HSBC Global Head Of FX Cash Trading Arrested At JFK Airport

A historic event took place moments ago when Mark Johnson, the global head of cash FX at HSBC was arrested at JFK airport for his role in a “conspiracy to rig currency benchmarks”, and specifically for frontrunning customer orders. He is the first person charged by the US in the ongoing FX rigging probe.

As Bloomberg reports, a “senior manager at HSBC Holdings Plc was arrested in New York for his role in a conspiracy to rig currency benchmarks, according to two people familiar with the matter, becoming the first person to be charged in the Justice Department’s three-year investigation into foreign-exchange rigging at global banks.”

From Johnson’s bio:

Johnson is global head of foreign exchange cash trading at HSBC, based in London. Prior to joining HSBC in 2010, he was founding managing partner and chief investment officer at Johnson Stewart Partners. Before that, he was global head of trading at Deutsche Bank.

More details:

Mark Johnson, HSBC’s global head of foreign exchange cash trading in London, was taken into custody at John F. Kennedy International Airport Tuesday and is scheduled to appear before a judge in federal court in Brooklyn Wednesday morning, said the people, who asked not to be named because the case hasn’t been made public. He’s charged with conspiracy to commit wire fraud, the people said.

 

According to Bloomberg, Johnson’s arrest comes more than a year after five global banks pleaded guilty to charges related to the rigging of currency benchmarks. HSBC, which wasn’t part of those criminal cases, in November 2014 agreed to pay $618 million in penalties to U.S. and British regulators to resolve currency manipulation allegations. HSBC, which still faces investigations by the Justice Department and other authorities for the conduct, has set aside $1.3 billion for possible settlements, according to an August filing.

 

Rob Sherman, an HSBC spokesman, and Peter Carr, a Justice Department spokesman, declined to comment.

Also on Tuesday, the U.S. Federal Reserve banned former UBS Group AG trader Matthew Gardiner from the banking industry for life for his role rigging currency benchmarks.  Gardiner used electronic chat rooms, with names including The Cartel and The Mafia, to facilitate the rigging of foreign-exchange benchmarks and to disclose confidential customer information to traders at other banks, the Fed said in astatement Tuesday. That matter is separate from the one involving Johnson, the people said.

Recall that DOJ unwillingness to prosecute HSBC was the ultimate catalyst that prompted former AG Eric Holder to admit that some banks are “too big to prosecute.” Perhaps with this arrest things are slowly starting to change.

Now, if frontrunning clients is officially an arrest-worthy offense, we can’t wait for the DOJ to unleash a crackdown on criminal HFT algos whose only purpose in “life” is to do just that.

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Currency Tumbles, Credit Risk Spikes As Turkey Considers ‘State of Emergency’

Following yesterday’s market ‘warning’ that Erdogan may have taken things too far, Turkey’s currency and credit risk markets are in further disarray today as Turkey’s National Security Council will consider calling for a state of emergency according to ruling AK Party deputy head Cevdet Yilmaz.

The Lira is crashing back near record lows…

 

Some context for the Lira’s progress…

 

And Turkish sovereign credit risk is soaring…

 

As we noted yesterday, it is truly a bizarre time when the only thing keeping corrupt, conflicted “democratic” politicians honest are FX and credit market ‘threats’.

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Trump and the GOP Are Official, Republican Convention Continues, Cop Killed in Kansas Shooting: A.M. Links

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The RNC’s “Make America Work Again” Evening Had No Plans to Make America Work Again

The second night of the Republican National Convention was supposed to be built around the theme of “Make America Work Again.” In other words, after Monday night’s speeches built around immigration and national security (“Make America Safe Again”) this was the night that Republicans were going to focus on jobs and the economy.

But the primetime speeches last night featured essentially nothing in the way of plans to create jobs or grow the economy. Several of the speeches failed to mention jobs or the economy at all. Instead, they focused on trashing Trump’s Democratic rival, Hillary Clinton, who they portrayed as criminal and possibly a worshipper of Satan. In doing so, they offered further evidence that the Republican party has totally given up on even the pretense of engagement with domestic policy. 

The opening speech by convention co-chair Sharon Day was an extended broadside against Hillary Clinton, with a handful of shots at her husband, former president Bill Clinton thrown in. Ultimate Fighting Championship President Dana White said that Donald Trump “supports businesses of all sizes” and “make it possible for them to grow and succeed,” but had no evidence for this assertion. His idea, basically, was that Donald Trump likes businesses. That…is not a plan.

Similarly, Arkansas Gov. Asa Hutchison spent most of his speech bashing Hillary Clinton for her dubious use of a private email server while serving as Secretary of State. That’s a fair criticism, but it has nothing to do with jobs or the economy. The closest Hutchison came to a domestic policy plan was a declaration that “we need a President that values the role of the states, will destroy ISIS, and jump-start our economy.” That’s, like, 12 percent of a plan. Maybe. If I’m being charitable.

Hutchison was followed by Arkansas Lt. Gov. Leslie Rutledge, who also spent most of her time declaring that Hillary Clinton is really and truly the worst. (Sample line: “That woman has more baggage than Chicago O’Hare.”) Rutledge noted, almost as an aside, that “we”—presumably Republicans—”care about jobs, the economy and national security,” and left at that. The GOP cares about jobs and the economy! Caring, I will remind you, is also not a plan.

Rutledge was followed by former U.S. Attorney General who laid out a not-particularly-exciting but essentially accurate case against Hillary Clinton focused, again, on her email use. Regardless of the merits—and I think the merits of the case against Clinton are indeed quite strong—this seemed beside the point: Unless the GOP’s jobs plan is built around creating work for a fairly small number of political hacks and lawyers, this is not going to make America work again.

After Rutledge, a waterproofing company owner and Donald Trump supporter from Brooklyn named Andy Wist spoke. He explained that actor Adam West, and not he, was Batman. Also, he liked Trump. That’s pretty much it. 

Sen. Ron Johnson came on to warn that Hillary Clinton was weak on terror. Chris Cox of the National Rifle Association’s political arm warned that Hillary Clinton was weak on guns. Golfer Natalie Gulbis, currently ranked 492nd in the world, spoke about how Donald Trump encouraged her to think of herself not as an athlete, but as a “business person.”

Senator Mitch McConnell, one of the GOP’s most prominent sitting legislators and turtle look-a-likes, barely touched on anything like a jobs plan. The closest he came was saying that as president, Donald Trump would sign a bill allowing the construction of the Keystone Pipeline, and would allow Republicans to follow through with their promises to repeal Obamacare. (It’s worth noting here that Trump’s poor and wildly shifting understanding of health care policy—he has said positive things about single payer—leaves open a lot of questions about the sort of health care he might actually pursue as president.)

Even Speaker of the House Paul Ryan, perhaps the Republican party’s most successful and influential policy entrepreneur, had almost nothing specific to say, or even reference, about jobs and economic policy. He spent most of his speech asking—practically pleading—with the GOP to unite around Trump, because Hillary Clinton was unacceptable. The same goes for Chris Christie, the governor of New Jersey, who spent the entirety of his speech acting as prosecutor and laying out an extended case against Hillary Clinton. Granted, I suppose this could be his job in a hypothetical Donald Trump administration. 

Donald Trump, Jr. gave a speech that actually referenced several policies (Dodd Frank, school choice). There mere existence of references to specific legislation or policy areas made his speech the stand out address of the night, which, to be sure, is an extremely low bar. But references are not themselves plans or even the beginnings of plans; a president cannot legislate merely by acknowledging that policy exists. 

Perhaps the best case that Trump would create jobs came from Kerry Woolard, who described how well Trump has run the winery she manages. It was still not much of a case: He pays attention, she said, and asks good questions. That is hardly a demonstration of Trump’s economic policy acumen or how he would act as president. Also, according to its website, that winery “is not owned, managed or affiliated with Donald J. Trump, The Trump Organization or any of their affiliates,” and therefore may not be the best example.

You will not be surprised to hear that the rest of the speakers—including Trump’s daughter Tiffany, neurosurgeon and failed presidential candidate Ben Carson, and soap opera star Kimberlin Brown—did not have much to say about creating jobs or boosting the economy either. Carson did, however, link Hillary Clinton to progressive activist guru Saul Alinsky, and note that Alinsky “acknowledges Lucifer.” 

There are plenty of reasons to oppose Hillary Clinton, and although I would personally take a pass on the Alinsky/Lucifer connection, Republicans touched on more than a few good reasons to be wary of their Democratic rival. But that still totally fails to respond to respond to the essential policy question that was supposedly the topic of discussion for the evening. “Hillary Clinton is bad and should maybe be in jail” isn’t a jobs plan—and there’s little evidence that the Republican party under Trump has anything else in the works. 

You can blame Trump, an unusually vacuous and unserious candidate, for some of this. But this tendency existed in Republican party politics existed long before before Trump arrived. The GOP has spent the last decade and half stubbornly refusing to engage with the basics of domestic policy, even on issues its members purport to prioritize, preferring Reaganite-mantras and anti-Obama slogans instead. Last night was proof that the GOP has wholly embraced a post-policy approach to politics, ceding the space entirely to Democratic opponents. We’re all worse off for it. 

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You Should Read More Romance Novels: New at Reason

Libertarians like their genre fiction just fine and read lots of it. Science fiction is a staple, from Ayn Rand’s Anthem to the works of Robert Heinlein to Joss Whedon’s dearly departed television series Firefly. Murray Rothbard is on record as a reader of detective novels. Rand praised Ian Fleming and Mickey Spillane for the rough heroism of their potboilers. Rose Wilder Lane’s and Laura Ingalls Wilder’s independence-minded stories of settlers on the frontier have been staples of children’s literature for generations.

But when it comes to romance novels, it seems as if fans of the free market aren’t buying what Fabio is selling. Maybe it’s the lurid covers, with their heaving bosoms and metallic lettering? Maybe there’s something to the stereotype of libertarians as emotionless rational calculators? Sarah Skwire prefer a third thesis: Maybe libertarians just don’t know what they’re missing under these covers.

In fact, modern romance fiction is filled with lessons about the things independent thinkers value—or ought to value—most highly. If you’re a reader looking for novels that understand the importance of work and markets, that promote the bourgeois virtues, and that enthusiastically support Millian experiments in living, you should be reading romance.

View this article.

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Massive Fire Breaks Out In 75 Floor Dubai Skyscraper

In what is the latest outbreak in Dubai’s recent incendiary “epidemic”, shortly before 3pm local time a fire broke out at a 75-floor residential tower in Dubai, the fifth blaze in a skyscraper in the oil-rich United Arab Emirates in recent years.

Flames lept out of windows toward the top of the Sulafa tower in the upscale Marina district, and 10 to 15 floors appeared to have been charred, Reuters reported.

An official at Dubai Civil Defense said they received a call at 2.48pm and that the fire is still ongoing. The blaze started on the 35th floor, the official said. Hundreds of people were promptly evacuated.

Witnesses said it appeared to be spreading on the outside of the tower and that burning debris was falling from the side of the building. Burning debris floated toward the ground and firefighters approached the site with sirens blaring.

In March, a fire broke out at a residential tower in the nearby Emirate of Ajman. On New Year’s Eve, a blaze hit a landmark downtown hotel in Dubai; in February last year, fire broke out at a 79-storey residential tower in Dubai, and in November 2012, a 34-storey Dubai residential building was partially gutted.

In some of those cases, experts said the flames may have been encouraged to spread by flammable exterior cladding, used for decoration or insulation.

The UAE revised its building safety code in 2013 to require that cladding on all new buildings over 15 meters (50 feet) tall be fire-resistant, but older buildings are exempt. It may need to revise it again.

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As Erdogan’s Historic Purge Claims 50,000, Turkey Set To Unveil “Emergency Measures”

Erdogan’s historic purge of dissidents and adversaries – many of which curiously are to be found in the country’s educational system – continues, and according to the latest count, a total of around 50,000 soldiers, police, judges, civil servants and teachers have been suspended or detained since the coup attempt, stirring tensions across the country of 80 million which borders Syria’s chaos and is a Western ally against Islamic State.

The ongoing cleansing has also spooked Turkish investors sending local markets and the currency sliding on concerns Erdogan is going to far with his retribution.

In response, Turkey said it would announce emergency measures on Wednesday to try “to shore up stability and prevent damage to the economy” which is paradoxically reeling as a result not so much of the coup as Turkey’s reaction to it. According to Reuters, Erdogan has vowed to clean the “virus” responsible for the plot from all state institutions. The depth and scale of the purges have raised concern among Western allies that Erdogan is trying to suppress all dissent, and that opponents unconnected with the plot will be caught in the net.

He will chair meetings in his palace on Wednesday of the cabinet and the National Security Council, after which a series of emergency measures are expected to be announced.

Not surprisingly, government ministers and top officials have not been briefed in advance of the meetings. “The cabinet meeting is classified at the highest level for national security reasons. The palace will give ministers a dossier just beforehand,” one senior official told Reuters.

“Ministers do not yet know what is going to be discussed.” Perhaps because as Turkey regresses back to a sultanate, ministers become redundant.

Deputy Prime Minister Mehmet Simsek told Reuters a priority in the measures to be discussed on Wednesday would be preventing damage to the economy. He also said on Twitter they would be “market-friendly” and would prioritize structural reform. We are confident some measure against “market speculators” will be implemented shortly.

Among the latest announcements, around a third of Turkey’s roughly 360 serving generals have been detained since the coup bid, a second senior official said, with 99 charged pending trial and 14 more being held. Additionally, academics were banned from traveling abroad on Wednesday in what a Turkish official said was a temporary measure to prevent the risk of alleged coup plotters in universities from fleeing. State TRT television said 95 academics had been removed from their posts at Istanbul University alone. “Universities have always been crucial for military juntas in Turkey and certain individuals are believed to be in contact with cells within the military,” the official said.

Meanwhile, Erdogan continues to focus the public’s attention on his hand-picked scapegoat for the attempted, if perhaps staged, coup. “This parallel terrorist organization will no longer be an effective pawn for any country,” Prime Minister Binali Yildirim said, referring to what the government has long alleged is a state within a state controlled by followers of Fethullah Gulen. “We will dig them up by their roots,” he told parliament.

Erdogan blames the network of U.S.-based cleric Fethullah Gulen for Friday night’s attempted coup, in which more than 230 people were killed as soldiers commandeered fighters jets, military helicopters and tanks to try to overthrow the government. On Tuesday, authorities shut down media outlets deemed to be supportive of the cleric.

Seventy-five-year-old Gulen, who lives in self-imposed exile in Pennsylvania but has a network of supporters within Turkey, has condemned the abortive coup and denied any role in it. A former ally-turned critic of Erdogan, he suggested the president staged it as an excuse for a crackdown after a steady accumulation of control during 14 years in power.

Obama discussed the status of Gulen in a telephone call with Erdogan on Tuesday, the White House said, urging Ankara to show restraint as it pursues those responsible for the coup attempt. In parallel talks, U.S. Defense Secretary Ash Carter and his Turkish counterpart discussed the importance of Turkey’s Incirlik Air Base in the campaign against Islamic State in Syria and Iraq, the Pentagon said. The base, which is used by Turkish and U.S. forces in the air campaign against Islamic State, has been without power in the days since the failed coup.

In an amusing twist, Prime Minister Yildirim accused Washington, which has said it will consider Gulen’s extradition only if clear evidence is provided, of double standards in its fight against terrorism.

Yildirim said the justice ministry had sent a dossier to U.S. authorities on Gulen, whose religious movement blends conservative Islamic values with a pro-Western outlook and who has a network of supporters within Turkey. “We have more than enough evidence, more than you could ask for, on Gulen,” Justice Minister Bekir Bozdag told reporters outside parliament. “There is no need to prove the coup attempt, all evidence shows that the coup attempt was organized on his will and orders.”

White House spokesman Josh Earnest confirmed Ankara had filed materials
in electronic form with the U.S. government, which officials were
reviewing. Any extradition request from Turkey, once submitted, would be
evaluated under the terms of a treaty between the two countries, he
added.

 

This treaty excludes offences “of a political character” although it does cover those “committed or attempted against a head of state or a head of government”.

 

Any extradition request would face legal and political hurdles in the United States. Even if approved by a judge, it would still have to go to Secretary of State John Kerry, who can consider non-legal factors, such as humanitarian arguments.

 

“I urge the U.S. government to reject any effort to abuse the extradition process to carry out political vendettas,” Gulen said on Tuesday in a statement issued by the Alliance for Shared Values, a group associated with the cleric.

* * *

Amusingly the real “double standard” has nothing to do with the US (un)willingness to extradite an old man who certainly had nothing to do with the staged coup, and everything to do with the western treatment of what is now a historic putsch for a “democratic” country. 

As Reuters concludes, “Turkey’s Western allies have expressed solidarity with the government over the coup attempt but have also voiced increasing alarm at the scale and swiftness of the response, urging it to adhere to democratic values.”

Since 50,000 purged is clearly not enough for Western allies to do anything more than “voice increasing alarm”, we wonder what number will trigger actual action: 100,000? 1 Million? More?

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IMF Scraps Forecast for Global-Growth Pickup on Brexit Fallout

Following on from the Brexit vote last month the IMF have decided to re-evaluate their forecast for global growth.

Bloomberg  reports that they have revised their original 3.2% forecast down to 3.1% for 2016 and from 3.5% to 3.4% for 2017. While these feel like very modest revisions ,the IMF would not be known for radical changes of direction preferring slow and steady revisions.

Their new forecast is based on the assumption that British and EU officials reach new trade agreements that avoid a “large increase in economic barriers.” However, if talks break down, Britain will slip into recession as more financial institutions relocate to the euro area and consumption and investment contract more than expected, the fund said. In a “severe” scenario, global growth is seen sliding to 2.8 percent this year and next.

You can read the full article here 

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Gold and Silver Bullion – News and Prices

Gold steady as rally in equities loses steam (Reuters)

Gold futures notch a nearly 1-week high (Marketwatch)

Gold Daily and Silver Weekly Charts (24hgold)

Gold Miners Set to Relax Death Grip on Spending as Caution Eases (Bloomberg)

Recession coming? Here’s how to find out (Marketwatch)

After Brexit, ordinary Britons warm to gold as safe haven (Reuters)

This is all you need to know about gold right now: it’s a bull market (Moneyweek)

Gold Prices (LBMA AM)

20 July: USD 1,325.60, EUR 1,204.308 & GBP 1,005.865 per ounce
19 July: USD 1,332.20, EUR 1,203.376 & GBP 1,009.042 per ounce
18 July: USD 1,326.15, EUR 1,200.298 & GBP 1,000.050 per ounce
15 July: USD 1,330.50, EUR 1,194.789 & GBP 994.150 per ounce
14 July: USD 1,325.705, EUR 1,192.99 & GBP 1,001.96 per ounce
13 July: USD 1,340.25, EUR 1,211.45 & GBP 1,009.74 per ounce
12 July: USD 1,352.85, EUR 1,217.84 & GBP 1,029.11 per ounce

Silver Prices (LBMA)

20 July: USD 19.70, EUR 17.88 & GBP 14.95 per ounce
19 July: USD 19.99, EUR 18.07 & GBP 15.18 per ounce
18 July: USD 19.72, EUR 17.83 & GBP 14.89 per ounce
15 July: USD 20.14, EUR 18.08 & GBP 15.06 per ounce
14 July: USD 20.25, EUR 18.23 & GBP 15.15 per ounce
13 July: USD 20.29, EUR 18.31 & GBP 15.25 per ounce
12 July: USD 20.35, EUR 18.35 & GBP 15.47 per ounce

Recent Market Updates

– Gold Holds Near Two-Week Low as Risk Appetite Rises on U.S. Data
– Gold, Trump and Rates: Bank That Foresaw Rally Flags $1,500
– Gold Lower After Central Bank’s Surprise Move
– “We Are On the Cusp of an Explosion in the Silver Price” – John Embry

– Stocks Rally – Is Brexit Systemic Risks Contained?
– Britain has a new prime minister – here’s what that means for you
– Metals Caught Between Global Gloom, U.S. Job Gains as Gold Slips
– Central Bank Resumes Monthly Gold Buying in Bid to Diversify Reserves
– Property Fund Turmoil in the UK has Eerie Echoes of Bear Stearns
– “In Gold We Trust” Annual Report – New Bull Market “Emerging”
– 3 Charts Show “How Precious Brexit Is” for Gold and Silver Bullion
– Gold, Silver Best Performing Assets In H1, 2016 – Up 26% & 38%

 

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IMF Called “Clowns” After Admitting They Fabricated Brexit Doom And Gloom

"The IMF has serious credibility problems. It has been seriously wrong for years. I hope that one of the things that the new government does is push to have some credible people running this institution… rather than the clowns currently running it," exclaimed UKIP MP Douglas Carswell, pointing out Lagarde's legion of fools flip-flop that the British economy will grow faster than Germany and France in the next two years – only weeks after its doom-laden warnings about Brexit.

As The Daily Mail reports, after saying that leaving the European Union could trigger a UK recession, the International Monetary Fund now expects the British economy to grow by 1.7 per cent this year and 1.3 per cent next year.

That is weaker than the 1.9 and 2.2 per cent growth forecasts before the referendum, but the UK is still set to be the second-fastest growing economy in the Group of Seven industrialised nations this year – behind the United States – and third-fastest next year, behind the US and Canada.

Of course, this is not the first time The IMF has unleashed comedic genius on the world

 

But the new UK forecasts represent a climbdown for the global financial watchdog after it issued a string of doom-laden warnings over the damage Brexit would do.

Ahead of the referendum, IMF managing director Christine Lagarde, an ally of former chancellor George Osborne, said Brexit would be ‘pretty bad, to very, very bad’ for the UK.

 

But the latest forecasts – and an admission that a recession is now unlikely – suggest the outlook is not as bleak as the watchdog claimed.

And again, as The Mail notes, it is not the first time the IMF has had to row back from damaging comments about the UK economy. In April 2013, the fund’s then chief economist Olivier Blanchard said Britain was ‘playing with fire’ by pressing ahead with austerity at a time of ‘very low growth’. But the IMF was quickly forced into a dramatic volte face as the UK economy sprang into life, forcing Mrs Lagarde to admit ‘we got it wrong’.

The IMF’s new chief economist Maury Obstfeld said yesterday there were ‘promising signs’ for the global economy in the first half of 2016, but added: ‘Brexit has thrown a spanner in the works.’

 

John Longworth, who was ousted as director general of the British Chambers of Commerce after backing Brexit, said: ‘Talk of Armageddon seems to be receding.

 

‘This is not surprising. If the Government adopts the right policies, we will be in a position where all the doom and gloom that was predicted simply disappears.’

 

A Treasury spokesman said: ‘Our country remains open for business. We are the same outward-looking, globally-minded, big-thinking country we have always been.’

Still, we are sure The IMF's new forecast will be spot on this time and the mainstream media will spin it as gospel enough reason to buy stocks…

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Wikileaks Is About To Expose The Turkish ‘Coup’, But Someone Is Trying To Silence Them

Submitted by Carey Wedler via TheAntiMedia.org,

Wikileaks claimed Monday it was under attack after it announced it would release hundreds of thousands of documents related to Turkey and the failed military coup attempted Friday, CNET reported.

The organization, which has released information on everything from war crimes to Hillary Clinton’s email scandal, announced Sunday it would be releasing 100,000 documents related to Turkey’s “political power structure,” some of which detail the “leadup” to the coup.

 

Wikileaks anticipated the release would be censored in Turkey, cautioning in a three-part tweet posted Monday:

Turks will likely be censored to prevent them reading our pending release of 100k+ docs on politics leading up to the coup. We ask that Turks are ready with censorship bypassing systems such as TorBrowser and uTorrent and that everyone else is ready to help them bypass censorship and push our links through the censorship to come.

 

The Turkish government, headed by President Recep Tayyip Erdogan, has increasingly ramped up censorship efforts against journalists, lending credibility to Wikileaks suspicions their release may not fully reach Turkish citizens—especially considering the latest leak concerns his ruling party, AKP.

As CNET noted:

Facebook, Twitter and YouTube were reportedly blocked in Turkey during the attempted coup Friday, but many residents appear to have gotten around the blocks, posting messages and videos, likely using VPNs or other anonymizing services.”

Throughout Monday, Wikileaks continued to promote the release.

They then tweeted that instead of 100,000 documents, they would actually be releasing far more. “Our pending release of 100k docs on Turkish political power? Just kidding. The first batch is 300k emails, 500k docs,” they announced.

But just hours later, they alerted followers their website was being attacked. “Our infrastructure is under sustained attack,” they tweeted, alongside the hashtag, #TurkeyPurge.

 

We are unsure of the true origin of the attack. The timing suggests a Turkish state power faction or its allies. We will prevail & publish,” Wikileaks tweeted shortly after.

 

An hour later, the organization remained resolute in its determination to publish the hundreds of thousands of documents. “Coming Tuesday: The#ErdoganEmails: 300 thousand internal emails from Erdo?an’s AKP – through to July 7, 2016,” they tweeted.

After tweeting further about the ongoing cyber attacks, Wikileaks eventually announced Tuesday they had released the first installment of emails, which can be viewed here. The emails are from the server of the AKP.

 

The failed military coup in Turkey over the weekend heightened tensions within the country, where President Erdo?an has grown increasingly autocratic. The Turkish government has also been implicated in the rise of ISIS and has been accused of allowing fighters to cross through their borders and providing them with medical assistance.

The coup, which continues to be mired in uncertainties, accusations, and conflicting reports, left Turkish citizens between a rock and a hard place—a military coup or an increasingly oppressive democratically-elected leader who has now overseen 50,000 suspensions or detainments of government employees regarding the military’s failed attempt to seize power.

It seems Wikileak’s release of information on Turkish power structures could not come at a more vital time—that is, so long as it reaches the Turkish people.

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