203455     หลักการกลศาสตร์ของหินและงานอุโมงค์     Principles of Rock Mechanics and Tunneling

การจํ าแนกประเภทของหิน สมบัติทางกายภาพ สมบัติทางวิศวกรรมและความแข็งแรงของหิน อุโมงค์และหน่วยแรงรอบอุโมงค์ การออกแบบระบบคํ้ ายันและการดาดอุโมงค์ การทรุดตัวของดินเหนืออุโมงค์ เครื่องจักรและวิธีขุดอุโมงค์ การหาสมบัติทางกายภาพและทางวิศวกรรมของหินในห้องปฏิบัติการ

(Rock classifications; physical properties, engineering properties and strength of rock; tunnels and stresses around tunnels; tunnel supporting and lining design; settlement of soil upon tunnel; machine and excavation method of tunnel; laboratory determination of physical properties and engineering properties of rock.)

(203455 มหาวิทยาลัยเกษตรศาสตร์)

2101709    วิศวกรรมอุโมงค์    Tunneling Engineering

ความรู้พื้นฐานทางวิศวกรรมอุโมงค์ที่เกี่ยวข้องกับชนิดของดินและเทคนิคในการก่อสร้าง การออกแบบชิ้นส่วนของดาดอุโมงค์สำหรับงานการขุดเจาะอุโมงค์ซึ่งขึ้นกับลักษณะและชนิดของชั้นดิน การประยุกต์และเทคนิคการก่อสร้างชิ้นส่วนดาดอุโมงค์และระบบไพพ์แจ็กกิ้งสำหรับโครงสร้างวิศวกรรมพื้นฐาน

(Fundamental of tunnel engineering related to soil types and construction techniques; design of segnental lining for tunneling works in various subsoils; applications and construction techniques of segnental tunnels and pipe jacking systems for infrasturucture systems.)

(2101709 จุฬาลงกรณ์มหาวิทยาลัย)

When using WebSphere Application Client (J2EE, thin or pluggable) to access EJBs on WebSphere Application Server, an optional ORB trace file may be created. You can specify trace file location and name, but if you do not, default file name is orbtrc.timestamp.txt (e.g. orbtrc.10112009.1815.37.txt)
Of course, oftentimes you do not want any trace, and you certainly can turn tracing off. Well, with one exception. If you are using HTTP tunneling with SSL (HTTPS tunneling), trace file will be created automatically with the default name. This behavior has been known to affect several versions of WAS. I last confirmed it in WAS 6.1.
This may be annoying or inappropriate in some client environments. As a workaround, redirect trace output to null device by adding the following parameters to your client JVM command line:
for Windows
-Dcom.ibm.CORBA.Debug.Output=nul:
for Unix/Linux, use /dev/null.

First off thank you to
Olivier Dembour
Contributors :
Nicolas Collignon
For writing dns2tcp
And thank you to remote-exploit.org for putting together such a great distro. BackTrack4 is tons of fun all jam packed into one distro.

So as a POC/Test at work I wanted to eval the monitoring/reporting capabilities of a device we are looking at. (for example, can it tell me when it see’s DNS traffic that does not fit standard DNS traffic patterns or other abnormal traffic patterns.

This is not here to discuss all the different ways to prevent this scenario from happening… it’s here to document how to utilize several tools on the BackTrack4 distro.

OK so here is what I wanted.
Run a client PC on the inside of the network.
The client should connect out to a server via ssh, dns or both and tunnel http traffic to a proxy.

Server Side
Configure dns2tcpd to run as the dns server.
The config file looks like this.
/etc/dns2tdpd.conf

me@bt4-1:/etc$ more dns2tcpd.conf
# listen = 192.168.1.67 # – Remove the # to listen on that particular IP addresses interface.
# listen = 127.0.0.1 # – Remove the # to listen on the loopback
# or leave the listen line out and it will listen on all interfaces.
port = 53
# If you change this value, also change the USER variable in /etc/default/dns2tcpd
user = nobody
chroot = /tmp
domain = your.domain.tld # change this to whatever domain you want it to be.
ressources = ssh:127.0.0.1:22 # yes, that does say ressources and not resources. this specifies you want to make an ssh server available for the client to use.

That is is…
now run
sudo dns2tcpd -d 3 -f /etc/dns2tcpd.conf
this basically runs it in debug mode (-d 3) so you can see why something might be failing… and specifies use file /etc/dns2tcpd.conf as the config file (-f /etc/dns2tcpd.conf)
If you notice, your dns2tcpd is running on all interfaces… and you do not want that, run it with the -i option. or change the config file as noted above.
sudo dns2tcpd -i 192.168.1.67 -d 3 -f /etc/dns2tcpd.conf

Once that is done, you can run your ssh server on the server side PC of the dns2tcpd
If you have never setup sshd on your bt4 install, run
setup-sshd
otherwise run
start-sshd
ok, so sshd is up and running.
the next thing is to get your http proxy up.
tinyproxy is a great option already loaded on bt4
the config file is in
/etc/tinyproxy/tinyproxy.conf
about the only thing needed was to set the port option in the conf file
Port 8888
and the listen option
Listen 127.0.0.1

So now we have a working dns2tcpd daemon up and listening on port 53.
We have a working ssh server up and running on port 22
and we have a working http proxy up and running on port 8888

bt4-1:/etc$ netstat -ln | egrep ‘tcp|udp’
tcp 0 0 0.0.0.0:22 0.0.0.0:* LISTEN
tcp 0 0 127.0.0.1:8888 0.0.0.0:* LISTEN
tcp6 0 0 :::22 :::* LISTEN
udp 0 0 192.168.1.67:53 0.0.0.0:*
bt4-1:/etc$

(yeah, I know i have sshd up and listening on all interfaces instead of just the loopback but i’m just testing right now)

Now on to the client.
You are going to want to run dns2tcpc
You can use the -z to specify the domain listed in the server conf.
use the -l to tell it what port you want to listen on locally
and then specify the remote IP address of the DNS server.

bt4-2:~$ sudo dns2tcpc -z your.domain.tld -l 6250 192.168.1.67
Available connection(s) :
ssh

The command above only lists the resources available on the server. This does not in any way establish the tunnel.
If you had a mail or http proxy as a service you could use those as well. See the dns2tcp man/conf READMEs.

Now that I know it’s serving an ssh resource, I use the following comand.

sudo dns2tcpc -z your.domain.tld -r ssh -l 6250 192.168.1.67

The only difference is I added the -r ssh option. This specifies you want to use the ssh resource that is available.

Now let’s create our ssh connection via dns tunneling.

ssh -l myloginname -p 6250 -L 8888:127.0.0.1:8888 127.0.0.1

so -l is my login name on that server.
-p 6250 is the port I’m going to connect to. (this is the -l 6250 that the dns2tcp client is listening on)
-L 8888:127.0.0.1:8888 means listen on port 8888 locally on ip 127.0.0.1 and forward it via the ssh tunnel to the remote side on port 8888.
and of course 127.0.0.1 is saying connect to my local loopback.
In essence we have created a ssh tunnel to my local loopback which forwarded that connection out using udp port 53 (dns) to my remote PC/Server. Once the ssh session is connected, you will now have a port listening locally on port 8888.

bt4-2:~$ netstat -ln | egrep ‘udp|tcp’
tcp 0 0 127.0.0.1:6250 0.0.0.0:* LISTEN # This is my local dns2tcpc instance
tcp 0 0 127.0.0.1:8888 0.0.0.0:* LISTEN # This is my local ssh port forwarding instance

Now if you notice port 8888 locally forwards remotely to 8888 which is also the port my tinyproxy is running on.

At this point just configure the web browser to point to the localhost (127.0.0.1) on port 8888 as the proxy server.

We should now be in business and forwarding your http traffic outside of your internal infrastructure to your dns server out on the internet.

(This also works without the DNS server if your allowed ssh access to the out side world… but I wanted to play with dns2tcp )

except the other side looks just as boring as here

This morning saw me wake with the sun. I had fallen akip with the image of a raven-haired elf having had enough and swanning to rampage. Itchy eyes and sore tum had me skivving for revolt. One telephone call, a black spot, and three number plates later, XX9127, SO6947, and EAH565, I took off for town:

[11h39 02 June 2009]
Dear IPCA:

Toluene, in combination with hairspray, can cause a psychiatric phenocopy. This is similar to doping marijuana with fly spray and subsequently poisoning with LSD.

This morning I rang the University of Auckland security staff to report an alleged toluene thief. I have previously complained about toluene poisoning at 1H/18 Federal Street through ducts from 1F and 1D or 1E.

The male is aged between 20 and 25 with brown hair, medium build, about 175cm tall, a thin wisp beard only along the edge of his jaw carrying a game case and papers in right hand walking west along Fort Street about 6 or 7 pm on ?Tuesday, 27 May 2008, possibly headed to St. Benedicts off upper Queen Street.

The toluene is from the Thomas Building, Symonds Street and would have to be from a flammables locker in a security accessed laboratory.

I went to the University of Auckland in the hopes of visually identifying the male through ID card records. I was asked to wait for the security team leader, Derek. I had informed them that I was trespassed from the University. I am yet to be informed as to the specifics as to why I was trespassed from the University in August 2008. When Derek arrived he said, we had talked the phone, that he would talk to his supervisor and he asked me once to leave. I responded that that was unacceptable, the male played backgammon, and I was leaving. And I left.

I went to the Fort Street Police Station as I was trespassed from the Auckland Central Police Station for attempting to give evidence that Helen Clark has been committing treason against the House of Windsors and Stuarts, but it was closed.

I then proceeded to the Auckland Central Police Station as I feel the crime of theft and then attempted murder leaves me no choice but to risk being arrested for trespass.

The police woman I recognised as having been previously helpful at the counter. I explained the situation and quietly mentioned that I was trespassed. She checked the computer and then noticed that I had been charged with assaulting her, kicking her in the leg and bruising her, when I had been arrested for Breach of Liquor in late March/early April. The police statement of fact had changed from an opened glass container to an unopened glass container between visits to the court when in fact I had a can. I have instructed my lawyer to acquire the CCTV footage. In that incident a female and the male policeman who stole my passport EB009079 had attempted to smash my head into a wall on Queen Street. I had prevented them, they were each holding an arm, by pulling backwards. After that I did not resist and the policeman attempted to smash me into the door frame of the police car. He then kneed me in my left quadricep two or three times. On the police statement of fact I was accused of assaulting the female and bruising her. The police woman was a different person from the person at the police counter, who did not remember an assault until she checked the police computer. I left a description, told the police woman at the counter that she was lying, and left. This occured at about 11h10, 1 June 2009.

In a previous case in Albany I did not recognise the police witness as the man who arrested me (MGZ610) for a false charge of disorderly. The arresting man was tall, looked like a catholic from Hamilton, and had pale skin. The police witness was young, with blushed cheeks, fair skin and blonde hair.

In a previous case in Auckland I was accused of spitting on Constable Middlemiss.

I do not know whether lying in court and changing police officers is standard practice or whether it happens to be the decision of each police officer. Either way, it is unacceptable.

St. Benedicts is associated with people such as the son of Margaret Mahy, who lives at 444 Great North Road, next to my lodging, 454, where I suffered from irritated eyes and later a sore throat and sore stomach, this morning.

Ab malū usque ad muscam

My jivvies resorted, I made to the Mission. The local nuclear had us all warming ourselves and enjoying a little peace time in the winter air. We electron-volted the apples per buddhist to put a fly on the wall. About one, we sposed.

Roast lunch and canned drink on celebration of Royal Majesty drove the little nasties out. Post-prandial let-down confirmed a gas chamber bout. A few seconds of impromptu yellow and green pruning set the course.

“You’ve just earned yourself a prescription for quetiapine”

Some faggot with portable redcoat carrier whispered scurvy words. I hastened and spat to my right. Walk on, turn around, “Your post hoc, ex post facto requirements are [bullshit].” Bitch mumbles a rejoinder, pointing at raging bull. My sweet reply reminds him of his lack of jock-strap. Straight back into it, “You fucking cunt, if it weren’t for people like Andrew John Robertson, people like you wouldn’t be alive.” Walk off, fucking cunt.

How long do Yeshivites need to rock at 30 rpm to falsely top a wish for death?*

Cunt’s head went loopy-loop, “If it weren’t for people like Andrew John Robertson. If it weren’t for people like Andrew John Robertson. If it weren’t for people like Andrew John Robertson…” every two seconds, every two seconds, every two seconds.

Mistreatment of Heroes

[13h39 02 June 2009]
Dear MOD:

Was Andrew John Robertson, born in Tauranga, New Zealand, nominated for or awarded the Victoria Cross?

I understand he is currently being detained in a gas chamber in the Auckland Central Police chamber and being poisoned with toluene and/or other noxious chemical weapons.

Please refer to my missives to the Office of the Prime Minister, Wellington, and tb-petitions at OCHCR, Geneva for more details about the use of biological and chemical weapons by the enemies of Great Britain, Australia, New Zealand, the Imperial House of Japan, and others.

He and others require urgent assistance. He requires his back pay to be able to establish safe shelter, clothing, and food and potable water.

Sincerely,

Fucking meticulous self. Refused to stamp till confirmation had. ‘parently was Wednesday. Next day was my day.

The Honourable John Key,

On my way home from being asked to leave the College Rifles rugby club on Thursday evening, I had intended to offer to coach, partly so that the grandson of Senator Lieberman and Reverend Lloyd, the eight year old Vivian, could come to understand that he is his own person and not responsible for his grandparent’s atrocities, I was arrested by a female relative of Louise Pentney who called Queen Elizabeth ‘Auntie.’ Either she or her partner has badge number JOAN28. In the police processing area, after I had told her that I was not receiving my RNZAF contractual consideration, she said, “not meeting the requirements?” This suggests that she believes that I signed the contract with clauses unacceptable to the military. Clauses involving rape, murder, sex, specific partners, bullying, and poisoning. That sort of requirement could never be included in standing or general orders in the New Zealand Military. When asked whether members of the New Zealand Special Air Service [are] allowed to inform anyone that they are, I accepted that normally they are not. However, on the evening of October 22/23 2000 my unit and I discovered that we had been burned. I said by nazi Alexander Robert McLean and Peter Andreae, to which that woman attempted to laugh my point off.

That woman’s association with Louise Pentney, her membership in the New Zealand Police, and her manner of superficial kindness over an undercurrent of aggression and malevolence can not rule out the strong possibility that she was the link between the message from Maria Pankova’s Japanese History lecturer, who called Miss Pankova eclectic, Louise Pentney in the disability service, and the Olmert lookalike ’squishy-face’ who entered my cell on ?March 28, kicked my shoulder twice, and asked “what issue are you?” That man, I maintain, raped and murdered Maria Pankova.

No snake. Out in a couple. Snatched a dossier squize, “Postmodernism,” “Angels,” and Black P/Bag.

Back to just before. Located the right spot and assumed stupid grin guru pose, minus stupid grin. Topped through a couple, blocking maser (McPhail, 2009c), fucking freemasons hiding truths for lies to tell.

Maser Location

“Not until you accept a diplomatic passport”

Sodding shites. Gave evidence on US soil that very night. Wellington Lions NPC champs. No chance to sip on milky drinks. Boredom again.

[Dear Pater,]

I might have told you on the telephone, there have been people in Auckland, including at the College Rifles and Auckland Grammar, who have been attempting to sabotage me, including by claiming that I am the father of the child named Vivian, son of Demarnia Lloyd, who plays at the College Rifles. He was conceived at the Sound Shell in Wellington on October 22/23 2000.

If the College Rifles apologise to me, I might consider returning to coach while I am here dealing with the court bullshit. Young Vivian might appreciate that we do not hold him responsible or bear him malice, his parents notwithstanding.

I have now discovered that these people, including a man who lives in the building next door to mine, I think the son of Margaret Mahy and a Scottish Rite Freemason, already knew that he was the son of the the son of Senator Lieberman. The man who claimed to be John Mastny and then, if I recall, me, on the evening of October 22/23 2000. John Mastny was killed by those people in Berkeley in the ’90s. I broke the guy[']s nose and he, ‘Nick Pavitte’ needed reconstructive surgery.

I signed an RNZAF contract that evening, I had no choice, ‘Nick Pavitte’ was in New Zealand, landed off an Israeli submarine on the Kapati Coast, to kill Crown Prince Alexander of New Zealand, Scotland, and Switzerland (moi). As a member of the NZSAS I smashed his nose and knocked him out. We then decided what to do. In that case the best option was to get burned and expose Israel to the world. Another contract was signed, one that included unspeakable acts, such as infecting people with herpes. I did not sign that one, that one was signed with a biro I am pretty sure has been traced to Haifa University.

That evening they, including Alexander Robert McLean, attempted to pay me to have sex with a young Yorke, whom I believe is my cousin. They (Marion Street Scottish Rite Freemasons) had poisoned me with ecstasy, GBH, and LSD, as well as the young girl. I think that because at first I think they thought I was [my cousin]. After an interesting conversation, in which I suggested she read ‘The Adapted Mind’ by Cosmides and Tooby, I said that it would be inappropriate when she made a pass at me. I was limited in what I could say to her at the time, but I later explained that I had been working for years to get back to my lady, Kathy, in the United States. I later met the young girl at yoga on Vivian Street, she was headed to Otago to study.

I had written a letter to what I thought was her address in Otago and then made a telephone call, however, the person on the phone said there was another [girl] at Otago. The one I rang lived with a Jordith. I now suspect that was either Demarnia Lloyd, or someone in the Wroyal New Zealand Air Force.

Yesterday I rang a Yorke in [...] at [...] and left a message. I
don’t know whether she met Prince William when he was in Wellington for the test, but I should have. Another Tattoo-like debacle.

I have been poisoned at The Federal and now St. Joseph’s with toluene and other compounds in the water. I achieved enlightenment naturally, but descendants of Amauri and royals also achieve yogic enlightenment through public attention, affection, and the constitution. Those Scottish Rite Freemasons are poisoning these sorts of people when they cannot gain control over them (recall Albert and Victoria). I am concerned about my young cousin.

The last reason I heard for me not receiving my salary ($150,000 in 2000 money once per annum), was that Margaret Mahy and Alexander Robert McLean do not want me to be able to get a new passport. One of my wives, I call her Sat with Sparrow, she was at our semifinal in Indianapolis in 1991, had to leave New Zealand because she was in danger of or being poisoned, I have recently gathered that she is the Canadian granddaughter of the Queen of Denmark.

Dame Sian Elias, as I mentioned on the telephone, was holding some sort of kangaroo court for me committing involuntary manslaughter. Which must mean that they do not want the case to be public, either because they thought I was in the NZSAS or they are guilty of something. In fact I had no ID at the time and so could not do anything as someone in the military. Helen Clark had taken a counter-intelligence ID card. What I did was run from the Wellesley Club to the United States Embassy, fire a bullet into the ground to be able to identify the Walther and then return. They do not have jurisdiction.

Included in my contract were various exclusions for intellectual property, including my language translation program, and it went unconditional if I did not hear back in 24 hours.

Included in the other (trap) contract was an idea to trace spies and catch this guy (see Nature 10/11 2007). The other contract was for two teams of 17 people (german nazi-fascists and jewish anti-nazi-fascists). I took them all on single-handedly.

Apparently William Cameron in Golden Downs was on one team and is being paid under the table. He is acquianted with Claus at the Graham whom I am pretty sure used to or still has an enigma machine that communicates through Argentina/Tierra de Fuego and Germany. Claus might have arrived during WWII on a U-boat. I hope we still have 24/7 satellite surveillance on that region of Motueka. I think he has become friends with Demarnia Lloyd and assists in giving people LSD, including at such events as Illuminate and The Gathering. I recall him telling me that he had had a strange feeling in his head a couple of
times around when he was doing Masters and then just before he proposed to Rewa. I attribute that to his mother, Valerie Vivian Ford or some flame of the Marion Street Freemasons. That flame might use oil made from human excrement from the temple of Baal.

I was woken up today by another poisoning attempt. This cannot go on. I need to have a clear mind and healthy body to fulfil my duties. I also cannot make any headway with my intellectual pursuits and am miserable beyond belief.

Hope this explains some of the past eight years. If I had said anything before my men were safe I would have had to spend the past eight years on a military base. Israel’s nuclear submarines sank themselves recently as a result of ‘Nick Pavitte’ claiming to be me. There is no point in capturing Bin Laden anymore. My men are safe.

That night, October 22/23 2000, Lieberman and Clark prevented me from preventing 9/11, but I was able to write orders to get that wing of the Pentagon cleared and the aeroplane aimed at the White House brought down. There were prerecorded messages and data uploaded to the black box of the aeroplane. There may have been a plane from Boston that was to hit the Cathedral (Lieberman vs. Lloyd) that did not make it off the ground.

All of this is from reminded memory. We felt the best thing for me to do that evening was to impair my short-term memory access. I am yet to be debriefed and I am yet to receive my salary. I am incredibly upset with New Zealand.

Squishy-faced relative just evades facial recognition while report I to make.

“We‘ve been using it [the claim that you are the father of the eight year old son of Erez Lieberman who lives in Auckland] to claim that you have been commiting treason”

* If an apple provides the energetic requirement for a house fly, then how many hassidic jews need rock backwards and forwards to generate the excess energy required for a fly?

The brain structure of the Hassidics matches neither those of the descendants of King David nor those of the Kabbalah of King Ramses II. The incremental energy generation and then the Hassidics’ (and certain non-certain yogis) needs to be collected and transmitted. Some of these people use overlaid thought patterns to generate wave-packets (McPhail, 2009a) that can be transmitted verbally (like that fucking cunt above tried) and then descend into the brainstem to generate a heart attack.

Given that there are maybe contributory brain cells with pumps per cell, ATP dephosphorylation releases about 5 eV at a rate of about 0.5, each pump has about 100 amino acids each with an average of 10 atoms of about carbon mass so that a molecular valence shell outer energy level for a hydrogen would be about $10 \times (1 – \frac{(100 \times 10 – 1)^2}{(100 \times 10}^2}) = 10^{-5}$ eV, rocking backwards and forwards a Hassidic jew might be cohering fuck-all energy (McPhail, 2009b,c)

Then they have raise an energy level and imprint a thought. The way we catch them is that when they try and give us heart attacks their backwards and forwards rocking is imprinted on the energy packet. While I don’t know, I suspect it is a lie they override with their rocking.

[Addendum 6 June 2008: Rugby is not rocket science]

A letter to CERN.

—————

McPhail (2009a) The instantaneous phase of a broadband signal is the instantaneous phase of the sum of its sinusoidal components. Cognitive Neurodynamics, under consideration.

McPhail (2009b) From a classical neuroscience towards a quantum theory of mind and consciousness. Natural Philosophy: 003. Lucid Press, Poneke.

McPhail (2009c) Quantum teleportation and mental telepathy. Natural Philosophy: 003. Lucid Press, Poneke.

Controllable double quantum dots and Klein tunneling in nanotubes

Researchers from the Kavli Institute of NanoScience in Delft are the first to have successfully captured a single electron in a highly tunable carbon nanotube double quantum dot. This was made possible by a new approach for producing ultraclean nanotubes. Moreover, the team of researchers, under the leadership of Spinoza winner Leo Kouwenhoven, discovered a new sort of tunneling as a result of which electrons can fly straight through obstacles. The results of the research were published by Nature Nanotechnology on April 5, 2009.

I have 2 computers a home computer and a work computer. I do a lot of work on both of them and being able to access files on one from the other is essential.  To do this securely I use SSH.  The only problem is that I can only SSH from my home computer to my work, but I can’t SSH in the other direction. I’ve done some reading around and it looks like comcast either blocks all incoming traffic that isn’t http related or actually has me sharing an IP with several people. Regardless, a lot of people have been having problems accepting incoming SSH connections with comcast.  I figured out how to get around this problem. All it takes is a little bit of reverse port forwarding, or reverse tunneling.

Here is how I did it.

I figured that I could create a connection from my home computer to my work computer and then tell my work computer to forward data down that connection back to my home computer.

This isn’t ideal as I have to initiate the connection from home but it will work until I get a better ISP, or figure out something better.

The solution is fairly simple to execute and it only requires two simple commands. The first one I must execute from my home computer before i go to work.

On my home computer I run:

ssh <work_ip_address> -R <work_port>:localhost:<home_port>

When I do this SSH creates a connection between my home and work computers, but this connection is special because any data that arrives on <work_port> (I chose 21080) gets automatically forwarded to <home_port> (22) on my home computer.

On my work computer I run:

ssh localhost -p <work_port>

SSH then tries to open a connection with my work computer on port <work_port> (again 21080) but because of the existing connection from my home computer that connections gets forwarded back to my home computer on port <home_port> (22) where my ssh server is listening for incoming connections.

The exact commands I use with port numbers are:

@home:ssh work_ip -R 21080:localhost:22

@work:ssh localhost -p 21080

UPDATE:

SSH eventually times out and closes the connection if no data is being sent over the connection so after I connected to my work computer from home I ran top. This means a constant stream of data and that SSH won’t timeout.

If you cast your mind back to when executive compensation and bonus limits first reached the mainstream debate, you may recall people saying these would be ineffective and the issue is a red herring.

These points do not now seem compelling.  People who work at the big banks are quite irked by what they see as unjustified limits on their bonuses.  Some of the “talent” is jumping ship.  Big bank leadership is lobbying hard to remove the restrictions or, failing that, for the right to pay back government TARP funds in order to escape the bonus cap – leading firms, such as Goldman Sachs, seem poised to raise new capital to that end.

This is a remarkable moment.  Excessive risk taking in large firms was based on inappropriate bonus structures (take risk and get compensated now; face the consequences of that risk down the road), facilitated by a deep failure to understand/control risk inside these organizations and probably made possible by the implicit put option from being too big or too complex to fail (i.e., Wall Street insiders own the upside; taxpayer owns the downside).  We have all focused of late on the costs for taxpayers, which of course are horrible, and going forward – with the implicit option now explicit – who can believe this will lead to anything other than further massive bailouts?

But think about this arrangement from the perspective of shareholders.  Are we looking at the greatest tunneling scheme in the history of organized finance?

How can the large banks persuade potential shareholders to put large amounts of new capital with them, given that their systems just failed massively, these systems have not been substantially changed, and – while there has been a bailout for insiders and creditors – shareholders were largely wiped out from mid 2007-end 2008? 

It could, of course, be the case that shareholders see great upside.  Anything that has fallen greatly may see some rebound.  The large banks have demonstrated their political muscle, so that should help with other forms of government protection and “rents” (economics jargon for easy money from business that others aren’t allowed into).  In the early stages of a recovery, perhaps the banks will be more generous to their shareholders; it could be that the excessive tunneling is a feature of a mad boom, and we seem some distance from having another of those.

But probably we are looking at a deeper market failure. Big money managers - including mutual funds, pension funds and insurance companies -have arguably failed in their fiduciary duty to ensure that major financial companies are run properly and in the interest of shareholders.  These money managers have great resources, many years of experience, and real power vis-a-vis the companies.  Why didn’t they push for stronger risk management?  Why are they so eager to hand over our money again?  Where exactly was or is their due diligence?

Instead of shareholder activism being limited primarily to scrutiny of companies (where it often seems to bounce off, particularly if it comes solely from small investors), it should probably be focused more intensely on money managers, including why they are not more effective at limiting the bonus culture of big finance.  Is this about their own bonus culture or their connections with the firms in which they are investing or something else?  In particular, allowing large banks to also be major money managers creates serious potential conflicts of interest at many levels.

There is discussion of encouraging people to move deposits away from big banks with a pattern of bad behavior.  But some of the most powerful banks rely relatively little on retail funding.  More effective could be reassessing the practices of debt and equity investment funds, and placing money only with those that are beyond reproach.

It may be that the behavior of these money managers cannot be corrected through the actions of their small investors acting directly or through their employers (after all, our employers should have bargaining power over the funds that manage pension money).  If we can’t sort this out through pressure, negotiation, and the market, perhaps money managers themselves should be subject to more specific legislation, implying greater regulation and sensible controls on their fee structure and strict caps on their own bonuses?

Just when you thought it couldn’t get any worse with the banking system, we have a *new* concept to grapple with and this one should make you want to sharpen your pitchfork.  It’s called “tunneling”.  In short, tunneling occurs when bankers on the brink of insolvency are kept afloat just long enough for them to hide the good assets while they leave the bad assets for the government to absorb at taxpayer expense.  Isn’t that fun?  You can read all about it at NakedCapitalism.  And our administration’s resident genius, Tim Geithner, has set up conditions in a way that seem to be perfect for just this sort of thing.

Simon Johnson of Baseline Scenario explains what is going on:

Emerging market crises are marked by an increase in tunneling – i.e., borderline legal/illegal smuggling of value out of businesses…

Boris Fyodorov, the late Russian Minister of Finance who struggled for many years against corruption and the abuse of authority, could be blunt. Confusion helps the powerful, he argued. When there are complicated government bailout schemes, multiple exchange rates, or high inflation, it is very hard to keep track of market prices and to protect the value of firms. The result, if taken to an extreme, is looting: the collapse of banks, industrial firms, and other entities because the insiders take the money (or other valuables) and run.

This is the prospect now faced by the United States.

Treasury has made it clear that they will proceed with a “mix-and-match” strategy, as advertized. And people close to the Administration tell me things along the lines of ”it will be messy” and “there is no alternative.” The people involved are convinced – and hold this almost as an unshakeable ideology – that this is the only way to bring private capital into banks.

This attempt to protect shareholders and insiders in large banks is misguided. Not only have these shareholders already been almost completely wiped out by the actions and inactions of the executives and boards in these banks (why haven’t these boards resigned?), but the government’s policy is creating toxic financial institutions that no one wants to touch either with equity investments or – increasingly – further credit.

Policy confusion is rampant. Did the government effectively sort-of nationalize Citigroup last Thursday when it said Vikram Pandit will stay on as CEO? If that wasn’t a nationalization moment (i.e., an assertion that the government is now the dominant shareholder), what legal authority does the Treasury have to decide who is and is not running a private company?

Will debtholders be forced to take losses and, if so, how much and for whom? As part of last week’s Citigroup deal, preferred shareholders – whose claims had debt-like characteristics – were pressed into converting to common stock. You may or may not like forced debt-for-equity swaps, but be aware of what the prospect of these will do to the credit market. Junior subordinated Citigroup debt (securities underlying enhanced trust preferred shares) were yesterday yielding 26%….

What do rapidly widening credit default spreads for nonbank financial entities (such as GE Capital and many insurance companies) signify? Is it something about expected behavior by the insiders or by government, or by some combination of both?

Confusion in policy breeds disorder in companies, and disorder leads to the loss of value. This is the reality of severe crises wherever they unfold; we have not yet reached the worst moment. And, of course, there are many more shocks heading our way – mostly from Europe, but also potentially from Asia.

The course of policy is set. For at least the next 18 months, we know what to expect on the banking front. Now Treasury is committed, the leadership in this area will not deviate from a pro-insider policy for large banks; they are not interested in alternative approaches (I’ve asked). The result will be further destruction of the private credit system and more recourse to relatively nontransparent actions by the Federal Reserve, with all the risks that entails.

Read it and weep, Obots.  This is what you worked for.  Obama is in bed with these people.  They helped him buy off superdelegates and pay for massive amounts of advertising.  They helped him trash the reputation and career of a much better candidate.  They footed the bill for those stupid Greek Columns.   Our retirements are in jeopardy right now and the bankers are using the confusion to loot whatever’s left and stash the booty in an underground banking system.  It’s the finance version of the Shock Doctrine.  Before you know it, there won’t be anything of value left.

Paul Krugman is also alarmed by the “dithering” that is leading to more confusion and the possibility of acts of bad faith among bankers.  When Krugman starts to worry about the deficit, you know the situation has gotten out of control.  The administration keeps throwing money at the problem, hoping to kick start it to life.  But the administration seems to be adamant about protecting the bankers from taking their medicine:

Think of it this way: by using taxpayer funds to subsidize the prices of toxic waste, the administration would shower benefits on everyone who made the mistake of buying the stuff. Some of those benefits would trickle down to where they’re needed, shoring up the balance sheets of key financial institutions. But most of the benefit would go to people who don’t need or deserve to be rescued.

And this means that the government would have to lay out trillions of dollars to bring the financial system back to health, which would, in turn, both ensure a fierce public outcry and add to already serious concerns about the deficit. (Yes, even strong advocates of fiscal stimulus like yours truly worry about red ink.) Realistically, it’s just not going to happen.

So why has this zombie idea — it keeps being killed, but it keeps coming back — taken such a powerful grip? The answer, I fear, is that officials still aren’t willing to face the facts. They don’t want to face up to the dire state of major financial institutions because it’s very hard to rescue an essentially insolvent bank without, at least temporarily, taking it over. And temporary nationalization is still, apparently, considered unthinkable.

But this refusal to face the facts means, in practice, an absence of action. And I share the president’s fears: inaction could result in an economy that sputters along, not for months or years, but for a decade or more.

Um, I don’t think I can wait a decade or more to see *if* my 401K investments bounce back.  I want to see things returning to some kind of normal state pretty damn quick so I know that recovery is possible.  Now, I’m no financial wiz but I think we’ve all seen something like this happen before. Your computer starts to hiccup.  At first, it’s just a minor thing and you ignore it.  Then it happens again and again with greater frequency.  Before you know it, you’re opening and closing windows, relaunching programs and tinkering under the hood with network settings.  The last thing you try that you know you don’t want to have to do (because you’re not sure everything is saved) is a reboot.

It’s time to hit that power off switch.

Emerging market crises are marked by an increase in tunneling - i.e., borderline legal/illegal smuggling of value out of businesses.  As time horizons become shorter, employees have less incentive to protect shareholder value and are more inclined to help out friends or prepare a soft exit for themselves.

Boris Fyodorov, the late Russian Minister of Finance who struggled for many years against corruption and the abuse of authority, could be blunt.  Confusion helps the powerful, he argued.  When there are complicated government bailout schemes, multiple exchange rates, or high inflation, it is very hard to keep track of market prices and to protect the value of firms.  The result, if taken to an extreme, is looting: the collapse of banks, industrial firms, and other entities because the insiders take the money (or other valuables) and run.

This is the prospect now faced by the United States.

Treasury has made it clear that they will proceed with a “mix-and-match” strategy, as advertized.  And people close to the Administration tell me things along the lines of ”it will be messy” and “there is no alternative.”  The people involved are convinced - and hold this almost as an unshakeable ideology – that this is the only way to bring private capital into banks.

This attempt to protect shareholders and insiders in large banks is misguided.  Not only have these shareholders already been almost completely wiped out by the actions and inactions of the executives and boards in these banks (why haven’t these boards resigned?), but the government’s policy is creating toxic financial institutions that no one wants to touch either with equity investments or – increasingly – further credit.

Policy confusion is rampant. Did the government effectively sort-of nationalize Citigroup last Thursday when it said Vikram Pandit will stay on as CEO?  If that wasn’t a nationalization moment (i.e., an assertion that the government is now the dominant shareholder), what legal authority does the Treasury have to decide who is and is not running a private company?

Will debtholders be forced to take losses and, if so, how much and for whom? As part of last week’s Citigroup deal, preferred shareholders – whose claims had debt-like characteristics – were pressed into converting to common stock. You may or may not like forced debt-for-equity swaps, but be aware of what the prospect of these will do to the credit market.  Junior subordinated Citigroup debt  (securities underlying enhanced trust preferred shares) were yesterday yielding 26%.

Who can explain exactly how AIG has lost so much money?  Drip-drip injections of government money are not a proper clean-up; there has been no complete recognition of losses and, almost six months later, that company still cannot move on.  Time horizons presumably remain short or are getting shorter for all involved.  This points to a bleak future more generally.

What do rapidly widening credit default spreads for nonbank financial entities (such as GE Capital and many insurance companies) signify? Is it something about expected behavior by the insiders or by government, or by some combination of both?

Confusion in policy breeds disorder in companies, and disorder leads to the loss of value.  This is the reality of severe crises wherever they unfold; we have not yet reached the worst moment.  And, of course, there are many more shocks heading our way – mostly from Europe, but also potentially from Asia. 

The course of policy is set.  For at least the next 18 months, we know what to expect on the banking front.  Now Treasury is committed, the leadership in this area will not deviate from a pro-insider policy for large banks; they are not interested in alternative approaches (I’ve asked).  The result will be further destruction of the private credit system and more recourse to relatively nontransparent actions by the Federal Reserve, with all the risks that entails.

The road to economic hell is paved with good intentions and bad banks.