Back in 2005, the Discovery Channel aired a television series called, ‘It takes a Thief’, where a former burglar would break into the residences of average homes, then show them on video just how vulnerable their security systems and processes were. This axiom of, ‘it takes one to know one’ philosophy is being put to the test as a newly freed former hacker is seeking to create a hedge fund with the sole purpose of bringing down U.S. banks.
CNBC just got very surreal. I have been following the release from prison of well known hacker and troll “Weev” for several weeks now. What has really captured my attention is his effort to get the world’s smartest hackers to find vulnerabilities in companies, short the s**t out of them, and then release the vulnerability to the public.
He plans on using a hedge fund naturally called TRO LLC to achieve this goal.
Bottom line, no matter what you think of this guy, he is a force to be reckoned with and someone to keep a close eye on. Apparently, the hacker community is sharpening its pitchforks as we speak. Wall Street has no idea what might be coming their way. – Liberty Blitzkrieg
Ironically, because of the advent of high frequency trading which allows computer algorithms to ‘front run’ the markets based on trades, rumors, and news, the potential for a collapse of the stock values of every banking institution is very real. In fact, what ‘Weev’ is intending to do is not illegal, for the public dissemination of fiduciary information is not just a requirement, but law, and the revelation of any financial data that a bank may have sought to keep hidden could quite easily be found by resourceful ‘hackers’ that intend to publicly announce any findings, and thus bypass potential criminality for insider trading.
Just as the pen is mightier than the sword, so is the control over information the key to ultimate power. And while bought and paid for legislators, regulators, and insiders continue to protect banks from insolvency by pushing Federal laws regarding disclosure down the road, all it will take is for resourceful people to find the smoking guns, and show the world just how bankrupt the American banking system is.
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Contributed by Secrets of the Fed of Secretsofthefed.com.