The US Treasury's payment system is under scrutiny. A government watchdog is launching an audit to check if Elon Musk's team, known as Doge, had inappropriate access to sensitive data. This comes after a 25-year-old associate of Musk, Marko Elez, was briefly given edit access to the system. This access was later taken away by a court order. The payment syste...
"Think about it. Elon Musk who is a known entrepreneur and always looking for more opportunities hit a snag. " "Elon Musk, recently appointed as the special government was having quite the time when Mess with government's spending data. " "He claimed to have been able to close certain government spending. " "The problem was the data he used were sensi...
The Treasury has tried to reassure the public regarding Elon Musk's involvement in its payment systems. The Treasury's payment system has not stopped any transactions despite Musk's claims of halting payments. The Treasury's principal deputy assistant secretary, Jonathan Blum, communicated with Congress to clarify the situation. He stated that the agency was ...
Billionaire, Elon Musk, has recently shone a spotlight on the US Treasury. He pointed out that there are some questionable payments happening within the system. These shady transactions are not the only thing that's been brought to light. The treasury maybe trying to hide something. No one has any clue what subsequent events will bring. However, we can break down a...
In a surprising turn of events, the U. S. Treasury Department revealed that their systems were breached by Chinese hackers. The intrusion happened after a third-party software service provider was compromised. This allowed hackers to access some workstations and unclassified documents. The Treasury Department assured that the hackers no longer have access to their in...
Imagine this: US Treasury computers were hacked recently. It wasn't just any hacker, though. Officials say it was a Chinese state-sponsored group. Here's how it went down. A third-party software provider called BeyondTrust discovered something fishy on December 2. It seemed hackers had stolen a key used to secure a cloud-based service that Treasury uses for tech sup...
Earlier this month, hackers linked to China managed to sneak into the US Treasury Department's computers. They didn't do it directly, though. Instead, they targeted a third-party cybersecurity company called BeyondTrust. By getting into BeyondTrust's system, the hackers could access some of the Treasury's workstations and grab a few unclassified documents. How did t...
Remember Alan Greenspan? He steered the Federal Reserve during the 1995 rate cut, which led to a unique bond selloff. Recently, a similar event occurred when the Fed started cutting interest rates again. This time, two-year U. S. government bond yields rose by 34 basis points after the September rate reduction. It's interesting to note that usually, yields fall after...
You know how banks use AI to catch fraud? Well, Uncle Sam is doing the same thing! The US Treasury Department just used AI to catch $1 billion in check fraud alone last year. That's huge! And it's not just checks. They stopped over $4 billion in fraud overall. How? By using machine learning to dig through tons of data really fast. This is big because fraud spiked dur...
The landscape of interest rates has undergone a significant transformation, with the Federal Reserve's decision to cut rates by 50 basis points sending ripples throughout the financial markets. This shift marks a distinct departure from the Fed's previous stance, which saw rates steadily rise since March 2022. The question on everyone's mind is: what does this mean f...