Corporate Corruption News Articles

Excerpts of key news articles on

Below are key excerpts of revealing news articles on corporate corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.

Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.

At a packed City Council meeting ... Los Angeles lawmakers Tuesday called for more regulations on how much corporations can spend on political campaigns. The vote in support of state and federal legislation that would end so-called "corporate personhood” is largely symbolic. The council resolution includes support for a constitutional amendment that would assert that corporations are not entitled to constitutional rights, and that spending money is not a form of free speech. City Council President Eric Garcetti, the resolution's sponsor, said such actions are necessary because “big special interest money” is behind much of the gridlock in Washington. He blamed a 2010 U.S. Supreme Court decision, Citizens United vs. the Federal Election Commission, which rolled back legal restrictions on corporate spending on the grounds that political speech by a business entity should receive the same 1st Amendment protections that people do. It allows corporations and other groups to spend unlimited money on behalf of candidates. Councilman Richard Alarcon, who also supported the resolution, said corporations are “trying to take over every aspect of our lives.” “Corporations are at the wheel of America,” Alarcon said. “And they are driving us to destruction.”

Note: Why was this key decision only reported in a blog and hardly covered by the media elsewhere? To understand how the media controls public debate, as reported by top journalists, click here.

Silicon Valley's tech titans are in full holiday mode - tax holiday that is. Google, Apple, Oracle, Cisco and other multinationals have fielded more than 160 lobbyists and consultants - including, according to Bloomberg Businessweek, 60 insiders such as Karen Olick, former chief of staff for Sen. Barbara Boxer, D-Calif. - to get Congress to give them a giant tax break on their overseas profits. U.S. multinationals currently have $1.4 trillion parked offshore. Banded together with pharmaceutical companies and other multinationals in a group called the Win America coalition, Bay Area technology giants say that slashing their tax rate from 35 percent to 5.25 percent on foreign profits they return or "repatriate" to the United States will create millions of jobs. Both parties in Congress, desperate to find something they can agree on to goose the economy, are warming to the idea. But the last time a holiday was tried in 2004, under a law Boxer sponsored, billions of dollars in tax breaks went to a tiny swath of multinationals concentrated in the technology and pharmaceutical industries, many studies found. Most of the money went to dividends, stock buybacks and executive pay, despite express prohibitions. Some companies, such as Hewlett Packard, cut jobs after repatriating earnings, while boosting executive pay.

Note: A Forbes magazine article states "most profitable corporations enjoy a far lower tax rate than you do," yet now they want even more tax breaks. And did you know that before 1913, except for a period during the Civil War, there was no personal income tax on the general public in the U.S.?

The British drugmaker Glaxo-SmithKline has tentatively agreed to pay the U.S. government $3 billion to settle multiple civil and criminal investigations, the largest settlement in the federal government’s recent crackdown on the pharmaceutical industry’s marketing practices. If the deal is finalized, it will mark the latest success in the federal government’s push to rein in drug companies’ promotional efforts. Of the 165 settlements reached between pharmaceutical companies and federal and state governments in the past two decades, about three-quarters took place between 2006 and 2010, according to a report by Public Citizen. Before the Glaxo agreement, the largest federal settlements took place in 2009: Pfizer paid $2.3 billion to settle federal investigations tied to the promotion of the anti-inflammatory drug Bextra and other drugs, and Eli Lilly & Co. paid $1.4 billion related to the marketing of the antipsychotic drug Zyprexa. Still, consumer advocates said the penalties are not enough. “The size of the penalties, although large, are not as large as the money [the drug companies] make and so they keep doing it over again,” said Sidney M. Wolfe, director of Public Citizen’s health research group. “The only way this is going to stop, or get reversed, is to greatly increase the size of the penalties or to start sending some of the executives to jail.”

Note: For insight into corruption in the pharmaceutical industry, click here.

Why give our money to Bank of America, only to have it lend us our own money at high interest rates or with ridiculous fees? We could hold onto our money, save quite a bit in fees, and lend it back to ourselves and to the businesses and people ... at more affordable rates. In 2008, Ellen Brown authored The Web of Debt, an analysis of the U.S. banking system that now is even more pertinent in light of the Occupy Wall Street movement. The thesis is that the power to create money has been usurped by a private international banking cartel [the Federal Reserve], which issues our money as debt and lends it back to us at interest. The cartel makes it appear that governments are creating our money, and governments get blamed when things go wrong; but they are just pawns of the cartel. We ... can regain our government and our republic only by reclaiming the power to create our own money. We can use the same credit system that private banks use, but administer it as a public utility - that is, monitored and overseen by public servants on the model of libraries and courts. To be a sustainable system, profits need to be returned to the community rather than siphoned off into private coffers.

Note: Few people realize that money in the U.S. is created by an entity privately owned by the largest banks – the Federal Reserve. For lots more important information on this, click here. For lots more from major media sources on the collusion between financial interests and government, click here.

In a luxury Washington, DC, hotel last month, governments from around the world gathered to discuss surveillance technology they would rather you did not know about. The annual Intelligence Support Systems (ISS) World Americas conference is a mecca for representatives from intelligence agencies and law enforcement. But to the media or members of the public, it is strictly off limits. Behind the cloak of secrecy at the ISS World conference, tips are shared about the latest advanced ... methods used to spy on citizens – computer hacking, covert bugging and GPS tracking. The use of such methods is more commonly associated with criminal hacking groups, who have used spyware and trojan viruses to infect computers and steal bank details or passwords. But as the internet has grown, intelligence agencies and law enforcement have adopted similar techniques. "The current method of choice would seem to be spyware, or trojan horses," said Chris Soghoian, a Washington-based surveillance and privacy expert. "When there are five or six conferences held in closed locations every year, where telecommunications companies, surveillance companies and government ministers meet in secret to cut deals, buy equipment, and discuss the latest methods to intercept their citizens' communications – that I think meets the level of concern," he said. "Decades of history show that surveillance powers are abused – usually for political purposes."

Note: For more on corporate and government threats to privacy and civil liberties, click here and here.

This spring’s nuclear disaster at the Fukushima Daiichi power plant released almost double the amount of radiation the Japanese government has claimed, according to a new analysis. The authors say the boiling pools holding spent fuel rods played a role in the release of some of the contaminants, primarily cesium-137 — and that this could have been mitigated by an earlier response. Researchers at the Norwegian Institute of Air Research ... say the amount of cesium-137, a long-lived isotope that persists in the atmosphere, was about twice as high as the Japanese government’s official estimate. The researchers also say about 20 percent of the total fallout landed over Japan, but the vast majority fell over the Pacific Ocean. (The effects of this fallout on fisheries and aquatic wildlife are still being determined.) Cesium-137 emissions peaked three or four days after the quake and tsunami, remaining high until March 19, according to this new study. That’s the day authorities started spraying water on the spent-fuel pool at reactor unit 4, the researchers note. “This indicates that emissions were not only coming from the damaged reactor cores, but also from the spent-fuel pool of unit 4 and confirms that the spraying was an effective countermeasure,” they say. This contradicts Japanese government reports claiming the pools released no radiation.

Note: According to the French nuclear agency, the Institute for Radiological Protection and Nuclear Safety (IRSN, Institut de Radioprotection et de Surete Nucleaire), even the higher estimate of radiation release described in this article is too low. The agency estimates that 20 times more cesium-137 was released than has been admitted by Tepco.

“We are the 99 percent!” The chant thunders through the streets, from Wall Street in New York City, where the Occupy movement began, to K Street in Washington, where high-paid lobbyists influence government, to streets in cities and small towns all across the nation. In hundreds of Occupations, ordinary people have been moved to fill parks and streets and squares with signs, tents, impromptu soup kitchens, intense conversations and lengthy meetings. What’s going on? All share a common heart, a revulsion against an economy and a politics that increasingly say, “You don’t count, except as something to exploit. Your voice is drowned out by money, your labor is expendable, your needs must be sacrificed to the gods of profit.” The Occupy movement demonstrates a very different model of organizing: emergent, decentralized, without a command and control structure. At its essence, the message of the Occupations is simply this: “Here in the face of power we will sit and create a new society, in which you do count. Your voice carries weight, your contributions have value, whoever you may be. We say that love and care are the true foundations for the society we want to live in. We’ll stand with the poor and sleep with the homeless if that’s what it takes to get justice. We’ll build a new world.”

Note: Find your nearest occupation at: http://www.occupytogether.org/ . For lots more from major media sources on the reasons why people worldwide are occupying the financial centers of their cities, check out our "Banking Bailout" news articles.

Federal employees whose compensation averages more than $126,000 and the nation’s greatest concentration of lawyers helped Washington edge out San Jose as the wealthiest U.S. metropolitan area, government data show. The U.S. capital has swapped top spots with Silicon Valley, according to recent Census Bureau figures, with the typical household in the Washington metro area earning $84,523 last year. The national median income for 2010 was $50,046. The figures demonstrate how the nation’s political and financial classes are prospering as the economy struggles with unemployment above 9 percent and thousands of Americans protest in the streets against income disparity, said Kevin Zeese, director of Prosperity Agenda, a Baltimore-based advocacy group trying to narrow the divide between rich and poor. “There’s a gap that’s isolating Washington from the reality of the rest of the country,” Zeese said. “They just get more and more out of touch.” In recent years Washington has attracted more lobbyists and firms with an interest in the health-care overhaul and financial regulations signed into law by President Barack Obama. “Wall Street has moved to K Street,” said Barbara Lang, president and chief executive officer of the DC Chamber of Commerce, referring to the Washington street that’s home to prominent lobbying firms.

Note: For key reports from reliable sources on corporate and government corruption, click here and here.

The Occupy Wall Street protest against income disparity spread across Western Europe, Asia, the U.S. and Canada today. Rome's demonstration turned violent, contrasting with peaceful events elsewhere. The rallies started last month in New York's financial district, where people have been staying in lower Manhattan's Zuccotti Park. They widened to 1,500 cities today, including Sydney and Toronto, the organizers said, in a “global day of action against Wall Street greed.” Protesters say they represent “the 99 percent,” a nod to a study by Nobel Prize-winning economist Joseph Stiglitz showing the top 1 percent of Americans control 40 percent of U.S. wealth. In Berlin, 6,000 took to the streets and 1,500 gathered in Cologne, ZDF television said. In Frankfurt, 5,000 marched by the European Central Bank headquarters. In New York, demonstrators marched past a JPMorgan Chase & Co. branch urging clients to transfer accounts to “a financial institution that supports the 99 percent.” They distributed fliers with a list of community banks and credit unions. New York police arrested 24 at a Citigroup Inc. bank branch and 6,000 gathered in Times Square. About 1,000 people gathered in Toronto's financial district carrying signs saying “Nationalize the Banks.” Demonstrations turned violent in Italy, where the unemployment rate for 15-to-24-year-olds was 27.6 percent in August.

Note: For lots more on the reasons why people all over the world are occupying their city centers, check out our "Banking Bailout" news articles.

FirstEnergy Corp. [stock price] fell after a report that engineers discovered cracks in the concrete shell of its Davis-Besse nuclear plant. Contractors on Oct. 10 discovered a hairline crack measuring about 30 feet (9.1 meters) long as they sliced a hole into the plant’s outer shell in order to install a new reactor vessel head, said Jennifer Young, a FirstEnergy spokeswoman. The cracked shell is the outermost of several layers of steel and concrete that protect the reactor, which has been shut down since Oct. 1 in preparation for the repair work. Davis-Besse was shuttered for more than three months in 2010 after workers discovered cooling water leaking through cracks in some reactor-head nozzles, steel casings that hold fuel and control rods. Leaks and reactor corrosion prompted FirstEnergy to close the plant for two years, from 2002 to 2004, while the company retrained or replaced workers who ignored signs of damage, and eventually replaced the reactor head. The leaks found last year at the 900-megawatt plant prompted the Union of Concerned Scientists in April 2010 to demand that the plant remain closed until its owners established better controls to maintain health and safety standards.

Note: If you want to see how safety around nuclear plants is ignored and threatened all the time by money interests at all levels, watch the amazingly revealing documentary on Chernobyl at this link. The most telling piece in this documentary involves the man tasked by Gorbechov to write the official report of all the problems they faced. When he gave the report to the IAEA in a secret meeting, he was ridiculed by the other international leaders there, who accused him of spreading baseless fears. On the second anniversary of the Chernobyl disaster, he committed suicide.

‘Occupy Wall Street,’ the growing, decentralized protest movement that’s clashing with police in New York City, spreading across the country, and grabbing headlines across the world ... is also, somewhat unusually, a protest movement without clear demands, an identifiable leadership, or an evident organizational structure. Decisions are made by the NYC General Assembly, which Nathan Schneider describes as “a horizontal, autonomous, leaderless, modified-consensus-based system with roots in anarchist thought,” and thus far, the General Assembly has decided against yoking the movement to a particular set of goals, or even a particular ideology. Which is all to say that it’s important to try and understand the movement on its own terms, rather than the terms most of us are used to. Here are five places to start: - The ... ‘Occupy Wall Street blog’, and in particular, the blog’s forums. Here, for instance, is the movement’s ‘Declaration of the Occupation of New York City.’ - Nathan Schneider’s ‘Occupy Wall Street FAQ’. I’d perhaps recommend this as the single best place to start. - ‘Understanding the theory behind Occupy Wall Street’s approach,’ by Mike Konczal. Also see his post, ‘15 definitions of freedom from Occupy Wall Street.’

Note: For lots more on the reasons why people all over the world are occupying their city centers, check out our "Banking Bailout" news articles.

Their complaints range from corruption to lack of affordable housing and joblessness, common grievances the world over. But from South Asia to the heartland of Europe and now even to Wall Street, these protesters share something else: wariness, even contempt, toward traditional politicians and the democratic political process they preside over. They are taking to the streets, in part, because they have little faith in the ballot box. Economics have been one driving force, with growing income inequality, high unemployment and recession-driven cuts in social spending breeding widespread malaise. Alienation runs especially deep in Europe, with boycotts and strikes. The protest movements in democracies are not altogether unlike those that have rocked authoritarian governments this year, toppling longtime leaders in Tunisia, Egypt and Libya. Protesters have created their own political space online that is chilly, sometimes openly hostile, toward traditional institutions of the elite. “You’re looking at a generation of 20- and 30-year-olds who are used to self-organizing,” said Yochai Benkler, a director of the Berkman Center for Internet and Society at Harvard University. “They believe life can be more participatory, more decentralized, less dependent on the traditional models of organization, either in the state or the big company. Those were the dominant ways of doing things in the industrial economy, and they aren’t anymore.”

Note: For key insights from major media sources into the reasons why so many are protesting worldwide, click here.

Ministers from the world's richest nations are reportedly on the way to agreeing [to] a deal for troubled eurozone countries. But one independent market trader - Alessio Rastani - told the BBC the plan "won't work" and that people should be trying to make money from a market crash. Trader Alessio Rastani: I'm fairly confident the Euro is going to crash, and it's going to fall pretty hard because markets are ruled right now by fear. Investors and the big money, the smart money ... don't buy this rescue plan. They know the stock market is finished. They don't really care. They're moving their money away to safer assets like treasury bonds, 30-year bonds, and the U.S. dollar. For most traders, we don’t really care that much how they're going to fix the economy. Our job is to make money from it. And personally, I’ve been dreaming of this moment for three years. I go to bed every night [and] I dream of another recession. When the market crashes … if you have the right plan set up, you can make a lot of money from this. Be prepared, and act now. The biggest risk people can take right now is not acting. This economic crisis is like a cancer. In less than 12 months, my prediction is that the savings of millions people is going to vanish, and this is just the beginning. This is not a time right now for wishful thinking that governments are going to sort things out. The governments don’t rule the world, Goldman Sachs rules the world.

Note: Part of the text above is not listed in the text at the link above, but in the BBC video on that page. The video is a must watch for one expert's important view on an impending future economic collapse. For lots more excellent information showing the incredible power of Goldman Sachs and more on this important topic, click here. For deeply revealing reports from reliable major media sources on financial corruption, click here.

The scale of the rush by speculators, pension funds and global agri-businesses to acquire large areas of developing countries is far greater than previously thought, and is already leading to conflict, hunger and human rights abuses, says Oxfam. The NGO has identified 227m ha (561m acre ha) of land – an area the size of north-west Europe – as having being reportedly sold, leased or licensed, largely in Africa and mostly to international investors in thousands of secretive deals since 2001. The new land rush, which was triggered by food riots, a series of harvest failures following major droughts and the western investors moving out of the US property market in 2008, is being justified by governments and speculators in the name of growing food for hungry people and biofuels for environmental benefit. "Many of the deals are in fact 'land grabs' where the rights and needs of the people previously living on the land are ignored, leaving them homeless and without land to grow enough food to eat and make a living," said Oxfam chief executive Dame Barbara Stocking. While some investors might claim to have experience in agricultural production, many may only be purchasing land speculatively, anticipating price increases in the coming years. In addition, developing countries are under pressure from the IMF, the World Bank and other regional banks to put farmland on the international market to increase economic development and improve the balance of payments.

Note: To read Oxfam's summary and report on land grabs worldwide, click here.

Investors are pouring into farmland in the U.S. and parts of Europe, Latin America and Africa as global food prices soar. A fund controlled by George Soros, the billionaire hedge-fund manager, owns 23.4 percent of South American farmland venture Adecoagro SA. Hedge funds Ospraie Management LLC and Passport Capital LLC as well as Harvard University's endowment are also betting on farming. TIAA-CREF, the $466 billion financial services giant, has $2 billion invested in some 600,000 acres (240,000 hectares) of farmland in Australia, Brazil and North America and wants to double the size of its investment. The growth in demand for food, spurred by the rising middle classes in China, India and other emerging markets, shows no signs of abating. Food prices in June, as measured by a United Nations index of 55 food commodities, were just slightly below their peak in February. The UN's Food and Agriculture Organization said in a June report that it expects food costs to remain high through 2012. So many investors have rushed to capitalize on food prices in the past three years that they may be creating a farmland bubble. The Federal Reserve Bank of Kansas City, which covers Colorado, Kansas, Nebraska and other agricultural states, said in May that farmland prices had surged 20 percent in the first quarter compared with a year earlier.

Note: This news is further clear evidence that the rapid increases in food prices is another ploy to funnel money from the pockets of the public into the uber wealthy.

In 2008, voters approved a $10 billion bond to begin construction of a bullet train from Los Angeles to San Francisco that would make that trip in less than three hours. So who knew that by 2011 the general consensus would be that the project is an ill-conceived, mismanaged boondoggle? Former Amtrak spokesman and Reason Foundation writer Joseph Vranich knew. In 2008, before the state Senate Transportation and Housing Committee, he called the project "science fiction." He said the train won't travel from Los Angeles to San Francisco in less than three hours because that exceeds the speed of all existing high-speed rail. But on French railway schedules, a TGV (Train Ŕ Grande Vitesse) takes two hours, 38 minutes to go from Paris to Avignon. That's 430 miles. The route for the L.A.-to-San Francisco line is 432. So what's going on here? It's simple. Vranich makes stuff up. The Reason Foundation is funded by Chevron, ExxonMobil, Shell Oil, the American Petroleum Institute, Delta Airlines, the National Air Transportation Association and, of course, the Koch Family Foundation. They know what will happen once Americans, furious about gas prices and the way airlines treat them, experience electrically powered 200-mph trains.

Note: For lots more evidence that progress in the transportation sector is stymied by big money interests, click here.

The extraordinary access that Cabinet ministers granted Rupert Murdoch and his children was revealed for the first time yesterday, with more than two dozen private meetings between the family and senior members of the Government in the 15 months since David Cameron entered Downing Street. In total, Cabinet ministers have had private meetings with Murdoch executives more than 60 times and, if social events such as receptions at party conferences are included, the figure is at least 107. On two occasions, James Murdoch and former News International chief executive Rebekah Brooks were given confidential defence briefings on Afghanistan and Britain's strategic defence review by the Defence Secretary, Liam Fox. A further briefing was held with Ms Brooks, Rupert Murdoch and the Sunday Times editor John Witherow. The Chancellor, George Osborne, has had 16 separate meetings since May 2010 with News International editors and executives, including two with the Murdochs within just a month of taking office. He also invited Elisabeth Murdoch as a guest to his 40th birthday party last month. The Culture Secretary, Jeremy Hunt, dined with Rupert Murdoch within days of the Government coming to power and, after being given quasi-judicial oversight for the Murdochs' Ł8bn attempted takeover of BSkyB, had two meetings with James Murdoch in which they discussed the takeover.

Note: For key reports from major media sources on corporate and government corruption, click here and here.

Scientists are in danger of turning animals into monsters unless an ethical watchdog is appointed to prevent Frankenstein-like experiments, the Academy of Medical Sciences has warned. A new report into experiments which transplant human cells into animals for medical purposes said scientists may not be far from giving apes the ability to think and talk like humans. Concerns about the creation of talking apes should be taken seriously along with "what one might call the 'Frankenstein fear' that the medical research which creates 'humanised' animals is going to generate monsters", it was claimed. A regulatory body is needed to closely monitor any experiments that risk creating animals with human-like consciousness, spawning hybrid human-animal embryos, or giving animals any appearance or behavioural traits that too closely resemble humans, the report said. Scientists would, for example, be prevented from replacing a large number of an ape's brain [cells] with human cells – as has already been done in simpler animals like mice – until much more is known about the potential results.

Note: For more on this in another media article, click here.

Sean Hoare, the former News of the World showbusiness reporter who was the first named journalist to allege that Andy Coulson was aware of phone hacking by his staff, has been found dead. Hertfordshire police would not confirm his identity, but said in a statement: "The death is currently being treated as unexplained but not thought to be suspicious." There was an unexplained delay in the arrival of forensics officers at the scene. There was no police presence at the scene at all for several hours. Hoare was in his mid-40s. He first made his claims in a New York Times investigation into the phone-hacking allegations at the News of the World. He told the newspaper that not only did Coulson know of the hacking, but he also actively encouraged his staff to intercept the calls of celebrities in the pursuit of exclusives. In a subsequent interview with the BBC he alleged he was personally asked by his editor at the time, Coulson, to tap into phones. Hoare returned to the spotlight last week, after he told the New York Times that reporters at the NoW were able to use police technology to locate people using their mobile phone signals, in exchange for payments to police officers. He said journalists were able to use "pinging", which measured the distance between a mobile handset and a number of phone masts to pinpoint its location.

Note: For lots more from major media sources on corporate and government corruption, click here and here.

For nearly four years they lay piled in a Scotland Yard evidence room, six overstuffed plastic bags gathering dust and little else. Inside was a treasure-trove of evidence: 11,000 pages of handwritten notes listing nearly 4,000 celebrities, politicians, sports stars, police officials and crime victims whose phones may have been hacked by The News of the World, a now defunct British tabloid newspaper. Yet from August 2006, when the items were seized, until the autumn of 2010, no one at the Metropolitan Police Service, commonly referred to as Scotland Yard, bothered to sort through all the material and catalog every page. During that same time, senior Scotland Yard officials assured Parliament, judges, lawyers, potential hacking victims, the news media and the public that there was no evidence of widespread hacking by the tabloid. After the past week, that assertion has been reduced to tatters, torn apart by a spectacular avalanche of contradictory evidence. The testimony and evidence that emerged last week, as well as interviews with current and former officials, indicate that the police agency and News International, the British subsidiary of Rupert Murdoch’s News Corporation and the publisher of The News of the World, became so intertwined that they wound up sharing the goal of containing the investigation. Members of Parliament said in interviews that they were troubled by a “revolving door” between the police and News International.

Note: Media and government corruption could hardly get worse than seen in this case of the Murdoch phone hacking scandal. Scotland Yard's primary responsibility is to protect the UK public from criminal activity; instead it enabled the activity to continue and shared high-level information and personnel with News Corporation. For lots more on media and government corruption click here and here.

Important Note: Explore our full index to revealing excerpts of key 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.