Corporate Corruption Media Articles

Excerpts of Key Corporate Corruption Media Articles in Major Media

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Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.

Antonin Scalia was the longest-tenured justice on the current Supreme Court. But another quality also set him apart: Among the court’s members, he was the most frequent traveler, to spots around the globe, on trips paid for by private sponsors. Ethical standards prohibit judges from accepting gifts from anyone with a matter currently before the court. But those guidelines presented no barrier to John Poindexter, who invited Justice Scalia to stay at his West Texas ranch. Mr. Poindexter is the owner of J. B. Poindexter & Co., a manufacturing firm based in Houston. One of his companies, the Mic Group, was a defendant in an age discrimination lawsuit filed by a former employee who unsuccessfully petitioned the Supreme Court for a review last year. Mr. Poindexter, according to a former general manager at the ranch, is also a leader in the International Order of St. Hubertus, a worldwide organization of hunters, as, apparently, were several other guests during Justice Scalia’s visit. In 2011, a liberal advocacy group, Common Cause, questioned whether Justice Scalia and Justice Clarence Thomas should have disqualified themselves from participating in the landmark Citizens United case on campaign finance because they had attended a political retreat in Palm Springs, Calif., sponsored by the conservative financier Charles G. Koch. Mr. Koch funds groups that could benefit from the ruling.

Note: Read about Antonin Scalia's "organization of hunters" and the other strange secret societies populated by the elite. For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.

An investigation into the Jimmy Savile sex abuse scandal cleared the BBC of wrongdoing Thursday, even as it painted a damning portrait of an institution where employees were afraid to raise even serious concerns about sexual misconduct for fear of upsetting celebrity talent or making the corporation look bad. Savile, a BBC television presenter and popular charity figure who died in October 2011, is believed to be one of Britain's most prolific sex offenders, often targeting minors. “Celebrities were treated with kid gloves and were virtually untouchable,” said Janet Smith, a former Court of Appeal judge who conducted the inquiry, describing a BBC culture of not wanting to “rock the boat.” Smith said 117 people at the BBC admitted they had heard rumors about Savile, who abused victims on BBC premises, including the venues where his programs “Top of the Pops” and “Jim'll Fix It” were shot. Smith's review said the Savile abuse incidents dated all the way back to 1959. She identified 72 victims of Savile, both male and female. One was only 8 years old. But girls who raised concerns about Savile were treated as a “nuisance.” In one case in 1969, a girl who was molested on the “Top of the Pops” program while standing next to Savile on the podium was “ejected from the building.” The inquiry also concluded that another BBC star, sports presenter Stuart Hall, 86, also used his celebrity to shield his activities, often plying his victims with alcohol. The Hall investigation ... found 21 victims.

Note: Watch an excellent segment by Australia's "60-Minutes" team titled "Spies, Lords and Predators" on a pedophile ring in the UK which leads directly to the highest levels of government. A second suppressed documentary, "Conspiracy of Silence," goes even deeper into this sad subject in the US. For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.

Johnson & Johnson must pay $72 million to the family of a woman who blamed her fatal ovarian cancer on the company’s talcum powder in the first state-court case over the claims to go to trial. Jurors in St. Louis on Monday concluded J&J should pay $10 million in compensatory damages and $62 million in a punishment award to the family of Jackie Fox, who died of ovarian cancer last year after using Johnson’s baby powder ... for years. It’s the first time a jury has ordered J&J, the world’s largest maker of health-care products, to pay damages over claims that it knew decades ago that its talc-based products could cause cancer and failed to warn consumers. J&J is facing about 1,200 suits claiming studies have linked its Johnson’s Baby Powder and its Shower-to-Shower product to ovarian cancer. Women contend the company knew of the risk and failed to warn customers. J&J marketed its Shower to Shower brand talc for feminine hygiene. One 1988 ad promised “just a sprinkle a day keeps odor away.” Cornstarch has been widely substituted for talc as an absorbent in baby powder and feminine hygiene products. The American Cancer Society advised in 1999 that women use cornstarch-based products in the genital area. J&J, which introduced a baby powder using cornstarch in the 1970s, continues to offer products that include talc. A federal jury in North Dakota found in 2013 that a woman’s use of its talc-based body powder contributed to her developing ovarian cancer, [but] awarded no damages.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.

Bill and Melinda Gates are facing calls for their philanthropic Foundation, through which they have donated billions worldwide, to be subject to an international investigation. The Gates Foundation is about benefiting big business, especially in agriculture and health, through its “ideological commitment to promote neoliberal economic policies and corporate globalisation,” according to [a] report published by the campaign group Global Justice Now. The report accuses the Gates Foundation of [turning] “basic needs into commodities controlled by the market.” The report is critical of the close working relations between the Foundation and major international pharmaceutical corporations. It accuses the Gates Foundation of promoting specific priorities through agriculture grants, some of which undermine the interests of small farmers. These include promoting industrial agriculture, use of chemical fertilisers and expensive, patented seeds, and a focus on genetically modified seeds. The criticism echoes the accusations made by the Indian scientist Vandana Shiva who called the Gates Foundation the “greatest threat to farmers in the developing world.” The Foundation’s emphasis on “technological solutions” often ignores real solutions involving social and economic justice. “This cannot be given by donors in the form of a climate-resilient crop or cheaper smartphone, but must be about systemic social, economic and political change – issues not represented in the foundation’s funding priorities.”

Note: The Gates Foundation is heavily invested in GMO giants like Monsanto. It also provided $5 million to Oxitec, a company criticized for secretly releasing GM mosquitoes into the wild in 2009. Oxitec was purchased last August by biotech giant Intrexon for $160 million. By December, the Zika virus was all over the news and Intrexon was ramping up production of these GM insects to "fight Zika" in Brazil. For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.

Local councils, public bodies and even some university student unions are to be banned by law from boycotting “unethical” companies. All publicly funded institutions will lose the freedom to refuse to buy goods and services from companies involved in the arms trade, fossil fuels, tobacco products or Israeli settlements in the occupied West Bank. Any public bodies that continue to pursue boycotts will face “severe penalties”, ministers said. Underlining the main target of the ban, the formal announcement will be made by the Cabinet Office minister Matt Hancock when he visits Israel this week. Israeli companies, along with other firms which have investments in the occupied West Bank, have been among those targeted by unofficial boycotts in the past. In 2014 Leicester City Council passed a policy to boycott goods produced in Israeli settlements in the West Bank while the Scottish Government published a procurement notice to Scottish councils which “strongly discourages trade and investment from illegal settlements”. Mr. Hancock said the current position where local authorities had autonomy to make ethical purchasing decisions was “undermining” Britain’s national security.

Note: For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.

Scientists have identified more than 200 industrial chemicals - from pesticides, flame retardants, jet fuel - as well as neurotoxins like lead in the blood or breast milk of Americans, indeed, in people all over our planet. These have been linked to cancer, genital deformities, lower sperm count, obesity and diminished I.Q.. Medical organizations ... have demanded tougher regulations or warned people to avoid them. They have all been drowned out. Chemical companies, by spending vast sums on lobbying - $100,000 per member of Congress last year - block serious oversight. Almost none of the chemicals in products we use daily have been tested for safety. “Industrial chemicals that injure the developing brain” have been linked to conditions like autism and attention deficit hyperactivity disorder, noted The Lancet Neurology, a peer-reviewed medical journal. Yet we still don’t have a clear enough sense of what is safe, because many industrial chemicals aren’t safety tested before they are put on the market. Meanwhile, Congress has dragged out efforts to strengthen the Toxic Substances Control Act and test more chemicals for safety. The President’s Cancer Panel recommended that people eat organic if possible, filter water and avoid microwaving food in plastic containers. All good advice, but that’s like telling people to avoid cholera without providing clean water. And that’s why we need another public health revolution in the 21st century.

Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world. Then explore the excellent, reliable resources provided in our Health Information Center.

I wonder how many of the readers remember the WHO’s pandemic alert on swine ‘flu some years ago? When the WHO was proactive to announce a pandemic then without any scientific justifications I was the one who wrote that that was a business stunt! People did not believe and the British Medical Journal rejected my paper. After one long year what I had predicted came true. Council of Europe Health Committee Chairman Dr. Wolfgang Wodarg said that the declaration of a swine flu pandemic was a false alarm. “There are many signs that there is close cooperation between the WHO and pharmaceutical companies. We have to find out whether there was pressure or whether there was money given as an incentive to the WHO to have this pandemic declared,” Dr. Wolfgang Wodarg adds. To give a simple example of the swine flu drug Tamiflu when given to a million people, 45,000 will experience vomiting, 31,000 will experience headache and 11,000 will have psychiatric side-effects. These figures might be insignificant if Tamiflu cures swine flu. That is not the case. Raising the fear levels in society is the surest way of depressing their immune system! This is good for business. With people’s immune system depressed they are prone to all kinds of infections. What follows next is the usual history. Greedy drug companies will now vie with each other to produce a vaccine. Vaccination is big business. This pattern goes on and on as long as money and medicine are related.

Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.

Morgan Stanley will pay $3.2 billion in a settlement over bank practices that contributed to the 2008 financial crisis, including misrepresentations about the value of mortgage-backed securities, authorities announced Thursday. The nationwide settlement, negotiated by the working group appointed by President Barack Obama in 2012, says the bank acknowledges that it increased the acceptable risk levels for mortgage loans pooled and sold to investors without telling them. Loans with material defects were included, packaged into the securities and sold. The Justice Department said the $2.6 billion federal penalty to resolve claims about the bank's marketing, sale and issuance of those securities is the largest piece of settlements with the working group that have totaled approximately $5 billion. "Our work is far from over," said New York Attorney General Eric Schneiderman, who co-chairs the group. "Communities across the country have not gotten back to where they were before the crash." Total settlements so far are about $64 billion, Schneiderman said. The working group previously reached major settlements with Citigroup for $7 billion, JPMorgan for $13 billion and Bank of America for $16.65 billion. The New York-based investment bank reported a fourth-quarter profit of $908 million.

Note: Since the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.

Has Michael Moore gone soft? You might think so, making a snap judgment of Where to Invade Next, a ... documentary hellbent on seeing the best in people. Other people. Not us Americans. Moore sets up his film by daydreaming about a summons from the Joint Chiefs of Staff. "Instead of using Marines, use me," he pleads. As we watch a collage of America at its worst – bank scandals, stock frauds, housing foreclosures, black teens murdered by cops – Moore sets out to invade the world for bright ideas. In Italy, he meets a couple who get 30 days paid vacation each year with no loss in productivity. In France, Moore is astonished by school kids who are served nutritional food. On a visit to a Norway prison, the worst felons are treated with compassion, with sentences capped at 21 years, even for murderers. Yet the crime rate is low, as is recidivism. In Tunisia, women win free health care from a hidebound Islamist regime. And get a load of Portugal, where using drugs is not a crime, but rehab is offered to those who want it. A trip to Iceland finds that the bankers who brought economic ruin to their country are thrown in jail instead of being bailed out. Love him or hate his methods, Moore touches a nerve in Where to Invade Next. In a climactic remembrance at the Berlin Wall, he recalls a time when a corrupt regime was brought down by people willing to protest. What counted most were humanitarian principles, the same bedrock concepts that America was founded on. See, the joke's on us.

Note: Moore's films have looked critically at for-profit medicine and the downside of capitalism in recent years.

The people who really run the world, it turns out, are perfectly capable of silencing the presses. Consider Postmedia, the biggest newspaper chain in the country. It is largely owned by an American hedge fund ... and editorial direction is dictated from corporate headquarters. Advertiser-controlled copy designed to resemble news [takes] up ever more prominent placement. Marty Baron ... took over the Boston Globe back in 2001, [and] ordered the newspaper's investigative unit to go after pedophile priests. The investigation took a year, and produced a scoop of historic proportion - proving church complicity in covering up heinous crimes. Fifteen years later, like most North American newspapers, the Boston Globe is hobbled and shrunken. Defiance has mostly given way to naked fear, as media managers, and not just in newspapers, desperately try to hold onto splintering audiences and plummeting revenue. Baron, now executive editor of the Washington Post, acknowledged the economic forces ripping the business to shreds. But, said Baron, news institutions must place principle ahead of metrics, or our core withers, and we become clickbait hustlers for corporate paymasters. "The greatest danger to a vigorous press today," he [said], "comes from ourselves."

Note: For more along these lines, see concise summaries of deeply revealing news articles about corporate corruption and media manipulation.

If you want an example of how bizarre U.S. tax laws can be - and how companies can game the system - look no further than the recently announced deal for Johnson Controls Inc. of Milwaukee to desert our country by combining with a previous corporate deserter, Tyco International PLC. Tyco is run out of Princeton, N.J., but for tax purposes it is based in Ireland, where the combined Johnson Controls PLC will be based. This [is] an especially aggressive transaction that, among other things, will let Johnson game the tax system by handing its shareholders about $3.9 billion in cash in order to get tax-free access to $8.1 billion in cash currently held overseas. Under our tax laws, if a U.S. company combines with a foreign company (or a nominally foreign company such as Tyco), it can play a variety of tax games, provided that the shareholders of the U.S. company own more than 60 percent but less than 80 percent of the stock in the new, combined company. However, the company can play far more games ... if the shareholders of the U.S. company own more than 50 percent of the combined company but less than 60 percent. By being in [this] sweet spot, Johnson PLC can get its hands on its offshore cash directly, instead of having to leap through various hoops. [Who knows] why it’s legal for Johnson to buy in a chunk of its shares to make the numbers work - but apparently, it is. So there you have it. Johnson, a vendor to the taxpayer-rescued U.S. auto industry, repays us by doing ... a mega-desertion.

Note: Under current US laws, in what the Washington Post calls a "corporate predator state", profitable multinationals often pay no US taxes at all. For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.

The world is awash in glyphosate, the active ingredient in the herbicide Roundup, produced by Monsanto. It has now become the most heavily-used agricultural chemical in the history of the world. A study published Tuesday ... reveals that Americans have applied 1.8 million tons of glyphosate since its introduction in 1974. Worldwide, 9.4 million tons of the chemical have been sprayed onto fields. That’s ... enough to spray nearly half a pound of Roundup on every cultivated acre of land in the world. And it’s troubling, considering that in March 2015 the World Health Organization’s International Agency for Research on Cancer unanimously determined that glyphosate is probably carcinogenic to humans. Research has also shown that glyphosate is an endocrine disruptor, meaning that it interferes with the proper functioning and production of hormones, in human cell lines. The mass-spraying of glyphosate has [also] led to the explosion of resistant weeds, which have evolved to survive despite being sprayed. Already, weeds resistant to the herbicide are found on half of all American farmers’ fields. Glyphosate was once only used on a small-scale. However, in the 1990s, Monsanto began introducing genetically modified crops that were resistant to the herbicides, such as Roundup Ready corn and soybeans. Since then, its use has skyrocketed. At the same time, the U.S. Environmental Protection Agency has relaxed its rules. Fifty times more glyphosate is allowed on corn grain now than in 1996.

Note: The negative health impacts of Monsanto's Roundup are well known. Major lawsuits are building over Monsanto's lies to regulators and the public about the safety of glyphosate. For more along these lines, see concise summaries of deeply revealing GMO news articles from reliable major media sources.

After Martin Shkreli raised the price of anti-parasitic drug Daraprim more than 50-fold to $750 a pill last year, he said he wasn’t alone in taking big price hikes. The former drug executive was right. A survey of about 3,000 brand-name prescription drugs found that prices more than doubled for 60 and at least quadrupled for 20 since December 2014. Skyrocketing prices are getting increased scrutiny ahead of a U.S. congressional hearing this week: Democratic Representative Elijah Cummings, ranking member on a committee that is probing drug pricing, said Tuesday that pricing “tactics are not limited to a few ‘bad apples,’ but are prominent throughout the industry.” The cost of many drugs [rises] at annual rates of more than 10 percent. Drugmakers raised the prices of products as wide-ranging as erectile dysfunction drug Viagra, heart treatments, dermatology medicine and even brands that long have lost their patents. While specialty companies have had the steepest hikes, giants such as Pfizer Inc. and GlaxoSmithKline Plc kept pushing through smaller rises. About 400 formulations of brand-name drugs went up at least 9.9 percent since early December. Valeant Pharmaceuticals International Inc., which in recent months has been under fire for its pricing was among the most aggressive, with 13 drugs that doubled or more since December 2014.

Note: For more excellent information on drug prices hikes, read this penetrating article in the Daily Beast. For more along these lines, see concise summaries of deeply revealing big pharma profiteering news articles from reliable major media sources.

Factory farm operators believe that the less Americans know about what goes on behind their closed doors, the better. That’s because the animals sent through those factories often endure an unimaginable amount of mistreatment and abuse. Nearly always, this treatment comes to light only because courageous employees - or those posing as employees - take undercover video and release it to the public. The industry’s lobbyists have taken the opposite approach, pushing for the passage of so-called “ag-gag” laws, which ban undercover recordings on farms and in slaughterhouses. These measures have ... been enacted in eight [states]. None has gone as far as North Carolina, where a new law that took effect Jan. 1 aims to silence whistle-blowers not just at agricultural facilities, but at all workplaces in the state. That includes, among others, nursing homes, day care centers, and veterans’ facilities. Anyone who violates the law - say, by secretly taping abuses of elderly patients or farm animals and then sharing the recording with the media or an advocacy group - can be sued by business owners for bad publicity and be required to pay a fine of $5,000 for each day that person is gathering information. This is a clear violation of the constitutional freedoms of speech and the press, as ... argued in a federal lawsuit filed in January.

Note: This law was passed following the widely publicised release of video footage showing toxic cesspools around North Carolina farms. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.

Massachusetts Senator Elizabeth Warren issued a stinging broadside against federal prosecutors on Friday, charging U.S. courts with throwing the book at mixed-up teenagers, while letting wealthy corporate executives who commit much larger and sometimes deadly crimes off with essentially no chance of punishment. In a new report, Sen. Warren’s office makes the case that CEOs and other top executives simply don’t face the same legal consequences as ordinary Americans, releasing a list of what it claims are 20 examples of corporate criminal and civil cases that prosecutors failed to pursue to the full extent of the law last year. Among the cases: scandals ranging from General Motors’ years’ long cover up of ignition switch problems to currency manipulation by large banks (including Citigroup and J.P. Morgan), to a mine explosion that killed 29 people - the only instance of misconduct which led to a conviction of a corporate executive. Such selective application of the law undermines the government’s moral authority: “If justice means a prison sentence for a teenager who steals a car, but it means nothing more than a sideways glance at a CEO who quietly engineers the theft of billions of dollars, then the promise of equal justice under the law has turned into a lie,” Warren charges in the report. It’s not just a problem in the U.S. This week, U.K. prosecutors, after winning an initial conviction in their quest to prosecute bankers accused of fixing LIBOR - a key benchmark central to financial markets - failed to secure any further wins.

Note: Senator Elizabeth Warren was called "the champion of Main Street versus Wall Street" by the Boston Globe in 2014. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.

It took a bloody Civil War and the passage of a Constitutional amendment to eliminate slavery in the United States. Today, the tools to combat slavery have become decidedly more high-tech (and nonviolent). Made in a Free World in San Francisco, for example, has developed software that helps companies determine whether products they sell or make depend on global slave labor. At least 20 million people across the world are being forced to work for no pay. These workers are either directly or indirectly producing the goods sold by major corporations and small businesses alike, including those in the United States. “At the level of global brands, forced labor and human trafficking can often be hidden from view, the result of complex and frequently outsourced recruitment and hiring practices,” according to a United Nations report. Made in a Free World is a nonprofit that grew out of work that founder and CEO Justin Dillon did for the State Department in 2011. Dillon helped create an algorithm that allows consumers to determine the probability that companies were using slave labor, especially in raw material production, to make 400 popular products like beds, cars and cell phones. “We wanted to start a conversation,” Dillon told me. “No one wants to go out and buy things from slavery.” But Dillon realized that consumers were just one half the equation. To create real change, Made in a Free World needed to help companies - not just shame them - to rid slave labor from supply chains.

Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.

I just released a report examining 20 of the worst federal enforcement failures in 2015. Its conclusion: “Corporate criminals routinely escape meaningful prosecution for their misconduct.” In a single year, in case after case, across many sectors of the economy, federal agencies caught big companies breaking the law - defrauding taxpayers, covering up deadly safety problems, even precipitating the financial collapse in 2008 - and let them off the hook with barely a slap on the wrist. Often, companies paid meager fines, which some will try to write off as a tax deduction. Justice cannot mean a prison sentence for a teenager who steals a car, but nothing more than a sideways glance at a C.E.O. who quietly engineers the theft of billions of dollars. Last year, five of the world’s biggest banks, including JPMorgan Chase, pleaded guilty to criminal charges that they rigged the price of billions of dollars worth of foreign currencies. No corporation can break the law unless people in that corporation also broke the law, but no one from any of those banks has been charged. The Securities and Exchange Commission ... is far behind on issuing congressionally mandated rules to avoid the next financial crisis. It has repeatedly granted waivers so that lawbreaking companies can continue to enjoy special privileges, while the Justice Department has dodged one opportunity after another to impose meaningful accountability on big corporations and their executives.

Note: Senator Elizabeth Warren was called "the champion of Main Street versus Wall Street" by the Boston Globe in 2014. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.

In the fall of 2010, a blogger asked Jane Mayer, a writer with The New Yorker, how she felt about the private investigator who was digging into her background. Ms. Mayer thought the idea was a joke. A few months later, she ran into a former reporter who had been asked about helping with an investigation into another reporter on behalf of two conservative billionaires ... Ms. Mayer recounts in “Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right.” Her acquaintance told her, “‘It occurred to me afterward that the reporter they wanted to investigate might be you.’” Ms. Mayer had published a major story in the magazine that August about the brothers David and Charles Koch, and their role in cultivating the power of the Tea Party movement. [She] began to take the rumored investigation seriously when she heard from her New Yorker editor that she was going to be accused - falsely - of plagiarism. A dossier of her supposed plagiarism had been provided to reporters at The New York Post and The Daily Caller, but the smears collapsed when the writers who were the purported victims made statements saying that it was nonsense. Who was behind this? Ms. Mayer ... traced it to a “boiler room” operation involving several people who have worked closely with Koch business concerns. The private investigation firm ... was Vigilant Resources International, whose founder and chairman, Howard Safir, had been New York City’s police commissioner under the former Mayor Rudolph Giuliani.

Note: The Koch brothers built a secretive empire to manipulate the political process in the US. This empire plans to spend $889 million on US elections in 2016. For more along these lines, see concise summaries of deeply revealing news articles about elections corruption and the manipulation of public perception.

The salesman stood outside the prison bus, inviting people inside for a brief tour. The price tag for such a vehicle? About $580,000. This bus, along with hundreds of other products and services, are on display this week at the American Correctional Association’s annual winter conference in New Orleans. It has become the largest gathering of corrections personnel in the United States. The trade show ... offers a peek into the sprawling private industry around incarceration. Unlike other conventions, however, this convention is closed to the public, and the customers on the trade show floor are mostly prison wardens, jail officials and directors from state corrections agencies. The exhibitors are there to make their pitch for a slice of the $80 billion incarceration industry in the US. The companies aren't the only ones looking to earn money. In many states, sheriffs and wardens ... look to private companies to help pay the bills. They do this, in many cases, by taking commissions on revenue from goods sold to inmates - everything from phone calls and commissary goods to ... e-cigarettes. “The whole idea of a system that exists for the purpose of keeping people locked up for profit creates all the wrong incentives,” said Marjorie R. Esma, the executive director of the local American Civil Liberties Union in New Orleans. Such incentives, of course, can lead to more people in jail for petty crime. Look no further than Louisiana, which has been dubbed the “prison capital of the world” because of its high incarceration rates.

Note: For more along these lines, see concise summaries of deeply revealing prison system corruption news articles from reliable major media sources.

The global financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, a leading monetary theorist has warned. "The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," said William White, the Swiss-based chairman of the OECD's review committee and former chief economist of the Bank for International Settlements (BIS). "It will become obvious in the next recession that many of these debts will never be serviced or repaid, and this will be uncomfortable for a lot of people who think they own assets that are worth something," he told The Telegraph on the eve of the World Economic Forum in Davos. The warnings have special resonance since Mr White was one of the very few voices in the central banking fraternity who stated loudly and clearly between 2005 and 2008 that Western finance was riding for a fall, and that the global economy was susceptible to a violent crisis. Combined public and private debt has surged to all-time highs to 185pc of GDP in emerging markets and to 265pc of GDP in the OECD club, both up by 35 percentage points since the top of the last credit cycle in 2007. Mr White, who is also chief author of G30's recent report on the post-crisis future of central banking, said it is impossible know what the trigger will be for the next crisis since the global system has lost its anchor and is inherently prone to breakdown.

Note: Since the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled. Will big banks move to avert the next financial crisis when crisis has proven so profitable for them? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.

Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.