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.

The Consumer Financial Protection Bureau (CFPB), the watchdog agency conceived of and established by Sen. Elizabeth Warren (D-Mass.) in the wake of the financial crisis, ... has issued dozens of protections shielding consumers from shady practices by mortgage lenders, student loan servicers, and credit card companies. Here are ten things the CFPB, which was created in 2011, has done to protect the little guy: 1. Mortgage lenders can no longer push you into a high-priced loan. 2. New homeowners are less likely to be hit by foreclosure. 3. If you are are delinquent on your mortgage payments, loan servicers have to try harder to help you avoid foreclosure. 4. Millions of Americans get a low-cost home loan counselor. 5. Borrowers with high-cost mortgages get an outside eye. 6. Fly-by-night financial players will be held accountable. 7. Folks scammed by credit card companies get refunds. 8. Student lenders face scrutiny. 9. Service members get extra protection. 10. Consumers get a help center: If your bank or lender does anything you think is unfair, the bureau has a division dedicated to fielding consumer complaints. The agency promises to work with companies to try to fix consumers' problems.

Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.

Lawmakers of both parties are desperately trying to stop the Internal Revenue Service from interfering with the most powerful political invention that ever fell into their laps: the use of non-profit groups as a source of unlimited and anonymous campaign money. An investigation now unfolding in Utah ... exposes in remarkable detail how profoundly the non-profit system can be corrupted for the benefit of a single industry and a single politician. The politician involved was John Swallow, a former lobbyist for an empire of payday-loan and check-cashing companies. When Mr. Swallow ran for Utah Attorney General as a Republican in 2012, his strategist established several social-welfare groups, which don’t have to name their donors, so that the payday-loan industry could support him financially without anyone knowing. The groups collected hundreds of thousands of dollars in secret donations from the industry, and the money was used to run attack ads against Mr. Swallow’s opponent, who wanted to crack down on payday lenders. The ads worked, and Mr. Swallow was elected. When the I.R.S. started looking into the non-profit groups and demanding documentation, ... Congressional Republicans accused the agency (falsely) of singling out conservative non-profit groups. Eventually, a parallel state investigation drove Mr. Swallow from office; he resigned last fall, and last week a state legislative panel accused him of breaching the public trust by hanging “a veritable ‘for sale’ sign on the office door that invited moneyed interests to seek special treatment and favors.”

Note: For more on serious problems with the US electoral system, see the deeply revealing reports from reliable major media sources available here.

In the tense days after a powerful earthquake and tsunami crippled the Fukushima Daiichi power plant in Japan on March 11, 2011, staff at the U.S. Nuclear Regulatory Commission made a concerted effort to play down the risk of earthquakes and tsunamis to America’s aging nuclear plants, according to thousands of internal emails reviewed by NBC News. The emails, obtained via the Freedom of Information Act, show that the campaign to reassure the public about America’s nuclear industry came as the agency’s own experts were questioning U.S. safety standards and scrambling to determine whether new rules were needed to ensure that the meltdown occurring at the Japanese plant could not occur here. At the end of that long first weekend of the crisis three years ago, NRC Public Affairs Director Eliot Brenner thanked his staff for sticking to the talking points that the team had been distributing to senior officials and the public. "While we know more than these say," Brenner wrote, "we're sticking to this story for now." There are numerous examples in the emails of apparent misdirection or concealment in the initial weeks after the Japanese plant was devastated: When asked to help reporters explain what would happen during the worst-case scenario -- a nuclear meltdown -- the agency declined to address the questions. The emails pull back the curtain on the agency’s efforts to protect the industry it is supposed to regulate. The NRC officials didn't lie, but they didn't always tell the whole truth either. When someone asked about a topic that might reflect negatively on the industry, they changed the subject.

Note: For more on corruption in the nuclear power industry, see the deeply revealing reports from reliable major media sources available here.

The authors of a study calling for GM crops to be fast-tracked into Britain’s farms and kitchens all have links to the industry. The report was presented as the work of ‘independent’ scientists and was published on [March 13] by a government advisory body. It was used to support a bid to speed up the development of the controversial crops in the UK, but it has emerged that all five authors have a vested interest in promoting GM crops and food – and some are part-funded by the industry. Critics of GM [have] described the report as ‘biased and downright dangerous’, and accused the biotech giants and the Government of mounting a crude propaganda campaign to overturn public opposition. The academics behind the study were chosen by the Council for Science and Technology, the body that advises the Prime Minister on science policy issues. They include Professor Sir David Baulcombe, from Cambridge University, who works as a consultant for GM firm Syngenta, which gives his department research funding. Syngenta is behind a genetically modified maize or corn, called GA21, which could go into UK farms as early as next spring, making it Britain’s first commercially grown GM crop. Also on the list is Professor Jonathan Jones, of the Sainsbury Laboratory, which is at the centre of Britain’s GM research. It is part-funded by former Labour science minister, Lord Sainsbury, who is one of the country’s biggest supporters of the technology. Another co-author was Professor Jim Dunwell, of the University of Reading. He was a founder member of CropGen, which describes its mission as ‘to make the case for GM crops and foods’

Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here. For an excellent summary of the risks and dangers from GMO foods, click here.

The FBI has launched an investigation of the Corrections Corporation of America over the company's running of an Idaho prison with a reputation so violent that inmates dubbed it "Gladiator School." CCA has operated Idaho's largest prison for more than a decade, but last year, CCA officials acknowledged it had understaffed the Idaho Correctional Center by thousands of hours in violation of the state contract. CCA also said employees falsified reports to cover up the vacancies. The announcement came after an Associated Press investigation showed CCA sometimes listed guards as working 48 hours straight to meet minimum staffing requirements. The understaffing has been the subject of federal lawsuits and a contempt of court action against CCA. The ACLU sued on behalf of inmates at the Idaho Correctional Center in 2010, saying the facility was so violent that inmates called it "Gladiator School" and that understaffing contributed to the high levels of violence there. In 2012, a Boise law firm sued on behalf of inmates contending that CCA had ceded control to prison gangs so that they could understaff the prison and save money on employee wages, and that the understaffing led to an attack by one prison gang on another group of inmates that left some of them badly injured.

Note: If the above link fails, use this one for the same Associated Press article covering prisons corruption on the website of the UK's Guardian. For more on corruption in the prison-industrial complex, see the deeply revealing reports from reliable major media sources available here.

An advisory committee of the Food and Drug Administration is set to begin two days of meetings tomorrow to consider radical biological procedures that, if successful, would produce genetically modified human beings. This is a dangerous step. These techniques would change every cell in the bodies of children born as a result of their use, and these alterations would be passed down to future generations. The F.D.A. calls them mitochondrial manipulation technologies. The procedures involve removing the nuclear material either from the egg or embryo of a woman with inheritable mitochondrial disease and inserting it into a healthy egg or embryo of a donor whose own nuclear material has been discarded. Any offspring would carry genetic material from three people — the nuclear DNA of the mother and father, and the mitochondrial DNA of the donor. Developers of these modification techniques say they are a way for women with mitochondrial disease to give birth to healthy children to whom they are related genetically. Some are also promoting their use for age-related infertility. These procedures are deeply problematic in terms of their medical risks and societal implications. Will the child be born healthy, or will the cellular disruptions created by this eggs-as-Lego-pieces approach lead to problems later on? What about subsequent generations? And how far will we go in our efforts to engineer humans? Unfortunately, there are now worrisome signs that opposition to inheritable genetic modifications, written into law by dozens of countries, according to our count, may be weakening. British regulators are also considering mitochondrial manipulations, and proponents there, like their counterparts in the United States, want to move quickly to clinical trials.

Note: For more on the dangers to society of genetic engineering, see the deeply revealing reports from reliable major media sources available here.

Global gold prices may have been manipulated on 50 per cent of occasions between January 2010 and December 2013, according to analysis by Fideres, a consultancy. The findings come amid a probe by German and UK regulators into alleged manipulation of the gold price, which is set twice a day by Deutsche Bank, HSBC, Barclays, Bank of Nova Scotia and Société Générale in a process known as the “London gold fixing”. Fideres’ research found the gold price frequently climbs (or falls) once a twice-daily conference call between the five banks begins, peaks (or troughs) almost exactly as the call ends and then experiences a sharp reversal, a pattern it alleged may be evidence of “collusive behaviour”. “[This] is indicative of panel banks pushing the gold price upwards on the basis of a strategy that was likely predetermined before the start of the call in order to benefit their existing positions or pending orders,” Fideres concluded. “The behaviour of the gold price is very suspicious in 50 per cent of cases. This is not something you would expect to see if you take into account normal market factors,“ said Alberto Thomas, a partner at Fideres. Alasdair Macleod, head of research at GoldMoney, a dealer in physical gold, added: “When the banks fix the price, the advantage they have is that they know what orders they have in the pocket.” BaFin, the German regulator, has launched an investigation into gold-price manipulation and demanded documents from Deutsche Bank. The UK’s Financial Conduct Authority is also examining how the price of gold and other precious metals is set as part of a wider probe into benchmark manipulation following findings of wrongdoing with respect to Libor and similar allegations with respect to the foreign exchange market.

Important Note: The above article was removed from the Financial Times website just two days after it was posted. How strange. To read the full article on another website, click here. And for a BBC article which shows how the Rothschilds fixed gold prices in the past, click here. For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.

The US Federal Reserve knew about Libor rigging three years before the financial scandal exploded but did not take any firm action, documents have revealed. According to newly published transcripts of the central bank’s meetings in the run-up to and immediate aftermath of the collapse of Lehman Brothers, a senior Fed official first flagged the issue at a policy meeting in April 2008. William Dudley expressed fears that banks were being dishonest in the way they were calculating the London interbank offered rate – a global benchmark interest rate used as the basis for trillions of pounds of loans and financial contracts. Three years after his remarks, it emerged that traders at more than a dozen banks, including Lloyds, Royal Bank of Scotland and Barclays, had routinely been trying to fix the official Libor rate in order to boost their own bonuses and profits. The transcript of the Fed’s April 2008 meeting raises questions about why the central bank did not move to properly tackle the scandal. There was no official regulator for Libor at the time, and officials at the US Federal Reserve tried to blame British authorities for allowing the benchmark interest rate to get out of control in the first place. The Fed declined to comment on the transcripts or why it had not taken firm action..

Note: For more on government collusion with the biggest banks, see the deeply revealing reports from reliable major media sources available here.

It's 1999, the tail end of the Clinton years. Most observers on the Hill thought the Financial Services Modernization Act of 1999 – also known as the Gramm-Leach-Bliley Act – was just the latest and boldest in a long line of deregulatory handouts to Wall Street that had begun in the Reagan years. Wall Street had spent much of that era arguing that America's banks needed to become bigger and badder, in order to compete globally with the German and Japanese-style financial giants. Bank lobbyists were pushing a new law designed to wipe out 60-plus years of bedrock financial regulation. The key was repealing – or "modifying," as bill proponents put it – the famed Glass-Steagall Act separating bankers and broker. Now, commercial banks would be allowed to merge with investment banks and insurance companies, creating financial megafirms potentially far more powerful than had ever existed in America. The [bill] additionally legalized new forms of monopoly, allowing banks to merge with heavy industry. A tiny provision in the bill also permitted commercial banks to delve into any activity that is "complementary to a financial activity and does not pose a substantial risk to the safety or soundness of depository institutions or the financial system generally." Today, banks like Morgan Stanley, JPMorgan Chase and Goldman Sachs own oil tankers, run airports and control huge quantities of coal, natural gas, heating oil, electric power and precious metals. They likewise can now be found exerting direct control over the supply of a whole galaxy of raw materials crucial to world industry and to society in general, including everything from food products to metals like zinc, copper, tin, nickel and ... aluminum.

Note: For more on government collusion with the biggest banks, see the deeply revealing reports from reliable major media sources available here.

The Trans-Pacific Partnership (TPP) free trade agreement is being negotiated in Singapore this week between Australia, New Zealand, the US, Peru, Chile, Mexico, Canada, Singapore, Brunei, Malaysia, Vietnam and Japan. The countries have a combined gross domestic product (GDP) of US$28,136bn on 2012 figures, which represents almost 40% of the world’s GDP. There have been many contentious issues around the TPP: critics are particularly concerned about the secrecy around the agreement given it has the capacity to change many local laws and regulations. The majority of public criticism has centred on arguments relating to intellectual property and the cost of medicines, though many have concerns about environmental issues including climate change, investment, e-commerce and labour laws. The US has been rigid in its demands for stronger intellectual property protection to champion the rights of its global giants such as IT companies and its film and music industries. The US position on [the] investor-state dispute settlement provision ... grants foreign companies the right to sue [a] government under international law. All countries accepted there needed to be agreement on privacy obligations with regard to information-sharing, apart from the US, which reserved its position on privacy. The US position has left people wondering whether the TPP will undermine privacy, particularly in the wake of the NSA revelations from the Snowden documents. There appear to be deep divisions on environment and climate change, with the US and Australia opposing any extension of the text on climate matters.

Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.

The deal was announced quietly, just before the holidays. The U.S. Justice Department granted a total walk to executives of the British-based bank HSBC for the largest drug-and-terrorism money-laundering case ever. They issued a fine $1.9 billion, or about five weeks' profit but they didn't extract so much as one dollar or one day in jail from any individual, despite a decade of stupefying abuses. For at least half a decade, the storied British colonial banking power helped to wash hundreds of millions of dollars for drug mobs, including Mexico's Sinaloa drug cartel, suspected in tens of thousands of murders just in the past 10 years. The bank also ... aided countless common tax cheats in hiding their cash. That nobody from the bank went to jail or paid a dollar in individual fines is nothing new in this era of financial crisis. What is different about this settlement is that the Justice Department, for the first time, admitted why it decided to go soft on this particular kind of criminal. It was worried that anything more than a wrist slap for HSBC might undermine the world economy. "Had the U.S. authorities decided to press criminal charges," said Assistant Attorney General Lanny Breuer at a press conference to announce the settlement, "HSBC would almost certainly have lost its banking license in the U.S., the future of the institution would have been under threat and the entire banking system would have been destabilized."

Note: For more on the collusion of government with the biggest, most corrupt banks, see the deeply revealing reports from reliable major media sources available here.

New York state’s top financial regulator has demanded documents from more than a dozen banks including Barclays, Deutsche, Goldman Sachs and RBS as a probe widened into trading practices in the $5.3tn-a-day global foreign exchange markets. Benjamin Lawsky, New York's financial services superintendent, made the move following the banks’ decision to fire or suspend at least 20 traders following reports that employees at some firms had shared information about their currency positions with counterparts at other companies. Lawsky’s move marks the latest escalation in a global investigation by regulators into the manipulation of benchmark rates. The currency probe comes as regulators are still investigating the manipulation of the Libor lending rate by traders at some of the world’s biggest banks. The Wall Street Journal reported that Goldman Sachs’ Steven Cho, formerly global head of spot and forward foreign exchange trading for major currencies, was retiring from the bank. His departure came a day after Citigroup announced that Anil Prasad, its global head of foreign exchange, was leaving the company. It is not know if his retirement is in any way linked to any investigation. Prasad’s exit comes a month after Rohan Ramchandani, formerly Citi’s head of European spot foreign exchange trading, was fired. Ramchandani had been a member of the Bank of England’s foreign exchange joint standing committee.

Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.

Consumers are being sold food including mozzarella that is less than half real cheese, ham on pizzas that is either poultry or "meat emulsion", and frozen prawns that are 50% water, according to tests by a public laboratory. The checks on hundreds of food samples, which were taken in West Yorkshire, revealed that more than a third were not what they claimed to be, or were mislabelled in some way. Testers also discovered beef mince adulterated with pork or poultry, and even a herbal slimming tea that was neither herb nor tea but glucose powder laced with a withdrawn prescription drug for obesity at 13 times the normal dose. A third of fruit juices sampled were not what they claimed or had labelling errors. Two contained additives that are not permitted in the EU, including brominated vegetable oil, which is designed for use in flame retardants and linked to behavioural problems in rats at high doses. Experts said they fear the alarming findings from 38% of 900 sample tests by West Yorkshire councils were representative of the picture nationally, with the public at increasing risk as budgets to detect fake or mislabelled foods plummet. In one case, tests revealed that the "vodka" had been made not from alcohol derived from agricultural produce, as required, but from isopropanol, used in antifreeze and as an industrial solvent. Many of the samples were collected from fast-food restaurants, independent retailers and wholesalers; some were from larger stores and manufacturers.

Note: For more on corporate corruption, see the deeply revealing reports from reliable major media sources available here.

The U.S. National Security Agency is involved in industrial espionage and will grab any intelligence it can get its hands on regardless of its value to national security, former NSA contractor Edward Snowden told a German TV network. ARD TV quoted Snowden saying the NSA does not limit its espionage to issues of national security and he cited German engineering firm, Siemens as one target. "If there's information at Siemens that's beneficial to U.S. national interests - even if it doesn't have anything to do with national security - then they'll take that information nevertheless," Snowden said. Snowden's claim the NSA is engaged in industrial espionage follows a New York Times report earlier this month that the NSA put software in almost 100,000 computers around the world, allowing it to carry out surveillance on those devices and could provide a digital highway for cyberattacks. The NSA planted most of the software after gaining access to computer networks, but has also used a secret technology that allows it entry even to computers not connected to the Internet, the newspaper said, citing U.S. officials, computer experts and documents leaked by Snowden. Frequent targets of the programme, code-named Quantum, included units of the Chinese military and industrial targets.

Note: For more on the realities of intelligence agency operations, see the deeply revealing reports from reliable major media sources available here.

Iceland let its banks fail in 2008 because they proved too big to save. Now, the island is finding crisis-management decisions made half a decade ago have put it on a trajectory that’s turned 2 percent unemployment into a realistic goal. While the euro area grapples with record joblessness, led by more than 25 percent in Greece and Spain, only about 4 percent of Iceland’s labor force is without work. Prime Minister Sigmundur D. Gunnlaugsson says even that’s too high. The island’s sudden economic meltdown in October 2008 made international headlines as a debt-fueled banking boom ended in a matter of weeks when funding markets froze. Policy makers overseeing the $14 billion economy refused to back the banks, which subsequently defaulted on $85 billion. The government’s decision to protect state finances left it with the means to continue social support programs that shielded Icelanders from penury during the worst financial crisis in six decades. Of creditor claims against the banks, Gunnlaugsson says “this is not public debt and never will be.” Successive Icelandic governments have forced banks to write off mortgage debts to help households. The government’s 2014 budget sets aside about 43 percent of its spending for the Welfare Ministry, a level that is largely unchanged since before the crisis. Inflation, which peaked at 19 percent in January 2009, ... was 4.2 percent in December. To support households, Gunnlaugsson in November unveiled a plan to provide as much as 7 percent of gross domestic product in mortgage debt relief. The government intends to finance the plan, which the OECD has criticized as being too blunt, partly by raising taxes on banks.

Note: Why is Iceland's major success in letting banks fail getting so little press coverage? For a possible answer, click here. For more on government responses to the banking crisis and their impacts on people, see the deeply revealing reports from reliable major media sources available here.

The paths that many of today’s wealthiest Americans have taken on their road to riches have not bettered most people’s lives. Many have actually hurt most people’s lives. Their riches have come at most other people’s expense. Since the recession officially ended in June 2009, for instance, the wages for all private-sector jobs have fallen, on average, by 0.5 percent. The wages for jobs in financial services, however, have risen by 5.5 percent. Inasmuch as the recession was brought about by the financial services industry, it’s understandable that this disparity would strike most people as unjust. Or consider the mechanisms by which some CEOs earn huge salaries. Last week, the board of directors of JPMorgan Chase voted to raise chief executive Jamie Dimon’s annual pay to $20 million — up from $11.5 million — despite the fact that the bank paid the federal government around $20 billion last year to settle charges stemming from its multiple misdeeds. Laying off workers and depressing their pay has become the key factor in boosting corporate profits in recent years. With profits at a record high as a share of the nation’s gross domestic product and wages at a record low, it’s entirely proper that Americans question the legitimacy of the 1 percent’s wealth.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.

Federal prosecutors are trying to thwart the easy access that predatory lenders and dubious online merchants have to Americans’ bank accounts by going after banks that fail to meet their obligations as gatekeepers to the United States financial system. The Justice Department is weighing civil and criminal actions against dozens of banks, sending out subpoenas to more than 50 payment processors and the banks that do business with them, according to government officials. In the new initiative, called “Operation Choke Point,” the agency is scrutinizing banks both big and small over whether they, in exchange for handsome fees, enable businesses to illegally siphon billions of dollars from consumers’ checking accounts. The critical role played by banks largely plays out in the shadows because they typically do not deal directly with the Internet merchants. What they do is provide banking services to third-party payment processors, financial middlemen that, in turn, handle payments for their merchant customers. The new, more rigorous oversight could have a chilling effect on Internet payday lenders, which have migrated from storefronts to websites where they offer short-term loans at interest rates that often exceed 500 percent annually. As a growing number of states enact interest rate caps that effectively ban the loans, the lenders increasingly depend on the banks for their survival. With the banks’ help, the lenders that typically work with a third-party payment processor that has an account at the banks are able, authorities say, to automatically deduct payments from customers’ checking accounts even in states where the loans are illegal.

Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.

Vera Scroggins, an outspoken opponent of fracking, is legally barred from the new county hospital. Also off-limits, unless Scroggins wants to risk fines and arrest, are the Chinese restaurant where she takes her grandchildren, the supermarkets and drug stores where she shops, the animal shelter where she adopted her Yorkshire terrier, bowling alley, recycling centre, golf club, and lake shore. In total, 312.5 sq miles are no-go areas for Scroggins under a sweeping court order granted by a local judge that bars her from any properties owned or leased by one of the biggest drillers in the Pennsylvania natural gas rush, Cabot Oil & Gas Corporation. The ban represents one of the most extreme measures taken by the oil and gas industry to date against protesters like Scroggins, who has operated peacefully and within the law including taking Yoko Ono to frack sites in her bid to elevate public concerns about fracking. It was always going to be an unequal fight when Scroggins, now 63, made it her self-appointed mission five years ago to stop fracking in this, the richest part of the Marcellus Shale. The judge [granted] Cabot a temporary injunction barring Scroggins from all property owned or leased by the company. In court filings, Cabot said it holds leases on 200,000 acres of land, equivalent to 312.5 sq miles. That amounts to nearly 40% of the largely rural county in north-eastern Pennsylvania where Scroggins lives and where Cabot does most of its drilling.

Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.

More than a dozen family members of China's top political and military leaders are making use of offshore companies based in the British Virgin Islands, leaked financial documents reveal. The brother-in-law of China's current president, Xi Jinping, as well as the son and son-in-law of former premier Wen Jiabao are among the political relations making use of the offshore havens, financial records show. The documents also disclose the central role of major Western banks and accountancy firms ... in the offshore world, acting as middlemen in the establishing of companies. The Hong Kong office of Credit Suisse, for example, established the BVI company Trend Gold Consultants for Wen Yunsong, the son of Wen Jiabao, during his father's premiership — while PwC and UBS performed similar services for hundreds of other wealthy Chinese individuals. The disclosure of China's use of secretive financial structures is the latest revelation from "Offshore Secrets", a two-year reporting effort led by the International Consortium of Investigative Journalists (ICIJ), which obtained more than 200 gigabytes of leaked financial data from two companies in the British Virgin Islands, and shared the information with the Guardian and other international news outlets. In all, the ICIJ data reveals more than 21,000 clients from mainland China and Hong Kong have made use of offshore havens in the Caribbean. Between $1tn and $4tn in untraced assets have left China since 2000, according to estimates.

Note: Read the ICIJ's full report of the latest offshore links. For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.

In my last year on Wall Street my bonus was $3.6 million — and I was angry because it wasn’t big enough. I was 30 years old, had no children to raise, no debts to pay, no philanthropic goal in mind. I wanted more money for exactly the same reason an alcoholic needs another drink: I was addicted. It was actually my absurdly wealthy bosses who helped me see the limitations of unlimited wealth. I was in a meeting with one of them, and a few other traders, and they were talking about the new hedge-fund regulations. Most everyone on Wall Street thought they were a bad idea. “But isn’t it better for the system as a whole?” I asked. The room went quiet, and my boss shot me a withering look. I remember his saying, “I don’t have the brain capacity to think about the system as a whole. All I’m concerned with is how this affects our company.” I felt as if I’d been punched in the gut. He was afraid of losing money, despite all that he had. From that moment on, I started to see Wall Street with new eyes. I noticed the vitriol that traders directed at the government for limiting bonuses after the crash. I heard the fury in their voices at the mention of higher taxes. These traders despised anything or anyone that threatened their bonuses. Wealth addiction was described by the late sociologist and playwright Philip Slater in a 1980 book, but addiction researchers have paid the concept little attention. Like alcoholics driving drunk, wealth addiction imperils everyone. Wealth addicts are, more than anybody, specifically responsible for the ever widening rift that is tearing apart our once great country.

Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.

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.