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Did GAO Just Hand Hackers a Blueprint for Breaking into the FDIC?

by Pam Martens and Russ Martens, Wall Street On Parade:

When it comes to demanding transparency in government, Wall Street On Parade typically takes the position that citizens have a constitutional right to their government’s records. We demand those records regularly at Federal agencies using the Freedom of Information Act and at state and local government agencies using the relevant sunshine laws. 

This past Wednesday was the first time that we can recall when we read a publicly released report from the Government Accountability Office (GAO), the nonpartisan watchdog for Congress, that made us queasy that the information should never have been released.

he report concerned the information technology systems of the Federal Deposit Insurance Corporation (FDIC). The GAO seemed to be handing potential cyber attackers a roadmap on how to exploit the FDIC’s many vulnerabilities.

Federal deposit insurance was first created under the Glass-Steagall Act (also known as the Banking Act of 1933) to provide Federally-backed insurance on bank deposits of participating institutions. Federal insurance at that time was desperately needed to shore up public confidence in the nation’s banks in the wake of thousands of bank failures resulting from the stock market collapse and ensuing Great Depression. Following the 2008 Wall Street crisis, FDIC insurance was beefed up and remains critically important to confidence in the U.S. banking system today.

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3 comments to Did GAO Just Hand Hackers a Blueprint for Breaking into the FDIC?

  • Craig Escaped Detroit

    The FDIC worried about hackers…stealing what? FRN’s? Just keep printing.

    And the FDIC, has “on their books”… what? About $23B? $33B? That’s less than (((Bernie Madoff))) stole, or how much Jon Corzine stole, he was also a former CEO at (((Goldman-Sachs))).

    How about the ‘thefts’ due to Libor rigging, Ag/Au rigging? All the mortgage frauds and other frauds by the banks, Wall street & HFT?

    Perhaps they’re REAL concern, is that somebody OUTSIDE the system might grab some of it instead of (((the thieves in charge))) getting all of it?

    Anybody who has any faith in the fiat money system, the FDIC, the “FED”, etc. is a complete fool.

    • JMiller

      Craig,

      The FDIC insurance fund currently has about $80 billion and the FDIC also has a credit line with the Treasury should they need more. I have a certain amount of faith as you call it that the FDIC and the government will protect insured depositors at all cost and that the dollar is not going to go to zero at any moment like certain people say. Sure there are risks to having money deposited in a bank or in any financial institution for that matter. In fact there are risks in all that we do. Even owning gold and silver. And even growing and storing your own food.

      • Craig Escaped Detroit

        @JMiller,
        You are absolutely correct about the risks that are part of everything we do, and everything around us.

        $80B is much larger than they used to carry, and yes, they have a “credit line” with the “Fed” (high speed printers & computer digits).
        Back when the Fed was doing “Q.E.” operations, they were admitting to printing out $80-85B each month, and some (Jim Willie, etc) says it was a lot higher and has just moved to the back-door (hidden) operations.

        I think “they” will protect us only as long as it protects their particular interests, and not a minute longer. One of their interests, is staying alive, because when all the EBT’s, SSI, SSD, Medicare gets shut down, those “elites” will be worried about the low-class-common folk coming at them with the proverbial pitch forks, tar & feathers and Guillotines.

        Clif High has many interesting insights as to how history is changing/repeating before our very eyes. The change of systems, the idiots running the train have lost the lead.

        As the centralized digital fiat systems fall down, the distributed systems are growing and seems as they will take the lead (BTC, Ether, etc).

        It’s amazing/shocking how only about 85 people own more than 50% of the planet’s “wealth”.
        I’m hoping this next world crisis, changes those numbers in a way that is favorable to the other 7.4 billion inhabitants.

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