Thursday, June 30, 2011

When banks and governments are fair game, Part II

Brian Krebs blog identified the main culprits in the online pharmacy scam, a list of banks that SHOULD have taken the same precautions with pharmacy transactions that they have been mandated to take limiting online gambling operations. Fully 15% of all online pharmacy scams have been processed through Bank of America, with J. P. Morgan Chase coming in at 14.7%:

If cyber privateering were legal, I don't believe a bonding authority would have trouble authorizing the confiscation of bank assets at either B of A or at Chase—well, maybe after one unambiguous warning—along with accessible assets of the rogue government (Russia—no warning required or deserved) that has made a "bargain with the devil" through their tacit look-the-other-way support of this criminal activity. Recent headlines—about Bank of America coming up with $8.5 billion to settle claims from investors in their mortgage backed securities offerings, or J. P. Morgan Chase's $153.6 million settlement on similar "complex investment" tactics—would seem to paint a big red cyber bull's eye on both firms. 

Leaders of the above-referenced banks (along with Russia) should get on their dimpled knees morning and night to thank God that LulzSec and its incarnations have not decided to make public examples out of them by playing Robin Hood with their assets. 

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Implementation suggestions for THE MORGAN DOCTRINE are most welcome. What are the "Got'chas!"? What questions would some future Cyber Privateering Czar have to answer about this in a Senate confirmation hearing?