Scandal Brewing Over Facebook's Actions At IPO
According to Reuters, a scandal is brewing over Facebook's actions in the hours before its IPO last Friday. Attention is focused on why underwriters revised their revenue forecasts down during the Facebook IPO roadshow, because this is a highly unusual move that casts a very negative light on Facebook. Other reports at Business Insider suggest that three underwriters who downgraded their revenue projections did so at the behest of a Facebook executive who'd had knowledge of weaker than expected Q2 performance. This information was then conveyed to selected institutional investors, in order that they may protect their income, but not broadcast to the entire investment community. Details are not forthcoming, and BI notes all parties have declined to comment. At the least this news is an uncomfortable PR matter at a critical moment, and at worst the SEC and FINRA may find Facebook guilty of financial misconduct.
According to Reuters, a scandal is brewing over Facebook's actions in the hours before its IPO last Friday. Attention is focused on why underwriters revised their revenue forecasts down during the Facebook IPO roadshow, because this is a highly unusual move that casts a very negative light on Facebook. Other reports at Business Insider suggest that three underwriters who downgraded their revenue projections did so at the behest of a Facebook executive who'd had knowledge of weaker than expected Q2 performance. This information was then conveyed to selected institutional investors, in order that they may protect their income, but not broadcast to the entire investment community. Details are not forthcoming, and BI notes all parties have declined to comment. At the least this news is an uncomfortable PR matter at a critical moment, and at worst the SEC and FINRA may find Facebook guilty of financial misconduct.
Indian Rupee has shown a steep slide against dollar and tumbled to 56 mark. it has put a lot of pressure on Government and RBI regarding how to curb its downside and save currency.
As a part of its implications, government has to raise a fuel prices although the crude price has cooled off from $125 a barrel to $107 a barrel. Currency barrier is preventing India to benefit from low price crude oil. In march, UPA government was resisting to hike petrol prices, due to political turmoil and inflation pressure. India's deficit was at record due to the fuel subsidies and government wasn't able to accord in Parliament regarding fuel price hike.
Now, crude has come down to $107 but unfortunately, deficit burden won't be reduced as currency devaluation. India can't take advantage of falling crude price and the direct impact would be rising inflation. RBI was helpless to spur growth as rising inflation hinders any loosening monetary policies.
Gold as a safe heaven, it has tumbled in global markets but rupee valuation keep it rising and haven't even moved down a little. Due to currency devaluation, USD traded commodities are rising and putting pressure on inflation.
The game is being complicated now, as government is already struggling to keep an accord amongst their alliances and prevent early Lok Sabha polls. Stock markets were tumbling as analysts foresee early polls. Fuel subsidy expand deficit, means can't meet the budget goal. Loosing faith in foreign investors. Inflation to rise if Fuel prices will be hiked. Slowdown will hit manufacturing sector. Small industries won't survive. Banks' NPA will rise or they might tighten credit to the consumer. Its a vicious cycle, which might lead India for hard landing. For Investment purpose, It will be difficult to gain returns in coming years as markets will loose ground and investor confident. Alternative to equity investment, FDs will beat the equities in coming years. Its a research note released by our team.
What RBI can do?
It is time for RBI to take the "ultimate weapon" by announcing sovereign bond issuance to the tune of not less than USD 20 billion; keep selling dollars in the market to take out excessive "long dollar" positions in the market and announce Rs 1 trillion of OMO bond purchases to absorb resultant rupee liquidity squeeze in the system.
What's the impact on the market?
RBI will have USD liability in its books at cost say 6.0-6.5% for 3-5 year tenor
RBI will add to rupee assets at yield 8.25-8.5% for 3-5 year tenor
USD/INR will sharply gain to 53.50 and get into consolidation mode at 52-53 considered as fair value factoring in extended dollar rally against global currencies
10Y Bond yield to settle around 8.20-8.35%; considered affordable borrowing cost for the Government
Open up expectation of rate cut for shift into aggressive growth supportive monetary stance
As a part of its implications, government has to raise a fuel prices although the crude price has cooled off from $125 a barrel to $107 a barrel. Currency barrier is preventing India to benefit from low price crude oil. In march, UPA government was resisting to hike petrol prices, due to political turmoil and inflation pressure. India's deficit was at record due to the fuel subsidies and government wasn't able to accord in Parliament regarding fuel price hike.
Now, crude has come down to $107 but unfortunately, deficit burden won't be reduced as currency devaluation. India can't take advantage of falling crude price and the direct impact would be rising inflation. RBI was helpless to spur growth as rising inflation hinders any loosening monetary policies.
Gold as a safe heaven, it has tumbled in global markets but rupee valuation keep it rising and haven't even moved down a little. Due to currency devaluation, USD traded commodities are rising and putting pressure on inflation.
The game is being complicated now, as government is already struggling to keep an accord amongst their alliances and prevent early Lok Sabha polls. Stock markets were tumbling as analysts foresee early polls. Fuel subsidy expand deficit, means can't meet the budget goal. Loosing faith in foreign investors. Inflation to rise if Fuel prices will be hiked. Slowdown will hit manufacturing sector. Small industries won't survive. Banks' NPA will rise or they might tighten credit to the consumer. Its a vicious cycle, which might lead India for hard landing. For Investment purpose, It will be difficult to gain returns in coming years as markets will loose ground and investor confident. Alternative to equity investment, FDs will beat the equities in coming years. Its a research note released by our team.
What RBI can do?
It is time for RBI to take the "ultimate weapon" by announcing sovereign bond issuance to the tune of not less than USD 20 billion; keep selling dollars in the market to take out excessive "long dollar" positions in the market and announce Rs 1 trillion of OMO bond purchases to absorb resultant rupee liquidity squeeze in the system.
What's the impact on the market?
RBI will have USD liability in its books at cost say 6.0-6.5% for 3-5 year tenor
RBI will add to rupee assets at yield 8.25-8.5% for 3-5 year tenor
USD/INR will sharply gain to 53.50 and get into consolidation mode at 52-53 considered as fair value factoring in extended dollar rally against global currencies
10Y Bond yield to settle around 8.20-8.35%; considered affordable borrowing cost for the Government
Open up expectation of rate cut for shift into aggressive growth supportive monetary stance
Don't see any other option at this stage to save rupee and to get positive vibes into the economy and markets. The end result is not important at this stage; the first aggressive step to prepare for soft-landing is important and critical.
Germany attracted healthy demand from investors wanting to lend to the country on Wednesday despite offering no interest payments at a two-year bond sale, as worries about a Greek euro exit heightened demand for safe-haven assets.
The lack of coupon failed to deter buyers worried that a new Greek government will reject the terms of the country's bailout, possibly forcing it to ditch the euro. Contagion from a so-called Grexit could pile pressure on other euro zone strugglers.
Germany sold 4.56 billion euros ($5.8 billion) of the new two-year bonds, which carry a zero percent coupon, and with an average yield of just 0.07 percent, it was almost free money for the country.
"(It) was a strong auction, with some overbidding which is not always the case in German auctions, so clearly there were some investors who see value in the Schatz at a near-zero yield," said Credit Agricole rate strategist Peter Chatwell.
The ultra-low borrowing cost is in stark contrast to rising borrowing costs in countries engulfed in the euro zone debt crisis.
For example, yields on benchmark two-year Spanish and Italian bonds, which reflect borrowing costs, are 4.12 percent and 3.58 percent respectively, while France paid investors a yield of 0.74 percent at a two-year bond sale last week.
Moreover, with German government bond yields falling over the last year to record lows and with euro zone inflation at an annual rate of 2.6 percent last month, investors are losing money in real terms.
Bids at the sale were worth 1.7 times the amount on offer, in line with the average at similar auctions this year.
The lack of coupon failed to deter buyers worried that a new Greek government will reject the terms of the country's bailout, possibly forcing it to ditch the euro. Contagion from a so-called Grexit could pile pressure on other euro zone strugglers.
Germany sold 4.56 billion euros ($5.8 billion) of the new two-year bonds, which carry a zero percent coupon, and with an average yield of just 0.07 percent, it was almost free money for the country.
"(It) was a strong auction, with some overbidding which is not always the case in German auctions, so clearly there were some investors who see value in the Schatz at a near-zero yield," said Credit Agricole rate strategist Peter Chatwell.
The ultra-low borrowing cost is in stark contrast to rising borrowing costs in countries engulfed in the euro zone debt crisis.
For example, yields on benchmark two-year Spanish and Italian bonds, which reflect borrowing costs, are 4.12 percent and 3.58 percent respectively, while France paid investors a yield of 0.74 percent at a two-year bond sale last week.
Moreover, with German government bond yields falling over the last year to record lows and with euro zone inflation at an annual rate of 2.6 percent last month, investors are losing money in real terms.
Bids at the sale were worth 1.7 times the amount on offer, in line with the average at similar auctions this year.
A Brazilian airline says one of its female pilots tossed a passenger off a flight because he was making sexist comments about women flying planes.
Trip Airlines said in a statement on Tuesday that the pilot rejected the man before takeoff as he made loud, sexist comments upon learning the pilot was a woman. The jet continued on to the state of Goias after a one-hour delay.
The passenger involved in Friday's incident has not been identified. He was met by police at the plane and escorted out of the Belo Horizonte airport. Police at the airport have not responded to calls and it isn't known if the man has been charged with anything.
Trip says it won't tolerate disparaging remarks made about any of the 1,400 women working for the airline.
Trip Airlines said in a statement on Tuesday that the pilot rejected the man before takeoff as he made loud, sexist comments upon learning the pilot was a woman. The jet continued on to the state of Goias after a one-hour delay.
The passenger involved in Friday's incident has not been identified. He was met by police at the plane and escorted out of the Belo Horizonte airport. Police at the airport have not responded to calls and it isn't known if the man has been charged with anything.
Trip says it won't tolerate disparaging remarks made about any of the 1,400 women working for the airline.
Finnish Mobile Game developer, Rovio Mobile is set to release new Angry Birds Heikki game on June 18 this year. The new Angry Birds Heikki is teased at the landing page at - http://heikki.angrybirds.com and no details have been mentioned on the page.
From the images placed on the landing page, it is quite evidential that Rovio might introduce Angry Birds Heikki game in order to support and honour the Finnish Formula One Driver - Heikki Kovalainen.
Rovio had recently announced Angry Birds game that was centred on Space. Following that, Rovio is already ready to release Angry Birds Heikki which might be Formula One Themed game. The strategy based Puzzle Game by the Finnish Developers certainly has seen number of variations already.
Starting off with the Angry Birds Season, Rovio later released Angry Birds Rio and finally the Angry Birds Space. Now the company plans to release Angry Birds Heikki which might be limited just to the web browsers. On clicking one of the Social Network sharing buttons, the link automatically generates an image of a helmet.
So the Angry Birds Heikki will be the quest for the birds to hunt and rescue the Heikki Kovalainen's helmet from the snarky pigs. As of there are no details about the platforms on which this game would be released.
From the images placed on the landing page, it is quite evidential that Rovio might introduce Angry Birds Heikki game in order to support and honour the Finnish Formula One Driver - Heikki Kovalainen.
Rovio had recently announced Angry Birds game that was centred on Space. Following that, Rovio is already ready to release Angry Birds Heikki which might be Formula One Themed game. The strategy based Puzzle Game by the Finnish Developers certainly has seen number of variations already.
Starting off with the Angry Birds Season, Rovio later released Angry Birds Rio and finally the Angry Birds Space. Now the company plans to release Angry Birds Heikki which might be limited just to the web browsers. On clicking one of the Social Network sharing buttons, the link automatically generates an image of a helmet.
So the Angry Birds Heikki will be the quest for the birds to hunt and rescue the Heikki Kovalainen's helmet from the snarky pigs. As of there are no details about the platforms on which this game would be released.
Top 10 Search Engine beyond Google, Bing & Yahoo
Guruji.com: From its appearance Guruji.com seems to be a Google-like full-fledged search engine, but its strength lies elsewhere. It is said to be the first crawler based search engine developed completely in India and designed to make search simple for Indian users.
isoHunt.com (Torrent search): Traffic driven by torrents hog a huge amount of bandwidth on the Internet and one of the best BitTorrent search engines around is isoHunt. isoHunt tracks the major BitTorrent websites to keep its index updated
Answers.com: One of the most reliable Q&A websites around, Answers.com has been answering questions since 2005. Available in a number of languages Answers.com is also one of the most popular websites in the world
Wolfram|Alpha (Answer engine): Wolfram|Alpha long-term goal is "to make all systematic knowledge immediately computable and accessible to everyone." The website is doing a good job of what it has set out to do, provide instantaneous answers.
Pipl (People search): If you are looking for people, Google is not always the best option. Pipl does it better, it only searches for people. You can get more focused on your ego surfing trip with Pipl.com.
Yummly (Food search): One thing that people who love to cook search for the most is recipes and Yummly is a site focuses on recipe search. That's not all, you can also search within 424,000 recipes by their calorie and nutritional count, tastes, courses and more.
Scour.com: Founded in 2007, Scour was originally named Aftervote.com, which aims to deliver the most relevant results as efficiently as possible. By providing a platform for the user to vote and comment on relevancy, searchers connect with one another creating a true social search community.
DogPile.com: Powered by Metasearch technology, Dogpile fetches all the best results from leading search engines including Google, Yahoo! and Bing.
Goby.com: Goby is a search engine that lets you explore new things to do with your free time, from a weekend adventure to the vacation of a lifetime.
Everystockphoto.com: Launched in April 2006, it is a license-specific photo search engine. It search millions of freely licensed photos, from many sources, and present in an integrated search.
Guruji.com: From its appearance Guruji.com seems to be a Google-like full-fledged search engine, but its strength lies elsewhere. It is said to be the first crawler based search engine developed completely in India and designed to make search simple for Indian users.
isoHunt.com (Torrent search): Traffic driven by torrents hog a huge amount of bandwidth on the Internet and one of the best BitTorrent search engines around is isoHunt. isoHunt tracks the major BitTorrent websites to keep its index updated
Answers.com: One of the most reliable Q&A websites around, Answers.com has been answering questions since 2005. Available in a number of languages Answers.com is also one of the most popular websites in the world
Wolfram|Alpha (Answer engine): Wolfram|Alpha long-term goal is "to make all systematic knowledge immediately computable and accessible to everyone." The website is doing a good job of what it has set out to do, provide instantaneous answers.
Pipl (People search): If you are looking for people, Google is not always the best option. Pipl does it better, it only searches for people. You can get more focused on your ego surfing trip with Pipl.com.
Yummly (Food search): One thing that people who love to cook search for the most is recipes and Yummly is a site focuses on recipe search. That's not all, you can also search within 424,000 recipes by their calorie and nutritional count, tastes, courses and more.
Scour.com: Founded in 2007, Scour was originally named Aftervote.com, which aims to deliver the most relevant results as efficiently as possible. By providing a platform for the user to vote and comment on relevancy, searchers connect with one another creating a true social search community.
DogPile.com: Powered by Metasearch technology, Dogpile fetches all the best results from leading search engines including Google, Yahoo! and Bing.
Goby.com: Goby is a search engine that lets you explore new things to do with your free time, from a weekend adventure to the vacation of a lifetime.
Everystockphoto.com: Launched in April 2006, it is a license-specific photo search engine. It search millions of freely licensed photos, from many sources, and present in an integrated search.
| My Last Wish |
The free app, created by a software company called White Lotus Corporation, is available in Apple's App Store, the Telegraph reported.
"A social networking application to make friendship with those unknown people from corners of the world with different ethnicity, culture, traditions, value systems, life style and much more - but having only one thing in common and that is the 'Last Wish'," the website says about itself.
"By this application, we have tried to unite the community on the 'Wish Wall' to share their last wish with the world and find out those people with similar wishes before they die, get connected to them and be friends forever."
Users of the app - "fellow wishers" - are asked to post their final wish on to the "Wish Wall" and can choose to attach their email address or phone number so other users who want to do the same thing, can get in touch.
"Fellow wishers" can tap on a user's name and their contacts will be instantly added to their phonebook.
One user named Eve Lynn said her last wish was to: "Drive out to the desert and watch the stars with the man I love."
Kirtan Thaker, co-founder of the White Lotus Corporation, said: "I believed in the possibility that there can be two persons in this world with same hopes, dreams and wishes. I was confident that if we create an app where this possibility can be turned into reality, people will love this concept and they will get a chance to make friends who are unknown but having just one thing in common which is the last wish."
The Obama administration promised a Hollywood filmmaker unprecedented access to the top-secret Navy unit that killed Osama bin Laden to help her make a feature film on the operation at the same time it was publicly ordering officials to stop talking about the raid.
The Pentagon’s top intelligence official, Michael Vickers, offered Oscar-winning director Kathryn Bigelow interviews with a member of the SEAL team that helped plan last year’s assault on bin Laden’s compound, according to a transcript of a July 15 meeting that was released yesterday by Judicial Watch, a Washington-based legal organization.
The summary was among hundreds of pages of material on the Obama administration’s cooperation with Bigelow and screenwriter Mark Boal on their proposed movie that Judicial Watch obtained under the Freedom of Information Act. The documents illustrate a conflict between the administration’s public calls for shielding classified information related to bin Laden’s death and its private effort to assist the filmmakers.
During the meeting with Bigelow, who directed the Academy Award-winning Iraq War movie “The Hurt Locker,” Vickers also divulged the name of the normally secret Navy commando unit known as SEAL Team Six.
“Well, the basic idea is they’ll make a guy available who was involved from the beginning as planner, a SEAL Team 6 Operator and Commander,” said Vickers, the undersecretary of defense for intelligence, according to the transcript.
‘Point of Contact’
Lieutenant Colonel James Gregory, a Vickers spokesman, said in an e-mail last night that Vickers was not referring to a SEAL Team Six member.
“The identity of a planner, not a member of SEAL Team 6, was provided by the U.S. Special Operations Command as a possible point of contact for additional information if the DoD determined that additional support was merited,” Gregory said. “No additional official DoD support was granted, nor to our knowledge was it pursued by the film makers,” he said. “This was a meeting to explore possibilities about supporting the film endeavor.”
Judicial Watch sued the Defense Department in January for release of the records and received the material on May 18, the group said in a news release yesterday. The organization is also pressing for the publication of post-mortem photos of bin Laden and video, which the U.S. government has refused to release citing national security concerns.
‘Talking Too Much’
The July meeting between Vickers, Bigelow and Boal, which was sanctioned by the White House, came two months after then- Defense Secretary Robert Gates and then-Joint Chiefs of Staff Chairman Admiral Michael Mullen urged military officials to stop talking about the raid on May 2, 2011.
“My concern is that there were too many people in too many places talking too much about this operation,” Gates said at a at a May 18 news conference. “And we had reached an agreement that we would not talk about operational details. That lasted about 15 hours,” he said.
At the July 15 meeting, Boal told Vickers he had already met that day with CIA Deputy Director Mike Morell and earlier with White House Deputy National Security Adviser Denis McDonough and counterterrorism adviser John Brennan, according to the transcript.
‘Simply False’
Tommy Vietor, a spokesman for Obama’s National Security Council, declined to comment on the documents and referred to the response given by White House press secretary Jay Carney on Aug. 10, when Republican Representative Peter King of New York called for an investigation into whether the filmmaker was given access to classified information.
“We do not discuss classified information,” Carney said at the time. “The most specific information we’ve given from this White House about the actual raid I read to you from this podium. So it’s simply false” that any special access was granted.
King’s request was prompted by an Aug. 7 New York Times column by Maureen Dowd that said: “The moviemakers are getting top-level access to the most classified mission in history.”
The Pentagon routinely provides technical assistance and location access to filmmakers, including the science-fiction movie “Battleship” that was released last week. In exchange for such access, equipment and personnel, filmmakers must modify a script if requested by the Pentagon or military service.
‘Gutsy Decision’
A summary of a June meeting between Vickers and Boal, the writer and producer of “The Hurt Locker,” offers a glimpse of the Obama administration’s possible motives for assisting the filmmakers -- aside from preventing inaccuracies and disclosures of classified information.
Vickers said that based on the intelligence, there was a “60 to 80 percent certainty” that bin Laden was in the compound in Abbottabad, Pakistan, and that ordering the raid “was a ‘gutsy decision by the POTUS,’” shorthand for President of the United States, according to the summary. Vickers also “recommended” that the filmmakers look at the raid from the Central Intelligence Agency, Pentagon and White House vantage points.
“White House involvement was critical,” according to the summary of Vickers’ discussion.
Bigelow is out of the country filming and can’t be reached for comment, her publicist Susan Ciccone said yesterday.
SEAL Team Six
Pentagon and special operations officials have never publicly acknowledged the official designation of the Navy unit known informally as SEAL Team Six and formally as the Naval Special Warfare Development Group, or Devgru, based in Dam Neck, Virginia.
When 17 members of the unit were killed last Aug. 6 in a CH-47 Chinook helicopter crash, the fact that they were members of that unit was not disclosed though their names were released.
Vickers had no such reticence when meeting with the filmmakers, though.
“He can probably give you everything you would want or get” from the top U.S. Special Operations Command Commander or direct raid commander, Vickers said, referring respectively to then-Admiral Eric Olson and Admiral William McRaven.
According to the documents, McRaven, then head of the Joint Special Operations Command, and Olson would not speak with the filmmakers because military officials were concerned “that it’s just a bad example if it gets out -- even with all sorts of restrictions and everything.”
‘That’s Dynamite’
The SEAL Team Six planner whose name was blacked out in the transcript will “speak for operators and he’ll speak for senior military commanders” because they are all “the same tribe and everything,” Vickers said during the July meeting.
The commanders tell their troops never to talk about operations, and doing so now would jeopardize their leadership, Vickers told the filmmakers, according to the documents.
Still, filmmakers were ecstatic. “That’s dynamite by the way,” Boal told Vickers, according to the transcript. “That’s incredible,” Bigelow said.
Officials at the CIA also went to unusual lengths to cooperate with Bigelow and Boal. In a June 30 e-mail to a recipient whose name was redacted, then-CIA spokesman Marie Harf, who now works for President Barack Obama’s re-election campaign in Chicago, said:
“As a Agency, we’ve been pretty forward-leaning with Boal, and he’s agreed to share scripts and details about the movie with us so we’re absolutely comfortable with what he will be showing.”
‘A Bit Quiet’
“I know this is a little outside what we typically do as CIA officers,” she continued later, “but Boal seems committed to representing the Agency well in what is a multi-million dollar major motion picture.
‘‘(... we’re trying to keep his visits at HQs a bit quiet, because of the sensitivities surrounding who gets to participate in this types of things. I’m sure you understand ...)”
Preston Golson, a CIA spokesman, said in an e-mail yesterday that “on some occasions, when appropriate, we arrange visits to the Agency for unclassified meetings with some of our officers.”
The Pentagon’s top intelligence official, Michael Vickers, offered Oscar-winning director Kathryn Bigelow interviews with a member of the SEAL team that helped plan last year’s assault on bin Laden’s compound, according to a transcript of a July 15 meeting that was released yesterday by Judicial Watch, a Washington-based legal organization.
The summary was among hundreds of pages of material on the Obama administration’s cooperation with Bigelow and screenwriter Mark Boal on their proposed movie that Judicial Watch obtained under the Freedom of Information Act. The documents illustrate a conflict between the administration’s public calls for shielding classified information related to bin Laden’s death and its private effort to assist the filmmakers.
During the meeting with Bigelow, who directed the Academy Award-winning Iraq War movie “The Hurt Locker,” Vickers also divulged the name of the normally secret Navy commando unit known as SEAL Team Six.
“Well, the basic idea is they’ll make a guy available who was involved from the beginning as planner, a SEAL Team 6 Operator and Commander,” said Vickers, the undersecretary of defense for intelligence, according to the transcript.
‘Point of Contact’
Lieutenant Colonel James Gregory, a Vickers spokesman, said in an e-mail last night that Vickers was not referring to a SEAL Team Six member.
“The identity of a planner, not a member of SEAL Team 6, was provided by the U.S. Special Operations Command as a possible point of contact for additional information if the DoD determined that additional support was merited,” Gregory said. “No additional official DoD support was granted, nor to our knowledge was it pursued by the film makers,” he said. “This was a meeting to explore possibilities about supporting the film endeavor.”
Judicial Watch sued the Defense Department in January for release of the records and received the material on May 18, the group said in a news release yesterday. The organization is also pressing for the publication of post-mortem photos of bin Laden and video, which the U.S. government has refused to release citing national security concerns.
‘Talking Too Much’
The July meeting between Vickers, Bigelow and Boal, which was sanctioned by the White House, came two months after then- Defense Secretary Robert Gates and then-Joint Chiefs of Staff Chairman Admiral Michael Mullen urged military officials to stop talking about the raid on May 2, 2011.
“My concern is that there were too many people in too many places talking too much about this operation,” Gates said at a at a May 18 news conference. “And we had reached an agreement that we would not talk about operational details. That lasted about 15 hours,” he said.
At the July 15 meeting, Boal told Vickers he had already met that day with CIA Deputy Director Mike Morell and earlier with White House Deputy National Security Adviser Denis McDonough and counterterrorism adviser John Brennan, according to the transcript.
‘Simply False’
Tommy Vietor, a spokesman for Obama’s National Security Council, declined to comment on the documents and referred to the response given by White House press secretary Jay Carney on Aug. 10, when Republican Representative Peter King of New York called for an investigation into whether the filmmaker was given access to classified information.
“We do not discuss classified information,” Carney said at the time. “The most specific information we’ve given from this White House about the actual raid I read to you from this podium. So it’s simply false” that any special access was granted.
King’s request was prompted by an Aug. 7 New York Times column by Maureen Dowd that said: “The moviemakers are getting top-level access to the most classified mission in history.”
The Pentagon routinely provides technical assistance and location access to filmmakers, including the science-fiction movie “Battleship” that was released last week. In exchange for such access, equipment and personnel, filmmakers must modify a script if requested by the Pentagon or military service.
‘Gutsy Decision’
A summary of a June meeting between Vickers and Boal, the writer and producer of “The Hurt Locker,” offers a glimpse of the Obama administration’s possible motives for assisting the filmmakers -- aside from preventing inaccuracies and disclosures of classified information.
Vickers said that based on the intelligence, there was a “60 to 80 percent certainty” that bin Laden was in the compound in Abbottabad, Pakistan, and that ordering the raid “was a ‘gutsy decision by the POTUS,’” shorthand for President of the United States, according to the summary. Vickers also “recommended” that the filmmakers look at the raid from the Central Intelligence Agency, Pentagon and White House vantage points.
“White House involvement was critical,” according to the summary of Vickers’ discussion.
Bigelow is out of the country filming and can’t be reached for comment, her publicist Susan Ciccone said yesterday.
SEAL Team Six
Pentagon and special operations officials have never publicly acknowledged the official designation of the Navy unit known informally as SEAL Team Six and formally as the Naval Special Warfare Development Group, or Devgru, based in Dam Neck, Virginia.
When 17 members of the unit were killed last Aug. 6 in a CH-47 Chinook helicopter crash, the fact that they were members of that unit was not disclosed though their names were released.
Vickers had no such reticence when meeting with the filmmakers, though.
“He can probably give you everything you would want or get” from the top U.S. Special Operations Command Commander or direct raid commander, Vickers said, referring respectively to then-Admiral Eric Olson and Admiral William McRaven.
According to the documents, McRaven, then head of the Joint Special Operations Command, and Olson would not speak with the filmmakers because military officials were concerned “that it’s just a bad example if it gets out -- even with all sorts of restrictions and everything.”
‘That’s Dynamite’
The SEAL Team Six planner whose name was blacked out in the transcript will “speak for operators and he’ll speak for senior military commanders” because they are all “the same tribe and everything,” Vickers said during the July meeting.
The commanders tell their troops never to talk about operations, and doing so now would jeopardize their leadership, Vickers told the filmmakers, according to the documents.
Still, filmmakers were ecstatic. “That’s dynamite by the way,” Boal told Vickers, according to the transcript. “That’s incredible,” Bigelow said.
Officials at the CIA also went to unusual lengths to cooperate with Bigelow and Boal. In a June 30 e-mail to a recipient whose name was redacted, then-CIA spokesman Marie Harf, who now works for President Barack Obama’s re-election campaign in Chicago, said:
“As a Agency, we’ve been pretty forward-leaning with Boal, and he’s agreed to share scripts and details about the movie with us so we’re absolutely comfortable with what he will be showing.”
‘A Bit Quiet’
“I know this is a little outside what we typically do as CIA officers,” she continued later, “but Boal seems committed to representing the Agency well in what is a multi-million dollar major motion picture.
‘‘(... we’re trying to keep his visits at HQs a bit quiet, because of the sensitivities surrounding who gets to participate in this types of things. I’m sure you understand ...)”
Preston Golson, a CIA spokesman, said in an e-mail yesterday that “on some occasions, when appropriate, we arrange visits to the Agency for unclassified meetings with some of our officers.”
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| Tradeshift.com |
That's because the invoicing application is just the tip of a much larger iceberg that the company, Tradeshift, is envisioning--one that leverages big data to reinvent how credit ratings are set for small- and medium-sized businesses.
Its most potentially disruptive idea is Instant Payments, a service which allows suppliers to get paid immediately once a customer accepts an invoice on the Tradeshift system, instead of having to wait the usual 30, 60, or 90 days.
The money still comes with an interest rate, but the size of that rate gets determined based on the buyer's credit rating, not the supplier's. Which is good news for small- and medium-sized suppliers, which often get hit with higher rates because they are perceived to be riskier bets.
Large companies, however, often have better credit ratings. And when you combine that with the fact that Tradeshift can see that a buyer has accepted an invoice (thereby declaring that they do intend to pay the bill), the risk for Tradeshift (and its financing partners) plummets.
Instant Payments is currently being beta tested in England and Denmark and is slated to be available in the U.S. in the fall. The long-term implications of the real-time visibility Tradeshift now has are powerful. "You cannot even begin to imagine what big data will do to finance," Lanng says. "As we get more data on transactions, that changes the whole credit picture."
Lanng and his cofounders, Mikkel Hippe Brun and Gert Sylvest, came up with the idea for the e-invoicing service while building a similar system system for the Danish government. The initial goal was simply to help businesses around the world become more productive. Invoices are still largely delivered in paper or PDF format, which means parties on the receiving end have to spend time retyping the details into their own systems. (The Danish government estimated that this costs 15 minutes of worker time per invoice.)
Since businesses of all sizes and shapes share the same challenge, Lanng, Brun, and Sylvest decided to tackle the problem on a global scale. Tradeshift launched in 2010, with Morten Lund, one of Skype's early investors, helping to arrange seed funding. (Lund is now chairman of Tradeshift's board.)
The company initially launched just in Scandinavia, Germany, and the U.K. But since companies frequently do business trans-nationally, the system rapidly swept across the globe.
Today 100,000 businesses in 190 countries use Tradeshift, including the U.K.'s National Health Service, the French government, and Kuehne+Nagel, one of the largest transportation and logistics companies in the world. About 2,000 new companies join every week, up from 1,000-1,500 a week six months ago.
With 20,000 companies on the system, the United States has the largest number of users (including Dell and Accenture). India and Malaysia are fast-growing countries, though, and CEO Lanng tells Fast Company India could soon overtake the U.S.
The company won't disclose the exact number of transactions processed, but Lanng says that Fortune 500s are sending "millions" of invoices through the system annually, and that the overall volume of transactions in the system has tripled since January.
The service is free to use. Tradeshift makes its money off its developer ecosystem. The company quickly saw that the main value they were creating wasn't solely in productivity. All of a sudden, its databases contained massive amounts of real-time data about economic activity that businesses would want to access and put to use beyond simply checking the status of invoices.
About 30 third-party apps have been built on top of Tradeshift so far (with 20 more on the way), Lanng says, including ones that create heat maps of your suppliers and customers and others that integrate with Google Docs and PayPal. In addition to public apps that anyone can use, individual companies can build proprietary apps to use just with their own supply chain.
"This is what happens when you take the Facebook model and apply it to business," Lanng says. "You get some very powerful business possibilities."
Privacy is not an issue, Lanng says, because the apps don't give users access to all the data in the system, only to data relating to their own businesses. "A lot of this data is data they share with their business partners anyway," he explains. But instead of delivering it manually and partners having to re-key it into their own systems, they can now access it in real-time through the centralized system.
Tradeshift takes a percentage of the fees charged by paid public apps (30%, on average) and negotiates independent deals with companies that build proprietary apps.
If the developer ecosystem expands, the Tradeshift model could one day steal market share from business software stalwarts like Intuit's QuickBooks, as small and medium-sized businesses choose to work on Tradeshift and use its app ecosystem because of the convenience of connecting real-time with their business partners elsewhere.
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