Apple Sapphire Supplier Breaks

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.. obvious lesson is a dumb one.

GTAT’s contract with Apple is, by most reasonable standards, terrible. GTAT is obligated to produce a minimum amount of sapphire for Apple (at an Apple factory), but Apple is under no obligation to buy any — and GTAT has exclusivity obligations, so it might not even be allowed to sell to anyone else.

via Apple Sapphire Supplier Breaks – Bloomberg View.

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Are the JPMorgan Hackers Just Hiding? | Bloomberg View


In the specific case of JPMorgan, the bank thinks it was infiltrated in June.

By the time the breach was discovered in July, it was clear that hackers had “obtained the highest level of administrative privilege to dozens of the bank’s computer servers,” the New York Times notes in its very thorough account of the breach.

via Are the JPMorgan Hackers Just Hiding? – Bloomberg View.

Traders Wipe $1 Trillion From Default Swaps Before Overhaul | Bloomberg

Traders are closing positions as they prepare to buy contracts governed by updated rules that take effect on Oct. 6, when benchmark indexes roll into new series.

The overhaul seeks to fix flaws in sovereign and bank swaps that prevented some insurance contracts from paying out as intended since the financial crisis.

via Traders Wipe $1 Trillion From Default Swaps Before Overhaul – Bloomberg.