TV News LIES

Friday, Nov 28th

Last update07:03:50 AM GMT

You are here News Economy The Cyber-Terror Bank Bailout: They're Already Talking About It, and You May Be on the Hook

The Cyber-Terror Bank Bailout: They're Already Talking About It, and You May Be on the Hook

E-mail Print PDF

Mary GalliganBankers and U.S. officials have warned that cyber-terrorists will try to wreck the financial system’s computer networks. What they aren’t saying publicly is that taxpayers will probably have to cover much of the damage.

Even if customers don’t lose money from a hacking assault on JPMorgan Chase & Co. (JPM), the episode is a reminder that banks with the most sophisticated defenses are vulnerable. Treasury Department officials have quietly told bank insurers that in the event of a cataclysmic attack, they would activate a government backstop that doesn’t explicitly cover electronic intrusions, two people briefed on the talks said.

“I can’t foresee a situation where the president wouldn’t do something via executive order,” said Edward DeMarco, general counsel of the Risk Management Association, a professional group of the banking industry. “All we’re talking about is the difference between the destruction of tangible property and intangible property.”

More...


Most Recent Related Stories...


How Executive Ended Up With $196 Million in an IRA

IRA investmentCorporate and private-equity executives can accumulate millions of dollars in tax-favored retirement accounts, taking advantage of...

JPMorgan Settles Claims It Cheated Shale-Rights Owners

JP MOrgan ChaseJPMorgan Chase & Co. (JPM) settled a lawsuit by mineral-rights owners who accused the bank of...

Seven big US corps pay CEOs more than they hand Uncle Sam in taxes

CiticorpSeven of the 30 largest American corporations paid more money to their chief executive officers last...

Regulators fine global banks in currency probe

Global banks finedU.S., British and Swiss regulators fined five global banks more than $3 billion for attempting to...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!