Corporate Corruption News Articles

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Most companies in the Standard & Poor’s 500-stock index pay their CEOs annual bonuses that are conditional on meeting specific goals. Yet companies often find ways to lower or reset the performance benchmarks to ensure that their CEOs get at least a portion of their bonus. The practice, which has become more frequent since the 2007 economic downturn, risks turning bonus plans into a “meaningless exercise,” says Carol Bowie, head of Americas research at ISS Governance. Bonus plans are “not simply a mechanism to deliver pay,” she says, “but they should be designed to focus executives on the kinds of operational metrics that are going to deliver value.” Companies often justify moving the goal posts as a way to protect executives from events out of their control—bad luck, such as a hurricane or rising fuel costs. Yet CEOs also benefit financially when good luck strikes. Departing from a bonus plan “only works if a board is willing to use it on the upside and the downside,” says Blair Jones of Semler Brossy Consulting Group. “If it’s only used for the downside, it calls into question the process.” Several studies of U.S. CEO pay have confirmed the lopsided practice. One study, from researchers at Claremont Graduate University and Washington University in St. Louis, found that executives lost far less pay for bad luck than they gained for good luck.

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

Former President Jimmy Carter issued a blistering indictment of the U.S. electoral process ..., saying it is shot through with "financial corruption" that threatens American democracy. Carter said "we have one of the worst election processes in the world right in the United States of America, and it's almost entirely because of the excessive influx of money." The 39th president lamented a recent U.S. Supreme Court decision that allows unlimited contributions to third-party groups that don't have to disclose their donors. The dynamic is fed, Carter said, by an income tax code that exacerbates the gap between the wealthiest Americans and the rest of the electorate, allowing the rich even greater influence over public discourse and electioneering. He added that he hopes the "Supreme Court will reverse that stupid ruling," referring to the case known as Citizens United. He said the United States should return to publicly financed elections for president. The system technically is still in place, but it is voluntary and both President Barack Obama and Republican challenger Mitt Romney have chosen to bypass the taxpayer money because they can amass far more on their own. "You know how much I raised to run against Gerald Ford? Zero," Carter said, referring to his 1976 general election opponent. "You know how much I raised to run against Ronald Reagan? Zero. You know how much will be raised this year by all presidential, Senate and House campaigns? $6 billion. That's 6,000 millions."

Note: For deeply revealing reports from reliable major media sources on our dysfunctional electoral system, click here.

Authorities granted protesters a four-month extension to continue occupying Freedom Plaza in D.C.. A deadline for protesters with the October 2011/Stop the Machine demonstration to pack up and leave Freedom Plaza came and went Monday afternoon. The protesters were given until 2 p.m. to break down their stage and other equipment after their original four-day permit expired Sunday. While the protesters cleaned the space and took down the stage where they led rallies, made speeches and played music, they didn't leave. At about 2 p.m. Monday, Park Police went to Freedom Plaza and requested a private meeting with protest organizers. They met at National Park Service headquarters about 4 pm. Before leaving Freedom Plaza, the organizers told the crowd they'd stay until they're ready to leave. The organizers returned to a round of applause when they told demonstrators that authorities offered the four-month extension. Park Police realized it was not in their best interests to shut the demonstrators down or make arrests, organizers said, and asked if demonstrators needed to be arrested to make their point. The organizers replied that they don’t need to be arrested over a permit issue and want their issues addressed.

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.

The world is much closer to running out of oil than official estimates admit, according to a whistleblower at the International Energy Agency who claims it has been deliberately underplaying a looming shortage for fear of triggering panic buying. The allegations raise serious questions about the accuracy of the organisation's latest World Energy Outlook on oil demand and supply. In particular they question the prediction in the last World Economic Outlook ... repeated again this year, that oil production can be raised from its current level of 83m barrels a day to 105m barrels. External critics have frequently argued that this cannot be substantiated by firm evidence. "The IEA in 2005 was predicting oil supplies could rise as high as 120m barrels a day by 2030 although it was forced to reduce this gradually to 116m and then 105m last year," said the IEA source, who was unwilling to be identified for fear of reprisals inside the industry. "Many inside the organisation believe that maintaining oil supplies at even 90m to 95m barrels a day would be impossible but there are fears that panic could spread on the financial markets if the figures were brought down further." A second senior IEA source ... said a key rule at the organisation was that it was "imperative not to anger the Americans" but the fact was that there was not as much oil in the world as had been [claimed].

Several Internet and broadband companies have acknowledged using targeted-advertising technology without explicitly informing customers, according to letters released yesterday by the House Energy and Commerce Committee. The revelations came in response to a bipartisan inquiry of how more than 30 Internet companies might have gathered data to target customers. Some privacy advocates and lawmakers said the disclosures help build a case for an overarching online-privacy law. "Increasingly, there are no limits technologically as to what a company can do in terms of collecting information . . . and then selling it as a commodity to other providers," said committee member Edward J. Markey (D-Mass.). "Our responsibility is to make sure that we create a law that, regardless of the technology, includes a set of legal guarantees that consumers have with respect to their information." Markey said he and his colleagues plan to introduce legislation next year, a sort of online-privacy Bill of Rights, that would require that consumers must opt in to the tracking of their online behavior and the collection and sharing of their personal data. Ari Schwartz, vice president of the Center for Democracy and Technology, said lawmakers are beginning to understand the convergence across platforms. "People are starting to see: 'Oh, we have these different industries that are collecting the same types of information to profile individuals and the devices they use on the network," he said. "Internet. Cellphones. Cable. Any way you tap into the network, concerns are raised."

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

Scientists at a California company reported yesterday that they had created the first mature cloned human embryos from single skin cells taken from adults, a significant advance toward the goal of growing personalized stem cells for patients suffering from various diseases. Creation of the embryos -- grown from cells taken from the company's chief executive and one of its investors -- also offered sobering evidence that few, if any, technical barriers may remain to the creation of cloned babies. The study leader, who is also the medical director of a fertility clinic ... emphasized that he has no interest in cloning people. "It's unethical and it's illegal, and we hope no one else does it either," said Samuel H. Wood, chief executive of Stemagen in La Jolla, whose skin cells were cloned and who led the study. The closely held company hopes to make embryos that are clones, or genetic twins, of patients, then harvest stem cells from those embryos and grow them into replacement tissues. Opponents of research on human embryos lashed out at the approach. "This study seems to confirm that human cloning ... is technically possible," said Richard Doerflinger of the U.S. Conference of Catholic Bishops. "It does not answer the ethical or social questions about the mass-production of developing human lives in order to destroy them. It only tells us that these questions are more urgent than ever." Other critics noted that scientists in Japan and Wisconsin recently discovered a way to "reprogram" stem cells directly from skin cells, without having to make embryos as a middle step. "In light of the recent cell reprogramming developments, cloning-based stem cell research is less justified than ever," said Marcy Darnovsky of the Center for Genetics and Society.

They were smart, scrappy brothers who rose from modest circumstances in Baltimore to become lacrosse stars at Princeton, succeed in business and land big government jobs. Now the Krongard brothers — who have carried childhood nicknames, Buzzy and Cookie, through long careers — are tied up in the tangled story of Blackwater, the security contractor accused in the deaths of at least 17 Iraqis while guarding a State Department convoy in Baghdad. The shorthand version boils their involvement down to that Washington catchall conflict of interest. The full story appears more complicated. Alvin [Buzzy] Krongard, 71, ... left a $4 million-a-year job in investment banking to serve in top posts at the Central Intelligence Agency from 1998 to 2004. Buzzy Krongard spoke [to the New York Times] in his 15,000-square-foot Georgian mansion, Torch Hill, north of Baltimore. After rising to the helm of Alex. Brown & Sons, the venerable Baltimore investment banking firm, Buzzy Krongard oversaw its acquisition by Bankers Trust in 1997 and left the next year for the C.I.A., as a counselor to George J. Tenet, then the director of central intelligence. He became executive director, the No. 3 post, in 2001 and helped design the agency’s secret detention program after the Sept. 11 attacks. Buzzy Krongard vigorously defends Blackwater’s record in Iraq. “It’s very easy to second-guess them when you’re sitting back in an air-conditioned office,” he said.

Note: Buzzy Krongard took quite a cut in pay to move from Bankers Trust to the comparatively modest salary of even a high-ranking CIA position. Bankers Trust was purchased by the same company that placed the highly unusual and suspicious "put options" on United Airlines stock just days before 9/11. For a powerful summary of similarly strange, unexplained facts related to 9/11, click here.

In a major legal action alleging misdeeds in the mortgage business, New York's attorney general [Andrew Cuomo] has accused appraisers of helping fuel the nation's foreclosure crisis by pumping up home values at the behest of lenders and other real estate professionals. The lawsuit said that First American eAppraiseIT, a subsidiary of Fortune 500 company First American Corp., caved in to pressure from Washington Mutual to rely on "proven appraisers" who were willing to inflate home prices. Washington Mutual profited from the artificially high appraisals because they allowed the company to close more home loans at greater values, the lawsuit said. First American, a provider of business information, title insurance and related services, wanted to win more business from Washington Mutual, the suit said. The lawsuit comes in the midst of the nation's subprime lending crisis, which industry experts say could cause up to 2 million homes to be lost to foreclosure over the next couple of years. Most subprime foreclosures are caused by a confluence of two factors: mortgage payments that rise when adjustable loans reset, and home prices that are lower than the amount owed on the mortgage. A moribund real estate market has caused prices to flatten or fall. But if home prices were artificially high to begin with - which would be the case if appraisers inflated values, as the lawsuit alleged - the likelihood increases of homeowners owing more on the mortgage than their properties are worth. Cuomo said fraudulent appraisal practices were pervasive in the industry. At a news conference announcing the lawsuit, he said lenders, mortgage brokers, real estate agents and others frequently pressured appraisers to "come in with the right number, the number that justifies the transaction" so that everyone in the chain would receive commissions.

[Las Vegas], famous for being America's playground, has also become its security lab. Like nowhere else in the United States, Las Vegas has embraced the twin trends of data mining and high-tech surveillance, with arguably more cameras per square foot than any airport or sports arena in the country. Even the city's cabs and monorail have cameras. Some privacy advocates view the city as a harbinger of things to come. In secret rooms in casinos across Las Vegas, surveillance specialists are busy analyzing information about players and employees. Relying on thousands of cameras in nearly every cranny of the casinos, they evaluate ... behavior. They ping names against databases that share information with other casinos, sometimes using facial-recognition software to validate a match. And in the marketing suites, casino staffers track players' every wager, every win or loss, the better to target high-rollers for special treatment and low- and middle-rollers for promotions. "You could almost look at Vegas as the incubator of a whole host of surveillance technologies," said James X. Dempsey, policy director for the Center for Democracy and Technology. Those technologies, he said, have spread to other commercial venues: malls, stadiums, amusement parks. After Sept. 11, 2001, several airports tested facial-recognition software, with little success. But the government is continuing to invest in biometric technologies. "We often hear of the surveillance technology du jour, but what we're seeing now in America is a collection of surveillance technologies that work together," said Barry Steinhardt, the American Civil Liberties Union's technology and liberty project director. "It isn't just video surveillance or face recognition or license plate readers or RFID chips. It's that all these technologies are converging to create a surveillance society."

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

Despite the protests of more than 50 scientists, including five Nobel laureates in chemistry, the U.S. Environmental Protection Agency on Friday approved use of a new, highly toxic fumigant, mainly for strawberry fields. The new pesticide, methyl iodide, is designed for growers, mainly in California and Florida, who need to replace methyl bromide, which has been banned under an international treaty because it damages the Earth's ozone layer. In a letter sent last month to EPA Administrator Stephen Johnson, 54 scientists, mostly chemists, warned that "pregnant women and the fetus, children, the elderly, farmworkers and other people living near application sites would be at serious risk." Methyl iodide is a neurotoxin and carcinogen that has caused thyroid tumors, neurological damage and miscarriages in lab animals. But EPA officials said Friday that they carefully evaluated the risks and decided to approve its use for one year, imposing restrictions such as buffer zones to protect farmworkers and neighbors. Growers, particularly those who grow strawberries and tomatoes, have been searching for 15 years for a new soil fumigant to replace methyl bromide. Fumigants are valuable to growers because they can be injected into the soil before planting to sterilize the field and kill a broad spectrum of insects and diseases without leaving residue on crops. But fumigants are among the most potentially dangerous pesticides in use today because the toxic gas can evaporate from the soil, exposing farmworkers and drifting into neighborhoods. Methyl iodide ... will be allowed on fields growing strawberries, tomatoes, peppers, ornamentals, turf, trees and vines.

The syrupy poison, diethylene glycol, is an indispensable part of the modern world, an industrial solvent and prime ingredient in some antifreeze. It is also a killer. And the deaths, if not intentional, are often no accident. Over the years, the poison has been loaded into all varieties of medicine — cough syrup, fever medication, injectable drugs — a result of counterfeiters who profit by substituting the sweet-tasting solvent for a safe, more expensive syrup, usually glycerin, commonly used in drugs, food, toothpaste and other products. Toxic syrup has figured in at least eight mass poisonings around the world in the past two decades. Researchers estimate that thousands have died. In many cases, the precise origin of the poison has never been determined. But records and interviews show that in three of the last four cases it was made in China, a major source of counterfeit drugs. Panama is the most recent victim. Last year, government officials there unwittingly mixed diethylene glycol into 260,000 bottles of cold medicine — with devastating results. Families have reported 365 deaths from the poison, 100 of which have been confirmed so far. Panama’s death toll leads directly to Chinese companies that made and exported the poison as 99.5 percent pure glycerin.

Diebold Inc. demanded that cable network HBO cancel a documentary that questions the integrity of its voting machines, calling the program inaccurate and unfair. The program, "Hacking Democracy," is scheduled to debut on Nov. 2, five days before the 2006 U.S. midterm elections. The film claims Diebold voting machines aren't tamper-proof and can be manipulated to change voting results. "Hacking Democracy" is "replete with material examples of inaccurate reporting," Diebold Election System President David Byrd said in a letter to HBO President and Chief Executive Officer Chris Albrecht. "We stand by the film," HBO spokesman Jeff Cusson said in an interview. "We have no intention of withdrawing it from our schedule." This is Diebold's second defense of its system since last month. On Sept. 26, Byrd wrote to Jann Wenner, editor and publisher of Rolling Stone, saying a story written by Robert F. Kennedy Jr., "Will the Next Election Be Hacked?" was "error- riddled" and that readers "deserve a better researched and reported article." The documentary is based on the work of Bev Harris of Renton, founder of BlackBoxVoting.org, which monitors election accuracy. Harris says on the HBO Web site that she found "secret program files" used by Diebold for its electronic voting machines. Harris copied them and distributed the programs to others as a way to show the vulnerability of a system designed to safeguard voting, according to the Web site.

Note: For the revealing story in Rolling Stone, click here.

Medicare's drug benefit has given a shot in the arm to pharmaceutical companies and insurers, whose revenue is climbing thanks to government subsidies for prescription medicine. What's happened so far: Drugmakers including GlaxoSmithKline and Pfizer reported higher-than-expected sales and profit in the second quarter, with some of the momentum coming from Medicare. Meanwhile, membership rolls of big insurers, including UnitedHealth Group and Humana, are mushrooming as Medicare beneficiaries sign up for drug plans. Drug companies -- which successfully thwarted price-control attempts -- are reaping the rewards of more seniors and disabled people getting access to their medications. British drugmaker GlaxoSmithKline's second-quarter net income grew 14 percent over the same quarter last year due in part to strong Medicare drug sales. Merck & Co., Schering Plough, Wyeth, Roche and Pfizer ... all exceeded analysts' expectations, reflecting sales boosts from the program. In the first three months of the benefit, brand-name drug prices rose 4 percent, according to a report from the AARP. WellPoint Inc., the nation's largest insurer, reported second-quarter profit gains of 34 percent. UnitedHealth ... posted quarterly profit gains of 26 percent. Humana reported earlier this week its second-quarter profit increased 9.9 percent and revenue jumped 52 percent over the same quarter last year, due in large part to a surge in Medicare membership. The insurer expects annual revenue to grow by 50 percent.

Note: This article fails to mention who pays for all these profits -- our tax dollars. To understand the degree of corruption in the pharmaceutical industry, read a two-page summary by one of the most respected MDs in the U.S. at http://www.WantToKnow.info/healthcoverup

As motorists continue to pay more at the gas pump, two of the nation's largest oil companies on Thursday reported second-quarter profits of nearly $18 billion. The huge profits come at a time when refiners are marking up wholesale gas prices to levels seen during the weeks after Hurricane Katrina, reigniting concerns about the possibility of price gouging. Exxon Mobil Corp. said Thursday that its second-quarter profits increased 36 percent to $10.36 billion, the second-largest quarterly profit ever for a U.S. publicly traded company. Royal Dutch Shell, which operates 155 gas stations in Colorado, reported earnings of $7.32 billion, up 40 percent from a year ago. Including earnings from BP and ConocoPhillips, which reported earlier this week, four of the nation's five largest oil companies netted more than $30 billion in profit during the second quarter. National gross profit margins for refiners have hovered around $21 a barrel this week, compared with about $12 a barrel a year ago. Amid outcry from lawmakers about its profits, the oil industry this week paid for advertisements in 14 newspapers - including The Denver Post, The New York Times and The Washington Post - that insist oil companies' earnings are not exorbitant. The national average price of regular unleaded gasoline is $3 a gallon this week, according to AAA. The price would be about $2.60 a gallon, factoring in taxes and transportation and other costs, if the refiners' gross profit margin had remained at the same levels from a year ago.

Note: At the bottom of this article is an excellent, revealing graph showing the extent of profit margins for oil refiners since January 2005. Very few other major media have been willing to show the hard data in this article.

The House of Representatives this month passed the National Uniformity for Foods Act, a measure that would kill or cancel significant parts of 200 food-safety laws in 50 states. This ill-advised bill, supported by millions of food-industry dollars, passed without a single hearing. Now it's in the hands of the Senate. If it passes there, among its many victims would be California's requirement that foods containing harmful chemicals display a warning for consumers. Those warnings are mandated by Proposition 65, enacted...by an overwhelming majority of voters in 1986. In passing the measure, Californians wanted to encourage manufacturers to remove dangerous substances from their products before they reached supermarket shelves. Proposition 65's requirement that companies either warn consumers or remove harmful chemicals works, and it remains a vital protection. The clear lesson is that states often do more to protect consumers than do federal regulators. So why is Congress even considering passing a bill denying California and other states the right to protect citizens? Follow the money. All told, food companies have forked over $5.2 million to the bill's 226 co-sponsors.

Director Michael Moore says the U.S. health care system is driven by greed in his new documentary "SiCKO," and asks of Americans in general, "Where is our soul?" He also said he could go to jail for taking a group of volunteers suffering ill health after helping in the September 11, 2001 rescue efforts on an unauthorized trip to Cuba, where they received exemplary treatment at virtually no cost. In "SiCKO" he turns his attention to health, asking why 50 million Americans, 9 million of them children, live without [coverage], while those that are insured are often driven to poverty by spiraling costs or wrongly refused treatment at all. But the movie, which has taken Cannes by storm, goes further by portraying a country where the government is more interested in personal profit and protecting big business than caring for its citizens, many of whom cannot afford health insurance. "I'm trying to explore bigger ideas and bigger issues, and in this case the bigger issue in this film is who are we as a people?" Moore told reporters after a press screening. "Why do we behave the way we behave? What has become of us? Where is our soul?" One section of the film explains how a U.S. man severed the tip of two fingers in an accident and was told he would have to pay $12,000 to re-attach the end of his ring finger, and $60,000 to re-attach that of his index finger. "Being a hopeless romantic, Rick chose his ring finger," Moore quipped in a typically sardonic voiceover. It also follows a woman whose young daughter falls seriously ill but who said she was refused admission to a general hospital and instructed to go to a private one instead. By the time she got to the second hospital, it was too late to save the girl.

The 110th Congress opened with the passage of sweeping new rules intended to curb the influence of lobbyists by prohibiting them from treating lawmakers to meals, trips, stadium box seats or the discounted use of private jets. But it didn't take long for lawmakers to find ways to keep having fun while lobbyists pick up the tab. In just the last two months, lawmakers invited lobbyists to help pay for a catalog of outings: lavish birthday parties in a lawmaker's honor ($1,000 a lobbyist), martinis and margaritas at Washington restaurants (at least $1,000), a California wine-tasting tour (all donors welcome), hunting and fishing trips (typically $5,000), weekend golf tournaments ($2,500 and up), a Presidents Day weekend at Disney World ($5,000), parties in South Beach in Miami ($5,000), concerts by the Who or Bob Seger ($2,500 for two seats), and Broadway shows such as "Mary Poppins" and "The Drowsy Chaperone" (also $2,500 for two). The lobbyists and their employers typically end up paying for the events, but within the new rules. Instead of picking up the tab directly, lobbyists pay a political fundraising committee created by an individual politician and, in turn, the committee pays the lawmaker's way. Lobbyists say that the rules might even increase the volume of contributions flowing from K Street, where many lobbying firms have their offices, to Congress. Members of Congress are becoming more and more creative in finding ways to engage lobbyists to help pay for their campaigns.

Estonian start-up Taxify is to go head to head with Uber in London’s highly competitive taxi-hailing market. Taxify said it will launch services across London on Tuesday after signing up 3,000 private hire taxi drivers, who have been vetted to ensure they meet local licensing requirements. In London, it enters a crowded market where the city’s famous black cab taxi drivers and private hire taxi firms such as Addison Lee compete with ride-hailing apps including Gett and Hailo, which is now part of Daimler’s MyTaxi. Uber counts 40,000 drivers and has 3 million London users, who take 1 million trips a week. Taxify is a fraction of Uber’s size - being active in just under 25 cities compared to Uber’s presence in nearly 600 cities worldwide - but runs on a lower cost business model, allowing passengers to pay marked-down fares and letting drivers retain a bigger share of the profits. Taxify said on Monday it would take a 15 percent commission on rides booked through its online platform, versus the 20-25 percent Uber charges in London. Taxify also said it will accept cash as well electronic payments from riders, unlike Uber. Uber has struggled over the past year with legal setbacks, workplace harassment scandals, driver protests and bitter disputes among directors.

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

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

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

Zipping cross-country in a super-high speed train has become commonplace in many countries these days, but it was unheard of when Japan launched its bullet train between Tokyo and Osaka 50 years ago Wednesday. The Shinkansen, as it's called in Japan, gave a boost to train travel in Europe and Asia at a time when the rise of the automobile and the airplane threatened to eclipse it. The first bullet train, with its almost cute bulbous round nose, traveled from Tokyo to Osaka in four hours, shaving two and a half hours off the 513-kilometer (319-mile) journey. The latest model, with a space-age-like elongated nose, takes just two hours and 25 minutes. The first Shinkansen had a maximum speed of 210 kilometers (130 miles) per hour. The fastest trains previously, in Europe, could reach 160 kph. Today's bullet trains, in Japan and elsewhere, have reached and in some cases exceeded 300 kph (186 mph). By average speed, China has the fastest train in the world, averaging 284 kph. Turkey last year became the ninth country to operate a train at an average speed of 200 kph. South Korea and Taiwan also operate high-speed systems in Asia. The fastest train in the U.S., Amtrak's Acela Express, averages 169 kph (105 mph) on a short stretch between Baltimore and Wilmington, Delaware. Shanghai launched a German-built maglev train in 2004 on a 30-kilometer route between the city and the airport. It can hit 430 kph (267 mph). A Japanese maglev train in development has topped 500 kph (310 mph) in tests.

Note: Gas and oil interests have lobbied hard to keep Americans wedded to their cars and stop the development of high-speed trains. For more on this, see this excellent article and concise summaries of deeply revealing news articles on suppressed energy inventions 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.