to breakdowns in the company’s anti-money-laundering systems. In response to the Senate allegations, the company’s spokesman responded: ”We have ongoing discussions with officials on a number of regulatory and compliance matters. The nature of these discussions is confidential; in all cases, we are cooperating.” Read more at the link. (awesome, incredibly fitting photo by Flickr user Will Survive) source

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10:14 // 2 years ago
December 6, 2011
Today in gaining support: The “Robin Hood tax” on financial transactions to big banks. Take from the rich and give to the poor. Think it’s a good idea? Think it’d actually prove beneficial?

Today in gaining support: The “Robin Hood tax” on financial transactions to big banks. Take from the rich and give to the poor. Think it’s a good idea? Think it’d actually prove beneficial?

11:32 // 2 years ago
November 3, 2011
At last count, Steven Katz owed $80,000 on his six credit cards, and he has no intention of paying any of it off. In fact, he’d like to show you how to be like him—a “credit terrorist” in open revolt against the banking system. Debtorboards.com (“Sue Your Creditor and Win!”), a five-year-old online forum where he’s collected countless tricks and tactics for evading and repelling persistent creditors. He’s written how-tos on shielding your assets from seizure, luring collection agencies into expensive lawsuits, and frustrating private investigators looking for debtors on the run. He’s even infiltrated the bill collectors’ forums, where he’s been tagged a “credit jihadist” and his site’s been called a “credit terrorist training camp,” a label he embraces. “Debtorboards is one of the biggest and most successful temper tantrums ever,” the 59-year-old Katz boasts. The site has more than 10,000 members—double what it had in 2009.
50 Ways to Leave Your Banker: What Happened When One Man Just Refused to Pay $80,000 in Credit Card Debt | Occupy Wall Street | AlterNet (via alternet-working)

If you can’t beat ‘em … learn a few legal techniques to learn how to beat ‘em. 

(via markcoatney)

10:31 // 2 years ago
October 28, 2011
8:35 // 2 years ago
October 6, 2011

"I don’t have facts to back this up, but I happen to believe…": Herman Cain is downright unimpressed with Occupy Wall Street, and he’s not afraid to let us know it. We suspect those of you who are sympathetic to (or participating in) this movement probably weren’t likely Cain voters anyways, but his strident denunciation here probably won’t win him any converts: “It is not a person’s fault if they succeeded, it is a person’s fault if they failed.” source

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17:19 // 2 years ago
October 5, 2011
It may be too early now to talk about the Law of Unintended Consequences, but years from now, we may owe a debt to reforms like Dodd-Frank for finally weaning us off the physical wallet and encouraging us to experiment with the new technologies helping to create the Digital Wallet.
The Washington Post’s Dominic Basulto • Arguing that Dodd-Frank’s side effects — such as Bank of America's decision to start charging people for the right to use a debit card — will be great in the long run, because it will push consumers and businesses to stop relying on banks for these sorts of services, instead going for phone-based options, provided by companies such as Google or Square, instead. Basuito compares Bank of America's controversial move to Netflix's price-raising scheme, and suggests it will hurt them long-term. source (viafollow)
1:01 // 2 years ago
October 1, 2011

Much credit to these protesters: In some ways, these protests were arguably more effective in one quick burst than the Occupy Wall Street protests have been in one long, slow-moving one. With a specific target (Bank of America) and a specific reason (their overly harsh handling of foreclosures) the result is a protest that plays well for the cameras and effectively encapsulates the point of what’s going on. People got arrested, but they did peacefully. It took a while to draw some reaction from Occupy Wall Street; Bank of America was forced to dismiss the protests as a PR stunt right away. But the fact they had to say anything at all is a big deal. source

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16:16 // 2 years ago
September 29, 2011
12:24 // 2 years ago
September 6, 2011
20:44 // 3 years ago