Apple Directors Overrule and Reject Shareholder Proposal to Protect User Privacy

Things at Apple seem to be going from bad to worse. From the company’s recent “War on Bitcoin,” to the major security flaw impacting virtually all its hardware from iPhones to Macs, Apple hasn’t done a single decent thing since Steve Jobs died.

Worst of all seems to be the company’s cozy relationship with the NSA and a complete disregard for user privacy and security. In order to push back against such behavior, a group of Apple shareholders, led by Restore the Fourth SF national liaison David Levitt, put forth a SpyLockout resolution. Key to this resolution is the following commitment:

The Spy Lockout plan is simple common sense for any company truly committed to data security.  Adopt best practices for security and encryption, as recommended by experts like the Electronic Frontier Foundation. Keep third party equipment off our networks.  Investigate and stop invasions of user privacy.  And when cooperating with police, require a warrant of limited duration, for a specific person or thing, instead of bulk collection.

So what could be wrong with that? Well, apparently Apple directors found it so unacceptable that they decided to use their power to overrule the resolution.

Firedoglake did some excellent reporting on this story. They note that:

Cupertino — At Friday’s Apple shareholder meeting, Apple’s directors overruled an urgent, popular shareholder resolution entitled Spy Lockout, aimed at improving security and keeping NSA surveillance and other intruders out of Apple’s products and systems. The same morning, Apple co-Founder Steve Wozniak endorsed the SkyLockout initiative.

Apple had quietly advised shareholders in its January 10, 2014 Proxy Statement that directors Bruce Sewell and Peter Oppenheimer would exercise their discretionary voting authority — their ability to cast votes for on behalf of shareholders who toss their voting forms in the trash — to defeat the proposal, without citing any reason.

The proxy statement does not refer to the proposal as “Spy Lockout” but as a “Floor Proposal” that “if approved, would, among other things, ask the Board ‘to enact a policy to use technical methods and other best practices to protect user data.’”

Apple gave no indication why it would vote against a resolution to follow best practices recommended by industry technical experts and the Electronic Frontier Foundation to protect users.

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NSA Chief is Pushing for Legislation to Stifle the First Amendment

Recently, what came out with the justices in the United Kingdom … they looked at what happened on Miranda and other things, and they said it’s interesting: journalists have no standing when it comes to national security issues. They don’t know how to weigh the fact of what they’re giving out and saying, is it in the nation’s interest to divulge this.

– General Keith Alexander, Director of the NSA

Although General Alexander states the above with regard to the UK justice system, he clearly agrees with the assessment. Read the passage above again and think about how scary that statement is. It becomes clear that one of the reasons abuses at the NSA are so egregious is because of the attitude of the person in charge. Alexander genuinely thinks that intelligence officials know best, and should not be subject to any sort of accountability. You don’t need to be a card-carrying member of the ACLU to see how dangerous this perspective is. To endorse this notion that “journalists have no standing when it comes to national security issues,” is to effectively make illegal one of the most important free speech rights in any democracy. This sort of attitude represents the antithesis of American values.

Not only does General Alexander see things this way, apparently he is lobbying for Congressional legislation that would solidify this authoritarian view within the law itself. For example, the Guardian reported yesterday that:

General Keith Alexander, who has furiously denounced the Snowden revelations, said at a Tuesday cybersecurity panel that unspecified “headway” on what he termed “media leaks” was forthcoming in the next several weeks, possibly to include “media leaks legislation.”

The general, who is due to retire in the next several weeks, said that the furore over Snowden’s surveillance revelations – which he referred to only as “media leaks” – was complicating his ability to get congressional support for a bill that would permit the NSA and the military Cyber Command he also helms to secretly communicate with private entities like banks about online data intrusions and attacks. 

So apparently he has several pieces of authoritarian legislation on his plate at the moment. He laments Snowden is making the implementation of his fascist tendencies more difficult. Just another reason to celebrate Snowden.

“We’ve got to handle media leaks first,” Alexander said.

“I think we are going to make headway over the next few weeks on media leaks. I am an optimist. I think if we make the right steps on the media leaks legislation, then cyber legislation will be a lot easier,” Alexander said.

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Overstock.com Passes $1 Million in Bitcoin Sales in Less than Two Months

The decision by Patrick Byrne, CEO of Overstock.com, to accept Bitcoin in exchange for its products has turned out to be a very savvy business decision for the online retailer. While the pace of Bitcoin sales has dropped off significantly from the tremendous $130k recorded in the first 24 hours, the sales have continued to come in. Only two months into the experiment, the retailer has now surpassed $1 million in BTC sales. More importantly, Mr. Byrne estimate 60% of these sales came from entirely new customers.

From TechDirt:

“We did not expect to hit this milestone so quickly,” states Overstock.com Chairman and CEO Patrick M. Byrne. “Bitcoin customers are good customers, and we’re pleased to provide them this service.”

Overstock.com started accepting Bitcoin in early January by partnering with Coinbase to process the payments and handle the conversion of Bitcoin into U.S. dollars. Since then, Overstock.com reports 4,300 customers paid for over $1 million worth of goods with Bitcoin. The retailer estimates almost 60% of those are new customers to Overstock.com.

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Bernanke’s Not Wasting Any Time – Earns $250,000+ for a Speech in Abu Dhabi

Ben Bernanke isn’t wasting any time cashing in on what might be the greatest transfer of wealth in history from 99.9% of the world’s population to a handful of connected oligarchs and their political minions. Cronyism does indeed pay well, even if bureaucrats have to wait until they leave office to collect.

The Bernank isn’t wasting any time ringing the register.

From Reuters:

Former Federal Reserve Chairman Ben Bernanke said the U.S. central bank could have done more to fight the country’s financial crisis and that he struggled to find the right way to communicate with markets.

“We could have done some things on the margin to mitigate somewhat the crisis,” Bernanke, 60, said on Tuesday in his first public speaking engagement since he stepped down in January after eight years heading the Fed.

“Although we have been very aggressive, I think on the monetary policy front we could have been even more aggressive.”

“This is going to sound very obvious but the first thing we learned is that the U.S. is not invulnerable to financial crises,” Bernanke said.

Um, so you thought it was? Never forget that these are the clowns running the show.

Bernanke said he could now speak more freely about the crisis than he could while at the Fed – “I can say whatever I want” – and in remarks to over 1,000 bankers and financial professionals in the capital of the United Arab Emirates, he made clear that he had regrets.

Bernanke received at least $250,000 for his appearance at the financial conference staged by National Bank of Abu Dhabi NBAD.AD, the UAE’s largest bank, according to sources familiar the matter. NBAD did not announce the fee.

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Official in Charge of Guidelines for British Internet Porn Filters Arrested on Child Porn Charges

Last summer, I wrote an article titled: How Internet in the UK is “Sleepwalking into Censorship.” That post detailed how plans in the UK to unveil default internet filters, sold to the public under the guise of “blocking child porn” and all sorts of other unethical and illegal activities, would actually provide a backdoor to censoring the internet.

Well it turns out it is even worse than that. Apparently, Patrick Rock, an official who helped draw up guidelines on Internet porn filters, has been arrested for child porn. You can’t make this stuff up.

From Raw Story:

A senior aide to British Prime Minister David Cameron has resigned after being arrested on suspicion of child pornography offenses, Downing Street confirmed Monday.

Patrick Rock, 62, was arrested by officers from the National Crime Agency last month.

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The Debt Bubble Expands as Auto Loan Amounts Hit a New Record

Is anyone surprised that the poorest and least credit worthy of Americans are being saddled with piles of debt in order to buy new cars? It’s not enough that a generation of our citizens will toil pointlessly to pay off more than $1 trillion of student loans, we may as well add some other form of debt burden on top of it.

It’s hard to even imagine this is happening so shortly after the last credit bubble train wreck, but happening it is. Creative ways for people to purchase cars they can’t afford have been on my radar screen for some time now, and if you recall, I posted an article last April titled: Just Keep Dancing: Introducing the 97-Month Auto Loan.

Well the dancing has continued, and now we have Americans borrowing at all-time record levels to buy cars. USA! USA!

From CNBC:

A combination of higher prices for new cars and relatively low rates for auto loans means Americans are borrowing a record amount to pay for their new rides.

According to Experian Automotive, which tracks millions of auto loans written each quarter, the average amount borrowed by car buyers last quarter climbed above $27,000 for the first time ever.

According to Experian, the average auto loan in fourth quarter 2013 was $27,430—an increase of $739 compared with the same period of 2012. The average used car loan was $345 higher, coming in at $17,974.

Those with non-prime credit ratings—or credit scores between 620 and 679—had the highest average auto loan. For these borrowers, the average new car loan rose more than $1,500, to a new high of $29,385.

Not surprisingly, those with subprime credit ratings—credit scores between 550 and 619—had the highest average monthly payment, of $499.

Yep, no doubt this will turn out just peachy.

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New York Banking Regulator Benjamin Lawsky Thinks Mt. Gox Collapse Could Help Bitcoin

Many people have been speculating all day as to why Bitcoin is up so much. The guesses have ranged from oligarchs worried about governments freezing their global bank accounts, to the UK moving away from a Bitcoin trading tax. While both those things may have played a role, I think the primary driver might be be comments from Benjamin Lawsky, superintendent of New York’s Department of Financial Services, on the sidelines of a banking conference today.

I’m not sure what time these comments were made, but it appears Lawsky wants to make sure New York state ends up being a global center for Bitcoin trading. This seems like a big deal to me.

From the UK’s Telegraph:

The collapse of the bitcoin exchange Mt Gox is part of a struggle for survival that could ultimately strengthen the virtual currency industry, New York’s banking regulator has said.

“It’s on the one hand a setback, on the other hand it will cause further improvements in this industry and some more regulatory involvement,” Benjamin Lawsky, superintendent of New York’s Department of Financial Services, told Reuters.

“It’s part of [a] shaking out,” he said on the sidelines of a banking conference in the US.

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Seth Klarman Compares Phony U.S. Economy to “The Truman Show”

Seth Klarman is one of the most talented fund managers of our time. I have been consistently awed by his intelligence and consistent performance, as well as a strong sense character and honestly.

ValueWalk just put together a synopsis of his latest investor letter, and there are some choice phrases in there. While I completely disagree with him on Bitcoin (he seems to see it as merely a currency rather than an efficient, global, P2P, decentralized payment system), I’m not going to hold that against him.

Now from ValueWalk:

Baupost Group, among the largest hedge funds in the world, returned $4 billion in assets to clients at the end of 2013 because it didn’t want to grow too quickly and dilute performance, according to an investor letter reviewed by ValueWalk.  Seth Klarman’s fund, which in 2013 had a high of 50% of his portfolio in cash, up from 36% in 2012, posted 2013 returns in the mid-teens consistent with the fund’s nearly 22-year track record.

Like many of the best market analysts, Seth Klarman looks at both sides of the issue, the bull and bear case, in depth.  “If you’re more focused on downside than upside, if you’re more interested in return of capital than return on capital, if you have any sense of market history, then there’s more than enough to be concerned about,” he wrote.  Citing a policy of near-zero short-term interest rates that continues to distort reality and will have long term consequences, he ominously noted “we can draw no legitimate conclusions about the Fed’s ability to end QE without severe consequences,” a thought pervasive among many top fund managers. “Fiscal stimulus, in the form of sizable deficits, has propped up the consumer, thereby inflating corporate revenues and earnings. But what is the right multiple to pay on juiced corporate earnings?”

“In an ominous sign, a recent survey of U.S. investment newsletters by Investors Intelligence found the lowest proportion of bears since the ill-fated year of 1987,” he wrote. “A paucity of bears is one of the most reliable reverse indicators of market psychology. In the financial world, things are hunky dory; in the real world, not so much. Is the feel-good upward march of people’s 401(k)s, mutual fund balances, CNBC hype, and hedge fund bonuses eroding the objectivity of their assessments of the real world? We can say with some conviction that it almost always does. Frankly, wouldn’t it be easier if the Fed would just announce the proper level for the S&P, and spare us all the policy announcements and market gyrations?” he said in a somewhat hilarious moment that bears a degree of truth.

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Another Thing Banned in NYC – Early Morning Jogs in Central Park

Sometimes I look at how NYC has been transformed in recent years and I just shake my head. It has become so similar to one of those elite communities in Huxley’s Brave New World. Just a haven for cry baby bailed out bankers running amok, tossing their Fed provided fiat all over the place. As I have said before, the city of my birth has become Disney Land for Wall Street, with the NYPD basically a private enforcement arm of JP Morgan and the TBTF banks.

To scared Manhattanites everywhere, fear not. The departure of Mayor Bloomberg has apparently done nothing to stop the city’s evolution into full blown nanny-state.

The latest thing New Yorkers can’t do is jog in Central Park early in the morning. Just to keep you peasants safe…

From the Daily News:

A city cop issued summonses to Peter Shankman and a friend for the crime of jogging in Central Park at 4:30 a.m. The park is closed between 1 a.m. and 6 a.m. — even to fitness freaks.

“It’s such a joke, but I’m like, seriously?” Shankman, 41, told the Daily News on Saturday.

“I was expecting to see ‘Candid Camera!’ You’re writing me a summons for exercising?”

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Is Major Censorship Happening on Reddit? How Glenn Greenwald’s Blockbuster Article Was Banned Over and Over

I’m not a regular Reddit user. I signed up to try it last year because I noticed my site traffic exploded whenever one of my posts got upvoted on Reddit. Unfortunately, I never actually crossed over into a regular user so I’m still trying to get my head around how the community operates. Headlines in recent days about the fact that Glenn Greenwald’s blockbuster article on the Intercept detailing how spy agencies work to intentionally ruin a person’s reputation using lies and false stories, was consistently being banned on the subreddit “r/news.” r/news is a default subreddit which all users are automatically subscribed to, thus it generates a huge amount of traffic. It’s basically the front page news section of the 64th most popular website in the world (according to Alexa data). That’s a big freakin’ deal.

Like other subreddits, r/news has rules and those rules are enforced by a group of people known as moderators. The categories r/news aims to avoid are:

Opinion/Analysis. This section includes domains such as Alternet, DemandProgress, and OpposingViews – basically any domain which predominantly purports misleading or analytic content, or opinionated content (such as op-eds), or content which intends to promote one cause over another. /r/news is for strictly factual news reporting, and as such opinion posts and analysis posts are removed.

Not news. This section includes domains such as change.org, facebook.com and kickstarter.com. While these may be mostly self-evident, the section is added to filter out any non-news stories, something which to an extent goes hand in hand with our limitation on opinion and advocacy posts as described above.

Satire. The reasoning behind the filtering of these domains is pretty self-evident.

Unreliable source. Basically any source which has proven to be highly unreliable or misleading. Included are a few conspiracy domains, as well as any other unreliable outlet – like self-reporting services or personal blogs.

Rebloggers. Basically any domain which engages heavily/solely in the copying and pasting of other journalists’ work in an attempt to pass it off as their own.

Spam. Almost entirely consisting of domains which are submitted by the spammers which you’ll sometimes see plaguing the ‘new’ queue at night in the United States, with titles like “bus service Delhi” or “best SEO marketing”.

Basically, if you fall into the categories above, you can get banned from r/news. The reason that people are all up in arms about this is that Glenn’s breaking story is undoubtably news. Yet, due to the fact Greenwald is an outspoken critic against NSA abuses, the Reddit moderators of r/news deemed it not to be news.

These moderators appear to be taking the bullshit statist line that if you have an opinion you are an “activist” and not a “journalist.” Obviously this is nonsense, as you can clearly be both an activist and a journalist. These are not, and never have been, mutually exclusive. Furthermore, what about the fact that so many of the so-called “experts” being called on mainstream T.V. news to give their opinions are actually on the payroll of major corporations and these conflicts of interest are never clearly disclosed to the audience. Is that legitimate news?

With all that in mind, let’s turn to the Daily Dot’s excellent coverage of the story. They explain that:

Mt. Gox’s imminent demise has particularly gripped Reddit communities like r/Bitcoin and r/news following rumors of a $300 million hack that crippled the Japan-based business. Redditors from r/news have also obsessed over Greenwald’s latest Edward Snowden leak—only his story has been banned from the default subreddit.

All links to Greenwald’s piece on the Intercept, a publication founded by First Look Media and home to Snowden’s leaked materials, titled “How Covert Agents Infiltrate the Internet to Manipulate, Deceive, and Destroy Reputations,” has been removed more than six different times from r/news and at least once from r/worldnews. 

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