Israel can pretty much do whatever it likes with the “raw Sigint” (signal intelligence) it gets from the NSA. The raw Sigint includes “unevaluated and unminimized transcripts, gists, facsimiles, telex, voice and Digital Network Intelligence metadata and content,” and possibly more.
Also, the NSA does not filter out any of the data before forwarding it, which means Americans’ emails and phone calls could be sent to Israel.
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