Corporate Corruption News Stories

Excerpts of Key Corporate Corruption News Stories in Major Media

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

Note: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.

Big Wall Street banks are so upset with U.S. Democratic Senator Elizabeth Warren's call for them to be broken up that some have discussed withholding campaign donations to Senate Democrats in symbolic protest. Representatives from Citigroup, JPMorgan, Goldman Sachs and Bank of America, have met to discuss ways to urge Democrats, including Warren and Ohio Senator Sherrod Brown, to soften their party's tone toward Wall Street. Citigroup has decided to withhold donations for now to the Democratic Senatorial Campaign Committee over concerns that Senate Democrats could give Warren and lawmakers who share her views more power, sources inside the bank told Reuters. The Massachusetts senator's economic populism and take-no-prisoners approach has won her a strong following. Warren, a former Harvard Law professor who joined the Senate Banking Committee after taking office in 2013, has accused big banks and other financial firms of unfair dealings that harm the middle class and help the rich grow richer. In a Dec. 12 speech, she mentioned Citi several times as an example of a bank that had grown too large, saying it should have been broken apart by the Dodd-Frank financial reform law. In January, Warren angered Wall Street when she successfully blocked the nomination of a banker Antonio Weiss to a top post at the Treasury Department. She argued that as a regulator he would likely be too deferential to his former Wall Street colleagues.

Note: Read Sen. Warren's response in this Boston Globe article. For more along these lines, see concise summaries of deeply revealing news articles about the systemically corrupt banking industry.

In a war full of failures, the US counternarcotics mission in Afghanistan stands out: opiate production has climbed steadily over recent years to reach record-high levels last year. One clear winner in the anti-drug effort is ... the infamous mercenary company formerly known as Blackwater. Statistics released on Tuesday reveal that the rebranded private security firm, known since 2011 as Academi, reaped over a quarter billion dollars from the futile Defense Department push to eradicate Afghan narcotics, some 21% of the $1.5 bn in contracting money the Pentagon has devoted to the job since 2002. The company is the second biggest beneficiary of counternarcotics largesse in Afghanistan. Only the defense giant Northrop Grumman edged it out, with $325m. According to the US inspector general for Afghanistan reconstruction, the $309m Academi got from US taxpayers paid for training, equipment, and logistical support to Afghan forces conducting counternarcotics. Far from eradicating the deep-rooted opiate trade, US counternarcotics efforts have ... contributed to the opium boom. In December, the United Nations reported a 60% growth in Afghan land used for opium poppy cultivation since 2011, up to 209,000 hectares. The estimated $3bn value of Afghan heroin and morphine represents some 15% of Afghan GDP. Academi and its former Blackwater incarnation have an infamous history in Afghanistan. It once set up shell companies to disguise its business practices, according to a Senate report, so that its contracts would be unimpeded by company employees killings of Iraqi and Afghan civilians.

Note: Blackwater, now called Academi, got caught systematically defrauding the US government, while serving as a "virtual extension of the CIA". The CIA has been linked to the Afghan heroin trade for decades. In 2000, the Taliban had all but eradicated Afghan opium production. Once Afghanistan was under US control, opium production surged to record levels.

A senior HSBC executive has privately admitted that the bank is “cast-iron certain” to have another major regulatory breach in the future. Global head of sanctions Lee Hale ... was meeting with independent lawyers monitoring HSBC as part of a controversial 2012 deal with the US Department of Justice, in which the bank avoided prosecution over sanctions-busting and money-laundering in its Mexican branch in exchange for paying a $1.9bn fine and receiving additional regulatory scrutiny for a period of five years. The deferred prosecution agreement was signed by the then US attorney for the eastern district of New York, Loretta Lynch. During a long exchange about HSBC’s new policy on sanctions and internal breaches of company rules, Hale told the regulator that “given the size and scale of HSBC”, in his view “it is a cast-iron certain[ty] this will happen, at some point in the future we’re going to have some big breach, some regulatory breach”. He added: “I hope it doesn’t happen, but it is likely.” The recorded monitor discussions also touched on problems in the bank’s US compliance team. Hale said: “The internal audit team have done a US review and it’s not great in terms of what they’ve found.” The findings, according to Hale, prompted the bank to terminate the employment of one of the bank’s senior compliance executives in New York, a former sanctions official at the US Treasury. In 2012, a US Senate report noted that a high turnover of compliance staff at the bank’s US subsidiary had made reforms difficult to implement.

Note: Read lots more on HSBC's sweetheart deal with U.S. officials in a Rolling Stone article by Matt Taibbi. Is it even possible to root out corruption in a bank founded to service the international drug trade? For more along these lines, see concise summaries of deeply revealing news articles about systemic corruption in government and the financial industry.

More than 750 plaintiffs are suing the Johns Hopkins Hospital System Corp. over its role in a series of medical experiments in Guatemala in the 1940s and 1950s during which subjects were infected with venereal diseases. The lawsuit in Baltimore seeks $1 billion in damages for individuals, spouses and children of people infected with syphilis, gonorrhea and other sexually transmitted diseases through a U.S. government program between 1945 and 1956. The suit claims Johns Hopkins officials had "substantial influence" over the studies, controlling some advisory panels, and were involved in planning and authorizing the experiments. A Hopkins spokesperson ... confirmed that faculty members took part in reviewing funding applications, but said this did not warrant a lawsuit against the medical center. The statement expressed "profound sympathy for individuals and families impacted by the deplorable 1940s syphilis study conducted by the U.S. Government in Guatemala," and noted that the ethical standards for conducting medical research have changed significantly in the decades since then. It's the latest in a series of lawsuits over the studies. A federal judge in 2012 dismissed a lawsuit against the U.S. government involving the same study.

Note: Explore an excellent list of dozens of studies over the years in which humans were used unknowingly as guinea pigs in clear breach of ethical standards. Links are provided for verification of each study. For more along these lines, see concise summaries of deeply revealing news articles about corruption in the medical industry and in government.

Change.org is a B Corporation — a for-profit company committed to social or environmental goals in addition to its financial obligations. Because the San Francisco firm tries to benefit not just its shareholders, but also society, Change.org is an especially appealing place to work for civic-minded job-seekers, said David Hanrahan, head of global human resources. Hanrahan has an eye toward recruiting Millennials. B (for beneficial) Corporations are the creation of B Lab, a Pennsylvania nonprofit that awards the certification to companies that meet its standards of social and environmental performance, accountability, and transparency. A 2014 Brookings Institution report, “How Millennials Could Upend Wall Street and Corporate America,” found that the “desire on the part of Millennials for their daily work to reflect and be a part of their societal concerns will make it impossible for corporate chieftains to motivate Millennial employees simply by extolling profits.” In 2012 ... California [became] the 28th state to provide a legal structure allowing companies to become certified B Corps. Since then, such firms have flocked to the Bay Area. The region is home to the highest concentration of certified B Corps on the planet. The certification process is a way to tell the difference between “good companies” and good marketing, [consultant Ryan] Honeyman wrote in his book, "The B Corp Handbook: How to Use Business as a Force for Good." Many companies want to do good, but they don’t know how to do it,” said Honeyman. “The B Corp certification process gives them the tools to do so.”

Note: For more along these lines, see this article about B Corps and "stakeholder capitalism" as a solution to the problem of growing income inequality.

The issues surrounding G.M.O.s - genetically modified organisms - became more complicated last week when the International Agency for Research on Cancer declared that glyphosate, the active ingredient in the widely used herbicide Roundup, probably causes cancer in humans. Two insecticides, malathion and diazinon, were also classified as "probable" carcinogens by the agency, a respected arm of the World Health Organization. Roundup, made by Monsanto for both home and commercial use, is crucial in the production of genetically engineered corn and soybean crops, so it was notable that the verdict on its dangers came nearly simultaneously with an announcement by the Food and Drug Administration that new breeds of genetically engineered potato and apple are safe to eat. Few people are surprised that an herbicide in widespread use is probably toxic at high doses or with prolonged exposure, circumstances that may be common among farmers and farmworkers. Nor is it surprising that it took so long - Roundup has been used since the 1970s - to discover its likely carcinogenic properties. There is a sad history of us acting as guinea pigs for the novel chemicals that industry develops. To date, G.M.O.s and other forms of biotech have done nothing but enrich their manufacturers and promote a system of agriculture that's neither sustainable nor for the most part beneficial. We don't need better, smarter chemicals along with crops that can tolerate them; we need fewer chemicals. There's no reason to put the general population, and particularly the farming population, at risk for the sake of industry profits.

Note: Monsanto's Roundup and the GMO crops that support its use are well-known by scientists to be a threat to public health. For more, see concise summaries of deeply revealing news articles on GMO risks and how these are covered up.

For decades, Monsanto and its enablers inside the USDA have denied the central tenets of evolutionary biology, namely natural selection and adaptation. Since the early 1980s, Monsanto has endlessly hyped genetically engineered (GE) crops they claim could reduce hunger, reduce pesticide use, and survive droughts. In reality, no such "miracle" crops exist. No significantly greater yielding crops, no more effective drought resistance crops. And ... around 85 percent of all genetically engineered crops in the United States and around the world have been engineered to withstand massive doses of herbicides, mostly Monsanto's Roundup. Each year 115 million more pounds of Roundup are spread on our farmlands because of these altered crops. Wouldn't that massive increase in Roundup use over that huge a portion of our cropland cause some weed populations to develop resistance? Of course. As a result, in less than 20 years, more than half of all U.S. farms have some Roundup resistant "superweeds," weeds that now infest 70 million acres of U.S farmland. A science-based, and safer, way forward is to ... use ecologically based weed control. There are proven organic and agroecological approaches that emphasize weed management rather than weed eradication, soil building rather than soil supplementing. Crop rotation and cover crops can return productive yields without ridding the land of genetic biodiversity, and could reduce herbicide use by 90 percent. So it's long past due that our government required real and rigorous science when regulating GE crops.

Note: Read more about how GMO technology has backfired, producing new "superweeds" and "superbugs" that threaten crop production. For more, see concise summaries of deeply revealing news articles on GMO risks and how these are covered up.

An ambitious 12-nation trade accord pushed by President Obama would allow foreign corporations to sue the United States government for actions that undermine their investment "expectations" and hurt their business, according to a classified document. The Trans-Pacific Partnership - a cornerstone of Mr. Obama's remaining economic agenda - would grant broad powers to multinational companies operating in North America, South America and Asia. Under the accord ... companies and investors would be empowered to challenge regulations, rules, government actions and court rulings ... before tribunals organized under the World Bank or the United Nations. The chapter in the draft of the trade deal, dated Jan. 20, 2015, [was] obtained by The New York Times in collaboration with the group WikiLeaks. [Its] cover mandates that the chapter not be declassified until four years after the Trans-Pacific Partnership comes into force or trade negotiations end, should the agreement fail. Under the terms of ... chapter, foreign investors could demand cash compensation if member nations "expropriate or nationalize a covered investment either directly or indirectly." Opponents fear "indirect expropriation" will be interpreted broadly, especially by deep-pocketed multinational companies opposing regulatory or legal changes that diminish the value of their investments. In 2013, Eli Lilly took advantage of a similar provision under Nafta to sue Canada for $500 million, accusing Ottawa of violating its obligations to foreign investors by allowing its courts to invalidate patents for two of its drugs.

Note: The above article further clarifies why the TPP is a pending disaster. For more, see this article, or watch the two minute video Former US Secretary of Labor Robert Reich made to educate the public about the dangers of the TPP.

"God's Bankers" provides an exhaustive history of financial machinations at the center of the church in Rome. The final unification of Italy in 1870 ... deprived the church of its lands and feudal income, leading to several decades of acute financial insecurity. Popes of this period ... publicly denounced lending money at interest (usury) while at the same time accepting massive loans from the Rothschilds and making their own interest-bearing loans to Italian Catholics. Beginning with Bernardino Nogara, appointed by Pius XI in 1929, the church also empowered a series of often shady financial advisers to engage in financial wheeling and dealing around the globe. "So long as the balance sheets showed surpluses," [author of God's Bankers Gerald] Posner writes, "Pius and his chief advisers were pleased." That pattern would continue through the rest of the 20th century. The American archbishop Paul Marcinkus, [who] ran the Vatican Bank from 1971 to 1989 ... ended up implicated in several sensational scandals. The biggest by far was the collapse of Italy's largest private bank, Banco Ambrosiano, in 1982 - an event preceded by mob hits on a string of investigators looking into corruption in the Italian banking industry. Marcinkus ... also served as a spy for the State Department, providing the American government with "personal details" about John Paul II, and even encouraging the pope "at the behest of embassy officials" to publicly endorse American positions on a broad range of political issues.

Note: The Vatican Bank was implicated in a scheme to smuggle tens of millions of euros out of Switzerland in 2013, and was used to launder money for the mafia as recently as 2012. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.

Three years ago, the nation’s top utility executives gathered at a Colorado resort to hear warnings about ... rooftop solar panels. According to a presentation prepared for the group, “Industry must prepare an action plan to address the challenges.” Three years later, the industry and its fossil-fuel supporters are waging a determined campaign to stop a home-solar insurgency that is rattling the boardrooms of the country’s government-regulated electric monopolies. Recently, the battle has shifted to public utility commissions, where industry backers have mounted a ... successful push for fee hikes that could put solar panels out of reach for many potential customers. In a closely watched case last month, an Arizona utility voted to impose a monthly surcharge of about $50 for “net metering,” a common practice that allows solar customers to earn credit for the surplus electricity they provide to the electric grid. Net metering makes home solar affordable by sharply lowering electric bills to offset the $10,000 to $30,000 cost of rooftop panels. A Wisconsin utilities commission approved a similar surcharge for solar users last year, and a New Mexico regulator also is considering raising fees. In some states, industry officials [are now] arguing that solar panels hurt the poor. “It’s really about utilities’ fear that solar customers are taking away demand,” said Angela Navarro, an energy expert with the Southern Environmental Law Center.

Note: In Arizona, traditional utility companies are brazenly manipulating the law to attack solar power installation companies. Meanwhile, the Rockefellers have stopped investing in fossil fuels. Does this mean that the renewable energy revolution is now in full swing?

The powerful U.S. sugar industry skewed the government's medical research on dental care. Sugar industry leaders advocated for policies that did not recommend people eat less sugar. The government listened, according to a new report published in the journal PLOS Medicine. In the 1960s, amid a national effort to boost cavity prevention, the U.S. government spearheaded a research program, known as the National Caries Program (NCP), which aimed to eradicate tooth decay. But instead of turning to an obvious solution — having people eat less sugar — the government was swayed by industry interests that pushed alternative methods, such as [using] vaccines for fighting tooth decay. [The] committee that was set up by the government to set research priorities for the NCP included many doctors and scientists who were also ... part of another group called the International Sugar Research Foundation, which was established by the sugar industry. Rather than recommending that people reduce sugar intake, government-funded research focused on interventions that wouldn't advise Americans to lower their sweets consumption. For instance, the research encouraged the wider use of fluoride. More recently, the industry attempted to influence the ongoing debate about changes to the Food and Drug Administration's nutrition facts label. One of the key changes currently being mulled is the inclusion of an "added sugar" label, which is meant to communicate how much of any given food's sugar content was added during processing. The industry is vehemently opposed.

Note: "When you take on Big Sugar, you take on a huge political money operation," Rep. Mark Steven Kirk from Illinois said while fighting Big Sugar back in 2007. For more along these lines, see concise summaries of deeply revealing health corruption news articles from reliable major media sources.

Lower IQ, adult obesity and 5% of autism cases are all linked to exposure to endocrine disruptors found in food containers, plastics, furniture, toys, carpeting and cosmetics, says new expert study. Europe is experiencing an explosion in health costs caused by endocrine-disrupting chemicals (EDCs) that is comparable to the cost of lead and mercury poisoning, according to the most comprehensive study of the subject yet published. Endocrine disruptors are chemicals that interfere with the human hormone system, and can be found in food containers, plastics, furniture, toys, carpeting and cosmetics. The new series of reports by 18 of the world’s foremost experts on endocrine science pegs the health costs of exposure to them at between €157bn-€270bn (Ł113bn-Ł195bn), or at least 1.23% of the continent’s GDP. “The shocking thing is that the major component of that cost is related to the loss of brain function in the next generation,” one of the report’s authors, Professor Philippe Grandjean of Harvard University, told the Guardian. After IQ loss, adult obesity linked to exposure to phthalates, a group of chemicals used in plastics, was the second largest part of the overall cost, with an estimated price tag of €15.6bn a year. The study attributes at least 5% of European autism cases to EDC exposure. “These studies tell a frightening and expensive story equivalent to a €7,500 cost for every man, woman and child in the EU every year,” said Genon Jensen, the director of the Health and Environment Alliance.

Note: Recently, a major report showing the dangers of many common pesticides was suppressed by EU officials. Federal regulators in the US claim to have no data on over 62,000 industrial chemicals that US consumers are exposed to.

Microsoft, Apple, Google and five other tech firms now account for more than a fifth of the $2.10 trillion in profits that U.S. companies are holding overseas, according to a Bloomberg News review of the securities filings of 304 corporations. The total amount held outside the U.S. by the companies was up 8 percent from the previous year. General Electric topped the list for the fifth straight year. The company now has $119 billion outside the U.S., an increase of 8 percent from the end of 2013 and a 27 percent gain since 2010. Microsoft has more than tripled its offshore holdings since 2010. Apple, which counts only part of its non- U.S. holdings as indefinitely held offshore, increased that portion to $69.7 billion from $12.3 billion in 2010. Cisco now has $52.7 billion outside the U.S., up 10 percent since 2013. John Chambers, Cisco's chief executive, said on Bloomberg TV on Feb. 20 that "our tax policy is causing me to make decisions that I don't think is in the interest of our country, or even in our shareholders, long term." The companies owe taxes at the full U.S. corporate tax rate of 35 percent on profits they earn around the world. They get tax credits for payments to foreign governments and don't have to pay the residual U.S. tax until they bring the money home. Obama earlier this year proposed applying a 14 percent mandatory tax on the stockpiled profits and a 19 percent minimum tax on foreign earnings going forward.

Note: U.S. laws now protect corporations as if they are people, but require human people to pay more income tax. For more along these lines, see concise summaries of deeply revealing news articles about corporate corruption.

The United States is in the final stages of negotiating the Trans-Pacific Partnership (TPP), a massive free-trade agreement. Who will benefit from the TPP? One strong hint is [a provision] called “Investor-State Dispute Settlement,” or ISDS. Imagine that the United States bans a toxic chemical that is often added to gasoline because of its health and environmental consequences. If a foreign company that makes the toxic chemical opposes the law, it would normally have to challenge it in a U.S. court. But with ISDS, the company could skip the U.S. courts and go before an international panel of arbitrators. If the company won, the ruling couldn’t be challenged in U.S. courts, and the arbitration panel could require American taxpayers to cough up millions — and even billions — of dollars in damages. ISDS could lead to gigantic fines, but it wouldn’t employ independent judges. Instead, highly paid corporate lawyers would go back and forth between representing corporations one day and sitting in judgement the next. If the tilt toward giant corporations wasn’t clear enough, consider who would get to use this special court: only international investors, which are, by and large, big corporations. So if a Vietnamese company with U.S. operations wanted to challenge an increase in the U.S. minimum wage, it could use ISDS. But if an American labor union believed Vietnam was allowing Vietnamese companies to pay slave wages in violation of trade commitments, the union would have to make its case in the Vietnamese courts.

Note: The above article was written by courageous US Senator Elizabeth Warren, and further clarifies why the TPP is a pending disaster.

This spring, President Obama and Republican leaders in Congress want to use an outdated process used to pass the North American Free Trade Agreement more than 20 years ago — a rule called “fast track” — to force ... passage of the giant Trans-Pacific Partnership, or TPP, trade deal. A fast-tracked TPP would lock in a rigged set of economic rules, lasting potentially forever, before most Americans — let alone some members of Congress — have had a chance to understand it thoroughly. It would be a grave mistake for Congress to authorize fast-tracking this giant trade deal. We now know that NAFTA [has] contributed to the huge U.S. trade deficits. We now import about $500 billion more in goods and services each year than we export. Following NAFTA with the Trans-Pacific Partnership is like turning a bad television show into a terrible movie. As for the problems with the TPP? What's been leaked about its proposals reveals, for example, that the pharmaceutical industry would get stronger patent protections, delaying cheaper generic versions of drugs. The deal also gives global corporations an international tribunal of private attorneys, outside any nation's legal system, that can order compensation for lost expected profits resulting from a nation's regulations, including our own. These extraordinary rights for corporations put governments on the defensive over legitimate public health or environmental rules.

Note: The above article was co-authored by former U.S. Secretary of Labor Robert Reich, and current president of the AFL-CIO Richard Trumka. For more, see this article, or watch the two minute video Robert Reich made to educate the public about the dangers of the TPP.

Syngenta, a Swiss chemicals company, produces one of America’s most popular herbicides. It is called atrazine, and 73.7 million pounds of the chemical compound were applied in the United States in 2013. It was used on more than half of all corn crops, two-thirds of sorghum and up to 90 percent of sugar cane. The weed killer is banned as a pesticide in the European Union as well as in Switzerland over concerns that it is a groundwater contaminant. Syngenta, however, did not get the memo. Even though the European Union banned atrazine over a decade ago, the company has long insisted that the pesticide was not banned. Sensitivity over regulatory gaps between the United States and Europe has flared during trans-Atlantic trade talks, which have been underway since 2013. An increasing number of critics of the process are concerned that the outcome could favor corporations more than consumers. Advocacy groups have particularly focused on chemicals, given the disparities in policy. Baskut O. Tuncak, a senior lawyer at the Center for International Environmental Law, said that in his view the chemical proposals that have surfaced so far “reflect a lot of industry’s demands and their concerns with more protective E.U. policies.” He added that proposed changes could “slow or stop and possibly weaken efforts to develop stronger chemical regulation in either the E.U. or the U.S.”

Note: Syngenta did everything in its power to discredit atrazine researcher Tyrone Hayes after Hayes published science proving that Syngenta's products were poisonous. The New Yorker published a detailed article on Syngenta's smear campaign. For more along these lines, see concise summaries of deeply revealing news articles about corporate corruption from reliable major media sources.

Taser International, the stun-gun maker emerging as a leading supplier of body cameras for police, has cultivated financial ties to police chiefs whose departments have bought the recording devices. Taser is covering airfare and hotel stays for police chiefs who speak at promotional conferences. It is also hiring recently retired chiefs as consultants, sometimes just months after their cities signed contracts with Taser. The relationships raise questions of whether chiefs are acting in the best interests of the taxpayers in their dealings with Scottsdale, Arizona-based Taser, whose contracts for cameras and storage systems for the video can run into the millions of dollars. As the police chief in Fort Worth, Texas, successfully pushed for the signing of a major contract with Taser before a company quarterly sales deadline, he wrote a Taser representative in an email, "Someone should give me a raise." City officials and rival companies are raising concerns about police chiefs' ties to Taser. Charlie Luke, a Salt Lake City councilman ... said he was surprised when he learned last year that the city's police department had purchased Taser cameras using surplus money, bypassing the standard bidding process and City Council approval. The department declined to say how much it has spent acquiring 295 body cameras. Taser's competitors ... complain they have been shut out by cities awarding no-bid contracts to Taser and are being put at a disadvantage by requests for proposals that appear tailored to Taser's products.

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

McDonald’s said on Wednesday that its 14,000 US restaurants will stop serving chicken raised with antibiotics "important to human medicine," a significant change in food policy for the world’s largest fast-food chain. McDonald’s said the decision is an attempt to adapt to diners’ desire for healthier food.‘‘Our customers want food that they feel great about eating — all the way from the farm to the restaurant — and these moves take a step toward better delivering on those expectations,’’ McDonald’s US president, Mike Andres, said in a statement. McDonald’s said the new policy will be implemented across its US supply chain within two years. Also, McDonald’s said that this year it will begin offering milk jugs in its Happy Meals that contain milk from cows that have not been treated with the growth hormone rbST. Public health advocates cheered the move, and some groups, including Keep Antibiotics Working, said they had been in ‘‘close dialogue’’ with McDonald’s about the policy change.

Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.

U.S. authorities are investigating major banks over potential manipulation of the precious metals market, the latest development in a series of probes related to major financial benchmarks. HSBC is among at least 10 major banks being investigated by U.S. authorities for possible rigging of the price-setting process for gold, silver, platinum and palladium, The Wall Street Journal reported late Monday. The report said other banks being scrutinized include: Goldman Sachs; JPMorgan Chase; Britain-based Barclays; Swiss banking giants UBS and Credit Suisse; Bank of Nova Scotia; Germany-based Deutsche Bank; France-based Société Générale; and South Africa-based Standard Bank Group. U.S. authorities declined to comment. Goldman Sachs, HSBC, Deutsche Bank and Barclays, HSBC, UBS and Bank of Nova Scotia have been named as defendants in various putative class-action lawsuits in U.S. federal courts over suspected manipulation of precious metals pricing. The complaints contend that bank traders conspired to manipulate the price of metal derivatives in a bid to reap profits on proprietary trades. The new U.S. investigations follow separate bank probes launched earlier over suspected manipulation of the $5.3-billion-a-day foreign exchange currency trading market, along with rigging of the London Interbank Offered Rate (Libor), which is used to set rates on billions of dollars in loans, credit cards and mortgages.

Note: When it comes to international banking, it appears that almost everything is rigged. For more along these lines, see concise summaries of deeply revealing news articles about the systemically corrupt financial industry.

For years, politicians wanting to block legislation on climate change have bolstered their arguments by pointing to the work of a handful of scientists who claim that greenhouse gasses pose little risk to humanity. One of the names they invoke most often is Wei-Hock Soon, known as Willie, a scientist at the Harvard-Smithsonian Center for Astrophysics. He has often appeared on conservative news programs, testified before Congress and in state capitals, and starred at conferences of people who deny the risks of global warming. But newly released documents show the extent to which Dr. Soon’s work has been tied to funding he received from corporate interests. He has accepted more than $1.2 million in money from the fossil-fuel industry over the last decade while failing to disclose that conflict of interest in most of his scientific papers. At least 11 papers he has published since 2008 omitted such a disclosure, and in at least eight of those cases, he appears to have violated ethical guidelines of the journals that published his work. The documents show that Dr. Soon, in correspondence with his corporate funders, described many of his scientific papers as “deliverables” that he completed in exchange for their money. He used the same term to describe testimony he prepared for Congress. Dr. Soon has found a warm welcome among politicians in Washington and state capitals who try to block climate action. United States Senator James M. Inhofe, an Oklahoma Republican who claims that climate change is a global scientific hoax, has repeatedly cited Dr. Soon’s work over the years.

Note: One of Dr Soon's primary funding sources is Donors Trust, a secretive organization found to have orchestrated a vast climate denial conspiracy. For more along these lines, see concise summaries of deeply revealing science corruption news articles from reliable major media sources.

Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.