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May not find another chance to tweet but just remember what we said and what we stood for. God kept me alive to deliver the mssg 2 the umah — abu m (@abumamerican) April 29, 2013While we're talking Twitter, the Times's Amy Chozick and Nicole Perlroth write about the financial industry's and regulators' post-mortem analysis of the Tweet Heard 'Round the Market. Here are some tidbits from their story:
Jerry Markon of the Post delves into allegations of law enforcement overreach in catching and prosecuting cyber hackers. Over at the Hague, the Special Tribunal for Lebanon will be appointing a special investigator to look into who was responsible for leaking witness information to the public. Here's the AFP story. The suspect in the ricin-envelope lacing incident appeared in court yesterday, says the AP. The fellow's attorneys argue that he was framed, much as attorneys for the previous (and now cleared) suspect did. Developments in the South China Sea: in what some are calling imperialism, a Chinese vessel---a cruise ship called the "Coconut Fragrance Princess"---has set out for the Paracel Islands. The territory is disputed. China, Taiwan and Vietnam all claim sovereignty, thus the diplomatic tension. Here's the International Herald Tribune report. According to Wired's Noah Schachtman the DoD has hired a state-owned, Chinese company to create more bandwidth capabilities for the U.S. military. DoD officials say that they reviewed the deal's security and business concerns, and found a way to secure their data from Chinese spying. NPR probes whether the FAA's role in regulating drones in domestic airspace will inhibit the drone industry from taking off. (Pun intended, and thoroughly relished.) For more interesting law and security-related articles, follow us on Twitter and check out the Lawfare News Feed, visit the Georgetown Center on National Security and the Law’s Security Law Brief, Syracuse’s Institute for National Security & Counterterrorism’s newsroll, and Fordham Law’s Center on National Security’s Morning Brief and Cyber Brief. Email Raffaela Wakeman and Ritika Singh noteworthy articles to include, visit the Lawfare Events Calendar for upcoming national security events, and check out relevant job openings at the Lawfare Job Board.The vulnerability, in part, stems from the Securities and Exchange Commission’s decision this month to let companies and executives use social media sites like Twitter and Facebook to broadcast market-moving news.
High-frequency trading systems are designed to make trades based on keywords within milliseconds. The hoax message also went out on a new feature on Bloomberg’s financial data terminals that delivers select Twitter posts to hedge funds, investment banks and other users.
On Tuesday, the Commodity Futures Trading Commission plans to hold a public meeting in Washington with a couple of dozen high-frequency traders to discuss whether there should be additional safeguards to protect against the effects of social media on markets.
Even as markets rebounded on Tuesday, some investors lost money on the quick decline while others made money if they bet on a sharp drop.