finance risk - Page 5

  • even with the biggest Bitcoin Exchange platforms one has to be careful

    this is the story of the biggest Chinese Bitcoin Exchange that went dark overnight

    "On Oct. 26, the website of Global Bond Limited, a Chinese exchange platform for bitcoins, the booming digital currency, suddenly went dead. Then, without warning, GBL’s roughly 500 remaining investors were kicked out of the company’s official QQ group, a social media platform that the company was using for investor relations. By nightfall, the scale of the swindle was made public – 25 million renminbi, or $4.1 million – making it one of the largest bitcoin fraud cases since the currency’s inception four years ago.



    In hindsight, there were numerous red flags that should have alerted GBL’s bamboozled investors. On May 27, just days after GBL was founded, a popular Chinese bitcoin forum pointed out that the company claimed to be based in Hong Kong, but in fact was using servers located in Beijing. In addition, GBL lacked an official company email address and did not have a license to provide financial services.

    it is important to check things before investing

    the problem is in fact that in China bitcoin is the only possibility to invest 'money' in property and firms when that is not allowed by the Central Government who wants to keep its currency as low as possible (for exports) by limiting its use (and limiting growth and inflation and so on)

    it is also important to know that the number of bitcoins is limited in number and that the worth of bitcoins has increased thousandfold because of increased demand but this increase means nothing if the Chinese market will continue to invest in bitcoins because they have no other possibility

    it also seems to be the case that Chinese immigrants are sending bitcoins home instead of money (through

  • buying up huge personal debts for pennies and setting the people free of debt

    In an affront to the status quo of debt collection, Strike Debt—the group behind the project—has so far raised $600,000 which it has used to purchase a total of $14.7 million in medical debt for “pennies on the dollar.” Then, instead of trying to collect on it, the group graciously forgives the debt.


    “We have shown that lenders are perfectly willing to write your debts off – they’re just not willing to write them off to you… Unless you force them to,” said the group. “We hope that this knowledge inspires debtors everywhere to not just do what the lenders demand of them, but instead to use their leverage to strike a better deal – or simply refuse payment altogether.”

    it was becoming clear that the banks and private financial institutions were writing off debt and selling it to each others at pennies for each dollar but that when you personally wanted to buy out your debt they wanted more dollars for each dollar of debt you have (counterbalancing the pennydeals they were having between themselves)

    but when you organize enough people who put together some money in a fund that will buy up the debt without ever expecting to make any profilt or payback, you effectively make it possible to set more people free than the banks have ever written off (contrary to the levels of toxic debts they write off each year for themselves to start anew and we are subsidizing again because they don't pay taxes on it)

    those who thought that the occupy movement was dead after the visual camps were removed, don't understand anything about popular movements. The tactics changed but the goals are the same and it may be that instead of organizing demonstrations to increase awareness they now concentrate on using the increased awareness to effectively change the system by using its corrupt methods against itself.

  • Did the UK spy on Icelands negotiation team during the bankcrisis

    Jónsdóttir, who represents Iceland's Pirate Party, maintains that the UK's intelligence agencies systematically intercepted messages sent by Icelandic negotiators when Britain tried to recover savers’ cash held in the country’s banks that went bankrupt. Jónsdóttir, a prominent WikiLeaks supporter, said that she was tipped off to the spying in 2010 by Assange, Iceland's Visir newspaper reported.  Having received the tip-off, she warned members of Iceland’s negotiating team not to send emails to each other.

    "The UK authorities had very good access to everything that was going on between members of the team. It is the role of intelligence, for example MI5, to spy on other countries, especially if it concerns their national interests. Their duty was to gather information and intelligence about us, and the duty of the Icelandic government was to do everything to protect us against such espionage," Jónsdóttir told the newspaper.

    it would be inside their role and what would be expected from them during this bitter fight between Iceland and the European countries to make some-one pay (Iceland or the European individuals who believed the rubbish salestalk from these banks) for the enormous mess that the financial wizzmasters put us into since 2008

  • submit your remarks about the proposed US SEC crowdfunding proposal

    Complete this form to submit your comments. Fields marked with an asterisk (*) are required.

    Important: All comments will be made available to the public. Submit only information that you wish to make available publicly. This form should not be used for submitting a tip or complaint (including a whistleblower complaint). If you wish to submit a tip or complaint regarding a potential violation of the federal securities laws, please use our online form, or mail your information to the SEC Complaint Center at the following address: SEC Complaint Center, 100 F Street NE, Washington, D.C. 20549-0213. You can also send a fax to 703-813-6965.

    for European tech firms this is important because the real crowdfunding money is not in Europe but in the US and so your lawyers and financial advisors should look this over because if you don't let yourself be heared, you won't be taken into consideration later. It is an open process - use it (idea for here no ?)

  • le banking bug français de 2014

  • Belgacom had another Chinese Mol(l)e in a top function

    Huawei is a router firm that has been selected by telenet and belgacom and some others in Belgium because they have the lowest prices (they undercut the others with nearly a third). Many in the international and Belgian intelligence community were getting nervous because the whole international and national telecommunication network was so being managed by Chinese hardware about which they were not sure they had enough knowledge to understand and see everything that was going on with these machines

    During the ICSS conference I blogged about this and the PR person of the firm - who was a sponser of the congress - and on the podium he was in fact sitting next to a bunch of international cybercops. He came to me the following day (following instructions from a chinese lady running also around there trying to make sure that everybody of the staff was doing what they should be doing while keeping herself out of the way)

    I blogged about his objections the following day but he said that he was even missing out on markets because they had absolutely no backdoors in their routers and switches. I said that if I had that on official paper from the firm itself I would reprint that but that meanwhile I would note his remarks but I will have to take them as spoken words and nothing more. I always said that as China is a dictatorship many people will never have much trust in anything that comes out from China (or Russia and now even the USA). If he wanted that to change he should change into the most transparant and controlled enterprise and lay the standards higher for the rest of the industry.

    Belgacom has decided to change one of its top people, the head of the board of directors

    Secretly the head of one of the Board of Directors was also a consultant for Huawei among others

    to make matters even worse he had also access to strategic information from the positions and consultancy jobs he had at munition industry Herstal, Space industry Sonaca, Techspace Aero and for example the NATIONAL BANK

    question is if he doesn't now has to be interrogated by people who have to know what strategic information is gone, if any

  • belgacom stock is suspended due to the relevations says Wall street journal

    I don't read anything about that in the Belgian press but here

    Belgacom's stock is suspended for the session at the back of revelations that it was spied on by the U.S.'s National Security Agency.

  • Belgacom stock recovering from bad communication

    maybe they have been talking to their main stock holders and the analysts who were posing the same questions

    I also see that the CEO is now responding to questions

    well, with lessons learned, crisis communication should be high on the list

    there has been some impact earlier this day but it is now clear that the analysts and main stockholders have been briefed and are buying again (and making a profit on it)

  • belgacom stock sliding slowly but steadily and.....

    this is for today

    at what moment automatic trading systems could become active

    okay they can lose a lot more to be on the level they were some months ago

    but this is the most important task for the stock market supervisors now.... when volumes will jump in such a way that it will trigger even more automated sales

    and when will Belgacom come out with some clear communication

    that you have to prepare now and not when it is happening

    if it didn't happen than you have prepared it, if it did you didn't prepare anything, than the chaos will only become bigger and everybody will look at everybody .....

  • Belgacom stockprices : a dip the 22th of july

    friday the 19th of july  there is the discovery (the friday phenomenon)

    monday the 22th of july a dip

    doesn't take long - because the rest of the world didn't know

    the number of transactions isn't higher that day

    btw bloomberg doesn't know yet so for the real impact you to wait untill the financial press takes it up

    if everything was put into place so nobody corporate or financial was aware of the problem before

  • belgacom hack (and bad communication) are hurting the stock today

    the question I am posing are those that professionals pose - so don't say that I am responsable

    I didn't make this wishy washy press strategy that doesn't solve anything and poses more questions than necessary

    so how many millions just went up into smoke

    not a disaster, but it is time to retake the offensive and have a clear communication strategy

    today, you can run but you can't hide because next to the news there are the blogs

    and we don't own any stock :) only our credibility by posing the right questions

    in a month time you could have prepared for those questions if they came

    this was foreseeable but limited but was there more stock sold of Belgacom the last month ?

  • Did Belgacom respect its obligations to its stockholders and did some know before ?

    the breach was detected the 19th of july

    the public declaration from the prime minister is nearly a month later

    question 1 Did someone sell stock in Belgacom the last month and how much and could he or she be informed before the others that there was a huge security problem (with much visibility as the prime minister itself will do the communication). 

    question 2 weren't they obliged to inform the stock market and their stockholders the 20th of july that there was a securitybreach or at any moment when the impact of the breach had become clear enough

    question 3 if any of their stockholders also fall under the SEC shouldn't they have been informed before because the value of their stock could fall awaiting a publication of a serious securitybreach

    securitybreaches have impact on the stock of the targeted firms - only for a while but there is an impact according to research

    I am quite curious about the responses to the first question .....


  • why everything those specialists said about energy and Russia untill recently is false now

    Five years ago, peak oil theorists predicted that global production would soon hit its high-water mark and then decline inexorably, with the U.S. growing even more dependent on overseas energy imports. Those trends seemed to play into Putin’s hands. What he didn’t anticipate was that U.S. oil production—thanks to horizontal drilling and hydraulic fracturing technology, in which pressurized water and chemicals are blasted into rocks to release energy—would increase 46 percent. That equals the entire output of Nigeria, estimates Daniel Yergin, vice chairman of consulting firm IHS. “Think of it like a non-OPEC country appearing in North Dakota or southern Texas,” Yergin told executives at the St. Petersburg forum in June.


    Between now and 2018, North America will provide 40 percent of new supplies through the development of light, tight oil and oil sands, while the contribution from the Organization of Petroleum Exporting Countries will slip to 30 percent, according to the International Energy Agency, which also sees the U.S. emerging as the biggest oil producer by 2020 and a net exporter of oil by about 2030. Meanwhile, the agency trimmed global fuel demand estimates for the next four years.


    The U.S. is also on pace to add 2 trillion cubic feet per year of natural gas once three just-approved LNG projects start operating, an 8 percent increase in total U.S. capacity based on 2012 production levels. More LNG facilities are coming onstream in Australia, South Korea, Mozambique, and Tanzania. Yergin predicts natural gas, both conventional and liquefied, will be the No. 1 energy source by the end of 2030.


    Russia’s worry is twofold: An expanding supply of affordable LNG, which is transported by ship, is forcing Gazprom to either cut prices or lose share. (Weird and surprising fact: As American utilities shift to gas, displaced U.S. coal is flooding into European markets. The U.S. may supplant Russia as the world’s No. 3 coal exporter by yearend, according to Goldman Sachs (GS).) Second, the Russian gas giant is under pressure to adopt spot-market pricing instead of tying its prices to oil. In June, Gazprom agreed to revise its gas contracts with German utility RWE after losing an arbitration case; it’s renegotiating supply contracts with other utilities, including Eni (ENI:IM) and EconGas. The European Union is also drafting an antitrust complaint against Gazprom for abusing its dominant position, say three people familiar with the probe who asked not to be named. The company declined to comment. Longer term, the Russians may even have to contend with shale energy assets being developed by Western oil majors in Poland, Ukraine, and Lithuania, all Gazprom profit sanctuaries.

    If you don't preview the impossible and just make your rationale on what is possible today, than you will never have a clear vision about tomorrow

    if US production plants in for example the petrochemical sector are LEAVING china (as do carmakers) and are going back to the US it is because of the low energyprices now that fracking is there

    if the US Is making more new jobs than ever before and its tradebalance is swifting it is because there is fracking

    if the Middle East dictatorships with all that oil can't blackmail the US anymore with cutting oil or driving up the prices, it is because there is fracking

    if Putin has now more internal economical and financial problems than he can deal with, it is because of fracking

    fracking gas and oil made the consultants freak out about their predictions

    only there are billions invested at some time solely based upon their experience, insight and vision

    (at the same time look at the downfall of the BRIC countries that is happening every day before our eyes because they just reaped the money for years while our so bright industralists offshored our production and are now faced with a very difficult situation as those countries with little oil production have to import oil in odllars while their currencies are sliding away every day making energy coests higher every day)

  • a new method to break ATM's

    Authorities have just released surveillance video outside a Vero Beach Publix a few days ago that shows the thieves in action. First, a man in his twenties, face covered with a scarf and hat and wearing a tool belt, uses a battery-operated drill to break open the external, protruding card reader on an ATM, and inserts a device that reads and steals credit card numbers and PIN's. Another man in his fifties also appears in the video as an accomplice.

    "Some ATM's are smooth or embedded inside, where this one sticks out and allows people to drill up from the bottom of the card slot, attach the device, and then cover the hole or fill it," said Det. Wade Willnow, with Port St. Lucie Police.

    In the last week, police say the two men have hit four Publix's after-hours: Vero Beach, Port St. Lucie, Palm Beach Gardens, and Boynton Beach. The common thread is Publix ATM's have the external card slots they're  targeting, which is something  police say they haven't seen before and makes detecting the internal skimmers a challenge to unsuspecting customers.

    "Unless you lean down and look underneath for protrusions, you won't notice flaws or a hole," said Willnow.

    There's no telling how long the device could stay inside the machine, but in another surveillance video, one of the suspects uses a tool to break the card reader and grab the small device that now contains PINs and card numbers.

    Authorities say these recent incidents should serve as a warning to always check underneath an external card reader and look for flaws or a quarter-sized hole that's been filled in.

    "They're not going to match the color, may have an indentation, marring, something unusual about it should stand out," said Willnow.

    There's no detailed description of the two suspects, but one is a white man in his twenties, the other is a white or Hispanic man in his fifties.

    Police believe the older man may have been involved in other ATM skimmer operations last year in South Florida.

  • this is how to defraud during 9 years several banks simply using standard procedures

    Starting in at least 2004 and continuing until May 2013, Charles Raymond Stato, 64, opened more than 200 credit card accounts using fraudulent information. Stato made purchases, cash advances and balance transfers on the accounts.

    As payment toward the accounts, Stato often sent counterfeit checks in amounts well exceeding the outstanding balance on the accounts.

    Shortly after the fake overpayments, many of the banks and credit card companies issued credit balance refund checks, either automatically or at Stato's request.

    He then deposited the money into bank and credit card accounts that he controlled.

    Most of the counterfeit checks sent by Stato were returned as unpaid or were not honored by the banks and credit card companies, which forced the companies to close the fraudulent accounts and write off the remaining balances.

    During the course of the scheme, Stato sent banks and credit card companies more than $135 million in counterfeit overpayments, according to court records. The companies refunded some $1 million, collectively.

    oh well, he was arrested but the scheme itself shows that in countries (or should one say regions) where there are no central registers there are ways to set up such schemes especially if the IDchecks are absent or fragmentary

  • the best free book yet about the Dexia scandal (download all)

    it is made by the French Cour du Compte (sort of GOA) and in french but at first sight it is a remarkable document about how Dexia came to be , what went wrong and what is still going totally going wrong

    so it is worth a read all documents are in the new Dexia Folder

  • 15 french politicians have a secret bankaccount in Switzerland but the witness has been arrested in Switserland

    Trois ministres étaient entendus mardi par la commission d'enquête dans l'«affaire Cahuzac». Le 3 juillet, c'était à Pierre Condamin-Gerbier de témoigner devant cette même commission. Employé entre 2006 et 2010 par Reyl et Cie, l'établissement genevois qui a hébergé les avoirs de Jérôme Cahuzac, ce financier de 42 ans a déclaré sous serment avoir transmis à la justice une liste de quinze personnalités politiques qui, selon lui, détiennent un compte en Suisse.

    Deux jours plus tard, à son retour en terre helvétique, il était interpellé et placé en détention provisoire. «Le juste est emprisonné, c'est incroyable!», réagissait hier dans Le Temps le député UDI Charles de Courson, qui préside cette commission parlementaire. En Suisse, impossible de savoir où Pierre Condamin-Gerbier est incarcéré. Ses avocats sont inconnus, sa famille injoignable. «Les autorités auraient oublié de lui offrir la protection consulaire à laquelle il a droit en tant que ressortissant français, explique Yann Galut, député PS et rapporteur du projet de loi contre la fraude fiscale. Nous sommes dans un flou total.»

  • clearstream, a still very interesting scandal (documents)

    Clearstream was a scandal in which files that were stolen from a bank a were being falsified to implicate now ex president (at the time coming man) Sarkozy and destroy his possible career

    this didn't work for several reasons but the trial and the political ramifications were felt for a long time in french politics

    all the necessary documents are articles to understand it are here!ow91XYhA

  • how much is acceptable loss by (cyber)crime for banks nowadays ? 1% or more

    I participated in a study of the banking system in the 1990s, and was told that a 1% loss was an acceptable amount of loss by banks at that time, although the briefer would not go on record. At the time the banking system was transferring $4 trillion dollars per day and a 1% loss added up to $4 billion. Four billion dollars was an acceptable amount of loss.  That was 15 years ago.  I wonder what the acceptable loss is today?

    maybe we have to regulate that so that they aren't feeling too safe because the number has stayed under that percentage for some time after which they stop investing in security and create holes

    that is what I have about risk management and the rest, their numbers mean nothing (as the picture in the post before shows) You only need one and even 1% may be enormous .....