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The Financial Services Roundtable Wants to Terrify You into Giving Them More Immunity

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The policy discussion about the many ways that the Cyber Information Sharing Act not only doesn’t do much to prevent the hacking of public and private networks, but in key ways will make it worse, must be making its mark. Because the Financial Services Roundtable, one of the key corporatist groups backing the bill, released this YouTube full of scary warnings but absolutely zero explanation about what CISA might do to increase cybersecurity.

Indeed, the YouTube is so context free, it doesn’t note that Susan Collins, the first person who appears in the video, has called for mandatory reporting from some sectors (notably, aviation), which is not covered in the bill and might be thwarted by the bill. Nor does it mention that the agency of the second person that appears in the video, Department of Homeland Security Secretary Jeh Johnson, has raised concerns about the complexity of the scheme set up in CISA, not to mention privacy concerns. It doesn’t note that the third person shown, House Homeland Security Chair Michael McCaul, favored an approach that more narrowly targeted the information being shared and reinforced the existing DHS structure with his committee’s bill.

Instead of that discussion … “Death, destruction, and devastation!” “Another organization being hacked!” “Costing jobs!” “One half of America affected!” “What is it going to take to do something?!?!?!”

All that fearmongering and only one mention of the phrase “information sharing,” much less a discussion of what the bill in question really does.

In August, the head of the FSR, Tim Pawlenty, was more honest about what this bill does and why his banks like it so much: because it would help to hide corporate negligence.

“If I think you’ve attacked me and I turn that information over to the government, is that going to be subject to the Freedom of Information Act?” he said, highlighting a major issue for senators concerned about privacy.

“If so, are the trial lawyers going to get it and sue my company for negligent maintenance of data or cyber defenses?” Pawlenty continued. “Are my regulators going to get it and come back and throw me in jail, or fine me or sanction me? Is the public going to have access to it? Are my competitors going to have access to it? Are they going to be able to see my proprietary cyber systems in a way that will give up competitive advantage?”

That is, the banks want to share information with the government so it can help those private corporations protect themselves (without paying for it, really, since banks do so well at dodging taxes), without any responsibility or consequences in return. “Are my regulators going to get [information about how banks got attacked] and come back and throw me in jail, or fine me, or sanction me?” the banks’ paid lobbyist worries. As the author of this bill confirmed last week, this bill will undercut regulators’ authority in case of corporate neglect.

The example of banks dodging responsibility in the past — possibly aided by a similar (albeit more rigorous) information sharing regime under the Bank Secrecy Act — provides all the evidence for how stupid this bill would be. We need corporations to start bearing liability for outright negligence. And this bill provides several ways for them to avoid such liability.

Don’t succumb to bankster inciting fear. America will be less safe if you do.

Tim Pawlenty Makes It Clear Banks Want Immunity for Negligence

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The business community is launching a big push for the Cyber Information Sharing Act over the recess, with the Chamber of Commerce pushing hard and now the Financial Services Roundtable’s Tim Pawlenty weighing in today.

Pawlenty is fairly explicit about why banks want the bill: so that if they’re attacked and share data with the government, they cannot be sued for negligent maintenance of data.

“If I think you’ve attacked me and I turn that information over to the government, is that going to be subject to the Freedom of Information Act?” he said, highlighting a major issue for senators concerned about privacy.

“If so, are the trial lawyers going to get it and sue my company for negligent maintenance of data or cyber defenses?” Pawlenty continued. “Are my regulators going to get it and come back and throw me in jail, or fine me or sanction me? Is the public going to have access to it? Are my competitors going to have access to it? Are they going to be able to see my proprietary cyber systems in a way that will give up competitive advantage?”

CISA has been poorly framed, he explained.

“It should be called the cyber teamwork bill,” Pawlenty said.

As I’ve pointed out repeatedly, what the banks would get here is far more than they get under the Bank Secrecy Act, where they get immunity for sharing data, but are required to do certain things to protect against financial crimes.

Here, banks (and other corporations, but never natural people) get immunity without having to have done a damn thing to keep their customers safe.

Which is why CISA is counterproductive for cybersecurity.

Tim Pawlenty Gives Mitt the Bain Treatment

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Here’s part of how Mitt would make money at Bain Capital: He’d get a organization that had real value. He’d suck that value out of the organization. It would go into debt. And often, before the organization lost too much of its value, Mitt and Bain would cash out.

That’s sort of what Tim Pawlenty is doing now. For just over a year, Pawlenty has enjoyed a prestigious position serving as the Co-Chair of the GOP’s favorite to become President of the United States. As I vaguely recall (the speech itself, as with all things T-Paw, put me to sleep), he got a prime speaking slot at the RNC.

And now, with Mitt’s campaign in debt, and its value sinking quickly, Pawlenty has cashed out. He’s moving onto the next lucrative gig, serving as CEO of the Financial Services Board.

Here’s what the banksters’ lobbying group has to say about the kind of leader who bails out on an organization just 8 weeks before its big day.

“Tim’s leadership, vision and ability to find common ground make him the right choice to represent the broad membership of the Financial Services Roundtable,” said Tim Wilson, the group’s chairman and CEO of Allstate.

“He is exactly the kind of leader we need to continue to improve our industry’s reputation, advocate firm-but-fair regulation and help maintain our global leadership of the financial markets.”

These sleazebags all deserve each other. Mitt deserves being abandoned with his value in decline. T-Paw has just gone from selling one discredited looter to selling them all. And the banksters now have a charisma-impaired guy with no loyalty leading their fight.