The Compromising Of SWIFT
The NYT’s exposure of the US battle against terror funding is not just another story of treason by the US MSM – the SWIFT banking system has been compromised and with it the world's financial integrity. The allies need to dump SWIFT pronto.
You’ve probably read the details of the NYT's latest - there’s a good summary here. Adding this to its leaking of the NSA intercept program, the NYT has enabled Al Qaeda's next attack on the US by publicising how it can evade our communications and finance defenses.
So for all practical purposes, the NYT is the intelligence arm of America’s enemies. But intelligence isn’t collected in a vacuum – the NYT’s agents needed sources, and that’s where the story gets scary.
The NYT penetrated the SWIFT banking system! That’s a huge coup since for obvious reasons banking systems have to be highly secure. I've supplied secure systems to both banks and the military, and found the banks to be much, much more secure - that includes IT, datacoms and of course people.
So penetrating SWIFT is like a million Great Train Robberies, and on a par with the UN's Oil For Food scam.
This probably happened because SWIFT is based in Brussels, Belgium - a nation more corrupt than France that vetoed NATO help in the liberation of Iraq and then indicted the US president and his cabinet for war crimes when the US went ahead without them. Before that, it refused to supply ammunition to the UK during the Gulf War. It also hosts the creepy EU and the defunct NATO.
Banking systems only work if they're absolutely trusted by their users, so probably because it's based in this cesspit, SWIFT is run by a decent American (WSJ, $):
The Treasury Department's secret terrorist-tracking program depended in part on the cooperation of Leonard "Lenny" Schrank, an American executive who heads the Belgium-based banking cooperative known as Swift.But Brussels is a small town, and the people who work for Mr. Schrank will have personal and family ties with Belgian pols and Eurocrats, all America-haters. So some of these employees leaked to the NYT, breaking the most sacred rule of banking by exposing its workings to the world’s killers and crooks.
…Swift stands for the Society for Worldwide Interbank Financial Telecommunication. The firm, based in the Brussels suburb of La Hulpe, was founded in 1973 to promote "a common language for international financial transactions," according to the Swift Web site.
A gregarious technology whiz who graduated from the Massachusetts Institute of Technology, the Brooklyn-born Mr. Schrank ended up working closely with U.S. intelligence officials on the project when Swift received subpoenas from the Treasury Department following the Sept. 11, 2001, attacks, people familiar with the program said.
So, whatever happens to the NYT (topic of a later post), the US Treasury Department must replace SWIFT with a trustworthy alternative - it could handle transactions between Anglo nations and provide a secure gateway to SWIFT, not difficult.