Corporate Corruption News Articles

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The stunning reality is that five years into the financial meltdown, it's business as usual on Wall Street - outlandish rewards for insiders with downside for almost everyone else. Occupy Wall Street protesters are right - something is wrong - but they're not sure what. Let's revisit the latest debacle - the implosion of yet another Wall Street darling, MF Global. The fallout of its bad bets on European bonds is hitting home hard, even in rural America, where many of its agricultural customers work. As the eighth-largest bankruptcy filing in U.S. history, MF Global represents just about everything that is wrong on Wall Street. 1. The cult of a Wall Street superstar. 2. Gambling disguised as investing. 3. The bail-me-out syndrome. 4. Enormous conflicts of interest. 5. Leverage on a grand scale. 6. Failure of regulators and the reform law. 7. Misappropriation of client funds. 8. Worthless rating agencies. 9. Golden parachutes soaring high. 10. Breakdown of morality. Wall Street will keep sucking huge sums out of our economy and putting 100 percent of us at risk unless the rules change. Most important, we must stop gambling and start investing again to build valuable companies. The next crisis will make 2008 look like a warm-up. Imagine how big the Occupy camps will be if that happens.

Note: For a treasure trove of reports from reliable sources which provide detailed information on all the problematic dimensions of Wall Street's operations described in the article above, click here.

No one could have known that when a Tunisian fruit vendor set himself on fire in a public square in a town barely on a map, he would spark protests that would bring down dictators in Tunisia, Egypt and Libya and rattle regimes in Syria, Yemen and Bahrain. Or that that spirit of dissent would spur Mexicans to rise up against the terror of drug cartels, Greeks to march against unaccountable leaders, Americans to occupy public spaces to protest income inequality, and Russians to marshal themselves against a corrupt autocracy. Protests have now occurred in countries whose populations total at least 3 billion people, and the word protest has appeared in newspapers and online exponentially more this past year than at any other time in history. Everywhere, it seems, people said they'd had enough. They dissented; they demanded; they did not despair, even when the answers came back in a cloud of tear gas or a hail of bullets. The root of the word democracy is demos, "the people," and the meaning of democracy is "the people rule." And they did, if not at the ballot box, then in the streets. Protest is in some ways the source code for democracy — and evidence of the lack of it. For steering the planet on a more democratic though sometimes more dangerous path for the 21st century, the Protester is TIME's 2011 Person of the Year.

Note: For a treasure trove of reports from major media sources that explain why protestors worldwide have been occupying their cities, click here.

Just after 6 a.m. on Dec. 5, under cover of darkness, nine Greenpeace activists cut through a fence at the Nogent-sur-Seine atomic plant 95 kilometers (59 miles) southeast of Paris and headed for a domed reactor building. They scaled the roof and unfurled a “Safe Nuclear Doesn’t Exist” banner before attracting the attention of security guards. Two remained at large for four hours. On the same day, two more campaigners breached the perimeter of the Cruas-Meysse plant on the Rhone, escaping detection for more than 14 hours while posting videos of their sit-in on the Internet. The security lapses ... come at a time when debate has intensified on France’s reliance on atomic power for three-quarters of its energy needs in the run-up to next year’s presidential elections. They also preempt next month’s release of the results of safety checks at France’s 58 reactors, commissioned in the aftermath of the Fukushima tragedy. Greenpeace said its activists exposed the biggest security lapse to date at the reactors that are operated by Electricite de France SA.

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

The European Commission adopted new rules Nov. 14 regarding X-ray, or backscatter, body scanners at all airports in Europe. A press release ordered members of the European Union to remove X-ray scanners from its airports to avoid risking “citizens’ health and safety.” The news [brings] into question the continued use of the very same X-ray scanners in U.S. airports. While the Transportation Security Administration also employs millimeter-wave scanners in U.S. airports, X-ray scanners are the ones that have received more criticism from public-safety advocates. While ... the amount of radiation exposure from X-ray machines is very low, several studies have shown that a small number of cancer cases could result from scanning millions of passengers every year. Some critics of the scanners say that any small amount of cancer is too much to tolerate. Although the TSA doesn’t show signs of budging on the use of X-ray scanners, Europe will instead use machines that rely on radio frequency waves, which have not been linked to cancer.

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

Yes, there are a wide array of complaints, demands, and goals from the Wall Street protesters: the collapsing environment, labor standards, housing policy, government corruption, ... and so on. Different people have been affected by different aspects of the same system -- and they believe they are symptoms of the same core problem. I witnessed [many cogent conversations] as I strolled by Occupy Wall Street's many teach-ins this morning. There were young people teaching one another about, among other things, how the economy works, ... the history of centralized interest-bearing currency, the creation and growth of the derivatives industry, and about the Obama administration deciding to settle with, rather than investigate and prosecute the investment banking industry for housing fraud. Anyone who says he has no idea what these folks are protesting is not being truthful. We all know that there are investment bankers working on Wall Street getting richer while things for most of the rest of us are getting tougher. Occupy Wall Street is meant more as a way of life that spreads through contagion, creates as many questions as it answers, aims to force a reconsideration of the way the nation does business and offers hope to those of us who previously felt alone in our belief that the current economic system is broken.

Note: For insights into the reasons why people have decided they must occupy their cities in protest of the predations of financial corporations, check out our extensive "Banking Bailout" news articles.

Tony Blair is godfather to one of Rupert Murdoch’s young children, it has emerged in an interview with the media tycoon’s wife Wendi. The former prime minister was reportedly present in March last year when Murdoch’s two daughters by his third wife were baptised on the banks of the Jordan. The information was not made public and its disclosure in an interview with Mrs Murdoch in Vogue will prove highly embarrassing for Mr Blair. His close ties to the Murdochs could explain his reluctance to condemn the News International phone hacking scandal. In July, it was reported that he asked Gordon Brown to put pressure on Tom Watson, the Labour MP who helped expose the scandal, to drop his investigation. Last night, Mr Blair’s spokesman refused to comment, but a News Corp source confirmed that Mr Blair was godfather to Grace, as was Lachlan Murdoch, Rupert Murdoch’s eldest son. While Mrs Murdoch does not comment on Mr Blair directly, the article states that Miss Kidman, Mr Jackman and Mr Blair are godparents. It claims that Mr Blair attended the Jordanian ceremony “garbed in white” and describes him as one of Mrs Murdoch’s “closest friends”. They have a mutual friend in Queen Rania of Jordan, who hosted the baptism. Both women were recently on the judging panel for a film prize organised by the Tony Blair Faith Foundation.

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

What if we stood up for Main Street? Corporations and elected officials are making decisions that are impacting our lives, and we are at their mercy. Americans, many [of] whose lives have been destroyed by the 2008 subprime mortgage market disaster, resent the lack of accountability on the part of Wall Street for its role in this scandal. Few have been indicted for the market collapse and resulting meltdown of the global economy. After the federal government bailed out the financial institutions, it is back to business as usual. Corporate profits are accumulating and bonuses are raining down on the very players who created the bubble and crash in the first place. On the other hand, the taxpayers who bailed out Wall Street aren't doing so well. Instead of bonuses, we are suffering from unemployment and underemployment of epic proportions. Homeowners continue to lose their homes to foreclosure, and homelessness is on the rise. Public services, public safety and public welfare funding is being cut back or cut out. Public education has been decimated. American corporations have lost all sense of responsibility for U.S. citizens. While the U.S. economy fights to survive, corporations have turned their backs on those whose tax dollars kept our ship of state from sinking. Sending jobs overseas might improve corporate profit margins, but at what expense to the workforce and U.S. economy? These decisions have devastated American workers' lives. So, what needs to be done? What if we begin to stand up for Main Street?

Note: For a treasure trove of reports detailing the criminal collusion between the federal government and Wall Street financial corporations, click here.

It's fraudulent for academics to give their names to medical articles ghostwritten by pharmaceutical industry writers, say two Canadian law professors who call for potential legal sanctions. Studies suggest that industry-driven drug trials and industry-sponsored publications are more likely to downplay a drug's harms and exaggerate a drug's virtues, said Trudo Lemmens, a law professor at the University of Toronto. The integrity of medical research is also harmed by ghostwritten articles, he said. Ghostwriting is part of marketing that can distort the evidence on a drug, Lemmens said. Industry authors are concealed to insert marketing messages and academic experts are recruited as "guest" authors to lend credibility despite not fulfilling criteria for authorship, such as participating in the design of the study, gathering data, analyzing the results and writing up of the findings. Lemmens and his colleague Prof. Simon Stern argue that legal remedies are needed for medical ghostwriting since medical journals, academic institutions and professional disciplinary bodies haven't succeeded in enforcing sanctions against the practice. Ghostwritten publications are used in court to support a manufacturer's arguments about a drug's safety and effectiveness, and academic experts who appear as witnesses for pharmaceutical and medical device companies also boost their credibility with the publications on their CV, Lemmens said.

Note: For a respected doctor's powerful analysis of fraud in the pharmaceutical industry, click here. For lots more from reliable sources on key health issues, click here.

Ending a six-year legal battle, the Army Corps of Engineers has agreed to pay nearly $1 million to a former top contracting official who charged that she was demoted after she objected to a $7 billion no-bid contract granted to a Halliburton subsidiary to repair oil fields in Iraq. In a settlement agreement signed this month and made final by a federal judge this week, the Army Corps of Engineers agreed to pay the former official, Bunnatine H. Greenhouse, $970,000 to cover lost wages, legal fees and compensatory damages, including for harm to her reputation and her mental health. The payment for damages is unusually large for a lawsuit by a federal employee. In early 2003, the Army, in secret and without competitive bidding, put KBR, then a subsidiary of Halliburton, in charge of restoring Iraqi oil production, in a contract potentially worth $7 billion over five years. Ms. Greenhouse, a career civil servant who was the chief contracts monitor at the Army Corps of Engineers at the time, objected that the contract was based on repair plans and cost estimates that KBR itself had been hired by the corps to prepare, and that the emergency conditions did not justify a multiyear no-bid contract. After internal clashes and threats of demotion, she went public with her concerns in 2004. Ms. Greenhouse was demoted from the Senior Executive Service and given a poor performance rating, prompting her to bring the lawsuit. As part of the settlement, Ms. Greenhouse, 67, formally retired this week with full benefits.

Note: The press has reported little on this most important case. For a much better description of all that went on and the intense corruption revealed, click here.

Scientists say they have bred a dog that glows under ultraviolet light when an antibiotic is added to its food. Scientists started cloning glow-in-the-dark puppies two years ago by inserting genes from other species that produce fluorescent proteins, such as jellyfish and coral. In the journal Genesis, researchers from Seoul National University report that they produced a dog that expresses the green fluorescent protein gene when it eats food containing a doxycycline antibiotic. When the drug is no longer added to the food, the glow-in-the-dark effect fades away. The technique could be used to help find cures for human diseases such as Alzheimer's and Parkinson's, South Korea's Yonhap news agency reported. The genetically modified female beagle, named Tegon, was born in 2009. Other methods can produce dogs that glow, but "the uncontrollable expression often results in unwanted outcomes," they said.

Note: Though this may have some beneficial applications, why doesn't the article raise any of the serious ethical considerations?

Months after Bank of America wrongly foreclosed on a house Warren and Maureen Nyerges had already paid for, they were still fighting to get reimbursed for the court battle. So on Friday, their attorney showed up at a branch office in Naples with a moving truck and sheriff's deputies who had a judge's permission to seize the furniture if necessary. An hour later, the bank had written a check for $5,772.88. "The branch manager was visibly shaken," attorney Todd Allen said Monday, recalling the visit to the bank last week. "At that point I was willing to take the desk and the chair he was sitting in." After the moving company and sheriff's deputies get their share, the Nyerges should receive the rest of the money this week, ending a bizarre saga that started when they paid Bank of America $165,000 cash for a 2,700-square-foot (250 meter) foreclosed home in Naples in 2009. About four months later, a process server knocked on their door and handed Warren Nyerges a notice of foreclosure. That started 18 months of frustrating phone calls, paperwork and court hearings. Whenever Nyerges called the bank, representatives told him to "come up to date" with his payments. When he called 25 different law firms, no attorney would take the case. When he went to court, the lawyers for the bank filed incorrect motions and were woefully unprepared for the hearings.

Note: For a great two-minute video on this most unusual happening, click here.

The World Bank has warned that rising food prices, driven partly by rising fuel costs, are pushing millions of people into extreme poverty. World food prices are 36% above levels of a year ago, driven by problems in the Middle East and North Africa, and remain volatile, the bank said. That has pushed 44 million people into poverty since last June. A further 10% rise would push 10m more below the extreme poverty line of $1.25 (76p) a day, the bank said. And it warned that a 30% cost hike in the price of staples could lead to 34 million more poor. The World Bank estimates there are about 1.2 billion people living on less than $1.25 a day. "More poor people are suffering and more people could become poor because of high and volatile food prices," said World Bank president Robert Zoellick. "We have to put food first and protect the poor and vulnerable, who spend most of their money on food." The World Bank says prices of basic commodities remain close to their 2008 peak, with the prices of wheat, maize and soya all rocketing.

Note: What this article fails to mention is that two top UK newspapers have exposed how much of the rise in food prices has been cause by speculation, especially that of big banks. To read these two excellent articles, click here and here. As prices continue to rise, remember the key role of speculators, whether it be food, oil, gold, or any other commodity.

It turns out that nuclear waste has more in common with the financial world than being a metaphor for the worst of its toxic assets. Nuclear waste — some of which remains disastrously radioactive for 100,000 years — turns out to be the ultimate tail risk. Tail risk, of course, is the statistical term much in vogue in the financial press for describing unlikely events. (The 'tail' in tail risk refers to the tail-shaped edges in the bell curve of a normal distribution.) These allegedly unlikely events are sometimes referred to as black swans. Black swans are occurring with such regularity in these volatile times that they can no longer be considered true statistical outliers. [Take] a look at these outlier events within the context of building nuclear waste containment vessels. Repository builders have to take into account a tail risk of future humans disturbing the site and not realising the danger facing themselves and their ecology. People might regress towards a pre-industrial state or lose language over a timescale like that. So you have to design a marker that scares people away, but doesn't flip them over into morbid curiosity towards exploring further and, potentially, dooming an entire civilisation with radioactive poisoning.

A Pentagon audit has found that the federal government overpaid a billionaire oilman by as much as $200 million on several military contracts worth nearly $2.7 billion. The audit by the Defense Departments inspector general ... estimated that the department paid the oilman $160 [million] to $204 million more for fuel than could be supported by price or cost analysis. The study also reported that the three contracts were awarded under conditions that effectively eliminated the other bidders. Harry Sargeant III, a well-connected Florida businessman and once-prominent Republican donor, first faced scrutiny over his defense work in October 2008, when he was accused in a congressional probe of using his close relationship with Jordans royal family to secure exclusive rights over supply routes to U.S. bases in western Iraq. Rep. Henry A. Waxman (D-Calif.), who led the probe, ... said in a statement Thursday that the report confirmed what we found in 2008: the International Oil Trading Company overcharged by hundreds of millions of dollars while the Bush administration looked the other way. Waxman called on Sargeant to repay the Pentagon.

Note: For many reports from reliable sources on government corruption, click here.

The horrible and heartbreaking events in Japan present a strange concatenation of disasters. Succumbing to the one-two punch of the earthquake and the tsunami, eleven of Japan’s 54 nuclear power reactors were shut down. Three of them have lost coolant to their cores and have experienced partial meltdowns. The same three have also suffered large explosions. The spent fuel in a fourth caught fire. Now a second filthy wave is beginning to roll — this one composed of radioactive elements in the atmosphere. They include unknown amounts of cesium-137 and iodine-131, which can only have originated in the melting cores or in nearby spent fuel rod pools. The Japanese government has evacuated some 200,000 people in the vicinity of the plants. The second shock was, of course, different from the first in at least one fundamental respect. The first was dealt by Mother Nature, who has thus reminded us of her sovereign power to nourish or punish our delicate planet, its axis now tipping ever so slightly in a new direction. No finger of blame can be pointed at any perpetrator. The second shock, on the other hand, is the product of humankind, and involves human responsibility. Until the human species stepped in, there was no appreciable release of atomic energy from nuclear fission or fusion on earth.

Note: For an excellent list of experiments in which humans, either individually or collectively as a species, are being used as guinea pigs in most unethical and dangerous ways, click here.

The American who shot dead two men in Lahore, triggering a diplomatic crisis between Pakistan and the US, is a CIA agent who was on assignment at the time. Raymond Davis has been the subject of widespread speculation since he opened fire with a semi-automatic Glock pistol on the two men who had pulled up in front of his car at a red light on 25 January. Pakistani authorities charged him with murder, but the Obama administration has insisted he is an "administrative and technical official" attached to its Lahore consulate and has diplomatic immunity. Based on interviews in the US and Pakistan, the Guardian can confirm that the 36-year-old former special forces soldier is employed by the CIA. "It's beyond a shadow of a doubt," said a senior Pakistani intelligence official. Washington's case is hobbled by its resounding silence on Davis's role. He served in the US special forces for 10 years before leaving in 2003 to become a security contractor. A senior Pakistani official said he believed Davis had worked with Xe, the firm formerly known as Blackwater. Pakistani suspicions about Davis's role were stoked by the equipment police confiscated from his car: an unlicensed pistol, a long-range radio, a GPS device, an infrared torch and a camera with pictures of buildings around Lahore.

Note: For further details on Raymond Davis' work for the CIA and Blackwater Corp., click here. Discussing the two Pakistanis killed by Davis, an ABC News blog states, "Pakistani government officials have told ABC News that the two were working for that country's intelligence agency, Inter-Service Intelligence, and were also conducting surveillance." Click here for that article.

Charles Ferguson's film Inside Job ... explains why so little has been done to reform the financial world or bring criminal prosecutions against the main protagonists [of the financial crash that began in 2008]. His villainous lineup includes bankers, politicians (many of whom were previously bankers), regulators, the credit ratings agencies and academics. In Inside Job, the name that keeps cropping up is Larry Summers, a friend of President Bill Clinton and more recently Barack Obama. Summers exemplifies the links between cheerleaders in academia, Wall Street, supine regulators and an ignorant Capitol Hill that Ferguson stresses were at the root of the problem. Still, no matter how much it is explained, the general public is not going to understand. How does one go into battle yelling slogans about credit default swaps? The bankers know ignorance is their trump card. Maybe Inside Job will make us more savvy in time for the next crash.

Note: For a treasure trove of reports from reliable souces on the criminality of the major financial firms, regulatory agencies and politicians which led to the global financial crisis and Greater Depression, click here.

Federal authorities indicted and arrested more than 100 doctors, nurses and health care executives nationwide [on February 17] in what officials said was the biggest crackdown ever in a single day in connection with Medicare fraud. The arrests occurred in nine cities. Thirty-two defendants including two doctors and eight nurses were charged in Miami with various fraud schemes. Another 21 defendants were charged in Detroit, along with 11 in Chicago; 10 in Brooklyn, New York; 10 in Tampa, Florida; nine in Houston; seven in Dallas; six in Baton Rouge, Louisiana; and five in Los Angeles. Officials from the Justice Department and the Department of Health and Human Services said the cost of enforcing health care fraud laws is proving to be a good financial investment. Last year, federal agencies recovered a record $4 billion from fraudsters. "From 2008 to 2010, every dollar the federal government spent under its health care fraud and abuse control programs averaged a return on investment (of) $6.80," Health and Human Services Secretary Kathleen Sebelius said.

Note: For powerful information from a top MD exposing how many in the health care industry put profits above public health and put us all at risk, click here.

Take a book of just 13 pages, written by a relatively obscure 93-year-old man, which contains no sex, no jokes, no fine writing and no startlingly original message. A publishing disaster? No, a publishing phenomenon. Indignez vous! (Cry out!), a slim pamphlet by a wartime French resistance hero, Stéphane Hessel, is smashing all publishing records in France. The book urges the French, and everyone else, to recapture the wartime spirit of resistance to the Nazis by rejecting the "insolent, selfish" power of money and markets and by defending the social "values of modern democracy". The book, which costs €3, has sold 600,000 copies in three months and another 200,000 have just been printed. Its original print run was 8,000. In the run-up to Christmas, Mr Hessel's call for a "peaceful insurrection" not only topped the French bestsellers list, it sold eight times more copies than the second most popular book. Mr Hessel, who survived Nazi concentration camps to become a French diplomat, said he was "profoundly touched" by the success of his book. Just as he "cried out" against Nazism in the 1940s, he said, young people today should "cry out against the complicity between politicians and economic and financial powers" and "defend our democratic rights acquired over two centuries".

Note: For lots more from major media sources on the "complicity between politicians and economic and financial powers", click here.

The world's biggest pharmaceutical company hired investigators to unearth evidence of corruption against the Nigerian attorney general in order to persuade him to drop legal action over a controversial drug trial involving children with meningitis, according to a leaked US embassy cable. Pfizer was sued by the Nigerian state and federal authorities, who claimed that children were harmed by a new antibiotic, Trovan, during the trial, which took place in the middle of a meningitis epidemic of unprecedented scale in Kano in the north of Nigeria in 1996. But the cable suggests that the US drug giant did not want to pay out to settle the two cases – one civil and one criminal – brought by the Nigerian federal government. The cable reports a meeting between Pfizer's country manager, Enrico Liggeri, and US officials at the Abuja embassy on 9 April 2009. It states: "According to Liggeri, Pfizer had hired investigators to uncover corruption links to federal attorney general Michael Aondoakaa to expose him and put pressure on him to drop the federal cases. He said Pfizer's investigators were passing this information to local media." The cable ... continues: "A series of damaging articles detailing Aondoakaa's 'alleged' corruption ties were published in February and March. Liggeri contended that Pfizer had much more damaging information on Aondoakaa and that Aondoakaa's cronies were pressuring him to drop the suit for fear of further negative articles."

Note: For more on this revealing case, see the New York Times article available 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.