Which U.S. Bank Will Wikileaks Expose?
Truth, transparency, and integrity.
If I had a nickel for each and every time I wrote those prized virtues here at Sense on Cents, I would have a lot of nickels. I not only espouse these virtues in my writing. I strongly believe that the pursuit of these virtues is the foundation for real economic success if not life itself.
While each of these virtues may be defined differently depending on one’s perspective, in terms of transparency, most people would be able to say, “well, I’d know it if I saw it.” The world is now beginning to see a lot more transparency and accompanying material. How so? Wikileaks. Who is Wikileaks and what are they getting ready to release?
WikiLeaks is a not-for-profit media organisation. Our goal is to bring important news and information to the public. We provide an innovative, secure and anonymous way for sources to leak information to our journalists (our electronic drop box). One of our most important activities is to publish original source material alongside our news stories so readers and historians alike can see evidence of the truth. We are a young organisation that has grown very quickly, relying on a network of dedicated volunteers around the globe. Since 2007, when the organisation was officially launched, WikiLeaks has worked to report on and publish important information. We also develop and adapt technologies to support these activities.Is it any surprize that in a world so interconnected that an organization such as Wikileaks has developed? No, certainly not. I shudder to think that people, including those in our military, may be harmed by the release of truly sensitive information that rises to the level of national security. That type of transparency we do not need. But what about transparency that might change corrupt corporate behaviors? Wouldn’t that be beneficial? Well, get ready because in Forbes’ An Interview With Wikileaks’ Julian Assange, we learn the following,
These megaleaks, as you call them that, we haven’t seen any of those from the private sector.WOW!! Might it be Citigroup (C: 4.64 +0.02 +0.43%)? JP Morgan (JPM: 40.26 +1.01 +2.57%) Chase? Bank of America? Wells Fargo (WFC: 29.37 +0.90 +3.16%)? Could it be a bank outside that group?
No, not at the same scale for the military.
Will we?
Yes. We have one related to a bank coming up, that’s a megaleak. It’s not as big a scale as the Iraq material, but it’s either tens or hundreds of thousands of documents depending on how you define it.
Is it a U.S. bank?
Yes, it’s a U.S. bank.
One that still exists?
Yes, a big U.S. bank.
The biggest U.S. bank?
No comment.
When will it happen?
Early next year. I won’t say more.
What do you want to be the result of this release?
[Pauses] I’m not sure.
It will give a true and representative insight into how banks behave at the executive level in a way that will stimulate investigations and reforms, I presume.
Usually when you get leaks at this level, it’s about one particular case or one particular violation. For this, there’s only one similar example. It’s like the Enron emails. Why were these so valuable? When Enron collapsed, through court processes, thousands and thousands of emails came out that were internal, and it provided a window into how the whole company was managed. It was all the little decisions that supported the flagrant violations.
This will be like that. Yes, there will be some flagrant violations, unethical practices that will be revealed, but it will also be all the supporting decision-making structures and the internal executive ethos that cames out, and that’s tremendously valuable. Like the Iraq War Logs, yes there were mass casualty incidents that were very newsworthy, but the great value is seeing the full spectrum of the war.
You could call it the ecosystem of corruption. But it’s also all the regular decision making that turns a blind eye to and supports unethical practices: the oversight that’s not done, the priorities of executives, how they think they’re fulfilling their own self-interest. The way they talk about it.
Think the executives within these organizations are running some fire drills right now?
I am not so naive to think that corporate practices along the lines of what may be released by Wikileaks have not gone on for a long time. That said, if the media, financial regulators, and government officials had all performed their duties to the level expected by the public, Wikileaks may never have developed.
Comments, color, constructive criticism always encouraged and appreciated.
Larry Doyle
I want to thank the regular reader of Sense on Cents who brought this story to my attention.
http://www.themoneytimes.com/featured/20101130/wikileaks-expose-major-us-bank-id-10143410.html
EXCERPT:
Site continuously exposing violations
Forbes described Julian Assange as a champion of openness, a moral ideologue and a control freak.
WikiLeaks to expose a major US bank
by Anter Prakash Singh - November 30, 2010 - 0 comments
The whistle blower site, WikiLeaks is planning to expose a major U.S. bank early next year. The name of the bank has not been disclosed, but the site claims it will be a big disclosure, Forbes Magazine reported on Monday.
The whistle blower site, WikiLeaks is planning to expose a major U.S. bank early next year. The name of the bank has not been disclosed, but the site claims it will be a big disclosure, Forbes Magazine reported on Monday.
Julian Assange, founder of WikiLeaks, said in an interview with the Forbes magazine that the site will be releasing ‘tens of thousands’ of documents from a major U.S. bank early next year.
Julian told Forbes, “We have one related to a bank coming up, that’s a megaleak.”
Unethical practices to be exposed
The website claimed that the leaks will uncover violations and unethical practices adopted by the bank.
“You can call it the ecosystem of corruption.... the oversight that’s not done; the priorities of executives; how they think they are fulfilling their own self-interest,” Assange said.
When asked about the consequences of the leak, he said that they expected investigations into the functioning of the banks, especially at the executive level, and reforms could follow.
The website compares this exposure with the release of emails of the infamous energy company, Enron, which resulted in the collapse of the company.
Site continuously exposing violations
Forbes described Julian Assange as a champion of openness, a moral ideologue and a control freak.
Assange told the magazine that these disclosures will increase with time. He even thought a lot on the name for these big exposes. Finally, he has selected ‘megaleaks’.
The site has been continuously exposing unethical practices, violations, since its inception in 2006.
The first time it hit the headlines was when it released 92000 documents related to the Afghan war. Next was the publishing of the U.S. Army's 400000 documents, which were classified. These related to the Iraq war.
The latest in this series was the release of 250000 documents of the U.S. State department. These include communications between Washington and its 270 offices spread globally.
The website founder told the magazine that they have many more documents of several businesses and governments, including Russia. He also said that they have documents on pharmaceutical companies but declined to give their names.
Julian told Forbes, “We have one related to a bank coming up, that’s a megaleak.”
The website founder told the magazine that they have many more documents of several businesses and governments, including Russia. He also said that they have documents on pharmaceutical companies but declined to give their names.Assange refused to name the bank but confirmed it is one of the leading banks of U.S. and is still in existence.
Unethical practices to be exposed
The website claimed that the leaks will uncover violations and unethical practices adopted by the bank.
“You can call it the ecosystem of corruption.... the oversight that’s not done; the priorities of executives; how they think they are fulfilling their own self-interest,” Assange said.
When asked about the consequences of the leak, he said that they expected investigations into the functioning of the banks, especially at the executive level, and reforms could follow.
The website compares this exposure with the release of emails of the infamous energy company, Enron, which resulted in the collapse of the company.
Site continuously exposing violations
Forbes described Julian Assange as a champion of openness, a moral ideologue and a control freak.
Assange told the magazine that these disclosures will increase with time. He even thought a lot on the name for these big exposes. Finally, he has selected ‘megaleaks’.
The site has been continuously exposing unethical practices, violations, since its inception in 2006.
The first time it hit the headlines was when it released 92000 documents related to the Afghan war. Next was the publishing of the U.S. Army's 400000 documents, which were classified. These related to the Iraq war.
The latest in this series was the release of 250000 documents of the U.S. State department. These include communications between Washington and its 270 offices spread globally.
The website founder told the magazine that they have many more documents of several businesses and governments, including Russia. He also said that they have documents on pharmaceutical companies but declined to give their names.
http://www.nytimes.com/2010/12/01/world/africa/01wikileaks-blackwater.html?_r=1
By MARK MAZZETTI
Published: November 30, 2010
State's Secrets
Day 3Articles in this series will examine American diplomatic cables as a window on relations with the rest of the world in an age of war and terrorism.
fire because of accusations of abuses by its security guards in Iraq and Afghanistan, reconfigured a 183-foot oceanographic research vessel into a pirate-hunting ship for hire and then began looking for business from shipping companies seeking protection from Somali pirates. The company’s chief executive officer, Erik Prince, was planning a trip to Djibouti for a promotional event in March 2009, and Blackwater was hoping that the American Embassy there would help out, according to a secret State Department cable.
But with the Obama administration just weeks old, American diplomats in Djibouti faced a problem. They are supposed to be advocates for American businesses, but this was Blackwater, a company that Secretary of State Hillary Rodham Clinton had proposed banning from war zones when she was a presidential candidate.
The embassy “would appreciate Department’s guidance on the appropriate level of engagement with Blackwater,” wrote James C. Swan, the American ambassador in Djibouti, in a cable sent on Feb. 12, 2009. Blackwater’s plans to enter the anti-piracy business have been previously reported, but not the American government’s concern about the endeavor.
According to that cable, Blackwater had outfitted its United States-flagged ship with .50-caliber machine guns and a small, unarmed drone aircraft. The ship, named the McArthur, would carry a crew of 33 to patrol the Gulf of Aden for 30 days before returning to Djibouti to resupply.
And the company had already determined its rules of engagement. “Blackwater does not intend to take any pirates into custody, but will use lethal force against pirates if necessary,” the cable said.
At the time, the company was still awaiting approvals from Blackwater lawyers for its planned operations, since Blackwater had informed the embassy there was “no precedent for a paramilitary operation in a purely commercial environment.”
Lawsuits filed later by crew members on the McArthur made life on the ship sound little improved from the days of Blackbeard.
One former crew member said, according to legal documents, that the ship’s captain, who had been drinking during a port call in Jordan, ordered him “placed in irons” (handcuffed to a towel rack) after he was accused of giving an unauthorized interview to his hometown newspaper in Minnesota. The captain, according to the lawsuit, also threatened to place the sailor in a straitjacket. Another crew member, who is black, claimed in court documents that he was repeatedly subjected to racial epithets.
In the end, Blackwater Maritime Security Services found no treasure in the pirate-chasing business, never attracting any clients. And the Obama administration chose not to sever the American government’s relationship with the North Carolina-based firm, which has collected more than $1 billion in security contracts in Iraq and Afghanistan since 2001. Blackwater renamed itself Xe Services, and earlier this year the company won a $100 million contract from the Central Intelligence Agency to protect the spy agency’s bases in Afghanistan.
http://www.sure-start.com/bank-of-america-nysebac-targetted-by-wikileaks-owner-shares-down-10/3672252/
The embassy “would appreciate Department’s guidance on the appropriate level of engagement with Blackwater,” wrote James C. Swan, the American ambassador in Djibouti, in a cable sent on Feb. 12, 2009. Blackwater’s plans to enter the anti-piracy business have been previously reported, but not the American government’s concern about the endeavor.
According to that cable, Blackwater had outfitted its United States-flagged ship with .50-caliber machine guns and a small, unarmed drone aircraft. The ship, named the McArthur, would carry a crew of 33 to patrol the Gulf of Aden for 30 days before returning to Djibouti to resupply.
And the company had already determined its rules of engagement. “Blackwater does not intend to take any pirates into custody, but will use lethal force against pirates if necessary,” the cable said.
At the time, the company was still awaiting approvals from Blackwater lawyers for its planned operations, since Blackwater had informed the embassy there was “no precedent for a paramilitary operation in a purely commercial environment.”
Lawsuits filed later by crew members on the McArthur made life on the ship sound little improved from the days of Blackbeard.
One former crew member said, according to legal documents, that the ship’s captain, who had been drinking during a port call in Jordan, ordered him “placed in irons” (handcuffed to a towel rack) after he was accused of giving an unauthorized interview to his hometown newspaper in Minnesota. The captain, according to the lawsuit, also threatened to place the sailor in a straitjacket. Another crew member, who is black, claimed in court documents that he was repeatedly subjected to racial epithets.
In the end, Blackwater Maritime Security Services found no treasure in the pirate-chasing business, never attracting any clients. And the Obama administration chose not to sever the American government’s relationship with the North Carolina-based firm, which has collected more than $1 billion in security contracts in Iraq and Afghanistan since 2001. Blackwater renamed itself Xe Services, and earlier this year the company won a $100 million contract from the Central Intelligence Agency to protect the spy agency’s bases in Afghanistan.
http://www.sure-start.com/bank-of-america-nysebac-targetted-by-wikileaks-owner-shares-down-10/3672252/
Dec
6
2010Bank Of America (NYSE:BAC) Targeted By WikiLeaks Owner- Shares Down 10+%
Julian Assange, founder of WikiLeaks has targeted Bank of America as his next victim, causing stock prices to fall. Bank of America has officially denied any knowledge of the blitz, although Assange revealed in 2009 that he has 5GB of information on Bank of America, which he plans on releasing early next year.
Bank of America responded by declaring they have “no indication” of an imminent attack. Despite the official statements from Bank of America, several insiders have said the bank is taking the threat seriously and have convened a “legal SWAT team” in the event the documents are made public. Bank of America shares, traded on the NYSE, are taking a beating.
http://www.traderdaily.com/2010/12/megabank-reportedly-targeted-for-%E2%80%9Cmegaleak%E2%80%9D/
Bank of America responded by declaring they have “no indication” of an imminent attack. Despite the official statements from Bank of America, several insiders have said the bank is taking the threat seriously and have convened a “legal SWAT team” in the event the documents are made public. Bank of America shares, traded on the NYSE, are taking a beating.
http://www.traderdaily.com/2010/12/megabank-reportedly-targeted-for-%E2%80%9Cmegaleak%E2%80%9D/
