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Home » Hacking News » Hackers try a bank job

Hackers try a bank job

by Nikola Strahija on July 21st, 2002 A RIVAL bank has been hacking into the website on which UBS Warburg stores information on derivatives trading for its staff and using this unauthorised information to assess their own market positions. It seems someone exited the Swiss-owned bank while still in possession of the relevant passwords.

know which bank is implicated, but I am not going to name it, except to say that the place has seen a lot of departures recently. The activity in question is not illegal, merely a way of saving money, but it is potentially dangerous.

You are using unchecked data to assess what your trading operation is worth, a move that may not be appreciated by your compliance people or the auditors. UBS tells me: “We take IT security very seriously. We’re currently looking into your comments.”

SANDY WEILL, chief executive of Citigroup, was not always the fearless Master of the Universe he is today, according to a new biography, King of Capital. Back in his childhood, in fights on the streets of Brooklyn he would regularly have to be rescued by his mother Etta. He claims this was a learning experience; by avoiding confrontation, he merely “postponed the inevitable”. Weill, as many on Wall Street will testify, has not been known to walk away from many fights since.

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