Daily Briefing

DAILY BRIEFING

February 05, 2010

Google to enlist NSA to help it ward off cyberattacks

WASHINGTON - The world's largest Internet search company and the world's most powerful electronic surveillance organization are teaming up in the name of cybersecurity. Under an agreement that is still being finalized, the National Security Agency would help Google analyze a major corporate espionage attack that the firm said originated in China and targeted its computer networks, according to cyber experts familiar with the matter. The objective is to better defend Google - and its users - from future attack. Google and the NSA declined to comment on the partnership. But sources with knowledge of the arrangement, speaking on the condition of anonymity, said the alliance is being designed to allow the two organizations to share critical information without violating Google's policies or laws that protect the privacy of Americans' online communications.

- The Washington Post

Micros Systems: Subsidiary fraud caused overstatements

Columbia-based Micros Systems Inc. said Thursday that it overstated revenue by $6.9 million and pretax income by $4.4 million over the past five years because of fraud by a Japanese subsidiary. The company, which supplies information systems to the hospitality and retail industry, said the overstatements weren't enough to adjust previous earnings statements. Micros also said that fiscal second quarter earnings for the period ended Dec. 31 were flat at $26.1 million, or 32 cents per share. Revenue for the quarter was $225.6 million, according to the company.

- Andrea K. Walker

Bank of America accused of misleading investors

NEW YORK - The New York Attorney General's office said Thursday it filed civil charges against Bank of America and its former CEO Ken Lewis, saying the bank misled investors about Merrill Lynch before it acquired the Wall Street bank in early 2009. Civil charges also were being filed against Joe Price, who was chief financial officer at the time of the deal and is now head of BofA's consumer banking division. At the same time, the Securities and Exchange Commission reached a settlement to resolve federal charges it brought against the bank over similar issues. It is the second time the SEC and Bank of America have tried to settle that case. Bank of America has been accused of failing to properly disclose losses at Merrill and bonuses paid to investment bank employees before the deal closed.

- Associated Press

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