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When institutions like these need to buy or sell assets across borders, they call a dealer at one of the big banks, which provides what is basically a wholesale version of the cambio currency kiosks you see at the airport. The dealer quotes a buying price and a selling price, and the fund chooses whether to buy or sell. In addition to trading with customers, the dealers trade among themselves, sometimes to manage their inventory and sometimes hoping to make money by taking speculative positions for a few minutes or even seconds. And that’s how we arrive at the scandal. Every day at 4pm in London, the market sets special “fixing” exchange rates that are used to value the funds’ international investments. The fixing price is set in a simple way: it’s just the average of all prices paid among dealing banks during the 30 seconds before and after the clock strikes 4. Many international fund managers prefer to trade currencies at exactly the fixing price because it’s simpler and smarter to trade at the same price used to value your portfolio. To make these transactions happen, international funds often place large orders with dealers at major banks before the fix.

Suppose, for example, a pension fund with major investments in Europe knows it will receive a lot of new IRA money on November 30, when many US employees get paid. And suppose the fund plans to invest €100 million of that in European stocks. At 3:30pm that day the fund might instruct its bank to purchase €100 million at the fixing price. With this kind of advance order, the bank could book its own trades before the fund does, buying the euros it will later sell to the investor.

The banks – or more accurately, specific dealers at specific banks – are accused of manipulating the fixing prices based on their knowledge of advance customer orders. In a nutshell, the accusation is that dealers from different banks got together before the fix and compared notes in chat rooms. Most currency trading is handled by 10 or so mega banks, so if just a few of them compared notes, they would have a good sense of whether the exchange rate would rise or fall during the fixing interval that day. The shadowy figure looking over your shoulder at the supermarket to see what you’re going to buy next is like the banks comparing their customer orders before the fix. To finish the supermarket analogy, we need to know how and why the dealing banks could raise the fixing rate to the disadvantage of international pension and mutual funds. Suppose once again that many customers have placed big orders to buy euros at the fix, and the banks figure the euro-dollar exchange rate will rise during the window. This would give them an incentive to buy a lot of euros before it’s set (remember the golden rule of trading: buy low, sell high).

“It could be more than triple this number,” said Hamid ­al-Mutlaq, a member of the parliamentary defense and security committee, pointing out that more thorough on-the-ground investigations are planned. “The people who are responsible for this should be punished. Iraq’s safe has been emptied.” The corrupt practice is often perpetrated by officers who pretend to have more soldiers on their books in order to pocket their salaries, experts say.

The United States is focusing its efforts on three divisions in order to begin effective counteroffensive operations against the Islamic State, which controls around a third of the country’s territory. The Pentagon also has requested $24 million to train and equip tribal fighters and $354 million for Kurdish forces as part of its strategy to turn the tide against the Islamic State.

"You won't find reports from the CIA, Mossad, or the MI5 in my files. I have no doubt that there is a link between them and the Argentine intelligence agency, but I never dealt with any foreign intelligence agencies," Nisman said, two days before he was found dead.The US embassy in Buenos Aires declined to discuss its officers' interactions with Nisman. "We will not comment on the contents of these alleged cables that purport to include classified information," an embassy spokesman told VICE News.

The relationship was apparently so involved that Nisman apologized for not letting then-ambassador Earl Anthony Wayne know that he would call for the arrest of former president Carlos Menem in relation to the case."AMIA Special Prosecutor Alberto Nisman called the Ambassador on May 23 to apologize for not giving the Embassy advance notice of his request for the arrest of former President Menem and other [government of Argentina] officials for their alleged roles in the cover up of the 'local connection' in the 1994 terrorist bombing of the AMIA Jewish community center," says a cable from May 2008.The prosecutor also apologized that the judicial order coincided with a visit to Argentina from the former deputy director of the FBI, John Pistole, adding it was "completely unintentional," the cable shows."He noted that he was very sorry and that he sincerely appreciates all of the [US government's] help and support and in no way meant to undermine that," the cable continues.

The cable also notes that US officials "have for the past two years recommended to Nisman that he focus on the perpetrators of the terrorist attack and not on the possible mishandling of the first investigation."Santiago O'Donnell, author of two books based on the cables released by Julian Assange, said in an interview that the leaked cables show the US influenced Nisman throughout his work on the AIMA bombing investigation."The embassy gave instructions to the prosecutor Nisman for him to follow the Iranian lead, and not follow other leads, like the Syrian lead, or the local connection, because that would detract from the terrorist image that the US was trying to impose on Iran," O'Donnell said.President Kirchner this week proposed in a nationally televised address to disband and reform the government's intelligence agency. In doing so, she said rogue government spies were responsible for Nisman's death. Opposition voices, meanwhile, said the reform plan for the Secretaría de Inteligencia, or SI, would further politicize the work of the embattled spy agency and make it more responsive to the president's political whims.

Alberto Nisman, the prosecutor who accused Argentina's president of a cover-up plot over the 1994 bombing of a Jewish center before being found shot to death, met repeatedly with the US embassy in Buenos Aires during his investigation, leaked diplomatic cables show.Nisman gave US officials advanced notice on his procedural moves and was apparently coached by the embassy in "improving" his requests for arrest warrants for Iranians that Nisman suspected of carrying out the deadly attack against the Argentine Israeli Mutual Association, or AIMA, according to cables published by Wikileaks."Embassy can now more logically approach the [government of Argentina] about [its] anticipated next steps and ways we might be able to coordinate outreach to other governments [...] to bring attention to the warrants and pressure to bear on Iran and Hezbollah," says one US cable dated November 1, 2006, after a meeting with Nisman.

Filmmaker Richard Rowley and I produced a 30 minute documentary on the Nisour Square massacre and the story of Ali Kinani for Democracy Now! and The Nation magazine:

s I was leaving, Nasser took me out to my car and even opened the car door for me. His guards were as astonished as I was, Apparently, he had never before done this. As we shook hands, he said, “Well, Bill, where are you off to this time?”“This time, Mr. President, I am not going to tell you!”He burst out laughing as did I. We did not meet again but our frankness and respect later enabled me to work out the 1970 ceasefire on Suez with him shortly before his death.

It is hard to believe that history now seems to be repeating with Egypt and Saudi Arabia again engaged in a counter-guerrilla war in Yemen! For Nasser, it was Egypt’s Vietnam. Will the new Yemen war be Egypt’s (and Saudi Arabia’s) Afghanistan? I think it is very likely. All of the signs point in that direction.And, as I have laid out in numerous essays on Afghanistan, Iraq, Syria, Somalia, Mali and Algeria, and in my little book Violent Politics, guerrilla wars are almost never “won” but usually drain the supposedly dominant power of its wealth, moral position and political unity.

bases come in all sizes and shapes, from massive sites in Germany and Japan to small radar facilities in Peru and Puerto Rico. […] Even military resorts and recreation areas in places like Tuscany and Seoul are bases of a kind; worldwide, the military runs more than 170 golf courses. The map below represents US military bases abroad, according to the official BSR, and from independent research conducted by Vine (and Quartz) using verified news reports as well as cross-referencing information with Google Maps. This map does not take into account NATO bases, including a rumored base in Turkmenistan and a base in Algeria, reported by Wikileaks to be a suspected US base.

Another clock from the Pentagon that is kept at the Smithsonian as well as photographic evidence prove that other clocks stopped due to explosions before the alleged plane impact. Barbara Honegger’s research would show that “something” struck the Pentagon from the outside too. That object, however, was not a jetliner and struck some 150 meters from the alleged jetliner impact site.

Arguably, 2.3 trillion dollar are a seizable start-up budget for wars which have to be waged “off the books”.

A defense attorney in another case said the prosecution wants to use a surreptitiously recorded conversation between two Camp 7 captives against an alleged al-Qaida commander. And in 2012 the journalist Daniel Klaidman wrote in his book “Kill or Capture” that the U.S. government had recordings made in a Guantánamo prison recreation yard of the alleged Sept. 11 mastermind Khalid Sheik Mohammed talking about evidence that could be used against him.The latest disclosure comes at a time of decreasing transparency at the war court.On Oct. 29, the judge held a 13-minute secret session without advanced notice to the public. A day later the judge wrote in a three-page ruling that he closed the court at the request of “the Government” — war-court-speak for the prosecution — to protect state secrets whose disclosure “could result in grave danger to national security.”Pohl also ordered the court to issue a censored transcript of the parts the excluded public and accused would be allowed to see. No transcript has been released.Then the next day, Oct. 30, the judge held a daylong, open hearing on a restraining order he issued forbidding female guards from touching the 9/11 accused when they are being taken to court or legal meetings. The judge’s order has outraged members of Congress and the Pentagon brass.

In that public court hearing, soldiers called as witnesses from the prison discussed staffing patterns at Camp 7. Normally the Pentagon releases transcripts of open hearings the same day. Unusually, the court has not yet released the Oct. 30 transcript. A Pentagon spokesman suggested Thursday — 13 days after the open court hearing — that somebody was scrubbing the transcript of information already made public. “The security review of the Oct. 30 transcript remains ongoing,” said Navy Cmdr. Gary Ross. “We will provide an update once additional information becomes available.”Much of the October session focused on bin Attash’s question about how he’d act as his own lawyer in a system that does not let the accused terrorist see classified information in the case. The judge and attorneys devoted days to designing a script Pohl would read to any accused 9/11 terrorist who tries to take charge of his defense — and spent a full afternoon huddling in a closed meeting on the secret program.

In it, Pohl made clear that he never intended to let bin Attash dismiss his Pentagon-paid defense attorneys — Chicago criminal defense attorney Cheryl Bormann and Air Force Maj. Michael Schwartz. Instead, the script shows Pohl planned to appoint Bormann and Schwartz as “standby counsel” the judge could activate to carry out cross-examination of certain witnesses who might have “particular sensitivities” to being questioned by the alleged terrorist.“If you are represented by lawyers, then it is the lawyers, and not you, who will conduct the defense,” the warning says. “Correspondingly, if you represent yourself, you will be able to perform the lawyer’s core functions, but you will not necessarily be allowed to direct special appearances by counsel when it is convenient to you.”The language suggests a far more limited role by the American lawyers than those carried out in an aborted attempt to hold the Sept. 11 trial during the Bush administration. In those proceedings, alleged 9/11 terrorists serving as their own lawyer regularly had standby counsel write and argue motions in court.The script also envisions a scenario in which an accused 9/11 plotter serving as his own lawyer becomes unruly, disruptive or disobedient rather than respect “the dignity of the courtroom.” In such a case, the judge said he could deal with “obstructionist misconduct” by putting “physical restraints” on bin Attash or ejecting him from the court.Bin Attash, for his part, has not been noticeably disruptive across years of pretrial proceedings. An amputee, he was brought to his May 5, 2012 arraignment in a Guantánamo prison restraint chair routinely used for forced-feeding of hunger strikers — with guards carrying his prosthetic leg separately.

At first glance, the “bail-in” resembles the normal capitalist process of liabilities restructuring that should occur when a bank becomes insolvent. . . . The difference with the “bail-in” is that the order of creditor seniority is changed. In the end, it amounts to the cronies (other banks and government) and non-cronies. The cronies get 100% or more; the non-cronies, including non-interest-bearing depositors who should be super-senior, get a kick in the guts instead. . . . In principle, depositors are the most senior creditors in a bank. However, that was changed in the 2005 bankruptcy law, which made derivatives liabilities most senior. Considering the extreme levels of derivatives liabilities that many large banks have, and the opportunity to stuff any bank with derivatives liabilities in the last moment, other creditors could easily find there is nothing left for them at all.

 Citibank is particularly vulnerable to swaps on the price of oil. Brent crude dropped from a high of $114 per barrel in June 2014 to a low of $36 in December 2015.

In short, the goal of the bail-in scheme is to place losses on private creditors. Alternatives that allow them to escape could soon be blocked.

He concludes by looking inward, at France, decrying its discrimination in the hiring of immigrants and the high unemployment levels among those populations. He says Europe must turn away from "austerity" and reinvigorate its model of integration and job creation, and notes that the continent accepted a net 1 million immigrants per year before the financial crisis. The argument has not gained much notice in the United States thus far. It rests on some controversial principles, not the least of which is the question of how unequal the Middle East is compared to the rest of the world — a problem rooted in the region's poor quality of economic statistics. In his paper last year, Piketty and a co-author concluded inequality was in fact quite high. "Under plausible assumptions," the paper states in its abstract, "the top 10% income share (for the Middle East) could be well over 60%, and the top 1% share might exceed 25% (vs. 20% in the United States, 11% in Western Europe, and 17% in South Africa)."

Those would, indeed, be jarring levels. They are the high end of the scenarios Piketty lays out in the paper. Whether they are a root cause of the Islamic State is a debate that is very likely just beginning.

The US intelligence community’s broadest surveillance authorities are enshrined in Executive Order 12333, which primarily covers the interception of electronic communications overseas. The Order authorizes the collection, retention, and dissemination of “foreign intelligence” information, which includes information “relating to the capabilities, intentions or activities of foreign powers, organizations or persons.” In other words, so long as they are operating outside the US, intelligence agencies are authorized to collect information about any foreign person — and, of course, any Americans with whom they communicate. The NSA has conceded that EO 12333 is the basis of most of its surveillance. While public information about these programs is limited, a few highlights give a sense of the breadth of EO 12333 operations: The NSA gathers information about every cell phone call made to, from, and within the Bahamas, Mexico, Kenya, the Philippines, and Afghanistan, and possibly other countries. A joint US-UK program tapped into the cables connecting internal Yahoo and Google networks to gather e-mail address books and contact lists from their customers. Another US-UK collaboration collected images from video chats among Yahoo users and possibly other webcam services. The NSA collects both the content and metadata of hundreds of millions of text messages from around the world. By tapping into the cables that connect global networks, the NSA has created a database of the location of hundreds of millions of mobile phones outside the US.

Given its scope, EO 12333 is clearly critical to those seeking serious surveillance reform. The path to reform is, however, less clear. There is no sunset provision that requires action by Congress and creates an opportunity for exposing privacy risks. Even in the unlikely event that Congress was inclined to intervene, it would have to address questions about the extent of its constitutional authority to regulate overseas surveillance. To the best of my knowledge, there is no litigation challenging EO 12333 and the government doesn’t give notice to criminal defendants when it uses evidence derived from surveillance under the order, so the likelihood of a court ruling is slim. The Privacy and Civil Liberties Oversight Board is currently reviewing two programs under EO 12333, but it is anticipated that much of its report will be classified (although it has promised a less detailed unclassified version as well). While the short-term outlook for additional surveillance reform is challenging, from a longer-term perspective, the distinctions that our law makes between Americans and non-Americans and between domestic and foreign collection cannot stand indefinitely. If the Fourth Amendment is to meaningfully protect Americans’ privacy, the courts and Congress must come to grips with this reality.

“We’ve seen a trend in the years since 9/11 to bring sophisticated surveillance technologies that were originally designed for military use — like Stingrays or drones or biometrics — back home to the United States,” said Jennifer Lynch, a senior staff attorney at the Electronic Frontier Foundation, which has waged a legal battle challenging the use of cellphone surveillance devices domestically. “But using these technologies for domestic law enforcement purposes raises a host of issues that are different from a military context.”

But domestically the devices have been used in a way that violates the constitutional rights of citizens, including the Fourth Amendment prohibition on illegal search and seizure, critics like Lynch say. They have regularly been used without warrants, or with warrants that critics call overly broad. Judges and civil liberties groups alike have complained that the devices are used without full disclosure of how they work, even within court proceedings.