Interesting developments to come - See what made the cut...|
National Security Agency PRISM
If you are legally obligated to deny receiving requests from the National
Security Agency, pertaining to PRISM program or any other program for that
matter, you have the obligation. The NSA allows officials to collect material
including content of emails, file transfers, live chats and search history. The
Obama administration acknowledged the existence of the Prism program and major
tech companies have adamantly denied either “direct” or “unfettered” access by
the NSA, to their servers. We know that PRISM is a system the NSA uses to gain
access to the private communications of users of nine popular Internet services.
We know that access is governed by Section 702 of the Foreign Intelligence
Surveillance Act, which was enacted in 2008. The act means if required by U.S.
laws, services must disclose information to officials. Part of our National
The apparent top secret - NSA PRISM program - had its cover blown wide open. Our
National Security could be affected. If the purpose of the program is to improve
our National Security, we should be all for it. If there is reason to believe
someone is up to no good, would be best to know about it in time to stop it. If
its turns up being abused, we'll see it dealt with just like any security
So as for Google and Facebook denying their participation in the program - if
the law prohibits them from admitting participation, they have an obligation to
avoid breaking the law. If data was requested per law, data provided by any
company would be sent electronically using the companies servers, to the
official making the request. Information would only be sent in a highly secure
method. The process is after all, 'Top Secret', maybe we should let sleeping
dogs lie and move on to the next major news story. If the 'critics' accusing
Google and Facebook of lying, what would those same critics do if required by
law to participate in the PRISM which includes the requirement for them to deny
participation, would those same critics be lying when asked of their
Deutsche Bank Undercapitalized
Federal Deposit Insurance Corp. Vice Chairman Thomas Hoenig said about Deutsche
Bank's capital levels, "It's horrible, I mean they're horribly undercapitalized.
They have no margin of error." The FDIC stressed that Hoenig was speaking in a
personal capacity and that the agency did not comment on individual banks.
Hoenig said, as he was referring to the gain in Deutsche Bank shares in January
on the very same day the bank posted a large quarterly loss, because it had
improved its Basel III capital ratios by cutting risk-weighted assets, "My other
example with poor Deutsche Bank is that they lose $2 billion and raise their
capital ratio. It's - I don't want to say insane, but it's ridiculous."
Hoenig says a leverage ratio is a better method to show a firm's ability to
absorb sudden losses. Hoenig has floated a plan to raise the ratio to 10%, the
3% leverage hurdle under Basel was a "pretend number."
In response to Hoenigs' comments, Deutsche Bank's Chief Financial Officer Stefan
Krause said, "To say that we are undercapitalized is inaccurate because if you
look at the Basel framework, we're now one of the best capitalized banks in the
world after our capital raise." For 2013, Deutsche Bank is nearly done raising 5
billion euros ($6.67 billion) in new debt and equity, boosting its core capital
ratio to around 9.5%. Krause added, "To suggest that leverage puts us in a
position to be a risk to the system is incorrect," calling the gauge a
"misleading measure" when used on its own. Using U.S. generally accepted
accounting principles, the ratio stood at a much more comfortable 4.5%, Krause
According to Hoenigs' numbers - based on European IFRS accounting rules as of
the end of 2012 - Deutsche's leverage ratio stood at 1.63%. Deutsche said the
number now stands at 2.1% but that it does not look at the gauge.
Fathers Day Sunday June 16
On the third Sunday in June, about 42 countries celebrate Fathers Day. First
celebration for Fathers Day was on June 19, 1910, founded in the United States -
Spokane, Washington to be precise. Congress introduced a bill to nationally
recognize the holiday in 1913. President Lyndon B. Johnson, in 1966 issued the
first presidential proclamation honoring fathers, designating the third Sunday
in June as Father's Day. Six years later in 1972, President Richard Nixon signed
Fathers Day into law, making it a permanent national holiday.
June 17, 2013