Leaked confidential memo reveals Facebook program to identify and target "insecure" kids

The Australian reports on a leaked memo -- described but not published -- marked "confidential" and created and distributed internally by Facebook that describes how the system's surveillance tools can identify children and teens in "insecure" moments when they "need a boost," explaining that they had identified markers to tell them when a young person was feeling "stressed", "defeated", "overwhelmed", "anxious", "nervous", "stupid", "silly", "useless", and a "failure." Read the rest

Wells Fargo woulda gotten away with it too, if it wasn't for that darn trade union

For decades, Wells Fargo pressured its employees to commit millions of acts of fraud against its customers, using threats and blackballing to terrorize low-level employees. Read the rest

The latest NSA dump from the Shadow Brokers tells you how to break into banks

The mysterious tragicomic hacking group The Shadow Brokers continues to dump incredibly compromising cyberweapons and internal information looted from the NSA, accompanied by Borat-compliant gibberish that reads like someone trying to make you guess whether there's a false flag in play, and if so, who is waving it. Read the rest

"Global Britain": the plan to turn post-Brexit Britain into the world's money-laundering arms-dealer

UK Prime Minister Theresa May says that post-Brexit Britain won't rely on the EU, but will become a "Global Britain," turning to the rest of the world to bring the the billions the UK will lose when it departs from the European Union. Read the rest

Drill a single hole in an ATM and you can comprehensively pwn it

A presentation by Igor Soumenkov at Kaspersky's Security Analyst Summit reveals that the method behind a rash of mysterious ATM heists that left behind no evidence of hacking -- only a single small hole drilled by the machines' PIN pads -- were likely accomplished by using the hole to insert a $15 connector that allowed thieves to hijack the ATMs and order them to spit out all their money. Read the rest

Australia leads the world in selling housing to money-launderers

A new Transparency International report ranks the world's most superheated urban property markets to find the most corrupt and finds that Australia is a playground for offshore criminals looking to launder their money, because "real estate agents are not subject to the provisions of the Anti-Money Laundering and CounterTerrorism Financing Act 2006," thus, "70 per cent of Chinese buyers pay in cash and they represent the largest proportion of foreign purchases in the country." Read the rest

Bank fraud and Dieselgate: how do we design regulations that are harder to cheat?

Tim Harford points out that Dieselgate -- when VW designed cars that tried to guess when they were undergoing emissions test and dial back their pollution -- wasn't the first time an industry designed its products to cheat when regulators were looking; the big banks did the same thing to beat the "stress tests" that finance regulators used to check whether they would collapse during economic downturns (the banks "made very specific, narrow bets designed to pay off gloriously in specific stress-test scenarios" so that they looked like they'd do better than they actually would). Read the rest

Chinese government creates gate-guarded private village for hedge-funds near Hangzhou

Yuhuang Shannan -- an hour's high-speed train journey from Shanghai -- is a newly formed, walled village in which only hedge fund employees and their visitors are allowed to venture, a kind of Canary Wharf with Chinese characteristics, with schools staffed by non-Chinese teachers, a private club, and its own health care facilities. Read the rest

Multigenerational wealth makes white Americans richer than black Americans

Black American wage disparity can be offset by education; but even though black American families -- one parent, two parent, educated, uneducated, employed, unemployed -- save more and spend less than their white counterparts, white families have substantially more wealth than black families -- college-educated white adults have 7.2 times the wealth of their black counterparts. Read the rest

South Dakota Republicans want to block anti-bribery measure that limits lobbyist "donations"

South Dakota voters approved a ballot measure that would limit the amount of money state politicians could receive from lobbyists and other donors, capping "gifts" at $100 annually; now, Republicans in the SD government are seeking to block it, with an emergency resolution, a court challenge and an appeal to the governor. Read the rest

"Work ethic": Minutes from 2011 meeting reveal Federal Reserve bankers making fun of unemployed Americans

The Federal Reserve Board, charged with maximizing employment in America, sets interest rates and takes other measures to achieve this goal; because of public records laws, we get to look in on their deliberations five years after the fact. A recently released transcript, dating from the depths of America's unemployment crisis in 2011, reveals that Board members selected by American business (as opposed to those members appointed by the President) mocking unemployed Americans as being uneducated, addicted to drugs, and having a poor "work ethic." Read the rest

The Department of Labor's Wells Fargo whistleblower site has disappeared

Shortly after Donald Trump was sworn in as president, the Department of Labor's whistleblower site -- for Wells Fargo employees who wanted to report fraud in the ongoing scandal affecting millions of Americans -- disappeared. Read the rest

China's capital controls are working, and that's bursting the global real-estate bubble

More news on the Chinese crackdown on money-laundering and its impact on the global property bubble: the controls the Chinese government has put on "capital outflows" (taking money out of China) are actually working, and there's been a mass exodus of Chinese property buyers from the market, with many abandoning six-figure down payments because they can't smuggle enough money out of the country to make the installment payments. Read the rest

19 crooks, 7,000 false identities, 1,800 drop addresses, and $200 million in credit card fraud

The New Jersey DA's office just announced that it had arrested New York's Habib Chaudhry in connection with a $200M credit-card fraud; Mr Chaudhry joins 19 others who've pleaded guilty to the frauds. Read the rest

Harvard announces mass firing of its hedge-fund managers

Harvard has the world's largest university endowment, $35.7B, so much money that Thomas Piketty used its public investment records as a proxy for the likely investment returns of the super-rich in his Capital in the 21st Century. Read the rest

Accounting fraud admission wipes £5.5b off BT's valuation

The former UK national phone company BT announced that it's writing down the value of its Italian operation by £530m because it has been committing accounting fraud for years, triggering a mass sell-off of its shares, wiping £5.5b off the company's valuation. Read the rest

98% of Bitcoin trading volume over the past six months was in Chinese Renminbi

In case you were wondering why Bitcoin experienced a crazy spike recently: China's economy is a hyperinflated bubble, poised to burst and the Chinese central bank is depreciating the Renminbi -- so China's wealthy are getting their cash out of the country as fast as they can, using any means necessary: suing themselves, spending huge whacks of cash while on vacation, and converting it to Bitcoin (this is especially urgent now that the Canadian real-estate money laundry is shutting down) -- this is just the latest salvo in the Chinese capital flight story. Read the rest

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