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tv   Boom Bust  RT  August 7, 2017 8:29pm-9:01pm EDT

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we're. going to try and when you question laura find what you're looking for this is the little. dog we want. to go deeper investigate and debate all so you can get the big picture i do not know if the russian state hacked into john podesta e-mails and gave them to wiki leaks but i do know barack obama's director of national intelligence has not provided credible to support his claims of russia i also know he perjured himself in a senate hearing three months before the revelations provided by edward snowden he denied that the n.s.a. was carrying out wholesale surveillance of the u.s. . the hyperventilating corporate media has once again proved to be an echo for government claims that cannot be verified you would have thought they would have learned something after serving as george w. bush's useful idiots in the lead up to the invasion of iraq. it is vitally
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important that the press remains rooted in a fact based universe especially when we enter an era when truth and fiction are becoming indistinguishable. times the million dollars ario filling in for lindsay france you're watching them but broadcasting around the world from right here in washington d.c. coming up wall street blows the bank could face more sanctions after scamming clients in the latest auto insurance scandal and securing cyberspace a government watchdog says the f.c.c. is not properly tracking its networks how hackers could take advantage and social media shame wouldn't it be nice if those embarrassing post disappeared for good it could be your lucky day if you live in one fixed part of the world. stand by do
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boss starts right now. wells fargo might be facing more sanctions over a scandal we brought you about a week ago the bank's reputation is already in the gutter over last year's sales scandal where it opened more than two million fraudulent customer accounts for which it paid one hundred eighty five million dollars in a settlement with the office of the comptroller of the currency or o.c.c. and on friday its stock fell one percent over news the company may find a significant increase in the number of unauthorized accounts involved but in its latest misconduct totally unrelated to the first a new internal review found that more than half a million clients may have been improperly charged for unwanted car insurance wells
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fargo is already in the process of issuing customer refunds totaling about eighty million dollars but it might not be enough the wall street journal reporting the o.c.c. is considering more sanctions against the troubled company with this auto insurance issue wells fargo found that hundreds of thousands of clients were coerced into buying unwanted car insurance many of which you already had a different insurance a lot of these clients ended up defaulting on loans and in some cases had their cars repossessed wells fargo first identified the problem last summer and it's already paid a twenty four million dollars settlement with the justice department in o.c.c. over repossessing military members cars like its reputation wells fargo stock prices also taking a beating. well speaking of reputations from white hat to black a man hailed as a hero for shutting down the wanna cry ransomware virus that attacks hundreds of thousands of computers worldwide a couple of months ago well he's now in hot water over his alleged involvement on the other. side of
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a malware attack twenty three year old marcus hutchins better known online as malware attack has been arrested and charged with developing a major banking trojan years before his want to cry fame the british actor was arrested at a las vegas airport where he was in town attending defcon an annual hacking conference he's been accused of creating and distributing software designed to steal online banking credentials and credit card information a u.s. judge set his bail at thirty thousand dollars but since the ruling came down late friday hudgens had to spend the weekend in jail unable to post bail before monday his attorney says he will find the charges in the meantime along with the thirty thousand dollars bail hutchins' will need to surrender his passport and not use the internet activists and friends have rallied together to raise money for hutchens bail and legal expenses. no cyberspace is safe from hacking but some sectors are more susceptible than
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others especially when sensitive information is up for grabs wall street's top regulator is full of secret information that could be dangerous in the hands of cyber criminals yet a government watchdog found the securities and exchange commission fails to properly protect its networks to talk about securing the f.c.c. and wall street i'm joined now by todd shipley president and c.e.o. of beer a software todd thanks for joining us and i want to start out first with this twenty seven page government accountability office report which says that while the s.e.c. did improve control of financial systems it made a number of blunders including not fully encrypting sensitive information using unsupported software and not sufficiently restricting access to financial systems those are those are just a few in the twenty seven page report what are the risks of an insecure as you see as we see detailed in this report. well i think we have to look at the fact that every network in the united states and around the world is susceptible to these
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problems the fact that is being reviewed is a good thing and they have a plan hopefully to go forward in to solve those problems but every network is susceptible to the same kinds of problems and we have to kind of think about the broader picture of what security is and how we're going to defend ourselves from people and the hackers that are out there knowing about these holes that have been detailed in these pages though how much damage could hackers do knowing so many precautionary measures at the f.c.c. have been overlooked. well it could be catastrophic you know depending on the kind of information that the obtain the hackers could destroy or e you know the networks themselves or just steal the information and put it up for sale i mean we know that's occurring by nation states as well as just hacking groups but we don't know initially when these things occur who's behind it and so it takes some time to figure this stuff out the best thing to do is to put into place the preventive measures the best they can but this is an ongoing battle
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between the hackers and nation states in the companies and governments that are trying to protect themselves when we know when the as you see received this report they said we concur with the recommendations so clearly they're trying to follow through on some of the recommendations that the g.a.o. made but it's not just the g.a.o. that's really concerned about this virginia senator mark warner who's pretty involved in such in cybersecurity issues he's worried about the threats to the u.s. securities market he sent a letter to the f.c.c. chairman in charge of cybersecurity asking for clarity about what certain trading venues need to notify the as he see if they've had an intrusion what's the role he's referring to here. well federally there's been several breach laws that require companies and agencies to report certain things at certain times when they've been attacked and so is referring to one of the breached laws that are that are out there. the concept is that we the public needs to know that if something's been broken into so that we know when our identifying information's been taken by
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some foreign government or some hacking company or service that's out there you know posting things in the dark net so these things are very important obviously for us to understand the big picture because before the breach laws we never knew when these attacks occurred and how much information was actually. obtained and spread across the internet for other people to use but it's not every group i mean we know some groups are required to report now but which groups are those that are required to report versus those that still can keep the public in the dark. well that's part of the problem most of the government does not have to tell everything that's occurring in the breach laws are pretty unique. in generally apply only to companies and that they have to identify what's been taken in and provide services identity theft services to those people that the information has been taken from but in the government's case most of the time they don't have to report it and
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that's kind of problematic for all of us i'm sure a lot of the public errors on the side of transparency i'm sure that's what a lot of our viewers are on the side of but is there a danger in admitting that you've been hacked. well i think the danger is minimal compared to the benefit that we find out that we've had our identity and that information stolen and we can't respond to it if we don't know that it's occurred if it's hiding out there for companies able to hide the fact they've been hacked the other companies can't defend themselves better by identifying how that attack occurred and how they can best defend themselves so i think the long run it's best that we do identify know that these occurred what type of hacker would target the u.s. financial system and and how far could that have really ripple out into the rest of our country. well i think from just general hackers that want to get information they're going to do those things but i think our big concern is the fact that we've
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got nation states that would want to cripple us and we've an ongoing problem right now with north korea it would be beneficial in their behavior if to attack us financially if they thought they could get away with it so nation states i think your biggest worry is that we have to be concerned with that this point because they're the ones that are going to benefit the most in the long run from attacking our financial system and former president obama's top cyber advisor michael daniel was was just in vegas attending a hacking conference he said there that we need to overhaul the way that we protect ourselves from the new tool of state crop so are we seeing more state actors take place in this landscape i mean we know that we have some typical ones the u.s. china russia north korea but are we seeing more enter this cyber space and what's the motivation there. well i think we are seeing more and it's not necessarily just attacking the u.s. we're seeing the things that are going on the attack on the ukraine electrical system not that long ago those kinds of things are occurring and we're seeing
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nation states trying to cripple each other and not necessarily dramatically but take down small things to affect a certain outcome and so i think we're seeing more and more nations jumping into this space because they realize how easy it is to cripple another nation if they want to how secure do you think our financial system is as it stands today. well the financial system as a whole i think there's problems and i think there are things that we have to address long term if you look just what's going on in wall street wall street it actually is put into place certain trading things that prevent the market from crashing anymore but the bigger picture of the banking system i think there's some issues now they can certainly work on it and they try to defend itself but as we understand what's going on in those systems through some of these breach laws were fine you know there's issues and they need assistance trying to control the attacks
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on their networks will be looking to see how the government and how other institutions really follow up with some recommendations when it is pointed out to them that there are holes in the system tom shipley president c.e.o. of veera software i really appreciate you taking the time to talk with us today thank you thanks for having me this afternoon after a six week long trial including five days of deliberation former big pharma exact martin shrilly was found guilty on fraud charges on friday trinity charges joins us live from our new york studio to talk with us a little bit more about this one trinity what are the charges he's facing the mon scraggly is facing security fraud see long before he became notorious for raising a life saving drugs five thousand percent he worked in hedge funds he managed to m.s.m. capital and m.s.m. the health care prosecutors accused him of lying to investors cheating them out of over ten million dollars they said he ran a ponzi scheme accusing investors using investors' money to start a drug company called retrofitting incorporated and now on friday
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a jury found him guilty of three counts of securities fraud but he was acquitted of fraud charges related to the retrofit incorporated but that's where prosecutors say the biggest losses occurred some on trinity we know this is not a popular guy here for a number of reasons do we know exactly how much his investors have law. austin this . well son there's a there's an interesting twist to this because. i'm sorry sure kelly ultimately did pay back investors but and then some he also actually made investors money they actually made three to five times more than their original investment some investors actually made ten times more and then the four years all of this transpired for kelly claimed to have only made thirty one thousand five hundred dollars but the fact that investors actually made money only complicated the case even further but defense attorneys definitely use that to their advantage and despite the three guilty verdicts trick kelly said says that he sees this as
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a victory let's take a listen. why did. something. attempt to. rob peter to pay paul driscoll. trophy was not the problem. but three to draw. the world. documents presented in court show that squarely lied about everything from the value of funds that he managed to the performance of the funds among it's unbelievable so maybe you were popular with his investors were making that money but we know in the court of public opinion this guy has had a lot of hits in this time in the past several months and it's an interesting turn of events to say the least what are the next steps for him then is he going to appeal this decision. absolutely skelly says that he and his team uncovered new facts and evidence since the start of the trial and they they are actually more
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compelling and he wants to present all of these facts during an appeal all those scrawly can face up to twenty years in prison his attorney ben brafman said that he will seek much less time possibly even a no jail time scale even took to you tube over the weekend to discuss the trial and his plans for an appeal let's take a listen. i think you know supposed trial motions there is there some chance of getting rid of these three counts of one of them for sure without so there really. will sebille with on appeal you know won't. assuming i won't the united states lines will suggest you're a six months of incarceration which i think is a pretty good outcome. probably went on to say that he feels that he has largely defeated the government and says that on a scale of one to ten ten being the very best and ten being one being the very best and ten being the worst he would actually great his victory
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a two all right are to turn to the charm of thank you so much for bringing us that report. and it's time now for a quick break but. we'll tell you about this samsung executive back tears as he appeared in court for bribery charges and big point source but is the market price based on a secret manipulator as we go to the numbers in the closing bell. why would you put those up. what's your biggest fear. of a big moment for you right. now what would you say if you ever. consider but what about. it's. so simple. to do due to.
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more. i'm a trial lawyer i've spent countless hours playing through documents that tell the story about the abuse i was in the. corporate media everything uses to talk about the current market economy i'm not a pretty clear picture about how disturbing how to look forward and that is be a marker these are stories that you know know it's a marker to your host the american. west. little.
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bit coin continues to surge to record heights despite last week's split in the digital currency it's reaching unprecedented levels above three thousand dollars but is all the hype and price being manipulated by one single trader. big coin is breaking records pushing its market cap above fifty billion dollars over the weekend but what's really behind the push in price a mystery manipulator known as spoofy spoofy is a single trader or a group of traders with deep pockets rumored to be manipulating the bitcoin market using tens of millions of dollars and the practice of spoofing spoofing is bidding or offering with the intent to cancel the bid or offer before execution it's illegal but because the bitcoin market is largely unregulated it's actually rather
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common according to this blogger spoofy makes the price go up when he wanted to go up and spoof he makes the price go down when he wanted to go down and he's got the coin both dollars and bitcoin of course to pull it off and with impunity on bits in next bits in x is one of the few bitcoin trading sites that supports bitcoin cash an offshoot of the cryptocurrency following last week's split but because of spoof he's activity on it it's proven to be easily manipulated by sixty million dollar orders that are canceled right before execution what effect it's had on the market so far is hard to tell because it might just keep rising but as long as friends keep fooling around the market's volatility will keep it from going mainstream. one of the main executives at samsung held back tears on monday as he denied charges of an basil mint and bribery in
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a south korean court vice chairman jay wylie finds himself in broiled in a scandal that held south korea and its grip for months and eventually say that i was staying out of the former president park when a prosecutor said that lee was going to pay for funds that were backed by park and even sponsor the equestrian career of the daughter of one of the people at the heart of the scandal in order to ensure his control over the tech giant all this bad coverage has cost samsung. with that shares ending at point three percent this monday negating the small gains the company had earlier this year however the company has still done well in other areas with their electronics division earning up to ten billion in profit just in the last quarter if convicted lee would be in prison for twelve years the most any executive in south korea has ever received. one of the biggest trending stories of the year made international headlines last week and well it turns out to be fake news a researcher at facebook is slamming what he calls irresponsible and alarmist
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reports claiming the social network shut down an artificial intelligence experiment after robots developed their own language to separate fact from fiction we go live now to our tease marina portnoy in miami marina facebook took a lot of heat this last week after the media outlets reported the company abandoned an experimental chat program after ai's developed their own language i guess was this not the case. well researchers at the facebook i research lab did see. bots develop their own language to communicate with one another but that was reportedly expected to happen during the experiment which facebook says was never shut down the social media firm was experimenting with teaching to chat bots alice and bob how to negotiate with one another at some point the bots deviated from script inventing new phrases without any human input according to researchers the ai agents as they were referred to figured out how to pretend to be interested in
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something when they didn't actually something they didn't actually want the bots were reportedly left alone to develop their conversational skills researchers returned they found the software had begun to deviate from normal speech countless news reports claimed facebook shut down the experiment after the top bots developed their own language the story was reported posted and repeated for days despite the fact that it was false according to a post by der of box an artificial intelligence researcher at facebook his team analyzed the reward function and change the parameters of the experiment which he says is not the same as unplugging or shutting down a scientists and tech in the esters including stephen hawking mosque and bill gates have repeatedly categorized artificial intelligence as a threat to the human race which if left on regulated could take off on its own and
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redesign itself at an increasing rate something the researcher i quoted said did not happen with their experiment incredible well even the mainstream media got this story wrong and facebook did not shut down the ai experiment doesn't it still demonstrate how technology is redefining our understanding of what was once believed to be human language fair fair point the fact that machines will make up their own non-human ways of conversing is a reminder of how little known is. even when it's humans designing the systems now allowing your car to talk to your phone which can talk to your refrigerator may eventually create a world of convenience but the trade off could mean that humanity would have no clue what those machines are saying to one another there are no bilingual speakers of ai and human language today's bots like syria and alexa can manage short exchanges with humans in simple tasks like booking a restaurant but they did not make the amec would change significantly if countless series and alexa's began communicating in
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a way we were not able to understand imagine the world can i mean it reminds me of the movie arrival that i was seeing where they were trying to figure out what the aliens were saying we're going to be doing the same thing with robots apparently. in miami thank you so much thank you. when you post something on the internet it's there for ever well except in the u.k. a controversial law could soon allow british consumers to have full control over the removal of their posts on social media boom bust bianca machinery has more on this for us now bianca this law will likely be enacted soon how long has it been in the works so this particular proposal has been in the works for a few months but the concept behind it which is known as the right to be forgotten is actually recognised in countries all over the world so it's not just an idea unique to the u.k. if you live in the u.k.
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you might be able to erase your old and embarrassing social media posts in a few months on monday the latest version of parliament's data protection bill was proposed by digital minister matt hancock in his statement he explained how the law could keep your data safe online and give users more control of it the bills in the variation we can remain confident. it would be people more control over intruding on brightstar and. needing people's consent to they use. if the bill is inactive that would essentially convert the european union's general data protection regulation into u.k. law u.k. residents would then be able to directly request that personal data and posts be deleted from websites like facebook that companies don't comply they could face fines up to seventeen million pounds and it doesn't end there in order to get
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a hold of the data in the first place the bill would make it easier to request it would also require firms to obtain explicit consent when processing personal data or even using it at all and it would turn the users into a criminal offense and it is important to note that the government would add some exceptions for data especially if there is a legal reason to keep it public most tech industry giants like google oppose the legislation and claim it's a form of censorship that could limit freedom of expression but the bill won't be debated through parliament until september when members return from summer break so those that don't support the bill have about a month to make their case. you mention google and speaking of the company the e.u. judges will determine whether it abides by the blocks right to be forgotten law what can you tell us about that case so google and c.n.i. al which is a data protection agency and frowns are headed to the european court of justice which is the highest court in the e.u. to fight over whether the right to be law should be applied to searches globally so
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in this case if you live in france and you get something taken off the internet somebody else in france won't be able to use google's french domain to search that information but somebody that doesn't live in france can use google strongly in their country to find that information so this data agency wants to eliminate that google wants to keep it around and for this data agency find google one hundred thousand euros so that's a kind of start of this fight and now they're headed to the highest court to determine you know what's going to happen next and we should know within about a year ok well we'll be looking for it because we don't have the sheeny thank you so much. when you think of summer camp that usually implies going out in the woods hiking trails eating smores by the campfire but hey it's twenty seventeen and in southern california that concept of summer camp has taken a very different turn it's
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a social media campaign kids are being sent there from across the u.s. even across the ocean places like a suite in to learn how to be the next social media star instead of huddling around a campfire telling stories they're pulling out their phones learning how to gain more follow words like read tweets on social media platforms like twitter and instagram they say there's a prize for fame but in this case learning how to improve their own online presence costs the parents over two thousand dollars per child and there's no guarantee for success in two thousand and nine a study showed that less than point three three percent of you tube videos broke the one million view mark. well more than i have perceived less than five hundred well good luck kids that'll do it for us for now for banks for watching see you next time. please. please.
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please please call the future we don't need something. everyone in the world should experience to lead and you'll get it on the old the old. the old according to josh. welcome to my world come on i'm sure there are. plenty of old warhorse selling you on the idea that dropping bombs brings police to the chicken hawks forcing you to fight the battles they believe to do socks for the tell you that what we gossip the public by itself the most important day. of advertising telling you are not cool enough unless you buy their product please. all the hawks that we along with are on the one lead.
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your watching our team aaron got special report tonight in the stocks you installed me as my that's. basically everything that you think you know about civil society have broken down. there's always going to be somebody else one step ahead of the game. we should not be in this normalizing mind. we don't need people that think like this on our planet. this is an incredibly tense situation. that i'm going back to. the tell us.
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on larry king now from me you're a person. i am around so much time i understood. independent. she really was and let me tell you larry charles a vicious thing even today alone she's ahead by mouth i mean this kind of behavior from a national outside a beer for sure person and people are saying seeing that people that political figures and not reveal a lack of integrity. well it was cool to speak the language that is superficial and donald trump one thing many things and he almost certainly is well you also if he's authentic proximate fish to him i like to member why he started. saying well.

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