One million machines, including routers, used to attack banks

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Akamai's Ryan Barnett reports on two attacks against the service's financial customers last year: attackers used nearly 1m compromised systems to attempt to log in to users' accounts using logins and passwords from earlier breaches. Read the rest

Goldman Sachs bribed Libyan officials with hookers, private jet rides, then lost all their money

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In 2006, western leaders decided that Gaddafi's oil was more important than his human rights record and complicity in terrorism and lifted sanctions against Libya, creating a massive pool of cash for the country that it turned into a sovereign wealth fund whose business was aggressively courted by Goldman Sachs. Read the rest

Microsoft will buy Linkedin for $26.2B

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The all-cash deal is expected to close by the end of the calendar year, and will be one of the largest acquisitions in tech business history. Read the rest

Every industry thinks it's special, but only finance gets treated that way

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Economist John Kay, who writes for the Financial Times, delivered a powerful, eminently readable critique of the finance industry last month at the Bank of International Settlements conference. Read the rest

Banks confront negative interest rates with plans to store titanic bundles of money on-site

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The world's central banks, freaked out about huge leverage by financial institutions and borrowers and unwilling to engage in economic stimulus themselves, have been moving interest rates lower and lower, until now, many banks are offering negative interest rates, meaning that buying $100 worth of treasury bills today will return $99 in cash tomorrow -- hoping that this will incentivize banks to issue enough loans to make up for politically impossible governmental fiscal stimulus. Read the rest

When Brad Birkenfeld blew the whistle on UBS, the US government paid him $104M and sent him to jail

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This interview with UBS whistleblower Brad Birkenfeld is as neat a case study in financial corruption as you could ask for: Birkenfeld's disclosures detailed 19,000 US tax evaders, including the bank's super-secretive list of "politically exposed persons," including people who laundered money for terrorists, and the US government threw him in prison (as well as paying him the largest reward in US history), declined to prosecute three quarters of those implicated, and then put him in prison. Read the rest

Wealthy families are most responsible for American wealth segregation

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Inequality in Children’s Contexts, USC Sociologist Ann Owens's paper in American Sociological Review (Scihub mirror), investigates the factors that contribute most to the unequal lives of wealthy and poor American children, and concludes that the single most significant factor is the neighborhood that the children's parents live in. Read the rest

Wells Fargo, who preyed on black borrowers, sponsors Black Lives Matter luncheon

Wells Fargo has been widely criticized for its predatory, deceptive practice of targeting black mortgage borrowers with subprime mortgages (whose teaser rates ballooned into unsustainable long-term rates after a few years), rather than offering those borrowers much cheaper and better mortgages that would not have led to widespread bankruptcy, foreclosure, and the destruction of hardworking families' live savings. Read the rest

Anonymous Analytics: self-proclaimed Anon "faction" that tanks companies through stock reports

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Anonymous Analytics describes itself as "a faction of Anonymous" that uses its "unique skills to expose fraud and corruption among public companies." Read the rest

Judge OKs potentially lethal lawsuit against the world's largest banks

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The biggest banks in the world have admitted to rigging LIBOR, a key interest rate that determines the value of trillions of dollars' worth of assets -- they paid billions in fines as a result. Read the rest

Banker implicated in one of history's biggest frauds says boss beat him with a tiny baseball bat

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Jonathan Mathew is one of the bankers at Barclays who participated in the Libor rigging fraud, which cost people all over the world trillions of dollars in higher payments on mortgages, government bonds, student loans, and other assets totalling $350 trillion. Read the rest

German publishers owe writers €100M in misappropriated royalties

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In Germany, media that can make or store copies (drives, copiers, blank optical discs) is subject to a "private copying levy" that is meant to compensate rightsholders for the works that will be copied to it (in return, the levy confers a limited right to make those copies to the purchaser). Read the rest

Chelsea Clinton's husband shuts down vulture fund after losing 90% of his investors' money

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Chelsea Clinton's husband Marc Mezvinsky is a Goldman Sachs alumnus; in 2014, he founded Hellenic Opportunity, a hedge fund that raised $25M to bet on distressed assets from Greece's collapsed economy, wagering that the country's investors would force it to make deeper cuts to finance payments on the debts. Read the rest

Panama Papers whistleblower issues statement, naming and shaming failed states and institutions

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"John Doe," the mysterious whistleblower who released the largest-ever leak of confidential documents in world history -- papers from the Panamanian law firm Mossack-Fonseca, a key player in the offshore dark money industry -- has published their first-ever public statement. Read the rest

Community college evicts daycare center to make room for Goldman Sachs

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Rhode Island Governor Gina Raimondo -- a former venture capitalist who invested state funds with hedge funds during her tenure as state treasurer -- invited Goldman Sachs to set up a partnership with the Community College of Rhode Island, then kicked out the college's daycare center to make room for Goldman staffers to work. Read the rest

Data-driven look at America's brutal, racist debt-collection machine

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In 1996, New Jersey's courts heard 500 debt-collection cases; in 2008, they heard 140,000 cases, almost all against black people, almost all of whom were not represented by lawyers. The cases were filed by vulture capitalists who bought the debt for pennies on the dollar and employed "attorneys" who filed up to 1,000 cases a day, "reviewing" each one for about four seconds. Read the rest

Deep Insert skimmers: undetectable, disposable short-lived ATM skimmers

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NCR reports in-the-wild sightings of "deep skimmers" (tiny, disposable card-skimmers that run on watch batteries and use crude radios to transmit to a nearby base-station) on ATMs around the world: "Greece, Ireland, Italy, Switzerland, Sweden, Bulgaria, Turkey, United Kingdom and the United States." Read the rest

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