FBI Databases Used for Stock Fraud

Phronesis writes "The Associated Press reports that two FBI agents have been indicted for conspiring with the owner of InsideTruth.com to short stocks and then leak information from the FBI's internal databases (e.g., unpleasant personal information about corporate officers). They also allegedly blackmailed companies with the threat of revealing such information. This case illustrates the failure of law enforcement agencies to implement adequate protection against the abuse of information they collect."

Comments

Which leads one to wonder

[Scareduck]

Why these guys were collecting such information in the first place. Seriously, there are a lot of privacy activists out there, but it seems to me that the vast majority of them are complaining about the cookie-of-the-month problem when what they should really be looking at are the kinds of scams government data collecting enables. Identity theft, for instance, wouldn't be possible if not for the ubiquity of Social Security numbers as a "citizen ID" of sorts.

Remember John Hanssen...

[Slashamatic]

It is theoretically nice to have a trusted someone that checks all our correspondence, etc., but any organisation is full of human beings who may be fallible.

Anyone who thought that the FBI is beyond reproach only had to look at the Hanssen case. This one, however, is even more interesting because it represents commercial use of sensitive information. I will treasure this as an example of why Governments should also have a 'need-to-know' applied to them.

The Myth of Government Making us Safe

[FreeUser]

"This case illustrates the failure of law enforcement agencies to implement adequate protection against the abuse of information they collect."

This case illustrates the failure of trusting and empowering large beaurocratic entities to snoop into everyone's lives in the mistaken notion that will somehow make us all "safer."

Individuals have never come close to committing the level and magnitude of atrocities that governments, including our own (USA), have, in terms of lives destroyed and even taken, not to mention human suffering in unthinkable numbers. Consider WW I, WW II, the Nazi regime, the Stalin regime, the Mao regime, the Khmere Rouge regime, the Saddam Hussein regime, and the Taliban regime. Even Osama bin Laden, with government support was unable to match any of those in shere atrocities committed (and what Osama "the fallatio queen" bin Laden did manage to do he likely couldn't have pulled that off without ongoing aid and support from the Taliban regime).

If events like these do not illuminate the fallacy of giving up freedom and handing the government authority over our lives in the mistaken notion that it will keep us safer, then really nothing will and our society as such is doomed.