Daily Archives: June 9, 2013

Link

Watch The One Senator Who Voted Against The Patriot Act Warn What Would Happen (VIDEO)

Watch The One Senator Who Voted Against The Patriot Act Warn What Would Happen (VIDEO)

But this sort of data collection — along with what the NSA is doing through itsPRISM program — is exactly what then-Sen. Russ Feingold (D-Wis.) warned about when he was the only senator to vote against the Patriot Act in 2001.

From his speech:

One provision that troubles me a great deal is a provision that permits the government under FISA to compel the production of records from any business regarding any person, if that information is sought in connection with an investigation of terrorism or espionage.

Now we’re not talking here about travel records pertaining to a terrorist suspect, which we all can see can be highly relevant to an investigation of a terrorist plot. FISA already gives the FBI the power to get airline, train, hotel, car rental and other records of a suspect.

But under this bill, the government can compel the disclosure of the personal records of anyone — perhaps someone who worked with, or lived next door to, or went to school with, or sat on an airplane with, or has been seen in the company of, or whose phone number was called by — the target of the investigation.

And under this new provisions all business records can be compelled, including those containing sensitive personal information like medical records from hospitals or doctors, or educational records, or records of what books someone has taken out of the library. This is an enormous expansion of authority, under a law that provides only minimal judicial supervision.

 

(Watch the video above.)

On Thursday, Feingold put out a statement about the Guardian’s report, saying, “In 2001, I first voted against the PATRIOT Act because much of it was simply an FBI wish list that included provisions allowing our government to go on fishing expeditions that collect information on virtually anyone.”

“Today’s report indicates that the government could be using FISA in an indiscriminate way that does not balance our legitimate concerns of national security with the necessity to preserve our fundamental civil rights,” he added. “This is deeply troubling. I hope today’s news will renew a serious conversation about how to protect the country while ensuring that the rights of law-abiding Americans are not violated.”

Link

Swiss bank UBS indicted for illegal banking canvassing

Swiss bank UBS indicted for illegal banking canvassing

Just five days after its French subsidiary, UBS AG , the parent company of the group Swiss -based Zurich, was indicted in turn to “illegal banking canvassing.”Heard this Thursday, June 6 by judges, representatives of the bank, however, are seen indicate the status of assisted witness to the facts of “bleaching bank canvassing illegal” and “laundering of tax evasion.” Intermediate between that of a witness and indicted that can evolve according to the changing status of magistrates investigations.

In the context of judicial review was ordained a deposit of € 2,875,000 was requested. Since April 2012, with the opening of a judicial investigation for “banking or financial by unauthorized person and of tax evasion and money laundering of funds obtained with the aid of an illegal solicitation, committed by an organized gang “magistrates financial center seeking to know if the bank has sought toencourage wealthy French to put undeclared assets in Switzerland.

An investigation was preliminary first was opened by the Paris prosecutor’s office in March 2011, after transmission by the Prudential Control Authority (ACP), responsible for the supervision of banks, a note on the business practices of the bank UBS in France. Particular it detailed the existence of “notebooks milk” made ​​between 2002 and 2007, a system to record new accounts undeclared Swiss made ​​by trade.

Brandrup v. ReconTrust Co. | Oregon Supreme Court Decision 6/6/2013 – an entity like MERS, which is not a lender, may not be a trust deed’s “beneficiary”

Link

Europe looking to take control of Libor: FT

Europe looking to take control of Libor: FT

AFP – European Commission officials have drafted plans to take the scandal-hit key interest rate Libor from its current London base, the Financial Times reported on Thursday.

Under proposals seen by the FT, the rate would be supervised in Paris by the European Securities and Markets Authority in a move likely to anger the British government.

British regulators last month laid out plans for a new dual-track system combining survey-based rates and objective data to replace the current system.

Link

Did OCC give Bank of America clearance to put Countrywide into bankruptcy if Countrywide’s liabilities threatened BofA’s existence?

Did OCC give Bank of America clearance to put Countrywide into bankruptcy if Countrywide’s liabilities threatened BofA’s existence?

The biggest news to come out of Tuesday’s ongoing hearing to evaluate Bank of America’s proposed $8.5 billion settlement with investors in 530 Countrywide mortgage-backed securities trusts is that the Office of the Comptroller of the Currency gave Bank of America clearance to put Countrywide into bankruptcy if Countrywide’s liabilities threatened BofA’s existence. Or at least that’s what Kathy Patrick of Gibbs & Bruns, who represents 22 institutional investors that negotiated the proposed deal with BofA and Countrywide MBS trustee Bank of New York Mellon, said her clients were told by BofA Chief Risk Officer Terry Laughlin in 2011 as they tried to come to terms on a settlement of investor claims that Countrywide breached representations and warranties about the underlying mortgage loans. To my knowledge, Patrick’s assertion – which was intended to support her argument that MBS investors risked getting much less than $8.5 billion for their put-back claims – is, if true, the first tangible indication that Bank of America ever did more than hypothesize bankruptcy for Countrywide.