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Hacking Scandal Is A Timebomb

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Have others here started to realize how the UK is now seen as the most corrupt country in Europe? The press here in the USA are scathing, and reporters are starting to pic up on the UKs role in creating the scourge of American media....FOX ! Is it not ironic? Todays reports are centered on the hacking of 9/11 victims - clearly a move to jab at Americas dental roots. Expect to see this escalate with the UK seen as the source of some pretty grotesque behavior. Britains should be ashamed and demonstrating for the resignation of Cameron and the imprisonment of Rebekah Brooks (what a slag!)

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I can see why the Americans look down on the brits when it comes to corruption- the yanks do- after all- have the best government money can buy- ask any Congressman. :lol:

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Hopefully they'll also twig that the Square Mile, London with its non-doms, and Londonistan, are the global hub of corruption.

But this probably won't happen because Hackergate will usher in serious restrictions on the press.

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Have others here started to realize how the UK is now seen as the most corrupt country in Europe? The press here in the USA are scathing, and reporters are starting to pic up on the UKs role in creating the scourge of American media....FOX ! Is it not ironic? Todays reports are centered on the hacking of 9/11 victims - clearly a move to jab at Americas dental roots. Expect to see this escalate with the UK seen as the source of some pretty grotesque behavior. Britains should be ashamed and demonstrating for the resignation of Cameron and the imprisonment of Rebekah Brooks (what a slag!)

I'm waiting to see who gets put behind bars myself, which I suspect will be nobody, just like nobody is doing time for looting the financial system.

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I'm waiting to see who gets put behind bars myself, which I suspect will be nobody, just like nobody is doing time for looting the financial system.

I dont even recall a criminal investigation into the organised crime that was HBOS.

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But this probably won't happen because Hackergate will usher in serious restrictions on the press.

This is my worry too. Had NuLab still been in power, then it's certainty they would have been tabling legislation for something amounting to full on press censorship by this point but, with the coalition, I still think there's a chance it won't go that far.

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This is my worry too. Had NuLab still been in power, then it's certainty they would have been tabling legislation for something amounting to full on press censorship by this point but, with the coalition, I still think there's a chance it won't go that far.

I wouldn't care less if they abolished all printed newspapers, they have been obsolete for many years now. Press censorship, which I assume you mean in thew 1984 sense, would not make the newspapers any less incorrect with the facts/ economical with the truth. Not that I would not resent any government for trying.

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Have others here started to realize how the UK is now seen as the most corrupt country in Europe? The press here in the USA are scathing, and reporters are starting to pic up on the UKs role in creating the scourge of American media....FOX ! Is it not ironic? Todays reports are centered on the hacking of 9/11 victims - clearly a move to jab at Americas dental roots. Expect to see this escalate with the UK seen as the source of some pretty grotesque behavior. Britains should be ashamed and demonstrating for the resignation of Cameron and the imprisonment of Rebekah Brooks (what a slag!)

Shameful as it is, the corruption is coming from an American Company with an American CEO. True, he was born a Australian, but are American's really that dumb to think Fox/News International is British?

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I don't think the corruption is necessarily endemic.

There are probably a few journalists from most media groups who have done things bordering on illegality to land a big scoop. The bosses are probably guilty of having an "ask no questions" policy.. but that's probably about it.

Like in the film 'the girl with the dragon tattoo' you almost expect some journo's to be hacking and wheeler-dealing in order to bring down the bad guys.

I'm just surprised that so many people are surprised this was going on. Did people really think journo's never stooped to such levels to get a story? really?

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I don't think the corruption is necessarily endemic.

There are probably a few journalists from most media groups who have done things bordering on illegality to land a big scoop. The bosses are probably guilty of having an "ask no questions" policy.. but that's probably about it.

Like in the film 'the girl with the dragon tattoo' you almost expect some journo's to be hacking and wheeler-dealing in order to bring down the bad guys.

I'm just surprised that so many people are surprised this was going on. Did people really think journo's never stooped to such levels to get a story? really?

Was listening to the radio the other day, this well known celebrity was saying they had sued the newspapers three times for large sums of money for printing untruths about them to sell papers....to get the money they had to sign a confidentiality agreement so therefore could not discuss in detail.....so it looks like the papers get to sell their papers containing lies and the celebrities get to make a bob or two on the side. :blink:

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Hopefully they'll also twig that the Square Mile, London with its non-doms, and Londonistan, are the global hub of corruption.

But this probably won't happen because Hackergate will usher in serious restrictions on the press.

Another reason why they are called "The S_quid"

All their 'tentacles' run Globally on the sea bed unseen - transferring Trillions in loot thru corrupt Caribbean and Belize Banks!

Carribean - "The 'canni_bals'" (refers to original Indians not african slaves)

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I wouldn't care less if they abolished all printed newspapers, they have been obsolete for many years now. Press censorship, which I assume you mean in thew 1984 sense, would not make the newspapers any less incorrect with the facts/ economical with the truth. Not that I would not resent any government for trying.

You can also bet that any attempt at new legislation will cover all forms of media, not just newspapers. I doubt it would have taken the 1984 form either, it would be something much more cynical along the lines of one of many of NuLabs strict liability laws. An example might be a strict liability criminal offense for obtaining data illegally on the publisher of a newspaper, website, whatever with the burden of proof reversed (i.e. the publisher has to prove the data was obtained legally otherwise they're guilty by default). Something similar to the NuLab laws on gun possession that mean you can end up in jail for handing in a gun you find lying in the street.

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Have others here started to realize how the UK is now seen as the most corrupt country in Europe? The press here in the USA are scathing, and reporters are starting to pic up on the UKs role in creating the scourge of American media....FOX ! Is it not ironic? Todays reports are centered on the hacking of 9/11 victims - clearly a move to jab at Americas dental roots. Expect to see this escalate with the UK seen as the source of some pretty grotesque behavior. Britains should be ashamed and demonstrating for the resignation of Cameron and the imprisonment of Rebekah Brooks (what a slag!)

But it's Johnny Foreigner, particularly in the developing world, who's corrupt. Definitely not us. That's why a departing gift from New Labour called the Bribery Act came into force on July 1.

http://en.wikipedia.org/wiki/Bribery_Act_2010

Also, are you suggesting that Brooks slept her way to the top?

I wouldn't care less if they abolished all printed newspapers, they have been obsolete for many years now. Press censorship, which I assume you mean in thew 1984 sense, would not make the newspapers any less incorrect with the facts/ economical with the truth. Not that I would not resent any government for trying.

So in the new business model, who will employ the decent investigative journalists? How will even occasional amounts of truth reach the masses?

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I'm just surprised that so many people are surprised this was going on. Did people really think journo's never stooped to such levels to get a story? really?

I'm surprised it turned out to be so widespread. There's a sharp dividing line between sleazy and actually criminal I think - and this was always, clearly illegal. I know people deride banks but, having worked for them for a long time, I've got used to an environment where a whisper of anything illegal going on is enough to unleash the hounds of hell (aka legal and compliance) and I'd kind of assumed newspapers would be similar. I guess not.

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Got to love this.

No mention then of the fact News Corp has spent money on lobbying firms to change US laws then?

http://www.guardian.co.uk/media/2011/jul/14/hacking-murdoch-paid-us-lobbyists

http://www.dailymail.co.uk/news/article-2015089/News-Corp-gave-1million-business-lobby-campaigned-U-S-laws-punish-bribery-Britain.html

So the UK is just corrupt and the US is the bastion of democracy?

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So in the new business model, who will employ the decent investigative journalists? How will even occasional amounts of truth reach the masses?

Only via the internet. News sources that get discredited lose readers and hence revenue at a much faster pace than printed press. Therefore the quality of news may evolve faster - or the news provider goes out of business faster - whichever the case may be. Of course there will always be propoganda news sources in any media - fickle people do like to hear only what they want to hear. These do not need investigative journalists though. Where the future lies is anyone's guess - and also worth a punt on the markets now things have been stirred up, no?

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Have others here started to realize how the UK is now seen as the most corrupt country in Europe? The press here in the USA are scathing, and reporters are starting to pic up on the UKs role in creating the scourge of American media....FOX ! Is it not ironic? Todays reports are centered on the hacking of 9/11 victims - clearly a move to jab at Americas dental roots. Expect to see this escalate with the UK seen as the source of some pretty grotesque behavior. Britains should be ashamed and demonstrating for the resignation of Cameron and the imprisonment of Rebekah Brooks (what a slag!)

Yes people are realising. People used to joke about Italy for having corrupt politicians and look down on them for allowing Burlesconi's media to have such an influence on the political system, you don't hear much of that talk now though...........

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I think like we have seen with the housing bubble and the way investment companies packaged up their magic parcels (CDO's et al) and forced the rating agencies to rate the magic parcel well otherwise the rating's agency loses the business

Ah, it always comes back to the same place! Here's my analysis of the two situations:

If a newspaper reporter overhears a telephone conversation by, say, standing next to someone making a call on their mobile, then prints a story, then that's most likely legal so long as it doesn't interfere with any current court proceedings. If the journalist overhears the same conversation by breaking into a phone network in some way, then that's clearly illegal. I'd always assumed reporters in all media did a lot of the first kind of thing and not very much of the second. In both cases it could be sleazy (some sordid story about a footballers bit on the side maybe) or it could be in the public interest.

If a bank issuing a CDO said to the ratings agency 'rate the top tranche of our CDO AAA or we'll take our business elsewhere' without stating that clearly in the prospectus for the security, then that would be clearly criminal fraud. That's analogous to the phone hacking that's been going on. If, however, the bank merely chose to use whichever agency seemed to have been giving out the best ratings with the least scrutiny to similar products, I can't see how that would be caught by any existing criminal laws. Sleazy it may be, illegal it's not as far as I know. From my experience of working in banks, if there had been any rumours at all of the former going on, compliance, internal audit, legal and probably external audit would have been unleashed instantly. Banks are generally amoral and will do whatever they think will make the most money regardless of the impact on anyone else, but they don't like to break the law, which is why more or less no-one from any major bank has ended up in prison I suspect.

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If a bank issuing a CDO said to the ratings agency 'rate the top tranche of our CDO AAA or we'll take our business elsewhere' without stating that clearly in the prospectus for the security, then that would be clearly criminal fraud. That's analogous to the phone hacking that's been going on. If, however, the bank merely chose to use whichever agency seemed to have been giving out the best ratings with the least scrutiny to similar products, I can't see how that would be caught by any existing criminal laws. Sleazy it may be, illegal it's not as far as I know. From my experience of working in banks, if there had been any rumours at all of the former going on, compliance, internal audit, legal and probably external audit would have been unleashed instantly. Banks are generally amoral and will do whatever they think will make the most money regardless of the impact on anyone else, but they don't like to break the law, which is why more or less no-one from any major bank has ended up in prison I suspect.

...ahh Bush explained it all by stating Wall Steet had 'got drunk'....the fact they contaminated the world's financial systems for many decades to come with these poisonous financial packages appears to have been swept under the carpet and their legal system....we are not much better....are the charges in the pipeline or is this type of fraud accepted...?.... :rolleyes:

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Have others here started to realize how the UK is now seen as the most corrupt country in Europe? The press here in the USA are scathing, and reporters are starting to pic up on the UKs role in creating the scourge of American media....FOX ! Is it not ironic? Todays reports are centered on the hacking of 9/11 victims - clearly a move to jab at Americas dental roots. Expect to see this escalate with the UK seen as the source of some pretty grotesque behavior. Britains should be ashamed and demonstrating for the resignation of Cameron and the imprisonment of Rebekah Brooks (what a slag!)

Why on earth should Cameron resign (apart from being a twit)? I don't remember him being in power when all this was going on. I seem to remember it was the Labour party sucking Murdochs **** up to 2008.

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Why on earth should Cameron resign (apart from being a twit)? I don't remember him being in power when all this was going on. I seem to remember it was the Labour party sucking Murdochs **** up to 2008.

...up to the 2009 Labour party conference ...the pyjama party at Chequers was 2008 ... :rolleyes:

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...ahh Bush explained it all by stating Wall Steet had 'got drunk'....the fact they contaminated the world's financial systems for many decades to come with these poisonous financial packages appears to have been swept under the carpet and their legal system....we are not much better....are the charges in the pipeline or is this type of fraud accepted...?.... :rolleyes:

Like I said, the fraudulent stuff didn't happen much if at all so existing laws were not broken - to take down most of the people involved in issuing CDOs, MBSs backed by subprime etc would require a retrospective change in the law, which isn't very likely. There's a fair bit of new legislation around in the US that's supposed to make things more transparent (Dodd Frank act is the big one) but I doubt it'll stop the next crisis, whatever that turns out to be. For my money, relying on ratings agencies is part of the problem, not the solution. Trouble is the solution isn't exactly obvious...

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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