Corporate Corruption News Articles

Excerpts of key news articles on

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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.

A number of major Bay Area companies were up for what were described as the "Oscars of the investment-relations industry." Sponsored by the trade publication IR Magazine, the event featured a notable award for "best crisis management," and San Ramon's Chevron Corp. was nominated for its handling of the Aug. 6 explosions and fire at the company's refinery in Richmond. Chevron's performance, one might recall, didn't play so well locally, having so far earned $1 million in fines and citations alleging "willful serious" health and safety violations, and the company's own admission last month "that we failed to live up to our own expectations in this incident." Perhaps it was just as well that Chevron, which was not at the event, didn't make it to the winner's circle ... at the palatial Cipriani Club 55 in New York. Few of the thousands of Richmond and other East Bay residents choking their way through black smoke to local hospitals last August would likely have appreciated it. The winner, announced with the opening of an envelope, might have seemed even less likely to the general public: JPMorgan Chase for its management of the $6.2 billion trading loss involving what was known as the "London whale" last year.

Note: For deeply revealing reports from reliable major media sources on corporate corruption, click here.

Lazy people on social services, a spree of borrowed money. That's how the Greek people are being portrayed. But like Wall Street, the streets of Athens are like a crime scene. The Greek people [are] victims of a fraud and cover-up. Greg Palast is a renowned investigative reporter and author of the new book Vultures' Picnic: In Pursuit of Petroleum Pigs, Power Pirates, and High-Finance Carnivores. Greg, how is it that a bank can lend money to a country that has an economy smaller than Dallas, at a level that is this big? Palast: Greece is a crime scene. Goldman Sachs, beginning in 2001 [or] 2002 ... cut a deal to secretly take euros out of the Greek treasury, convert them to yen, convert them back to euros. This is through some fancy derivative action. Goldman takes a multi-billion dollar loss. The Greek government gets a gain. There's no deficit in the Greek treasury. It's only 3%. The Greek economy looks good. Goldman doesn't take billions of dollars in losses. It's a fraud. They've cut a secret deal to get that money back and then some. Goldman charged about $300, $400 million to pull off this scam.

Note: For lots more from reliable sources on the chicaneries of central banks and financial corporations, click here. For other powerful reporting by journalist Greg Palast, click here.

The gold price has risen above $1,500 an ounce for the first time after concerns about global economic recovery lifted the metal's appeal as a haven. In Hong Kong trade, gold hit a record $1,500.70 an ounce, which traders said was mainly due to Standard & Poor's downgrade of its outlook on US debt. Silver also touched a 31-year high of $44.34 an ounce. But analysts were divided about whether the price could go higher and are waiting to see if trading in Europe and the US continues the momentum seen in Asia. Some market watchers see gold consolidating at its current level as it waits for the next reason to push higher. Silver continued to soar, rising to a 31-year high for the fifth consecutive session. Not only is silver increasingly seen as a haven, but there is also rising demand for industrial consumption.

Note: Gold is one of the most highly manipulated of all commodities. As a glaring example, when gold first broke the $1,000 mark in Feb. 2009, just over two years before this article was published, almost no media reported on this major news. In 2004, gold was around $400 an ounce and has been soaring ever since. For reliable charts showing this, see the bottom of the webpage at this link. Key individuals with inside information on precious metal manipulations, like whistleblower Catherine Austin Fitts (Assistant Secretary of Housing and Urban Development under George H. W. Bush), have been predicting this rise for years.

"The facts in the report speak for themselves, but the principles it describes could apply to funds throughout the United States and overseas." That's attorney Philip Khinda, talking about the 75-page report he delivered last week to the California Public Employees' Retirement System on dealings involving former senior executives and board members with so-called placement agents, and how the latter got tens of millions of dollars in questionable fees for their services. The report is the culmination of a 17-month investigation headed by Khinda, a partner at the Washington law firm Steptoe & Johnson, which was hired by CalPERS for the job. Citing the $800 million a year CalPERS was paying out in fees, the report concludes that "the excessive nature created an environment in which external managers were willing and able to pay fees at a level that bore little or no relationship to the services apparently provided by the placement agents ... Many of the abuses relating to placement agent arrangements were, in a sense, a symptom of a larger problem." That larger problem applies, in part, to funds throughout the United States and overseas, ranging from other public pension funds to sovereign wealth funds investing in the United States. With the amount of money at stake, the fat fees involved, and the various middlemen looking for a piece, events similar to what transpired at CalPERS could just as easily appear elsewhere.

Note: For a treasure trove of reports by major media sources on the collusion between government and financial corporations against the public interest, click here.

The New York Times reports that the New York Stock Exchange is in "talks on a merger with the operator of the Frankfurt Stock Exchange." The exchange faces pressure from electronic upstarts that are taking business from it, reports the Times. The paper says a deal would create the world's largest financial market. The Times reports that the merger ... is an example of technology and globalization changing the world marketplace.

Note: A Los Angeles Times blog on this news states, "the potential deal is the next step in the evolution of stock exchanges from nonprofit entities owned by their members to fast-moving companies with publicly traded stocks." Yet none of these reports discusses the huge significance of this potential deal.

Julian Assange, the WikiLeaks founder, today pledged to make public the confidential tax details of 2,000 wealthy and prominent individuals, after being passed the data by a Swiss banker who claims the information potentially reveals instances of money-laundering and large-scale illegal tax evasion. Rudolf Elmer, formerly a senior executive at the Swiss bank Julius Baer, based in the Cayman islands, said he was handing the data to WikiLeaks as part of an attempt "to educate society" about the amount of potential tax revenues lost thanks to offshore schemes and money-laundering. "As [a] banker, I have the right to stand up if something is wrong," he said. "I am against the system. I know how the system works and I know the day-to-day business. I want to let society know how this system works because it's damaging our society," he said. Elmer will appear in a Swiss court on Wednesday charged with breaking Swiss banking secrecy laws, forging documents and sending threatening messages to two officials at his former employer. He denies the charges. Assange ... said he would pass the information to the Serious Fraud Office(SFO), examine it to ensure sources were protected, and then release it on the WikiLeaks site, potentially within "a couple of weeks".

Note: For lots more from reliable sources on how the rich cheat the rest with help from lax regulations, click here.

Our federal and state governments have dragged their feet in addressing the risks of BPA exposure - due mainly to relentless lobbying by the chemical industry. The chemical industry has used every weapon at its disposal - including lawsuits, in the case of San Francisco - to keep BPA on the shelves and in our bodies. So the Food and Drug Administration deserves mild applause for reversing its position on BPA, calling it a "concern" and offering ways in which the public can reduce its exposure to the chemical. It would have been far better for the FDA to ban the chemical, or at least require manufacturers to label products that contain it. Instead, it offered the familiar "more study is needed" defense and said that it doesn't have enough data to support a legal crackdown.

Note: The Department of Health and Human Services has released a list of ways to reduce your exposure. It can be found at www.hhs.gov/safety/bpa.

Irving Kristol, the political writer and publisher known as the godfather of neo-conservatism,... died Friday. He was 89. A Trotskyist in the 1930s, Kristol would soon sour on socialism, break from liberalism after the rise of the New Left in the 1960s and in the 1970s commit the unthinkable — support the Republican Party, once as "foreign to me as attending a Catholic mass." He was a flagship in the network of think tanks, media outlets and corporations that helped make conservatism a reigning ideology for at least two decades. Former Vice President Dick Cheney was a longtime admirer and former President George W. Bush, whose administration was heavily populated by neo-conservatives, awarded Kristol a Presidential Medal of Freedom in 2002. Kristol himself would regard neo-conservatism as a job well done. But the Iraq War and the poor economy badly damaged the right's unity and credibility over the past few years. "If there is any one thing that neo-conservatives are unanimous about, it is their dislike of the counterculture," Kristol once said. With funding from Joseph Coors, Richard Mellon Scaife and others, the right created such think tanks as the Heritage Foundation and the Center for Strategic and International Studies. Kristol himself was a fellow at a key think tank, the American Enterprise Institute. Kristol also taught at New York University, worked for several years as a senior editor at the Basic Books publishing house and in the 1950s headed the anti-communist magazine Encounter, which turned out to have been funded — without Kristol's knowledge, he said — by the CIA.

Note: To learn how Kristol became a top manager in spreading fear to support the political elite, watch the powerful BBC documentary "The Power of Nightmares" at this link. This revealing film show how much of the fear spread by the media is consciously fabricated by people like Kristol and his colleagues.

Health and life insurance companies have access to a powerful new tool for evaluating whether to cover individual consumers: a health "credit report" drawn from databases containing prescription drug records on more than 200 million Americans. Collecting and analyzing personal health information in commercial databases is a fledgling industry, but one poised to take off as the nation enters the age of electronic medical records. Some insurers have already begun testing systems that tap into not only prescription drug information, but also data about patients held by clinical and pathological laboratories. Privacy and consumer advocates fear [the trend] it is taking place largely outside the scrutiny of federal health regulators and lawmakers. The practice also illustrates how electronic data gathered for one purpose can be used and marketed for another -- often without consumers' knowledge, privacy advocates say. And they argue that although consumers sign consent forms, they effectively have to authorize the data release if they want insurance. "As health care moves into the digital age, there are more and more companies holding vast amounts of patients' health information," said Joy Pritts, research professor at Georgetown University's Health Policy Institute. "Most people don't even know these [companies] exist. Unfortunately the federal health privacy rule does not cover many of them." Tim Sparapani, senior legislative counsel at the American Civil Liberties Union, said, "We've got to stop these practices before the marketplace is fully developed and patients lose all control over their medical information."

Note: For lots more on increasing threats to privacy from reliable sources, click here.

Heather Meek leafs through the seed catalogue she wrote on the family computer, on winter nights after the kids went to bed. Selling seeds is more than just an extra source of income on [her] organic farm an hour northwest of Montreal. For Meek and partner Frederic Sauriol, propagating local varieties is part of a David and Goliath struggle by small farmers against big seed companies. At stake, they believe, is no less than control of the world's food supply. Since the dawn of civilization, farmers have saved seeds from the harvest and replanted them the following year. But makers of genetically modified (GM) seeds -- introduced in 1996 -- have been putting a stop to that practice. The 12 million farmers worldwide who will plant GM seeds this year sign contracts agreeing not to save or replant seeds. That means they must buy new seeds every year. Critics charge such contracts confer almost unlimited power over farmers' lives to multinational companies whose priority is profit. They say GM seeds are sowing a humanitarian and ecological disaster. Worldwide, GM crops have grown 67-fold in 12 years, now covering 690.9 million hectares in 23 countries. Alexander Muller, assistant director of [the] Food and Agriculture Organization, warned that loss of agricultural biodiversity threatens the world's ability to survive climate change. "The erosion of biodiversity for food and agriculture severely compromises global food security," [he said]. Muller's words resonate with farmers Meek and Sauriol, whose four daughters help with the painstaking work of cleaning seeds over the winter. "Growing seed is a big job," says Meek. "But if you don't grow your seed, you lose your power."

Note: For a powerful overview of the risks of genetically modified organisms, click here.

Intelligence centers run by states across the country have access to personal information about millions of Americans, including unlisted cellphone numbers, insurance claims, driver's license photographs and credit reports, according to a document obtained by The Washington Post. One center also has access to top-secret data systems at the CIA, the document shows, though it's not clear what information those systems contain. Dozens of the organizations known as fusion centers were created after the Sept. 11, 2001, terrorist attacks. The centers use law enforcement analysts and sophisticated computer systems to compile, or fuse, disparate tips and clues and pass along the refined information to other agencies. Though officials have publicly discussed the fusion centers' importance to national security, they have generally declined to elaborate on the centers' activities. But a document that lists resources used by the fusion centers shows how a dozen of the organizations in the northeastern United States rely far more on access to commercial and government databases than had previously been disclosed. The list of information resources was part of a survey conducted last year, officials familiar with the effort said. It shows that, like most police agencies, the fusion centers have subscriptions to private information-broker services that keep records about Americans' locations, financial holdings, associates, relatives, firearms licenses and the like. "Fusion centers have grown, really, off the radar screen of public accountability," said Jim Dempsey, vice president for public policy at the Center for Democracy and Technology, a nonpartisan watchdog group in the District. "Congress and the state legislatures need to get a handle over what is going on at all these fusion centers."

Note: For further disturbing reports on threats to privacy, click here.

Hillary Rodham Clinton and Barack Obama, who are running for president as economic populists, are benefiting handsomely from Wall Street donations, easily surpassing Republican John McCain in campaign contributions from the troubled financial services sector. It is part of a broader fundraising shift toward Democrats, compared to past campaigns when Republicans were the favorites of Wall Street. The flow of campaign cash is a measure of how open-fisted banks and other financial institutions have been to politicians of both parties. Concern is rising that "no matter who the Democratic nominee is and who wins in November, Wall Street will have a friend in the White House," said Massie Ritsch of the nonprofit Center for Responsive Politics, which tracks campaign donations. "The door will be open to these big banks." Sen. Clinton of New York is leading the way, bringing in at least $6.29 million from the securities and investment industry, compared with $6.03 million for Sen. Obama of Illinois and $2.59 million for McCain. Those figures include donations from the investment companies' employees and political action committees. The candidates' receipts reflect a broader trend that demonstrates how money follows power in Washington. It suggests that the nation's money managers are betting heavily that either Clinton or Obama will capture the White House and that Democrats will retain control of Congress. "What that Wall Street money means is that few people in Washington, including the leading presidential candidates, say a thing when the government moves to bail out Wall Street before it helps homeowners," said David Sirota, a liberal activist and former congressional aide.

Note: For more insight into the relationship between big finance and big government, click here.

Several thousand law enforcement agencies are creating the foundation of a domestic intelligence system through computer networks that analyze vast amounts of police information. As federal authorities struggled to meet information-sharing mandates after the Sept. 11, 2001 terrorist attacks, police agencies from Alaska and California to the Washington region poured millions of ... records into shared digital repositories called data warehouses, giving investigators and analysts new power to discern links among people, patterns of behavior and other hidden clues. Those network efforts will begin expanding further this month, as some local and state agencies connect to a fledgling Justice Department system called the National Data Exchange, or N-DEx. The expanding police systems illustrate the prominent roles that private companies play in homeland security and counterterrorism efforts. They also underscore how the use of new data -- and data surveillance -- is evolving faster than the public's understanding or the laws intended to check government power and protect civil liberties. Three decades ago, Congress imposed limits on domestic intelligence activity after revelations that the FBI, Army, local police and others had misused their authority for years to build troves of personal dossiers and monitor political activists and other law-abiding Americans. Since those reforms, police and federal authorities have observed a wall between law enforcement information-gathering, relating to crimes and prosecutions, and more open-ended intelligence that relates to national security and [politics]. That wall is fast eroding following the passage of laws expanding surveillance authorities, the push for information-sharing networks, and the expectation that local and state police will play larger roles.

Note: For many revealing reports from reliable sources of serious threats to civil liberties, click here.

Two new questions arise, courtesy of the latest advancement in cellphone technology: Do you want your friends, family, or colleagues to know where you are at any given time? And do you want to know where they are? Obvious benefits come to mind. Parents can take advantage of the Global Positioning System chips embedded in many cellphones to track the whereabouts of their phone-toting children. And for teenagers and 20-somethings, who are fond of sharing their comings and goings on the Internet, youth-oriented services like Loopt and Buddy Beacon are a natural next step. But ... if G.P.S. [makes] it harder to get lost, new cellphone services are now making it harder to hide. “There are massive changes going on in society, particularly among young people who feel comfortable sharing information in a digital society,” said Kevin Bankston, a staff lawyer at the Electronic Frontier Foundation. “We seem to be getting into a period where people are closely watching each other,” he said. “There are privacy risks we haven’t begun to grapple with.” What if a boss asks an employee to use the service? Almost 55 percent of all mobile phones sold today in the United States have the technology that makes such friend- and family-tracking services possible. Consumers can turn off their service, making them invisible to people in their social-mapping network. Still, the G.P.S. service embedded in the phone means that your whereabouts are not a complete mystery. “There is a Big Brother component,” said Charles S. Golvin, a wireless analyst. “The thinking goes that if my friends can find me, the telephone company knows my location all the time, too.”

Note: For revealing major media reports of privacy risks and invasions, click here.

Allies of the U.S. auto industry stepped up a campaign yesterday to soften strict vehicle fuel-efficiency mandates in proposed energy legislation before the Senate, even as momentum for the tougher measures continued to build. Auto lobbyists said they were encountering stiff resistance on Capitol Hill. They said they felt like the industry was being punished for what one called the "sins of the past" -- successfully beating back attempts to make major changes to the nation's vehicle mileage laws. Yesterday, Sen. Dianne Feinstein (D-Calif.) defended the current bill, arguing that it would provide flexibility for automakers. "There are all kinds of dire warnings," Feinstein said. "The fact of matter is that Detroit has done nothing about mileage efficiency for the past 20 years, and the time has come."

Note: It is also worth noting that Congress itself has done nothing to mandate higher fuel efficiency in cars over the last twenty years. For a highly revealing article showing that while other industries have had many major breakthroughs and huge technological advances over the decades, automobile makers for some strange reason have been unable to improve car mileage since the days of the Model T, click here.

The country’s three largest oil and gas companies are expected to report combined first-quarter profits this week in excess of $16 billion, a 19 percent surge from last year. Elected officials are scrambling for ways to assuage angry consumers and businesses. President Bush on Tuesday gave the Environmental Protection Agency the authority to temporarily waive regional clean-fuel regulations to promote greater gasoline-supply flexibility, but members of Congress have other ideas. Some are renewing calls for a windfall profits tax and some want federal regulators to investigate industry consolidation. Still others are threatening hearings and expressing outrage at how the industry invests cautiously in new refining capacity yet rewards its executives lavishly. The combined earnings expected from ConocoPhillips, Exxon Mobil Corp. and Chevron Corp. will be 14 times greater than the combined first-quarter profits of Google Inc., Apple Computer Inc. and Oracle Corp. Analysts say full-year profits for the oil majors are likely to surpass the record-setting earnings of 2005, when Exxon reported a $36.13 billion profit -- the highest ever for a U.S. company.

A public already groaning under huge deficits does not need more red ink. An oil industry already rolling in record profits does not need more tax breaks. But both are sure to happen unless some way can be found to claw back from a decade's worth of Congressional and administrative blunders, aggressive lobbying and industry greed. According to a detailed account in Monday's Times...oil companies stand to gain a minimum of $7 billion and as much as $28 billion over the next five years under an obscure provision in last year's giant energy bill that allows companies to avoid paying royalties on oil and gas produced in the Gulf of Mexico. The provision received almost no Congressional debate, in part because Congress was lazy and in part because the provision was misleadingly advertised as cost-free. A court decision in 2003 effectively doubled the amount of oil and gas exempted from royalties. Then the Bush administration offered special exemptions for "deep gas" producers, drilling more than 15,000 feet below the sea bottom. Then came the 2005 energy bill, which essentially locked in the old incentives for five more years.

A worldwide economic boom has yielded a record number of dollar billionaires in the past year, according to Forbes. Their number rose by 15%. Microsoft's Bill Gates tops the list for the 12th year running, with a net worth of $50bn (Ł29bn). The combined net worth of the 793 is $2.6 trillion and US billionaires account for just under half the amount. The figures were conservative estimates for different reasons. While New York has the highest number of resident billionaires with 40, Moscow is second with 25, and London comes third with 23. Steve Forbes, Forbes' chief executive and editor-in-chief, attributed the global rise in the number of billionaires to an economic boom.

Note: Yet a recent New York Times article shows that the income of 90% of citizens is basically stagnant or even decreasing. See http://www.WantToKnow.info/060306newsarticles#1

KBR [Kellogg, Brown, and Root] announced today that the Department of Homeland Security's (DHS) U.S. Immigration and Customs Enforcement (ICE) component has awarded KBR an Indefinite Delivery/Indefinite Quantity (IDIQ) contingency contract to support ICE facilities in the event of an emergency. KBR is the engineering and construction subsidiary of Halliburton. The competitively awarded contract [has] a maximum total value of $385 million over a five-year term. The contract, which is effective immediately, provides for establishing temporary detention and processing capabilities...in the event of an emergency influx of immigrants into the U.S., or to support the rapid development of new programs. The contract may also provide migrant detention support to other U.S. Government organizations in the event of an immigration emergency, as well as the development of a plan to react to a national emergency, such as a natural disaster.

Note: $385 million more is channeled to Vice President Dick Cheney's Halliburton to build more prisons to possibly support the rapid development of new programs. What might those new programs be?

Within the next few weeks, President Bush is expected to release his administration's new national space policy. There have been a series of reports since 2001 that essentially advocate deploying space weapons. The Commission to Assess United States National Security Space Management and Organization, initially chaired by Donald Rumsfeld, argued that the United States must take steps to avoid a "space Pearl Harbor." The Rumsfeld report said there is no current bar to "placing or using weapons in space, applying force from space to Earth, or conducting military operations in and through space." Not so coincidentally, seven of the 13 members of the Rumsfeld space commission had ties to aerospace companies that could stand to gain from the launching of a major space weapons program. There are also plans afoot to develop Hypervelocity Rod Bundles, frequently called "Rods from God," designed to drop from space and hit targets on Earth.

Note: Why aren't other major newspapers reporting this critical news?

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.