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The Almighty Buck

UBS Rogue Trader Loses $2 Billion In Unauthorized Trades 360

PolygamousRanchKid writes with this snippet from Reuters that sounds like a ready-made movie script: "Switzerland's UBS said on Thursday it had discovered unauthorized trading by a trader in its investment bank had caused a loss of some $2 billion. 'The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of $2 billion,' the bank said in a brief statement just before the stock market opened." Asks the RanchKid: "I wonder how this will reopen the debate about the role of computer systems in the trading and the safeguards that are supposed to protect against these risks. But if microseconds mean millions in trading ... who has time for checks?"

Fake GSM Base Station Trick Targets IPhones 64

mvar writes "While his Black Hat DC Conference demonstration was not flawless, a University of Luxembourg student on Wednesday did show that it's possible to trick iPhone users into joining a fake GSM network. Ralf-Philipp Weinmann showed how to cobble together a laptop using open-source software OpenBTS and other low-cost gear to create a fake GSM transmitter base station to locate iPhones in order to send their owners a message. A number of iPhone users in the room expressed surprise that they had gotten a message asking them to join the network. 'You want to get phones not just used by the teenage crowd but executives,' said Weinmann, adding that it is possible to 'have complete control of the phone.' Part of the reason these fake GSM network attacks are possible is because the code base used in smartphones such as the iPhone, which is Infineon-based, goes back to the 1990s."

Time is an illusion perpetrated by the manufacturers of space.