Easily digestible tech news... http://www.techdirt.com/ en-us http://www.techdirt.com/images/td-88x31.gifhttp://www.techdirt.com/ Thu, 14 Feb 2013 17:00:00 PST Michael Ho http://www.techdirt.com/articles/20101116/10522911886/dailydirt-cheaters-sometimes-prosper.shtml http://www.techdirt.com/articles/20101116/10522911886/dailydirt-cheaters-sometimes-prosper.shtml

In 2012, Italian police arrested 8 people related to a scheme involving $6 trillion (yes, trillion) in fake US Treasury bonds. According to US authorities, these kinds of documents are part of a growing trend of "fictitious instrument fraud" where fake securities are used as collateral in a scam aimed at unwitting investors. [url]

How often do traders misplace a decimal point on purpose? David Miller would have made a killing buying 1.625 million shares of AAPL (instead of 1,625 shares!) if the stock beat its estimates, but Apple's shares actually fell... oops. [url]

The London interbank offered rate (aka Libor) is a global benchmark for financial instruments worth over $300 trillion -- and it's part of one of the largest and longest-running banking scams in history. Traders at several large banks colluded to manipulate Libor for years... because bankers were trusted to report honest numbers. hmm. [url]

If you'd like to read more awesome and interesting stuff, check out this unrelated (but not entirely random!) Techdirt post.

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]]> urls-we-dig-up http://www.techdirt.com/comment_rss.php?sid=20101116/10522911886 Thu, 7 Feb 2013 17:00:00 PST Michael Ho http://www.techdirt.com/articles/20101111/18085511825/dailydirt-mostly-harmless-scams.shtml http://www.techdirt.com/articles/20101111/18085511825/dailydirt-mostly-harmless-scams.shtml

Now that computers are better than humans at playing chess, it shouldn't be too surprising that chess engines are being caught in use in human vs human tournaments. One teenager was found using the Fritz chess engine during competition, and it could mean future chess tournaments will be held without any kind of technology near the competitors. [url]

A mid-40s software developer was caught outsourcing his job to a team of programmers in China (for about a fifth of his annual salary). And he would have gotten away with it, too, if he'd just covered his tracks a bit better. [url]

Prof T. Mills Kelly taught a class at George Mason University that encouraged undergraduates to enter fake information into Wikipedia. Don't believe everything you read, kids... [url]

If you'd like to read more awesome and interesting stuff, check out this unrelated (but not entirely random!) Techdirt post.

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