Slashdot Mirror
Domain: treasury.gov
Stories and comments across the archive that link to treasury.gov.
Stories · 10
-
US Calls Broadcom's Bid For Qualcomm a National Security Risk (nytimes.com)
An anonymous reader quotes a report from The New York Times (Warning: source may be paywalled; alternative source): The United States government said Broadcom's proposed acquisition of rival chipmaker Qualcomm could pose a national security risk and called for a full investigation into the hostile bid. The move complicates an already contentious deal and increases the likelihood that Broadcom, which is based in Singapore, will end its pursuit of Qualcomm. Such an investigation is often a death knell for a corporate acquisition. A government panel, the Committee on Foreign Investment in the United States, or Cfius, noted, in part, that the potential risk was related to Broadcom's relationships with foreign entities, according to a letter from a United States Treasury official. It also said that the deal could weaken "Qualcomm's technological leadership," giving an edge to Chinese companies like Huawei. "China would likely compete robustly to fill any void left by Qualcomm as a result of this hostile takeover," the official said in the letter. The letter and the public call for an investigation reflects a newly aggressive stance by Cfius. In most cases, the panel operates in secret and weighs in after a deal is announced. In this instance, Cfius, which is made up of representatives from multiple federal agencies, is taking a proactive role and investigating before an acquisition agreement has even been signed. -
Apple Owns $52.6 Billion In US Treasury Securities, More Than Mexico, Turkey or Norway (cnbc.com)
randomErr shares a report from CNBC: If Apple were a foreign country, CEO Tim Cook might have considerable political clout in the United States. That's because the tech giant owns $52.6 billion in U.S. Treasury securities, which would rank it among the top 25 major foreign holders, according to estimates from the Treasury Department and Apple's SEC filings released Wednesday. Apple's stake in U.S. government securities as of June, up from $41.7 billion as of last September, puts it ahead of Israel, Mexico and the Netherlands, according to Treasury data released last month, which tracks up to May of this year. With $20.1 billion in short-term Treasury securities and $31.35 billion in long-term marketable Treasury securities, Apple still falls far below countries like China and Japan, which hold over a trillion dollars in U.S. government debt each -- which has caused considerable hand-wringing in Washington. Still, Apple is way above other big companies like Amazon, which owns less than $5 billion in U.S. government or agency securities combined, according to regulatory filings. -
Judge: Lawsuits Now Can Be Served Using Twitter (usnews.com)
Reader schwit1 writes: A Kuwaiti religious leader who allegedly raised money for jihadist rebels in Syria appears poised to become the first foreigner served a U.S. lawsuit via Twitter.
Hajjaj bin Fahd al-Ajmi has been a hard man to reach for a lawyer seeking compensation in a northern California federal court on behalf of hundreds of thousands of Assyrian Christians who own property in Iraq and Syria.
U.S. Magistrate Judge Laurel Beeler, resolving the impasse, found al-Ajmi has "an active Twitter account and continues to use it," offering the "method of service most likely to reach" him to satisfy the service of process requirement for the case to move forward.
Al-Ajmi is accused by both the U.S. government and the U.N. Security Council of funneling money to armed terrorists. -
It's Time To Kill the $100 Bill, Says Larry Summers
HughPickens.com writes: The NYT has an interesting editorial on why getting rid of big bills will make it harder for criminals to do business and make it easier for law enforcement to detect illicit activity. That's why officials in Europe and elsewhere are proposing to end the printing of high-denomination bills. According to a recent paper from Harvard's John F. Kennedy School of Government, a stack of 500-euro notes worth $1 million weighs just five pounds and can be carried in a small bag, whereas a pile of $20 bills worth $1 million would weigh 110 pounds and would be much more difficult to move around. Lawrence Summers, the former Treasury secretary and former adviser to President Obama, has argued that the United States should get rid of the $100 bill. "The fact that in certain circles the 500 euro note is known as the "Bin Laden" confirms the arguments against it," says Sanders. "Technology is obviating whatever need there may ever have been for high denomination notes in legal commerce."
Critics who oppose such changes say the big bills make it easier for people to keep their savings in cash, especially in countries with negative interest rates. Some people also prefer not to conduct transactions electronically because they fear security breaches. According to Sanders the idea of removing existing notes is a step too far but a moratorium on printing new high denomination notes would make the world a better place. "The United States stopped distributing $500, $1,000, $5,000 and $10,000 bills in 1969," concludes the NYT editorial. "There are now so many ways to pay for things, and eliminating big bills should create few problems." -
US Slaps Sanctions On North Korea After Sony Cyberattack
wiredmikey writes: The United States imposed financial sanctions Friday on North Korea and several senior government officials in retaliation for a cyber attack on Sony Pictures. President Obama said he ordered the sanctions because of "the provocative, destabilizing, and repressive actions and policies (PDF) of the Government of North Korea, including its destructive, coercive cyber-related actions during November and December 2014." The activities "constitute a continuing threat to the national security, foreign policy, and economy of the United States," he added, in a letter to inform congressional leaders of his executive order. The new measures allow the Treasury Department "to apply sanctions against officials of the Government of North Korea and the Workers' Party of Korea, and persons determined to be owned or controlled by, or acting for or on behalf of" these bodies. -
US Slaps Sanctions On North Korea After Sony Cyberattack
wiredmikey writes: The United States imposed financial sanctions Friday on North Korea and several senior government officials in retaliation for a cyber attack on Sony Pictures. President Obama said he ordered the sanctions because of "the provocative, destabilizing, and repressive actions and policies (PDF) of the Government of North Korea, including its destructive, coercive cyber-related actions during November and December 2014." The activities "constitute a continuing threat to the national security, foreign policy, and economy of the United States," he added, in a letter to inform congressional leaders of his executive order. The new measures allow the Treasury Department "to apply sanctions against officials of the Government of North Korea and the Workers' Party of Korea, and persons determined to be owned or controlled by, or acting for or on behalf of" these bodies. -
IRS Left Taxpayer Data Vulnerable and Lied About It
Bruce66423 writes with news that the IRS hasn't made much progress improving its poor IT security. From the article: "The Treasury Inspector General for Tax Administration found that the IRS had only partially implemented 42 percent of the corrective plans it checked off as completed in recent years. ... The review (PDF) showed that the IRS failed to properly track its progress toward completing many of the fixes auditors had recommended in recent years. The agency closed most of the cases without adequate documentation and did not always upload the necessary information into a database that helps ensure compliance." -
U.S. Authorizes Sales of American Communication Tech To Iran
An anonymous reader writes "A report at SF Gate notes that 'The United States has lifted portions of two-decades-old sanctions against Iran in an effort to bolster communication between the country's citizens — and potentially aid organization against a repressive Iranian government. Thursday afternoon the U.S. Treasury Department's Office of Foreign Assets Control authorized the sale of hardware and software that pertain to the Internet, instant messaging, chat, e-mail, social networking, sharing of media, and blogging — basically, all things digital. The Treasury Department wrote, 'As the Iranian government attempts to silence its people by cutting off their communication with each other and the rest of the world, the United States will continue to take action to help the Iranian people exercise their universal human rights, including the right to freedom of expression.'" -
Identity Theft May Cost IRS $21 Billion Over Next 5 Years
alphadogg writes "A new audit of the Internal Revenue Service has found the agency paid refunds to criminals who filed false tax returns, in some cases on behalf of people who had died, according to the Treasury Inspector General for Tax Administration (TIGTA), which is part of the U.S. Treasury. The IRS stands to lose as much as $21 billion in revenue over the next five years due to identity theft, according to TIGTA's audit (PDF), dated July 19 but publicized on Thursday. 'While the IRS does not have access to all third-party information documents at the time tax returns are filed, some third-party information is available. However, the IRS has not developed processes to obtain and use this third-party information." -
Is Crypto Solely for Criminals?
deran9ed writes: "Interesting outlook from an article on IDG detailing the use of encryption, and the negative campaigns against it. "When the Feds -- be they CIA, FBI, NSA, or Treasury Department -- discuss crypto, they make it sound as if anyone using it must be a child pornographer, drug smuggler, or terrorist." I wonder if the government feels the same about corporations encrypting their business plans in order to avoid having them stolen. Here's the article." The author has a point. SSL and SSH (or whatever it's called now) are widely used. But how many people routinely encrypt their email?