14th Jul2011

Google Street View Snooping Lawsuits Will Proceed

by iSpit

A federal judge has denied Google’s request to dismiss several lawsuits accusing the company of illegally collecting private information from open Wi-Fi networks.

The ruling, filed in California court Wednesday, is a setback for Google as it tries to put its “Street View” debacle behind it.

In May 2010, Google admitted that the cars it uses to capture images for the “Street View” map feature accidentally collected about 600 gigabytes of data from unencrypted Wi-Fi networks in more than 30 countries.

Google, based in Mountain View, Calif., apologized in a blog post and called the data collection “a mistake.” Google also said that it never used the data and would work to dispose of it as quickly as possible.

But several lawsuits hit a few months later, accusing Google (GOOG, 00) of violations of state and federal wiretap laws. The complaints have been consolidated into one case seeking class-action status.

In Google’s motion to dismiss, the company maintained that the data collection wasn’t illegal because open Wi-Fi networks are “readily accessible to the general public.”
5 data breaches: From embarrassing to deadly

Judge James Ware disagreed, writing that “presumption of accessibility”
applies only to “traditional radio broadcast mediums and do not address any broader radio-based communications (more…)

02nd Apr2011

LizaMoon Attack Infects Millions Of Websites

by iSpit

Have you heard the scary news about ‘LizaMoon,’ a malicious code attack that has already infected more than a million websites?

Don’t panic. This particular bit of hacker mischief is setting off alarms among online security watchdogs for its speed and scope, but built-in software safeguards mean few actual users will end up suffering.

The exploit drew headlines because it’s affecting a surprisingly large number of websites — nearly 4 million so far — and because some of those sites feed into Apple’s iTunes platform. Websense, the security software vendor that first broke the news about LizaMoon in its blog, played up the iTunes connection in its first warning about the attack.

But Apple (AAPL, Fortune 500) has iTunes designed to automatically neutralize this kind of threat. That means there’s zero risk of an iTunes user’s computer actually getting infected by this bit of malware. Websense acknowledged that in its latest LizaMoon update.

“Every time there’s a mass-injection like this, and there really hasn’t been anything this big before, we try (more…)

24th Sep2010

Johnson & Johnson ‘Played’ FDA Over Mortin Recall

by iSpit

 

As Johnson & Johnson was quietly removing defective Motrin from store shelves it ignored regulators who said the problems with the drug warranted an official recall, according to documents obtained by CNNMoney.com.

“It seems that your company is doing a recall even though you are calling it a ‘retrieval.’ The agency’s position is that your company should do a voluntary recall of the product since it appears that you already are doing a recall of the product,” Neisa Alonso an FDA investigator in San Juan, Puerto Rico wrote in an email to a J&J (JNJ, Fortune 500) executive dated July 16, 2009.

Alonso explained further that the problems with Motrin, which Johnson & Johnson brought to the FDA’s attention in late 2008, typically result in a product recall.

The FDA does not have authority to force companies to issue recalls, but the agency does issue guidelines to help firms decide when to conduct a recall.

If there is a reasonable probability that the product will cause serious adverse health effects or death, the company should issue a Class 1 recall.

(more…)

08th May2010

Nasdaq Cancels 296 ‘Funked Up’ Stock Trades

by iSpit

After one of the most wild days on Wall Street, Nasdaq canceled trades of 296 stocks whose prices fluctuated the most.

At around 2:45 p.m. ET on Thursday, trades of a number of stocks listed on the New York Stock Exchange were slowed for about a minute due to excessive volatility. During that short time, those stocks were opened up to electronic markets like the Nasdaq.

That’s when at least 296 stock prices saw enormous price changes. Nasdaq has said it will cancel all trades that were executed between 2 p.m. and 3 p.m. ET, in which the stock price traded more than than 60% off of the stock’s price at 2:40 p.m. (See the 296 stocks for a list of the stocks with canceled trades.)

Nasdaq coordinated the cancellations with other U.S. stock exchanges, and said the decision could not be appealed. (more…)

22nd Apr2010

Google Passwords Reported Breached In ’09 Attack

by iSpit

The cyber attack that breached Google’s systems in 2009 managed to gain access to the password codes used in online programs, including e-mail, calendar and business applications, according to news reports Tuesday.

Google Inc. (GOOG, Fortune 500) announced the December hacking earlier this year, but this is the first time that details have emerged regarding the nature of the breach.

The attack prompted Google to shut down its strictly monitored Chinese search engine, Google.cn. The company cited the targeted cyber attack and censorship rules as reasons for the shutdown. The rules prohibited access to online pornography, certain religious material and sites that criticize the Chinese government.

In a blog post in January, senior vice president of corporate development and chief legal officer David Drummond said the hackers’ prime goal was to raid the accounts of Chinese human rights activists.

The company has been active in China since 2006

16th Apr2010

SEC Charges Goldman Sachs With Fraud

by iSpit

SEC charges Goldman Sachs with defrauding investors

The Securities and Exchange Commission on Friday charged Wall Street’s most gilded firm, Goldman Sachs, with defrauding investors in a sale of securities tied to subprime mortgages.

The SEC said it charged New York-based Goldman (GS, Fortune 500) and a vice president, Fabrice Tourre, for their failure to disclose conflicts in a 2007 sale of a so-called collateralized debt obligation. Investors in the CDO ultimately lost $1 billion, the SEC said.

The SEC’s civil fraud complaint alleges that Goldman allowed hedge fund Paulson & Co. — run by John Paulson, who made billions of dollars betting on the subprime collapse — to help select securities in the CDO.

Goldman didn’t tell investors that Paulson was shorting the CDO, or betting its value would fall. When the CDO’s value plunged within months of its issuance, Paulson walked off with $1 billion, the SEC said. (more…)

10th Mar2010

Geico Credit Card: A Rare Warren Buffett Mistake

by iSpit

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NEW YORK (Fortune) — Peddling credit cards isn’t so easy that a caveman can do it.

That seems to be the conclusion Berkshire Hathaway (BRKA, Fortune 500) chief executive Warren Buffett reluctantly reached last year, when he shut down a money-losing credit card business he had dreamed up for Berkshire’s Geico car-insurance unit.

The decision was disclosed in Buffett’s annual letter to Berkshire shareholders, released Saturday. The letter called Geico’s brief foray into credit cards “a very expensive business fiasco entirely of [Buffett's] own making.”

Since Berkshire took over Geico in 1996, the company has grown rapidly, thanks to low prices and an advertising budget that has grown 25-fold to $800 million.
(more…)

23rd Feb2010

Watch Out For New Credit Card Traps

by iSpit

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(CNNMoney.com) — If you haven’t heard, big changes are soon coming for the credit card business.

The CARD Act, which was signed into law last May, will finally go into effect Monday, meaning big changes for the millions of card-carrying Americans across the country.

Among other things, it will eliminate some of the more egregious practices of the past like so-called “double-cycle billing”, arbitrary rate increases and hefty fees for exceeding your credit limit.

But while the new law also promises consumers more transparency about their credit card bill, cardholders still need to watch out for a whole new series of traps and tricks.

Higher fees: For starters, consumers could suddenly find themselves socked with a variety of new fees and charges.

Banks and other card issuers have already been aggressively implementing new fees or raising existing ones to help make up for any potential revenue lost as a result of the CARD Act.
(more…)

21st Feb2010

Stocks make it 4 for 4

by iSpit

http://iamnotarapperispit.com/wp-content/uploads/2010/11/stocks.jpg

NEW YORK (CNNMoney.com) — Stocks ended higher Friday, marking the fourth straight day of gains, but investors were cautious buyers at the end of a big week that included the Fed’s decision to boost the emergency bank lending rate.

The Dow Jones industrial average (INDU) added 9 points, or 0.1%. The 30-share blue chip index gained 303 points for the week, its biggest one-week point gain since November.

The S&P 500 index (SPX) edged up 2 points, or 0.2%. The Nasdaq composite (COMP) gained 2 points, or 0.1%.

U.S. stock futures had tumbled overnight on the Fed news, pushing stocks lower at the open, which had been expected. But the knee-jerk reaction gave way to a more measured take as Friday’s session wore on, since it won’t impact borrowing costs for consumers or businesses.
(more…)

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