Financial News 10/2/12 – JP Morgan Lawsuit, White House Attack, Seth MacFarlane Oscars


Financial News 10/2/12 – JP Morgan Lawsuit, White House Attack, Seth MacFarlane Oscars

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    The New York Attorney General has sued JP Morgan Chase for defrauding investors, who lost more than $20bn on mortgage-backed securities, sold by Bear Stearns. JP Morgan bought the investment bank Bear Stearns in March 2008, and said it would dispute the allegations. This is the first action of the committee, created by US President Barack Obama, that is looking into the causes of the 2008 financial crash. It was US mortgage-backed securities, that sparked the global financial crisis in 2008. How you may ask? Well, each security or bond was linked to pools of US mortgage loans, of which many were classified as sub-prime mortgages, that were awarded to high-risk and low-wage home-owers.basically at the time a 5 year old could qualify for a loan. When the US property bubble burst, many of those homebuyers defaulted on their mortgages, which turned the linked securities into bad debt. Why would anyone buy these extremely risky products you may ask? Because rating agencies, like Moody’s, had mistakenly given them the highest possible credit rating. And by mistakenly I mean on purpose, so that they can earn a lot of money themselves too.

    The US White House is or rather was under attack! According to some media reports, earlier this month Chinese hackers have broken into the White House military office network, used for nuclear commands. And why are we only finding out about this now?? Shouldn’t we all know what’s going on at the White House in a timely fashion? We sure knew about Monica Lewinsky fast enough! One official said the cyber breach was one of Beijing’s most brazen cyber attacks against the United States and that it was a spear fishing attack, where disguised emails are trying to convince recipients of a specific organization to provide confidential information. Spear phishing in the past has been linked to China and other states with sophisticated cyber warfare capabilities. Errrr.common.at this point, only sweet old grandmas and grandpas are falling for this one, well if they know how to use e-mail.surely the white house staff is smart enough not to fall these kinda Chinese tricks.right?

    Researchers in New Zealand have genetically engineered a cow to produce milk with very little of a protein that causes an allergic reaction in some children. They hope the technique, which uses a process called RNA interference that reduces the activity of certain genes without eliminating it completely, can be used to control other traits in livestock. While there are dairy industry processes that can reduce the allergenic potential of normal milk, they are expensive and can result in a bitter taste. Hmmmm interesting developments.but what do you guys out there think? Should we be messing with an animals DNA to feed our children milk?

    The secret is out! Seth MacFarlane will be hosting the Oscars! And I think everybody is wondering about the same thing – will he do his voices during the show? Oh please do the voices Seth! And sing you must sing! And Dance.and and.

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