This, the first of our regional blogs, is authored by the technology and financial journalist Dominic Basulto. Dominic is a New York native, has been a senior editor at Corante since day one and has written for a number of online and offline media companies. Send tips or story ideas to: basulto@gmail.com.
About this weblog
Here we'll report daily on the latest tech and business developments in New York City. Impossible we concede: comprehensive coverage of the city's every story. What we hope you'll find: tips, tidbits and perspectives you won't find elsewhere. As well as unique insights, original interviews and more that should be of interest to New York's vibrant community of technologists and those who track, invest in and report on them.
According to the New York Post, an Estonian investment bank made close to $8 million by hacking into market-moving press releases before they became public. As part of the scam, two traders at Lohmus Haavel & Viisemann used a program that accessed information from press releases at Business Wire's Web site prior to their distribution. With use of a computer "spider," the two traders could hunt for specific keywords in hot-off-the-wires press releases, effectively giving the Estonian crooks a few critical minutes in which they knew more than the market. In total, the Estonian traders manipulated data from more than 200 U.S. firms.
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