Tag Archives: False Sense Of Security

Hedge Fund Manager Blows $60M Of Clients’ Money in Three Weeks

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“Canarsie Capital has a grim message for clients: ‘a series of transactions over the last several weeks that have resulted in the loss of all but two hundred thousand dollars.’  Juliet Chung and Susan Pulliam report that Canarsie, named for the east Brooklyn neighborhood, told clients on Tuesday that the $60 million hedge fund lost all but $200,000 of its assets in about three weeks. Owen Li, a 28-year old former Galleon Fund Management trader, reportedly ran the firm with Kenneth deRegt, former head of risk management at Morgan Stanley.  The Journal reports that Canarsie’s prime broker repeatedly expressed concerns about the firm’s risk-taking.”

http://blogs.barrons.com/focusonfunds/2015/01/23/hedge-fund-manager-blows-clients-money-in-three-weeks/

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Hacked payment card service transmitted cardholder data in plaintext

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“Charge Anywhere, a company that routes payment transactions between merchants and payment card processors, said that malicious software planted on its network may have accessed unencrypted sensitive cardholder data for almost five years.  The company warned that some of the card data it sends or receives appears in plaintext, allowing attackers to copy it and use it in fraudulent transactions. Details including names, account numbers, expiration dates, and verification codes are known to be exposed for transactions that occurred this year from August 17 through September 24, although it’s possible transactions dating back to November 5, 2009 may also have been accessed.”

http://arstechnica.com/security/2014/12/hacked-payment-card-service-transmitted-some-data-in-plaintext/

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Sony Left Passwords, Code-Signing Keys Virtually Unprotected

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“The hackers that compromised Sony Pictures Entertainment’s network leaked extremely sensitive information-technology credentials, including a collection of passwords and hundreds of certificates, one of which was used to sign the same malware used by the attackers to compromise the company.  The passwords could be used to access a variety of business accounts used by Sony Pictures and its employees, while the code-signing certificates could be used to camouflage future attacks, making antivirus software more likely to trust signed code.  The certificate used to sign the Destover malware sample had been protected by a password that was the name of the file.”

http://www.eweek.com/security/sony-left-passwords-code-signing-keys-virtually-unprotected.html

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So It Begins: Congress to Cut Pension Plans

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“A measure that would for the first time allow the benefits of current retirees to be severely cut is set to be attached to a massive spending bill, part of an effort to save some of the nation’s most distressed pension plans.  The rule would alter 40 years of federal law and could affect millions of workers, many of them part of a shrinking corps of middle-income employees in businesses such as trucking, construction and supermarkets.  The measure is now before the House Rules Committee and is likely to be moved as an amendment to a massive $1.01 trillion spending bill, perhaps by late Wednesday. It is expected to pass the Senate by Thursday.”

http://www.thedailybell.com/news-analysis/35903/So-It-Begins-Congress-to-Cut-Pension-Plans/

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Hungarian savers say government is stealing their pensions

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“Soon after he was elected in 2010, Orban’s government ended mandatory payments into the private funds and nationalised most of the money they contained. That effectively allowed the government to take $12 billion in private pension assets. Poland has since made a similar change to its pension system.  The government said savers could choose to stay in the private funds, although the mandatory contributions would not go to them. About 60,000 people stayed in the funds. The change the government has now submitted to parliament is that the funds will be closed down, and their assets absorbed into the state pension system.”

 

http://www.reuters.com/article/2014/11/27/hungary-pensions-idUSL6N0TG2MP20141127

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FDA sets Obamacare menu rules for food chains, other eateries

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“On Tuesday, the U.S. Food and Drug Administration will announce that it is making final two rules that require calorie information be listed on menus and menu boards at chain restaurants, grocery store take-out counters, convenience stores, theaters, amusement parks and vending machines with 20 or more locations. The rules are required under the Affordable Care Act.  The restaurant rules take effect in one year and the vending machine rules in two years.  While there has been strong opposition from some pizza chains, theater chains and convenience store chains, the rules have strong support from the National Restaurant Association.”

http://www.usatoday.com/story/money/business/2014/11/24/menu-labeling-food-and-drug-administration-calorie-labeling/70054580/

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Why Your Offshore Dream Home Might Be Illegal

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“While real estate fraud exists everywhere, it’s especially pervasive in Spain, where in the 1990s and early 2000s, developers bought property that government officials illegally rezoned for residential development in exchange for hefty bribes.  No one seemed to care in those boom times, and developers sold homes to expats as fast as they could build them. But today, there are more than 1 million ‘illegal’ properties in Spain owned by around 800,000 expats. And Spanish authorities have vowed to demolish these illegal dwellings, especially those built in ‘green’ spaces reserved for beach access or parks. Under Spanish law, owners may be forced to pay for the cost of the demolition.”

http://www.nestmann.com/why-your-offshore-dream-home-might-be-illegal

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Jacob Hornberger: Rand Paul Is Wrong. Leave Iraq Alone!

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“Senator Rand Paul now wants Congress to declare war against the Islamic State and engage in military action in Iraq. He says that ‘national security’ is at stake.  I’ve got a better idea: Leave Iraq alone! Hasn’t the U.S. government done enough damage already in Iraq?  Consider all the death and destruction that interventionists have wrought on this poor nation. Some people estimate that more than a million Iraqis have died as a result of the U.S. invasion and occupation of Iraq. The reason we don’t have a more precise figure is because the U.S. military announced at the inception of the invasion in 2003 that it would not keep track of Iraqi dead.  The number of Iraqis killed just didn’t matter.”

http://fff.org/2014/11/24/rand-paul-wrong-leave-iraq-alone/

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Contactless cards’ cash limits inop; can be skimmed with nearby phone

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“A flaw in Visa’s contactless credit cards means they will approve unlimited cash transactions without a PIN when the amount is requested in a foreign currency.  New research by experts at Newcastle University, UK, has highlighted a ‘glitch’ in the Visa system which means their contactless cards will approve foreign currency transactions of up to 999,999.99 in any foreign currency.   Side-stepping the £20 contactless limit, transactions can be carried out while the card is still in the victim’s pocket or bag.  Transactions are carried out offline, avoiding any additional security checks by the bank.”

http://www.ncl.ac.uk/press.office/press.release/item/contactless-cards-fail-to-recognise-foreign-currency

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ID3 Hopes You’ll Opt-In to Your Own Surveillance

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“The ID3 software, called Open Mustard Seed, wouldn’t just contain your name, home address, birthday, government tracking numbers, etc. It would also contain “biometric” and ‘behavioral’ trackers, and all this data would be fused with every online transaction you ever used it for.  Sound a little nightmarish? Don’t worry, silly skeptic—ID3 crosses their hearts that the contents of your identity pack will remain anonymous to third parties. ID3 wouldn’t dream of sharing this mass of private data about you with others—unless, of course, the third party requesting the data is a government employee, by ID3’s own admission.”

http://cointelegraph.com/news/112900/id3-hopes-youll-opt-in-to-your-own-surveillance-op-ed

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