US government bailout of Silicon Valley and banks is $300B gift to rich oligarchs

The US Federal Reserve printed $300 billion in a week to save collapsing banks and bail out Silicon Valley oligarchs. 93% of Silicon Valley Bank’s deposits were uninsured, over the FDIC limit of $250,000, but the government still paid them. 56% of SVB’s loans went to venture capitalist and private equity firms.

US government bailout of Silicon Valley and banks is $300B gift to rich oligarchs

Spying In Plain Sight

Last week, the Biden administration asked Congress to permit its agents to continue to spy on Americans without search warrants. The actual request was to re-authorize Section 702 of the Foreign Intelligence Surveillance Act of 1978. FISA requires warrants from the FISA Court for all domestic spying. Section 702 is a 2008 amendment to FISA. It expressly authorizes warrantless spying of foreign persons.

Spying In Plain Sight

ATM thieves use glue and ‘tap’ function to drain accounts at Chase Bank

ATM thieves use glue and ‘tap’ function to drain accounts at Chase Bank

Chase did not say why multiple withdrawals did not trigger a fraud alert, or why the bank did not review surveillance video — but each transaction requires entering a PIN — which the thieves had apparently captured. So always, cover the keypad, and log out before you walk away.

H/T: Steve Lehto