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Paulson to Name Kashkari to Oversee Bailout Kashkari's position as interim head of the Office of Financial Stability is expected to end when Bush leaves office, the paper said. He was a vice president at Goldman Sachs & Co. before joining the Treasury, and his role there included advising public and private companies on mergers, acquisitions and financial transactions. (Bloomberg)
Thereís no hiding place as spy HQ plans to see all: Intelligence chiefs want access to all communications made in the UK, but they face a fight Every call you make, every e-mail you send, every website you visit - Iíll be watching you.
That is the hope of Sir David Pepper who, as the director of GCHQ, the governmentís secret eavesdropping agency in Cheltenham, is plotting the biggest surveillance system ever created in Britain.
From his office in the agencyís famous ďdoughnutĒ building, Pepper is masterminding an innocent-sounding project called the Interception Modernisation Programme.
The scope of the project - classified top secret - is said by officials to be so vast that it will dwarf the estimated £5 billion ministers have set aside for the identity cards programme. It is intended to fight terrorism and crime. Civil liberties groups, however, say it poses an unprecedented intrusion into ordinary citizensí lives.
Aimed at placing a ďlive tapĒ on every electronic communication in Britain, it will dwarf other ďbig brotherĒ surveillance projects such as the number plate recognition system and the spread of CCTV. (London Times)
Baran: Pandering Democrats, beware He, along with Sen. McCain, became national cheerleaders for the Paulson bailout plan, which may well be passed in the House of Representatives today. Rather than allowing for a major public debate on the best way to move forward in this genuine crisis, Sen. Obama opted to use his bully pulpit to scold Democrats who did not want to line up hehind a $700 billion bailout of Wall Street. In a bizarre move, he even questioned their patriotism ó saying that those in the House who voted against the bill were ďrefusing to do whatís right for our country.Ē (Yale Daily News)
Rep. Brad Sherman threatened with Martial Law if bank bailout did not pass House of Representatives. Congressman Brad Sherman [D-CA] asks: "But why are we bailing out the Bank of China? Why are we bailing out the Saudi royal family?... The only way they can pass this bill is by creating and by sustaining a panic atmosphere... A few Members were even told that there would be martial law in America if we voted 'no'. (CSPAN)
Military Sets Up Domestic CBRNE Force The US military command responsible for protecting the continental United States has begun to stand up its first force of dedicated personnel, which will be dedicated to responding to chemical, biological, radiological, nuclear and explosive (CBRNE) threats (Homeland Security Today)
Brigade homeland tours start Oct. 1 3rd Infantryís 1st BCT trains for a new dwell-time mission. Helping Ďpeople at homeí may become a permanent part of the active Army - The 3rd Infantry Divisionís 1st Brigade Combat Team has spent 35 of the last 60 months in Iraq patrolling in full battle rattle, helping restore essential services and escorting supply convoys.
Now theyíre training for the same mission ó with a twist ó at home.
Beginning Oct. 1 for 12 months, the 1st BCT will be under the day-to-day control of U.S. Army North, the Army service component of Northern Command, as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks.
It is not the first time an active-duty unit has been tapped to help at home. In August 2005, for example, when Hurricane Katrina unleashed hell in Mississippi and Louisiana, several active-duty units were pulled from various posts and mobilized to those areas.
But this new mission marks the first time an active unit has been given a dedicated assignment to NorthCom, a joint command established in 2002 to provide command and control for federal homeland defense efforts and coordinate defense support of civil authorities. (Army Times)
U.S. Lawmakers Spurn Pleas From Leadership in Rejecting Bailout A Bloomberg/Los Angeles Times poll last week showed that 55 percent of Americans were against using taxpayer money to rescue Wall Street, with 31 percent in favor. - Pelosi and Illinois Representative Rahm Emanuel, the Democratic Caucus chairman, were among leaders patrolling the House floor for support. (Bloomberg)
U.S. stocks hammered after House rejects rescue Dow posts biggest point loss ever, topping plunge after Sept. 11, 2001 - Taking unprecedented steps, the Fed and other major central banks on Monday poured hundreds of billions of dollars of added liquidity into money markets left paralyzed by fears of further bank failures in the United States and Europe. (Wall Street Journal)
WaMu is largest U.S. bank failure Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion (Reuters)
Bad News For The Bailout A deal likely won't happen this week, and if Paulson wants one at all, he better improve his case to Congress. - In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy. "It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number." (Forbes)
Bailout plan under fire Paulson, Bernanke urge immediate action on $700B plan - cite fear of meltdown. But senators from both sides voice more questions than support. - Sen. Sherrod Brown, a liberal Democrat from Ohio, said calls from his constituents about the plan have been universally negative. He told the story of one constituent who drove to Washington.
"He quite rightly asked why we were rushing to bailout companies whose leaders got rich gambling with other people's money," Brown said.
Brown asked if Wall Street owed the rest of America an apology. Paulson, who served as CEO of Wall Street firm Goldman Sachs for seven years before becoming Treasury Secretary in 2006, pointed at both Wall Street and others for the nation's current crisis.
"There is a lot of blame to go around," Paulson said. "A lot of blame [belongs] with big financial institutions that engaged in this irresponsible lending."
But Paulson also said some blame rests with regulators, rating agencies and others - "people who made loans they shouldn't have made, people who took out loans they shouldn't have taken out." (CNN)
Treasury's bailout proposal The legislative proposal was sent by the White House overnight to lawmakers - Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States. (CNN)
One Week Later, a New World Order Just five days and a bankruptcy, a government takeover and a shotgun merger later, the American financial system has been completely reordered, and more changes in the regulatory framework and on Wall Street are likely to come in the next few years (Wall Street Journal)
Wall Street: The dark theory `Pollyanna Creep' theorists blame Washington's economic statistics - According to Williams, all the big measures have had their methodologies revised repeatedly over decades to paint the U.S. economy in the best possible light - and this has gone on regardless of which party controlled the White House. Modifications were always spelled out at the time - with rationales for doing so. Thus it's not as though this has gone on in the dark of night. (CNN)
Unlocking the national cybersecurity initiative The cybersecurity initiative launched by the Bush administration earlier this year remains largely cloaked in secrecy, but itís already clear that it could have a major and far-reaching effect on government IT operations in the future.
Everything from mandated security measures and standard desktop configurations across government to a recast Federal Information Security Management Act (FISMA) could influence the way agencies buy and manage their IT.
Overseeing all of this will be a central office run by the Homeland Security Department, the first time that the governmentís efforts in cybersecurity will run through a single office tasked with coordinating the work of separate federal cybersecurity organizations. (Federal Computer Week)
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