An Egomaniac on steroids: Donald J. Trump's name will be on stimulus checks in unprecedented move

USA: The unprecedented decision means that when recipients open the $1,200 paper checks, “President Donald J. Trump” will appear on the left side of the payment.

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https://www.washingtonpost.com/politics/coming-to-your-1200-relief-check-donald-j-trumps-name/2020/04/14/071016c2-7e82-11ea-8013-1b6da0e4a2b7_story.html

NSA spy scandal may scuttle EU-U.S. anti-terrorist agreement–EU commissioner

The European Union is threatening to suspend a data-sharing deal with the United States used for tracking terrorist bank funding over suspicions the National Security Agency was stealing financial data from law-abiding Europeans.

Cecilia Malmstrom, the EU commissioner responsible for investigating the implications of the NSA and GCHQ spy scandal, said the Terror Finance Tracking Program (TFTP) of 2010, which supplies bank and credit card transaction information to the U.S. treasury in an effort to trace funding to terrorist groups, may be in jeopardy if it is determined the Americans were abusing the agreement.

Ms. Malmstrom said she was unhappy with the information supplied by the U.S. government, saying the Americans need to provide more data.

“I am not satisfied with what we have received so far,” the commissioner told a European parliament committee debating the NSA disclosures. “Whilst from the U.S. reactions … we now have some understanding of the situation, we need more detailed information in order to credibly assess reality and to be in a position to judge whether the obligations of the U.S. side under the agreement have been breached.”

Government Communications Headquarters (GCHQ) is a British intelligence agency that has also come under suspicion of EU commissioners when it was revealed the organization was collecting all online and telephone data in the UK via the Tempora program, also revealed in the NSA disclosures.

“A decision to maintain the agreement or to consider proposing its suspension is a serious matter,” Ms. Malmstrom admitted.

Ever since the September 11 terrorist attacks on the United States, a number of controversial security measures were passed under then President George W. Bush. Much of the legislation, however, was put into effect without any public debate.

The Terror Financing Tracking Program (TFTP) was one such piece of legislation that is now, following the NSA revelations, raising eyebrows among some of America’s leading allies.

TFTP is a collaborative effort between the Central Intelligence Agency and U.S. Treasury that has provided U.S. officials “with a unique and powerful window into the operations of terrorist networks and is, without doubt, a legal and proper use of our authorities,” Stuart Levey, an undersecretary at the Treasury, said in an interview with The New York Times in June 2006.

The agreement required EU authorities to transfer data to the U.S. treasury from the Brussels-based system Society for Worldwide Interbank Financial Telecommunication (SWIFT).

This provided U.S. officials with a large amount of data since the majority of international interbank messages use the SWIFT network. According to the SWIFT website, “more than 10,000 financial institutions and corporations in 212 countries exchange millions of standardized financial messages” daily. 

Although Mr. Levey ensured that “multiple safeguards” were put in place to protect against any unwarranted searches of records, EU MEPs are demanding that TFTP be scrapped following recent reports that the NSA was “also tapping into the SWIFT databases to gain access to the private data of Europeans on their financial dealings,” The Guardian reported.

Sophie Veld, a Dutch Member of the European Parliament, said the U.S. spying activities aimed at the European Union meant that bilateral agreements—including another one divulging European air passenger details to U.S. authorities—should be canceled.

“For me the TFTP agreement is effectively dead ... null and void,” she said, as quoted by The Guardian.

The EU parliament, however, does not have the authority to cancel agreements with the United States. Such a move would require proof that the NSA had abused its powers, and then propose a cancellation of the EU-U.S, agreement to which all 28 EU member states would need to endorse unanimously.

Britain, for example, which played a large part in the NSA surveillance work, would be able to veto any legislation that moved to punish the United States over the scandal.

Read more: NSA spy scandal may scuttle EU-U.S. anti-terrorist agreement–EU commissioner

US Economy: Bernanke calls Bloomberg report on US Fed $13 billion loans to banks "wildly inaccurate"

Bloomberg Markets Magazine last month published an article called "Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress." The article was widely referenced by other news organizations, including The New York Times.

The Bloomberg article said the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system when all guarantees and lending limits were added up.

While Bernanke did not mention Bloomberg or any other news organization by name, he said in a letter to lawmakers that the figure and other estimates of larger total amounts of lending, were "wildly inaccurate." On any given day, Fed credit from its emergency liquidity programs was never more than about $1.5 trillion, he said.

Matthew Winkler, editor-in-chief of Bloomberg News, said in a statement: "Bloomberg stands by its reporting." The news agency also released a lengthy point-by-point response to the Fed staff memo.

The US Fed had strenuously resisted providing information about discount window borrowers, arguing that banks would be unwilling to use the lending facility if their actions risked becoming public out of fear they could be seen as weak.

When the data was released in March, it showed that banks from Europe had drawn tens of billions of dollars from the U.S. central bank during the crisis. In addition, the Fed was instructed by the new Dodd-Frank financial reform law to divulge borrowing from other lending programs it created to stabilize financial markets during the economic meltdown. A December 2010 data release revealed that major banks had been big beneficiaries from some of those programs.

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