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Submitted by Scott Cleland on Tue, 2009-09-08 10:27
How could American taxpayers get stuck with a multi-trillion dollar tab that they weren’t even aware that they were running up? How could that huge tab still be allowed to run up unchecked today? For the Financial Crisis Inquiry Commission, the sad answer is one of the biggest root causes of last fall’s devastating financial crisis and one of the biggest continuing systemic risks to the financial system and the economic recovery.
A decade ago, in what may prove to be the most expensive bipartisan legislative mistake in U.S. history, a bipartisan policy became law that effectively ensured that no Federal regulator had oversight or enforcement jurisdiction over derivative financial instruments. The Commodity Futures Modernization Act of 2000 (CFMA) created “legal certainty for excluded derivative transactions.” That law allowed a shadow derivative overlay system to be built literally on top of the public financial system, with none of the inherent accountability of the underlying financial system. In other words, a deliberate bipartisan U.S. government policy change a decade ago unwittingly created an unaccountable “black hole” market that sucked enormous value out of public markets, (Bear Stearns, Lehman, AIG, Fannie, Freddie, securitized sub-prime mortgages, etc.) while laundering the risk to the U.S. taxpayer.
Submitted by Scott Cleland on Mon, 2009-06-22 16:07
"One click away from competition" is Google's ever-present, antitrust defense slogan that Google does not have any market power to anti-competitively exercise.
The problem with Google's "one click away" slogan is that it is untrue and deceptive; it simply does not withstand close scrutiny of the facts or logic.
I. It is untrue -- a false claim.
A. The claim fails the dictionary test.
The dictionary definition of a "customer" is "one that buys goods or services."
Submitted by Scott Cleland on Wed, 2009-05-27 21:22
Submitted by Scott Cleland on Mon, 2009-05-04 15:27
New evidence continues to spotlight the Open Internet's growing security problem.
"Internet security threat report finds malicious activity continues to grow at a record pace -- Web based attacks evolve as hackers target end-user information; Underground economy continues to thrive." Symantec
Submitted by Scott Cleland on Wed, 2009-04-22 18:06
High profile Internet security/safety/privacy problems continue to spotlight the Open Internet's growing security problem.
"Computer hacking attacks soar as gangs focus on financial data" -- FT
"Computer Attackers target popular sites in quest for profit" IBD
"Computer Spies Breach Fighter Jet Project" WSJ
"New Military Comand to Focus on Cybersecurity" WSJ
Why Isn't the Conficker Threat on FCC's Radar? -- Open Internet's Growing Security Problem -- Part VIISubmitted by Scott Cleland on Mon, 2009-04-13 16:56
Why is one of the most-serious identified internet/cybersecurity risks currently affecting the Internet and network operators not on the FCC's radar screen?
Your search conficker returned no results.
A Google search on "conficker"returned 4.86 million results.
Submitted by Scott Cleland on Thu, 2008-12-18 13:01
"A 'Cyber Katrina' is inevitable" according to George Foresman, a former Undersecretary for Preparedness at the Department of Homeland Security.
I strongly urge you to read an outstanding, sobering and succinct post by USA Today's Byron Acohido: "Cyber Katrina is upon us" which:
Byron Acohido adds:
Kudos to Byron Acohido and Jon Swartz for their tenacious and continuous focus on this under-reported, but critically important Internet issue -- and for their excellent book on the real and shocking gaps in everyday Internet security: Zero Day Threat.
Submitted by Scott Cleland on Wed, 2008-12-03 12:49
"On Nov. 17, Google began running ads on Google Finance, a financial-news site, and said it would soon start showing ads to some users of its Google News service as well." That was the big news in the Wall Street Journal's front page story "Google gears down for tougher times."
Is Google, which owns the world's largest Internet audience, with over 700 million users, a direct competitor to all media? You bet!
The anticompetitive significance and conflicts of interest in what Google is now doing are very large.
To date Google lulled its competitors into a false sense of security in building an audience for Google News and Google Finance but not directly competing with Google's supposed media partners for online ads.
The problem for media companies is that Google is a non-transparent black box, which represents itself to be an honest broker of ads -- when it is not. It obviously has a huge financial conflict of interest in serving ads.
What Google is proposing to do is the conflict of interest equivalent of auditing their own books, or grading their own papers.
Submitted by Scott Cleland on Tue, 2008-12-02 18:56
Submitted by Scott Cleland on Mon, 2008-11-24 12:29
Google's CEO Eric Schmidt met with the New York Times Editorial Board last week, most likely on a charm offensive in response to the Rosenkranz Foundation oxford-style debate about whether or not "Google violates its 'Don't be evil' motto."
Once again, Google is truly its own worst enemy.