Corporate Corruption News Articles

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H.R. 4173 [is] the financial-reform legislation passed earlier this month by the House of Representatives. The Senate has yet to pass its own reform plan. The baby of Financial Services Committee Chairman Barney Frank, the House bill is meant to address everything from too-big-to-fail banks to asleep-at-the-switch credit-ratings companies to the protection of consumers from greedy lenders. At 1,279 pages, the “Wall Street Reform and Consumer Protection Act” is a real slog. While banks opposed the legislation, they should cheer for its passage by the full Congress in the New Year: There are huge giveaways insuring the government will again rescue banks and Wall Street if the need arises. For all its heft, the bill doesn’t once mention the words “too-big-to-fail,” the main issue confronting the financial system. Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. The bill also allows the government, in a crisis, to back financial firms’ debts. Bondholders can sleep easy -- there are more bailouts to come.

Note: For a treasure trove of reliable reports on the government bailout of Wall Street, click here.

The massive U.S. Senate healthcare reform measure passed ... with support from the multibillion drug industry, but makers of cheaper generic rivals are feeling left out in the cold. Generic drugmakers face several obstacles in the bill backed by Democrats that they worry will dampen a potential increase in use even as more people gain access to health insurance and prescription medicines. The hurdles include extensive protections against generic versions of pricey biotech medicines, an incentive for Medicare recipients to use more brand-name drugs, and a possible end to payments from brandname makers to delay the launch of copy-cat medicines. "The bill passed by the Senate unfortunately amounts to a treasure trove to brand drug companies," said Generic Pharmaceutical Association President Kathleen Jaeger. Bill Marth, chief executive of Teva's North American operations, said Democrats missed a chance to further boost [generics] use: "It's frustrating," he said. "Maybe some people have just lost sight of what the bill is supposed to do."

Note: For a powerful analysis by Dr. Marcia Angell, former editor in chief of the New England Journal of Medicine, of the corrupt relationship between the biggest pharmaceutical companies and the federal government, click here. Drug company lobbyists who contribute millions of dollars to the elections campaigns of Congress members have a huge influence which is often detrimental to public health.

A healthcare firm is seeking to silence a Danish academic from expressing doubts about one of its products by using England’s draconian libel laws. Two years ago in a conference room in the Randolph hotel in Oxford, Henrik Thomsen ... one of Europe’s leading radiologists, revealed how patients treated at his hospital had subsequently contracted a rare and potentially fatal disease. Thomsen and other doctors at his Copenhagen University hospital were baffled as to why 20 kidney patients who had been given routine scans were afflicted by a disorder — nephrogenic systemic fibrosis (NSF) — in which the skin gradually swells, thickens and tightens. Some sufferers were confined to wheelchairs. At least one died. There was no known cure. It was confirmed that all those who had fallen ill with NSF had been given the same drug in advance of a magnetic resonance imaging (MRI) scan. Omniscan was used to enhance the images produced by the scan. The product was sold around the world and was manufactured by GE Healthcare, a subsidiary of General Electric, one of the world’s largest corporations. Thomsen ... now refuses to speak anywhere in England on the possible risks of Omniscan. The reason is that he faces another kind of storm: GE Healthcare is suing him in the High Court for libel. GE has already racked up costs of more than Ł380,000 pursuing the respected academic. Thomsen will have to pay the firm’s costs if he loses the case.

Note: For lots more on corporate corruption from reliable sources, click here.

[Bill Moyers:] Something's not right here. One year after the great collapse of our financial system, Wall Street is back on top while our politicians dither. As for health care reform, you're about to be forced to buy insurance from companies whose stock is soaring, and that's just dandy with the White House. It's capital. Raw money, mounds of it, buying politicians and policy as if they were futures on the hog market. Some of the big insurance companies, Well Point, Cigna, United Health, all surged to a 52 week high in their share prices this week when it was clear there'd be no public option in the health care bill going through Congress right now. What does that tell you? ROBERT KUTTNER: Their strategy was cut a deal with the insurance companies, the drug industry going in. And the deal was, we're not going to attack your customer base, we're going to subsidize a new customer base. And that script was pre-cooked so it's not surprising that this is what comes out the other side. Once the White House made this deal with the insurance companies, the public option was never going to be anything more than a fig leaf. And over the summer and the fall, it got whittled down, whittled down, whittled down to almost nothing and now it's really nothing.

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

At a covert forward operating base run by the US Joint Special Operations Command (JSOC) in the Pakistani port city of Karachi, members of an elite division of Blackwater are at the center of a secret program in which they plan targeted assassinations of suspected Taliban and Al Qaeda operatives, "snatch and grabs" of high-value targets and other sensitive action inside and outside Pakistan. The Blackwater operatives also assist in gathering intelligence and help direct a secret US military drone bombing campaign that runs parallel to the well-documented CIA predator strikes, according to a well-placed source within the US military intelligence apparatus. The previously unreported program, the military intelligence source said, is distinct from the CIA assassination program. "This is a parallel operation to the CIA," said the source. "They are two separate beasts." Blackwater's presence in Pakistan is "not really visible, and that's why nobody has cracked down on it," said the source. Blackwater's operations in Pakistan, he said, are not done through State Department contracts or publicly identified Defense contracts. "It's Blackwater via JSOC, and it's a classified no-bid [contract] approved on a rolling basis. Some of these strikes are attributed to [the CIA], but in reality it's JSOC. So when you see some of these hits, especially the ones with high civilian casualties, those are almost always JSOC strikes."

Note: Don't miss this key report in it's entirety. Why haven't other major media outlets mentioned the Joint Special Operations Command (JSOC) drone operations in Pakistan, running parallel to the CIA's?

If the idea of turning consumers into true cyborgs sounds creepy, don't tell Intel researchers. Intel's Pittsburgh lab aims to develop brain implants that can control all sorts of gadgets directly via brain waves by 2020. The scientists anticipate that consumers will adapt quickly to the idea, and indeed crave the freedom of not requiring a keyboard, mouse, or remote control for surfing the Web or changing channels. They also predict that people will tire of multi-touch devices such as ... iPhones. Turning brain waves into real-world tech action still requires some heavy decoding of brain activity. The Intel team has already made use of MRI brain scans to match brain patterns with similar thoughts across many test subjects. Plenty of other researchers have also tinkered in this area. Toyota recently demoed a wheelchair controlled with brainwaves, and University of Utah researchers have created a wireless brain transmitter that allows monkeys to control robotic arms. There are still more implications to creating a seamless brain interface, besides having more cyborgs running around. If scientists can translate brain waves into specific actions, there's no reason they could not create a virtual world with a full spectrum of activity tied to those brain waves. That's right -- we're seeing Matrix creep.

Your body is probably home to a chemical called bisphenol A, or BPA. It’s a synthetic estrogen that United States factories now use in everything from plastics to epoxies — to the tune of six pounds per American per year. More than 92 percent of Americans have BPA in their urine, and scientists have linked it ... to everything from breast cancer to obesity, from attention deficit disorder to genital abnormalities in boys and girls alike. Now it turns out it’s in our food. Consumer Reports magazine tested an array of brand-name canned foods for a report in its December issue and found BPA in almost all of them. The magazine says that relatively high levels turned up, for example, in Progresso vegetable soup, Campbell’s condensed chicken noodle soup, and Del Monte Blue Lake cut green beans. The magazine also says it found BPA in the canned liquid version of Similac Advance infant formula ... and in canned Nestlé Juicy Juice. The BPA in the food probably came from an interior coating used in many cans. More than 200 other studies have shown links between low doses of BPA and adverse health effects, according to the Breast Cancer Fund, which is trying to ban the chemical from food and beverage containers. “The vast majority of independent scientists — those not working for industry — are concerned about early-life low-dose exposures to BPA,” said Janet Gray, a Vassar College professor who is science adviser to the Breast Cancer Fund.

Note: For more on BPA and other health issues, click here.

Advice about soft drinks and health from one of the nation's largest doctors groups will soon be brought to you by Coke. The American Academy of Family Physicians has prompted outcry and lost members over its new six-figure alliance with the Coca-Cola Co. The deal will fund educational materials about soft drinks for the academy's consumer health and wellness Web site, www.FamilyDoctor.org. "Coca-Cola, like other sodas, causes enormous suffering and premature death by increasing the risks of obesity, diabetes, heart attacks, gout, and cavities," Harvard University nutrition expert Dr. Walter Willett said in an e-mail. He said the academy "should be a loud critic of these products and practices, but by signing with Coke their voice has almost surely been muzzled." Dr. Henry Blackburn, a University of Minnesota public health specialist, said the deal "will inevitably have a chilling effect on the focus of their message in regards to sweet drinks."

Note: For more on corruption in the medical/corporate complex, click here.

Swiss drugmaker Novartis said sales would grow faster than expected this year, even without a shot in the arm of up to $700 million from its H1N1 swine flu pandemic vaccine. Third-quarter net profit at Novartis ... nudged up 1 percent to $2.1 billion. This year is turning out to be better than initially feared for Novartis and other major pharmaceutical companies, thanks to hefty price increases and windfall sales arising from the H1N1 outbreak. Both Pfizer, the world's biggest drugmaker, and Eli Lilly topped earnings forecasts this week. Roche reported a sharp jump in sales of its Tamiflu drug for flu last week and analysts expect GlaxoSmithKline's Relenza will also see strong sales in the third quarter. On the vaccine front, Glaxo, Sanofi-Aventis and AstraZeneca are all expected to highlight an expected jump in fourth-quarter sales due to swine flu. The H1N1 flu vaccine is expected to contribute about $400-700 million of sales in the fourth quarter.

Note: Donald Rumsfeld personally made millions as a direct result of the avian flu scare a few year ago. For more on this, click here. For more on pharmaceutical corporation profiteering from swine flu vaccines, click here.

No one, including himself, would argue that Bradley Birkenfeld, 44, is a saint. But at the same time, almost no one in the U.S. government would deny that Birkenfeld was absolutely essential to its landmark tax-evasion case against Swiss banking giant UBS. The former UBS employee turned whistle-blower exposed the previously hidden world of offshore tax shelters, which cheats the Treasury out of about $100 billion a year. Thanks to his insider information, UBS was fined $780 million, and it promised to "exit entirely" from the U.S. tax-shelter business and to provide the names of thousands of American tax dodgers, from which hundreds of millions of dollars still might be collected. It also led to new tax treaties with the Swiss that should provide unprecedented tax information in civil cases and better access to such data in criminal cases. Considering Birkenfeld's help, many observers wonder why the Justice Department decided to arrest and prosecute him. Many critics believe the decision to prosecute Birkenfeld, whom some consider the most important whistle-blower in years, sends the worst possible message to other financial-industry insiders who might be considering coming forward. The Government Accountability Project (GAP), a Washington watchdog organization that has extensive whistle-blower experience, says a chilling effect is already apparent: a senior executive at a European bank that offers similar U.S. tax shelters is having second thoughts about going public because of the Birkenfeld case.

Note: For lots more, including Obama's tight ties with UBS, see the New York Daily News article here.

When built in 2004, the agricultural storage facility in Nangarhar province was supposed to win the hearts and minds of the Afghan people. The U.S. government paid for its construction along with several other so-called "market centers" that would enable farmers to store crops and boost exports to nearby Pakistan. But construction and design flaws left it unusable, one of many dozens of similar failures in the country, critics say. Opponents say the Nangarhar project is just one example of massive waste of taxpayer dollars in aid programs since the U.S.-led invasion ousted the Taliban government in 2001. A Washington, D.C., company, Chemonics International, won the bid for [a] $145 million program - known as Rebuilding Agricultural Markets Program, or RAMP - that ran from 2003 to 2006. Chemonics then subcontracted the training and construction work to other Americans, who in turn subcontracted to numerous Afghan companies who did the work. At each level, the subcontractors deducted costs for salaries, office expenses and security. Only a small percentage of the original RAMP contract money actually reached farmers and other intended recipients. The exact percentage may never be known because neither Chemonics nor the U.S. government tracks such figures. Moreover, opponents note, many constructed market centers have deteriorated or are not being used for their original purpose. Afghanistan's foreign minister, Rangeen Dadfar Spanta, sharply criticized how U.S. aid is spent in his country. He estimates that only "$10 or $20" of every $100 reaches its intended recipients.

Note: For lots more on corporate corruption from reliable sources, click here.

Every week, the nation’s mightiest banks come to his court seeking to take the homes of New Yorkers who cannot pay their mortgages. And nearly as often, the judge says, they file foreclosure papers speckled with errors. He plucks out one motion and leafs through: a Deutsche Bank representative signed an affidavit claiming to be the vice president of two different banks. His office was in Kansas City, Mo., but the signature was notarized in Texas. And the bank did not even own the mortgage when it began to foreclose on the homeowner. “I’m a little guy in Brooklyn who doesn’t belong to their country clubs, what can I tell you?” he says, adding a shrug for punctuation. “I won’t accept their comedy of errors.” The judge, Arthur M. Schack, 64, fashions himself a judicial Don Quixote, tilting at the phalanxes of bankers, foreclosure facilitators and lawyers who file motions by the bale. He has tossed out 46 of the 102 foreclosure motions that have come before him in the last two years. And his often scathing decisions, peppered with allusions to the Croesus-like wealth of bank presidents, have attracted the respectful attention of judges and lawyers from Florida to Ohio to California. At recent judicial conferences in Chicago and Arizona, several panelists praised his rulings as a possible national model. Justice Schack, like a handful of state and federal judges, has taken a magnifying glass to the mortgage industry. Justice Schack’s take is straightforward, and sends a tremor through some bank suites: If a bank cannot prove ownership, it cannot foreclose. “If you are going to take away someone’s house, everything should be legal and correct,” he said. “I’m a strange guy — I don’t want to put a family on the street unless it’s legitimate.”

When the credit crisis struck last year, federal regulators pumped tens of billions of dollars into the nation's leading financial institutions because the banks were so big that officials feared their failure would ruin the entire financial system. Today, the biggest of those banks are even bigger. The crisis may be turning out very well for many of the behemoths that dominate U.S. finance. A series of federally arranged mergers safely landed troubled banks on the decks of more stable firms. And it allowed the survivors to emerge from the turmoil with strengthened market positions, giving them even greater control over consumer lending and more potential to profit. J.P. Morgan Chase ... now holds more than $1 of every $10 on deposit in this country. So does Bank of America, scarred by its acquisition of Merrill Lynch and partly government-owned as a result of the crisis, as does Wells Fargo, the biggest West Coast bank. Those three banks, plus government-rescued and -owned Citigroup, now issue one of every two mortgages and about two of every three credit cards, federal data show. Concerns are twofold: that consumers will wind up with fewer choices for services and that big banks will assume they always have the government's backing if things go wrong. That presumed guarantee means large companies could return to the risky behavior that led to the crisis if they figure federal officials will clean up their mess. The worry for consumers is that the bailouts skewed the financial industry in favor of the big and powerful. Fresh data from the FDIC show that big banks have the ability to borrow more cheaply than their peers because creditors assume these large companies are not at risk of failing.

Note: For lots more from reliable sources on the realities of the Wall Street bailout, click here.

Many GPs, as well as their patients, may be reluctant to be immunised against swine flu once a vaccine is developed, surveys suggest today. A survey of GPs published on Healthcare Republic, the website of GP magazine, found that up to 60% of GPs may decline vaccination. Although the numbers who responded were small – 216 GPs – they are in line with a much bigger survey of nurses published a week ago by Nursing Times, which found that a third of 1,500 nurses would refuse vaccination. A Canadian study published today in the journal Emerging Health Threats suggests the public, too, will have reservations that must be overcome if a vaccination campaign is to be successful in the autumn or winter. The study, which used focus groups to establish the likely response of different people to a vaccine, pointed to the need to win over people who believe that alternative therapies and a good diet are a better option than vaccines. But the biggest problem in persuading people and healthcare professionals to have the jab may be the relative shortage of evidence from trials about its safety and efficacy. Because of the urgent need for a vaccine, testing will be limited. Among the GPs who responded to the survey published by Healthcare Republic, 29% said they would not choose to have the vaccine and 29% said they were unsure whether or not they would. The biggest reason given by those who said they would not have it was concern that the safety trials would not be adequate: 71.3% said they were "concerned that the vaccine has not yet been through sufficient trials to guarantee safety". Half – 50.4% – said they "believe that swine flu is too mild to justify taking the vaccine".

Note: Yet the Massachusetts Senate has now passed a bill which would impose fines up to $1,000 and jail up to 30 days for those who refuse vaccines or quarantine orders in a health emergency. Other states are considering similar legislation. For lots more on the real dangers of the swine flu vaccine, click here.

The rich have been getting richer for so long that the trend has come to seem almost permanent. They began to pull away from everyone else in the 1970s. By 2006, income was more concentrated at the top than it had been since the late 1920s. The recent news about resurgent Wall Street pay has seemed to suggest that not even the Great Recession could reverse the rise in income inequality. But economists say — and data is beginning to show — that a significant change may in fact be under way. The rich, as a group, are no longer getting richer. Over the last two years, they have become poorer. And many may not return to their old levels of wealth and income anytime soon. Last year, the number of Americans with a net worth of at least $30 million dropped 24 percent. Few economists expect the country to return to the relatively flat income distribution of the 1950s and 1960s. Indeed, they say that inequality is likely to remain significantly greater than it was for most of the 20th century. In 2007, the top one ten-thousandth of households took home 6 percent of the nation’s income, up from 0.9 percent in 1977. It was the highest such level since at least 1913, the first year for which the I.R.S. has data. The top 1 percent of earners took home 23.5 percent of income, up from 9 percent three decades earlier.

Note: Two researchers into income inequality, Emmanuel Saez and Thomas Piketty, recently released a detailed report showing that income inequality in 2007, just before the real estate bubble burst and the financial crisis unfolded, was the highest since 1917. To read their report, "Striking it Richer: The Evolution of Top Incomes in the United States," click here. For analysis of the report, click here.

The US oil and gas lobby are planning to stage public events to give the appearance of a groundswell of public opinion against legislation that is key to Barack Obama's climate change strategy. A key lobbying group will bankroll and organise 20 "energy citizen" rallies in 20 states. In an email obtained by Greenpeace, Jack Gerard, the president of the American Petroleum Institute (API), outlined what he called a "sensitive" plan to stage events during the August congressional recess to put a "human face" on opposition to climate and energy reform. "Our goal is to energise people and show them that they are not alone," said Cathy Landry, for API, who confirmed that the memo was authentic. The email from Gerard lays out ambitious plans to stage a series of lunchtime rallies to try to shape the climate bill that was passed by the house in June and will come before the Senate in September. "We must move aggressively," it reads.The API strategy also extends to a PR drive. Gerard cites polls to test the effectiveness of its arguments against climate change legislation. It offers up the "energy citizen" rallies as ready-made events, noting that allies – which include manufacturing and farm alliances as well as 400 oil and gas member organisations – will have to do little more than turn up. "API will provide the up-front resources," the email said. "This includes contracting with a highly experienced events management company that has produced successful rallies for presidential campaigns."

Note: For important reports from major media sources on global warming and oil company manipulation of public perception, click here.

Drugs giant GlaxoSmithKline was accused of cashing in on swine flu after it revealed its profits have risen 10 per cent since the virus was identified. It announced profits yesterday of Ł2.1billion in the past three months. Sales of vaccines and antiviral drugs could push the figure up even higher. GSK chief executive Andrew Witty admitted the swine flu crisis would be a 'significant financial event for the company'. Sales of the company's Relenza inhaler, an alternative to Tamiflu used by pregnant women among others, are expected to top Ł600million. And this figure could be boosted by up to Ł2billion once deliveries of the swine flu vaccine begin in September. But Mr Witty denied Europe's biggest drugs company was gearing up to cash in. He admitted it was planning to charge the UK Ł6 a jab, but vociferously denied reports it cost a pound to manufacture. Liberal Democrat health spokesman Norman Lamb said: 'This is clearly a bonanza for the company. This is a staggeringly substantial return. I will write to the National Audit Office to determine whether we got the best deal for the taxpayer.' Susi Squire of the TaxPayers' Alliance said: 'We need an assurance from the Government that they have got the most competitive rate out of GlaxoSmith-Kline.' Geoff Martin of London Health Emergency said: 'It's a scandal that any company could use the swine flu pandemic as an opportunity to jack up profits. 'The Government should step in and impose a windfall tax on private companies that have hit the jackpot as a result of the flu crisis.'

Note: For more on profiteering in the vaccination industry, click here.

After all that federal aid, a resurgent Goldman Sachs is on course to dole out bonuses that could rival the record paydays of the heady bull-market years. Goldman posted the richest quarterly profit in its 140-year history and, to the envy of its rivals, announced that it had earmarked $11.4 billion so far this year to compensate its workers. At that rate, Goldman employees could, on average, earn roughly $770,000 each this year — or nearly what they did at the height of the boom. Senior Goldman executives and bankers would be paid considerably more. Only three years ago, Goldman paid more than 50 employees above $20 million each. In 2007, its chief executive, Lloyd C. Blankfein, collected one of the biggest bonuses in corporate history. The latest headline results — $3.44 billion in profits — were powered by earnings from the bank’s secretive trading operations and exceeded even the most optimistic predictions. But Goldman’s sudden good fortune, coming only a month after the bank repaid billions of bailout dollars, raises questions for Washington policy makers. In Washington, some lawmakers warned on Tuesday that a quick return to such high pay would stoke public anger as the Obama administration tried to overhaul financial regulation. They warned that Wall Street lobbyists were already trying to block financial reforms. “People all over this country feel an incredible frustration that they are seeing their neighbors lose their jobs and the government is helping companies like A.I.G. and Goldman Sachs and then the next thing they are reporting huge profits and huge compensation,” said Senator Sherrod Brown, Democrat of Ohio and a member of the banking committee. “I think people are incredulous that this system is working this way.”

Note: For a treasure trove of revelations from reliable sources on the hidden realities behind the Wall Street bailout, click here.

Last month, testimony in front of the U.S. Senate Committee on Commerce, Science and Transportation by a former health insurance insider named Wendell Potter made news even before it occurred: CBS NEWS headlined: "Cigna Whistleblower to Testify." After Potter's testimony the industry scrambled to do damage control: "Insurers defend rescissions, take heat for lack of transparency." In his first extended television interview since leaving the health insurance industry, Wendell Potter tells Bill Moyers why he left his successful career as the head of Public Relations for CIGNA, one of the nation's largest insurers, and decided to speak out against the industry. Potter began his trip from health care spokesperson to reform advocate while back home in Tennessee. Potter attended a "health care expedition," a makeshift health clinic set up at a fairgrounds, and he tells Bill Moyers, "It was absolutely stunning. When I walked through the fairground gates, I saw hundreds of people lined up, in the rain. It was raining that day. Lined up, waiting to get care, in animal stalls. Animal stalls." Looking back over his long career, Potter sees an industry corrupted by Wall Street expectations and greed. According to Potter, insurers have every incentive to deny coverage — every dollar they don't pay out to a claim is a dollar they can add to their profits, and Wall Street investors demand they pay out less every year. Under these conditions, Potter says, "You don't think about individual people. You think about the numbers, and whether or not you're going to meet Wall Street's expectations."

Note: To educate yourself on this important issue, watch this revealing PBS Bill Moyers segment available here.

If companies don't ... focus on "internal equity" – how the highest paid executive's pay compares with that of everyone else in the organization – they risk losing their own staff's dedication and focus. Indeed, a bias to focus only on the external market in recent years has helped push executive compensation way out of whack. Because of the yawning gap between the leaders and the led, employee morale is suffering, talented performers' loyalty is evaporating, and strategy and execution is suffering at American companies. A smaller gap makes for greater solidarity, and as a result better performance, throughout the workplace. At Whole Foods, we've made adjustments to keep the external and internal equity perspectives in balance. We have a salary cap – the maximum allowable ratio of the highest cash compensation to average employee cash compensation. Today it's 19 to 1. The maximum cash compensation anyone can make at Whole Foods at about $650,000. Whole Foods has never lost to a competitor a top executive that we wanted to keep since the company began more than 30 years ago. The truth is that maximizing personal compensation is not the only motivation that people have in their work. We discover that once our basic material needs are satisfied, money becomes less important to us. In my experience, deeper purpose, personal growth, self-actualization, and caring relationships provide very powerful motivations and are more important than financial compensation for creating both loyalty and a high performing organization.

Note: This article was written by the CEO of Whole Foods, John Mackey. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.

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.