<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">ReutersA former Soviet T-34 tank rolls over a Volkswagen beetle car during a performance </div></div></div>Volkswagen is <a href="http://uk.businessinsider.com/report-volkswagen-ceo-is-out-2015-9">getting absolutely smashed right now</a>.US regulators revealed on Friday that the colossal car manufacturer had submitted false emission data for its diesel cars. That could lead to a fine of as much as $18 billion (£11.65 billion).That assumes the problem is confined to the US - other regulators around the world are now announcing their own investigations.<a href="http://uk.businessinsider.com/report-volkswagen-ceo-is-out-2015-9">CEO Martin Winterkorn is out</a> - his last day is September 25. German media reports say Porsche CEO Matthias Muller is lined up to replace him. This is big, not just for Volkswagen, but for the car industry in general - and few countries attach more pride or national importance to their auto production than Germany.As Volkswagen tumbles, so have other companies. Porsche is down by more than 30% since September 17, Daimler by 15%, and BMW by 10%. That's a major slump that shows the concern isn't just specific to Volkswagen. If this can happen to Volkswagen, could it happen to other major car producers too?Over at Forbes, <a href="http://www.forbes.com/sites/francescoppola/2015/09/22/rigging-emission-test-results-proves-costly-for-volkswagen/2/">Frances Coppola</a> notes that the scandal has a whiff of LIBOR about it:For me, this looks uncannily like the Libor-rigging scandal in the banks. Barclays was the first to be exposed, and its CEO, Bob Diamond, took the fall: but as we now know, it was certainly not the last or even the biggest sinner. I would not be surprised if emissions test rigging turned out to be widespread practice among motor manufacturers.The <a href="https://en.wikipedia.org/wiki/Libor_scandal">LIBOR scandal</a> began over accusations of rate-rigging by major banks, by moving a key inter-bank lending interest rate (the London Interbank Offered Rate) by fractional amounts to profit on particular trades. The scandal began with Barclays, but half a dozen other institutions eventually got major fines.Arndt Ellinghorst, head of global automotive research at Evercore ISI, thinks there are good reasons to believe that the crisis won't spread beyond VW, because US diesel emission standards are particularly tough, but notes that that won't stop people searching:For years there have been unfounded stories circulating that certain OEMs [original equipment manufacturers] may have submitted vehicles with different ECU calibrations for road and other tests. VW's woes will likely lead to closer examination going forward not to mention several witch hunts.What's more, the emissions scandal comes at an awkward time for major German exporter firms in general - the country has benefitted more than anywhere else in Europe from surging Chinese demand in recent years, with the emergence of an upper-middle class now able to buy cars. <div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Business Insider, Investing.com" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5601516cdd0895200e8b459d-960/volkswagen.png"></a>Business Insider, Investing.com</div></div></div>Volkswagen's share price surged to over €250 during the QE and recovery-driven equity rally earlier in the year, but it's now slumped to just over €100, a decline of 58% since early April.For some perspective on that collapse, analysts at <a href="https://twitter.com/Schuldensuehner/status/646285129221033984">Bernstein research noted that BP's share price only fell 55% during the Deepwater oil spill</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/incredible-things-steve-cohen-buys-2015-7">Here are some incredible toys hedge fund boss Steve Cohen has bought with his billions</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hxaWhmdjqQ1wSzMOYSNGSRh8z8wLe12M" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Volkswagen's emissions crisis could be Germany's version of the LIBOR scandal

<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>Hipsters take note: Wearing skinny jeans could actually cause bodily harm.Scientists recently <a href="http://jnnp.bmj.com/lookup/doi/10.1136/jnnp-2015-310628">documented a case</a> of a 35-year-old woman whose legs had swelled up so bad - and whose ankles had become so weak as a result - that she couldn't walk. At the hospital, doctors had to cut off her pants to remove them from her distended legs.Her diagnosis?Compartment syndrome, a condition that results from increased pressure in a confined body space, like, from wearing skinny jeans.The study, hilariously titled "Fashion victim: rhabdomyolysis and bilateral peroneal and tibial neuropathies as a result of squatting in 'skinny jeans,'" was published Monday, June 22, in the Journal of Neurology, Neurosurgery, and Psychiatry.At the hospital, the woman told doctors she'd spent the day in a pair of extremely tight pants. She'd reportedly been squatting and emptying cupboards while helping a family member who was moving when she began to feel extreme pain and discomfort. A medical exam revealed signs of nerve and muscle damage in her legs.The injury kept her from being able to walk for days, highlighting the hidden dangers of hipster fashion."I would certainly say, be cautious about wearing skinny jeans when doing this sort of activity," study co-author Thomas Kimber, a neurologist at Royal Adelaide Hospital and the University of Adelaide, in Australia, who treated the woman, told Business Insider. So if your plans include squatting for long periods at a time, maybe consider swapping the skinnies for a pair of equally-fashionable leggings. <h2>A walk in the park that turned into a hospital trip</h2>The woman told doctors that her jeans began to feel tighter and more uncomfortable as the day went on. By the time she went for a walk in the park that evening, she noticed her feet beginning to feel numb. Soon she had trouble lifting them.Within a few hours, she collapsed, lying on the ground for several hours before she was able to crawl to the side of the road and hail a taxi to take her to the hospital, Kimber said.When he and his colleagues examined the woman, they found her lower legs were incrediby swollen, especially below the knees. So swollen, in fact, that hospital staff "had to cut her jeans off her," Kimber said. The woman had severe weakness in her calves and problems moving or feeling her feet, he added.Medical tests revealed that the woman had abnormally high levels of the enzyme creatine kinase, which can be a sign of muscle damage and can, if left untreated for long periods, harm the kidneys. Luckily, the woman's kidney function was normal. A CT scan revealed she had low muscle mass - worse on the right side - suggesting signs of muscle damage.Other tests showed that the woman had poor function in the two main nerves in the calf, the common peroneal nerve and the tibial nerve.Since being treated with fluids and rest, the woman has made a full recovery, said Kimber.<h2 class="p1">Could this happen to anyone?</h2>This type of lower leg nerve injury is often caused by compression of the nerves near the top of the calf bones, such as from prolonged squatting.In the woman's case, wearing skinny jeans probably made the problem worse by building up pressure in her legs, the researchers said. "If she'd been wearing loose, flowing trousers, the muscles could have swelled outward," Kimber said. But in the skinny jeans, her swollen muscles "had nowhere to go, except down onto the nerves and the blood vessels," he said.There have been a <a href="http://jama.jamanetwork.com/article.aspx?articleid=393385">handful of </a><a href="http://jama.jamanetwork.com/article.aspx?articleid=393385">reports</a> in which wearing tight pants have compressed nerves in the groin and caused numbness in the thigh. But as far as the researchers know, this was the first report that wearing tight jeans caused damage to these particular nerves and muscles. There's still no word on the health risks of wearing plaid shirts or thick glasses, however. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-to-tie-bow-tie-mens-fashion-gentleman-2015-3">The fashion trick every modern gentleman should know</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5ieTVoczqm_18BP-kF7-RWzVwt92WajO" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Wearing skinny jeans could be really bad for your health

<div class="KonaFilter image-container float_right"><div class="image">FitzGerald campaign FacebookEd FitzGerald.</div></div>Ohio Democratic gubernatorial candidate Ed FitzGerald thinks the infamous Koch brothers are making a mess in his state.
The Ohio Legislature and Gov. John Kasich <a href="http://www.salon.com/2014/05/29/the_war_against_renewable_energy_just_claimed_its_first_victory_in_ohio/">drew national headlines</a> last week when they moved to halt their state's renewable energy mandates - the first such renewable energy roll-back nationally, <a href="http://www.nytimes.com/2014/05/29/business/energy-environment/a-pushback-on-green-power.html?smid=fb-share&amp;_r=2">according to the New York Times</a>. Now, FitzGerald, Kasich's Democratic opponent, is coming out swinging.
"It's a big deal," FitzGerald declared when he visited Business Insider's office Friday. "The state has made some real strides. Back in 2008, we passed some pretty sweeping renewable energy standards that passed really almost unanimously ... We now have the dubious distinction of the first state in the country that is basically killing off renewable and sustainable energy standards."
FitzGerald, the executive of Cleveland-based Cuyahoga County, connected the legislature's temporary freeze of Ohio's mandates to the political influence of the Koch brothers - billionaires Charles and David Koch, of Koch Industries - and other energy-related special interests. 
"We live in a country where it's not just a show of hands, unfortunately; some people have bigger hands than others. There aren't that many people who are against it. If you poll it, you'll see that overwhelmingly people are in favor it. But, look let's just get real here: The Koch brothers aren't. And they spoke out about this ... They've spent money in Ohio before and I think that they will again. And their influence is being felt," said FitzGerald.
FitzGerald directly accused Kasich of only supporting the bill out of the hope that the Kochs would launch an independent expenditure on behalf of the Republican's re-election campaign.
"Look, he's not going to say why he's for it," said FitzGerald, arguing the two-year freeze was on the path to becoming a permanent blow against wind and solar energy in his state. "Why do I think he's for it? It doesn't make any sense ... unless you factor in money."
Reached for comment, a spokesman for Kasich's campaign said the legislation wasn't what "everyone wanted," but the governor was committed to a middle-of-the-road approach on energy mandates. The Kasich campaign didn't address FitzGerald, who according to polls has an uphill fight for victory in Novmber, by name.
"Ohio needs more renewable and alternative energy sources and it needs a strong system to support them as they get started. It's naïve, however, to think that government could create that system perfectly the first time and never have to check back to see if everything's ok," the spokesman, Robert Nichols, told Business Insider in a statement. "After a lot of hard work we've got a solid plan to examine the progress Ohio has made while also holding onto that progress. We rejected the efforts by those who'd like to kill renewable energy and energy efficiency efforts altogether and instead we're moving forward in a balanced way that supports renewable energy while also preserving the economic recovery that's created more than 250,000 jobs. "
Nichols went on to suggest the fact Kasich's energy legislation has all critics on all sides proved it was balanced. 
"It's not what everyone wanted," Nichols continued, "which probably means we came down at the right spot and the governor looks forward to signing the bill."

Rival Accuses Ohio Governor Of Selling Out To Koch Brothers 

An indigenous tribe in Washington is strategically placing beavers around to help salmon

<div class="KonaFilter image-container display-table float_right"><div><div class="image">REUTERS/Lucas Jackson</div></div></div>The New York Department of Financial Services has released a draft for what the state's BitLicenses will look like, and they're going to change the face of Bitcoin in the U.S..
The greatest change is that anyone using a New York-sanctioned Bitcoin service will no longer be anonymous. This was something Bitcoin's earliest users said was essential to the digital currency's appeal, but which DFS, as well as other lawmakers, expressed strong distaste for at hearings earlier this year.
Now, any business whose essential service is buying, selling, or processing Bitcoin will have to maintain records of their customers' names and addresses, and check them against the Treasury's list of bad actors.
They'll also have to maintain reserve Bitcoin assets equal to 100% of however much they are holding on behalf of customers, and get bonded-up "in such form and amount as is acceptable to DFS for the protection of the licensee's customers." And they'll have to submit and publish a detailed consumer complaint policy that must include a provision allowing customers to pursue their complaint with DFS.
The draft proposal makes New York the first government entity to propose comprehensive Bitcoin regulations, and are likely to serve as a model for other states and even federal guidelines, given New York's role as the vanguard financial authority outside Washington - DFS Superintendent Ben Lawsky, for instance, was a critical player in the recent penalties delivered against BNP Paribas for violating sanctions. 
You won't need a license if you're a retailer accepting Bitcoin or other cryptocurrencies as a form of payment.
Here's the full text:
NY DFS RELEASES PROPOSED BITLICENSE REGULATORY FRAMEWORK FOR VIRTUAL CURRENCY FIRMS 
Framework Includes Consumer Protection, Anti-Money Laundering, and Cyber Security Rules for Virtual Currency Businesses 
 
Proposed Regulations Submitted for a 45-Day Notice and Comment Period to Solicit Public Feedback 
Benjamin M. Lawsky, Superintendent of Financial Services, today announced that the New York State Department of Financial Services (DFS) has issued for public comment a proposed "BitLicense" regulatory framework for New York virtual currency businesses. The proposed regulatory framework - which is the product of a nearly year-long DFS inquiry, including public <a href="http://www.dfs.ny.gov/about/hearings/vc_01282014_indx.htm" target="_blank">hearings</a> that the Department held in January 2014 - contains consumer protection, anti-money laundering compliance, and cyber security rules tailored for virtual currency firms. Superintendent Lawsky said: "We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity - without stifling beneficial innovation. Setting up common sense rules of the road is vital to the long-term future of the virtual currency industry, as well as the safety and soundness of customer assets." 
In accordance with the New York State Administrative Procedures Act (SAPA), the proposed DFS rules for virtual currency firms will be published in the New York State Register's July 23, 2014 edition, which begins a 45-day public comment period. After that public comment period, the rules are subject to additional review and revision based on that public feedback before DFS finalizes them. Additionally, DFS is today immediately publishing a copy of the regulations on the website Reddit. Earlier this year, Superintendent Lawsky hosted an "Ask Me Anything" <a href="http://www.reddit.com/r/IAmA/comments/1ygcil/as_requested_im_ben_lawsky_superintendent_of_the" target="_blank">forum</a> on Reddit about DFS' work on virtual currency regulation, which generated more than 1,200 public comments. Links to the proposed rules are also being tweeted out from the DFS Twitter handle (@NYDFS) and Superintendent Lawsky's Twitter handle (@BenLawsky). Superintendent Lawsky said: "We recognize that - as the first state to put forward specially tailored rules for virtual currency firms - continued public feedback will be an important part of finalizing this regulatory framework. We look forward to carefully and thoughtfully reviewing public comments on our proposal."
 
The new DFS BitLicenses will be required for firms engaged in the following virtual currency businesses: 
<ul>
<li>Receiving or transmitting virtual currency on behalf of consumers;</li>
<li>Securing, storing, or maintaining custody or control of such virtual currency on the behalf of customers;</li>
<li>Performing retail conversion services, including the conversion or exchange of Fiat Currency or other value into Virtual Currency, the conversion or exchange of Virtual Currency into Fiat Currency or other value, or the conversion or exchange of one form of Virtual Currency into another form of Virtual Currency;</li>
<li>Buying and selling Virtual Currency as a customer business (as distinct from personal use); or</li>
<li>Controlling, administering, or issuing a Virtual Currency. (Note: This does not refer to virtual currency miners.) </li>
</ul>
The license is not required for merchants or consumers that utilize Virtual Currency solely for the purchase or sale of goods or services; or those firms chartered under the New York Banking Law to conduct exchange services and are approved by DFS to engage in Virtual Currency business activity. 
 
Key requirements for firms holding BitLicenses include:
 
<ul>
<li>Safeguarding Consumer Assets. Each firm must hold Virtual Currency of the same type and amount as any Virtual Currency owed or obligated to a third party. Companies are also prohibited from selling, transferring, assigning, lending, pledging, or otherwise encumbering assets, including Virtual Currency, it stores on behalf of another person. Each licensee must also maintain a bond or trust account in United States dollars for the benefit of its customers in such form and amount as is acceptable to DFS for the protection of the licensee's customers. </li>
<li>Virtual Currency Receipts. Upon completion of any transaction, each firm shall provide to a customer a receipt containing the following information: (1) the name and contact information of the firm, including a telephone number established by the Licensee to answer questions and register complaints; (2) the type, value, date, and precise time of the transaction; (3) the fee charged; (4) the exchange rate, if applicable; (5) a statement of the liability of the Licensee for non-delivery or delayed delivery; (6) a statement of the refund policy of the Licensee. </li>
<li>Consumer Complaint Policies. Each firm must establish and maintain written policies and procedures to resolve consumer complaints in a fair and timely manner. The company must also provide notice to consumers, in a clear and conspicuous manner, that consumers can bring complaints to DFS's attention for further review and investigation. </li>
<li>Consumer Disclosures. Companies must provide clear and concise disclosures to consumers about potential risks associated with virtual currencies, including the fact that: transactions in Virtual Currency are generally irreversible and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable; the volatility of the price of Virtual Currency relative to Fiat Currency may result in significant loss or tax liability over a short period of time; there is an increased risk of loss of virtual currency due to cyber attacks; virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC or SIPC protections; among others. </li>
<li>Anti-money Laundering Compliance. As part of its anti-money laundering compliance program, each firm shall maintain the following information for all transactions involving the payment, receipt, exchange or conversion, purchase, sale, transfer, or transmission of Virtual Currency: (1) the identity and physical addresses of the parties involved; (2) the amount or value of the transaction, including in what denomination purchased, sold, or transferred, and the method of payment; (3) the date the transaction was initiated and completed, and (4) a description of the transaction. </li>
</ul>
o Verification of Accountholders. Firms must, at a minimum, when opening accounts for customers, verify their identity, to the extent reasonable and practicable, maintain records of the information used to verify such identity, including name, physical address, and other identifying information, and check customers against the Specially Designated Nationals ("SDNs") list maintained by the U.S. Treasury Department's Office of Foreign Asset Control ("OFAC"). Enhanced due diligence may be required based on additional factors, such as for high-risk customers, high-volume accounts, or accounts on which a suspicious activity report has been filed. Firms are also subject to enhanced due diligence requirements for accounts involving foreign entities and a prohibition on accounts with foreign shell entities. 
o Reporting of Suspected Fraud and Illicit Activity.Each Licensee shall monitor for transactions that might signify money laundering, tax evasion, or other illegal or criminal activity and notify the Department, in a manner prescribed by the superintendent, immediately upon detection of such a transactions. When a Licensee is involved in a transaction or series of transactions for the receipt, exchange or conversion, purchase, sale, transfer, or transmission of Virtual Currency, in an aggregate amount exceeding the United States dollar value of $10,000 in one day, by one Person, the Licensee shall also notify the Department, in a manner prescribed by the superintendent, within 24 hours. In meeting its reporting requirements Licensees must utilize an approved methodology when calculating the value of Virtual Currency in Fiat Currency. 
<ul>
<li>Cyber Security Program: Each licensee must maintain a cyber security program designed to perform a set of core functions, including: identifying internal and external cyber risks; protecting systems from unauthorized access or malicious acts; detecting systems intrusions and data breaches; and responding and recovering from any breaches, disruptions, or unauthorized use of systems. Among other safeguards, each firm shall also conduct penetration testing of its electronic systems, at least annually, and vulnerability assessment of those systems, at least quarterly.</li>
</ul>
 
<ul>
<li>Chief Information Security Officer. Each Licensee shall designate a qualified employee to serve as the Licensee's Chief Information Security Officer ("CISO") responsible for overseeing and implementing the Licensee's cyber security program and enforcing its cyber security policy.</li>
</ul>
 
<ul>
<li>Independent DFS Examinations: Examinations of licensees will be conducted whenever the superintendent deems necessary - but no less than once every two calendar years - to determine the licensee's financial condition, safety and soundness, management policies, and compliance with laws and regulations. </li>
<li>Books and Records: Licensees are required to keep certain books and records, including transaction information, bank statements, records or minutes of the board of directors or governing body, records demonstrating compliance with applicable laws including customer identification documents, and documentation related to investigations of consumer complaints. </li>
<li>Reports and Financial Disclosures, Audit Requirements. Each firm must submit to DFS quarterly financial statements within 45 days following the close of the Licensee's fiscal quarter. Each firm must also submit audited annual financial statements, prepared in accordance with generally accepted accounting principles, together with an opinion of an independent certified public accountant and an evaluation by such accountant of the accounting procedures and internal controls of the firm within 120 days of its fiscal year end. </li>
<li>Capital Requirements: Necessary capital requirements will be determined by DFS based on a variety of factors, including the composition of the licensee's total assets and liabilities, whether the licensee is already licensed or regulated by DFS, the amount of leverage used by the firm, the liquidity position of the firm, and extent to which additional financial protection is provided for customers. </li>
<li>Compliance Officer. Each Licensee shall designate a qualified individual or individuals responsible for coordinating and monitoring compliance with NYDFS' BitLicense regulatory framework and all other applicable federal and state laws, rules, and regulations. </li>
</ul>
 
<ul>
<li>Business Continuity and Disaster Recovery. Each Licensee shall establish and maintain a written business continuity and disaster recovery plan reasonably designed to ensure the availability and functionality of the Licensee's services in the event of an emergency or other disruption to the Licensee's normal business activities.</li>
</ul>
 
<ul>
<li>Notification of Emergencies or Disruptions. Each firm must promptly notify DFS of any emergency or other disruption to its operations that may affect its ability to fulfill regulatory obligations or that may have a significant adverse effect on the Licensee, its counterparties, or the market.</li>
</ul>
 
<ul>
<li>Transitional Period. Applications for the license will be accepted beginning on the date the proposed regulations become effective. Those already engaged in virtual currency business activity will have a 45-day transitional period to apply for a license from the date regulations become effective. The superintendent will issue or deny the license within 90 days of a complete application submission.</li>
</ul>
 
In August 2013, DFS announced its <a href="http://www.dfs.ny.gov/about/press2013/memo1308121.pdf" target="_blank">inquiry</a> into the appropriate regulatory guidelines for virtual currencies. As part of an ongoing fact-finding effort informing that inquiry, the Department held <a href="http://www.dfs.ny.gov/about/hearings/vc_01282014_indx.htm" target="_blank">public hearings</a> in January 2014. In March 2014, the Department issued a<a href="http://www.dfs.ny.gov/about/po_vc_03112014.pdf" target="_blank">public order</a> announcing it will be considering formal proposals and applications for the establishment of regulated virtual currency exchanges operating in New York.
 
To view a copy of the proposed DFS BitLicense framework, please visit, link<a href="http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf" target="_blank"></a>. Only comments formally submitted pursuant to the SAPA process will be considered in connection with the promulgation of the proposed regulations.

You Searched For "road to recovery examining the" and got 6 results

Volkswagen's emissions crisis could be Germany's version of the LIBOR scandal

Mike Bird

Wearing skinny jeans could be really bad for your health

Tanya Lewis

Rival Accuses Ohio Governor Of Selling Out To Koch Brothers

Colin Campbell

An indigenous tribe in Washington is strategically placing beavers around to help salmon

Ben Goldfarb, bioGraphic

New York Just Released Its Bitcoin License, And They're Going To Change The Face Of Digital Currencies In The US

Rob Wile

The 'On-Demand Economy' Is Reshaping Companies And Careers

The Economist