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NY Payroll Company Vanishes With $35 Million
This communique came after employees at companies that depend on MyPayrollHR to receive direct deposits of their bi-weekly payroll payments discovered their bank accounts were instead debited for the amounts they would normally expect to accrue in a given pay period.
To make matters worse, many of those employees found their accounts had been dinged for two payroll periods — a month’s worth of wages —leaving their bank accounts dangerously in the red.
The remainder of this post is a deep-dive into what we know so far about what transpired, and how such an occurrence might be prevented in the future for other payroll processing firms.
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NY Payroll Company Vanishes With $35 Million
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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
Everything is worth precisely as much as a belch, the difference being
that a belch is more satisfying.
-- Ingmar Bergman
(Score: 3, Interesting) by theluggage on Friday September 13 2019, @01:05PM (6 children)
...nor is that stack of banknotes and coins under your bed (the government can decree them worthless at the stroke of a pen - hyperinflation can do the same without the government lifting a finger) and the local militia will be around to place any gold bullion, fresh water, gasoline and canned food you might have stashed in safe keeping (be sure to get a receipt). Of course, if you're from the USA you can assert your Right to Bear Arms- in which case they'll come back with a fucking tank and take your guns too (never ask the government "you and who's army?" because they've got a really good answer to that...) Even if the economy hasn't collapsed, the debt collectors can still come round and collect that astronomical bill that The Man thinks you owe.
Plus, Walmart never carry enough change to let you break a Krugerrand.... although if the economy has just totally collapsed, just buy a second bottle of water and let them keep the change.
There's a fairly narrow range of eventualities that involve just one consumer-facing bank collapsing without the whole economy going down the toilet, hyper-inflation, seas turning to blood etc.
(Score: 2, Insightful) by Anonymous Coward on Friday September 13 2019, @01:15PM (1 child)
We are reading a story about the bank taking away the money people thought was theirs. It has happened to me before too. If you want an example for what it will look like, look at greece/cyprus bail-ins: https://en.wikipedia.org/wiki/2012%E2%80%9313_Cypriot_financial_crisis [wikipedia.org]
And look at what the POTUS is saying:
Thats right, he wants all the pension funds, etc required to hold people's retirement money in bonds to start paying the government for the right to do so. Just like is already happening in Europe. Your money is already dwindelling away while you worry about EMP attacks or whatever.
The US government didn't decree the value of gold/silver/btc, and doesn't have the power to decree it worthless either.
(Score: 2) by theluggage on Saturday September 14 2019, @01:03PM
You missed a very important bit of that tweet: "... in depreciating the Euro " - the dollar, pound, euro etc. are all fiat currencies that - whether they're in the bank or in cash - aren't worth one bean more than the government decrees (either, in extremis, directly or simply by "printing" lots of new money and forcing up inflation). [wikipedia.org]
No, but in a crisis they can decree that any gold/silver/property that you have belongs to them and make it very difficult for you to spend it - at best, look forward to selling/bartering it on the black market at a fraction of its theoretical value. Meanwhile, doesn't Bitcoin disappear in a puff of logic the millisecond someone briefly attains more than 50% of the mining capacity?
Look, if you want to keep a few scraps of gold and a wad of bills under the floorboards, that's fine, sensible even, and may pay off in some circumstances - but if you take it to the point of eschewing bank accounts or electronic transactions (which is where this thread started) then there's little point unless you're planning to go full "survivalist"... in which case you should stop worrying about the government and start worrying about the other survivalists who may have more guns and less scruples about shooting people than you do.
(Score: 2, Insightful) by Anonymous Coward on Friday September 13 2019, @05:15PM (3 children)
the us military can't defeat the taliban. (no offense to the military, but they have constraints, etc) i don't think they can defeat 140 million americans armed to the teeth. also, the whole military won't fight their own people. your scenario only works when the shit hasn't hit the fan and it's just one group they are targeting. then they can lie about the subjects through the media and kill them.
(Score: 3, Touché) by Azuma Hazuki on Saturday September 14 2019, @12:14AM (2 children)
Why do you think they're working on AI weapons? That's going to be the elites' endgame: deadly weapons that have no pesky human elements like a conscience or unwillingness to kill other humans.
I am "that girl" your mother warned you about...
(Score: 0) by Anonymous Coward on Saturday September 14 2019, @02:03AM
Aren't we the experts in technology? Perhaps, we can direct the bots where they should.
Another and perhaps an easier approach is to make them kill each other. Election interference, email leaks, leaks who leaked them and watch them fight. It is even exiting and enjoyable.
(Score: 1) by khallow on Saturday September 14 2019, @12:27PM