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.

Oil-field services giant Halliburton has agreed to plead guilty to destroying evidence in connection with the 2010 Gulf of Mexico oil spill, the Justice Department announced. Halliburton has been charged with one count of destruction of evidence in U.S. District Court in New Orleans. Under a plea agreement that is subject to court approval, Halliburton agreed “to pay the maximum-available statutory fine, to be subject to three years of probation and to continue its cooperation in the government’s ongoing criminal investigation,” the Justice Department said. The April 2010 explosion and sinking of the Deepwater Horizon drilling rig was the largest offshore oil disaster in U.S. history, killing 11 workers and spewing nearly 5 million barrels of oil into the gulf. The Macondo well was owned by a consortium of energy companies, led by BP. Transocean owned the drilling rig that BP was leasing for the venture. Halliburton was contracted by BP to do the cement work on the well. The plea agreement was the third that the Justice Department has obtained in the criminal investigation of the disaster. Transocean agreed to pay $400 million as part of its criminal plea, and BP, $4 billion. A civil suit against the three companies brought by the Justice Department and others is continuing. The Halliburton plea involves the destruction of results of internal tests the company conducted after the drilling rig sank. The Justice Department said, “In agreeing to plead guilty, Halliburton has accepted criminal responsibility for destroying the aforementioned evidence.”

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

[There is] a growing debate over a little-known but increasingly important piece of equipment buried deep inside a car: the event data recorder, more commonly known as the black box. About 96 percent of all new vehicles sold in the United States have the boxes, and in September 2014, if the National Highway Traffic Safety Administration has its way, all will have them. Data stored in the devices is increasingly being used to identify safety problems in cars and as evidence in traffic accidents and criminal cases. And the trove of data inside the boxes has raised privacy concerns, including questions about who owns the information, and what it can be used for, even as critics have raised questions about its reliability. To consumer advocates, the data is only the latest example of governments and companies having too much access to private information. Once gathered, they say, the data can be used against car owners, to find fault in accidents or in criminal investigations. “These cars are equipped with computers that collect massive amounts of data,” said Khaliah Barnes of the Electronic Privacy Information Center, a Washington-based consumer group. “Without protections, it can lead to all kinds of abuse.” In [14] states, lawyers may subpoena the data for criminal investigations and civil lawsuits, making the information accessible to third parties, including law enforcement or insurance companies that could cancel a driver’s policy or raise a driver’s premium based on the recorder’s data.

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

CNBC’s BRIAN SULLIVAN: Is there anyone else in the Senate that is a professor? ELIZABETH WARREN: I don't think so. ... We had the big crash in 2008. What does everyone say about it? They say too much concentration in financial services creates too big to fail. It puts us at bigger risk. And what's happened since 2008? The four biggest financial institutions are now 30% bigger than they were in 2008. The central premise behind a 21st century Glass-Steagall is to say if you want to get out there and take risks, go ahead and do it. But ... you can't get access to FDIC insured deposits when you do. That way ... at least one portion of our banking sector stays safe. From 1797 to 1933, the American banking system crashed about every 15 years. In 1933, we put good reforms in place, for which Glass-Steagall was the centerpiece, and from 1933 to the early 1980s, that’s a 50 year period, we didn’t have any of that – none. We kept the system steady and secure. And it was only as we started deregulating, [you hit] the S&L crisis, and what did we do? We deregulated some more. And then you hit long-term capital management at the end of the 90s, and what did we do as a country? This country continued to deregulate more. And then we hit the big crash in 2008. You are not going to defend the proposition that regulation can never work, it did work. SULLIVAN: I didn’t say regulation never worked, Senator. By far and away, and I agree, there were fewer bank failures in that time after Glass-Steagall. ELIZABETH WARREN: “Fewer,” as in, of the big ones, zero.

Note: Sen. Warren is one of the few bright lights in Congress. Watch this interview to see why. To read about later censorship of this interview by NBC, click here.

Dozens of companies, non-profits and trade organizations including Apple, Google, and Facebook sent a letter [on July 18] pushing the Obama administration and Congress for more disclosures on the government's national security-related requests for user data. Together with LinkedIn, Yahoo!, Microsoft, Twitter and many others, the companies asked for more transparency of secret data gathering in the letter. Tech companies have been scrambling to assert their independence after documents leaked last month by former U.S. security contractor Edward Snowden suggested they had given the government direct access to their computers as part of the NSA's secret surveillance program called Prism. The classified nature of the data gathering has barred the participating companies from disclosing even their involvement, let alone the content of the requests. Some companies, including Facebook and Apple, in June struck an agreement with the government to release some information about the number of surveillance requests they receive. But they were limited to disclosing aggregate government requests for data without showing the split between surveillance and criminal requests, and only for a six-month period.

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

Group of 20 nations, [which account] for almost 90 percent of the global economy, “fully endorse the ambitious and comprehensive” plan presented by the Organization for Economic Cooperation and Development to prevent the largest companies from using complicated ownership structures and transfer pricing to avoid paying taxes where they do most of their business. Strategies used at U.S. companies including Google, Apple and Yahoo! have been targeted in legislative hearings as governments look to improved tax collection to fill state coffers. Low tax rates paid by large multinational companies means smaller businesses and individuals are left with a disproportionately larger burden, OECD Secretary-General Angel Gurria told reporters yesterday. The OECD published its 40-page report as deficit-laden governments attempt to increase revenue collected from profitable enterprises. It follows hearings in the U.S. and U.K. that revealed how companies have avoided billions in taxes by attributing profits to mailbox subsidiaries in places like Bermuda and the Cayman Islands. Under current law, such offshore subsidiaries can take credit for profits arising from patents developed in countries like the U.S. and U.K. -- generally with cash the parent companies provided. Mountain View, California-based Google has avoided as much as $2 billion in worldwide income taxes annually by attributing profits to a subsidiary in Bermuda that holds the rights to its intellectual property for sales outside the U.S..

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

You've given them more than $1 billion. They've given almost nothing to the needy. The 50 worst charities in America devote less than 4 percent of donations raised to direct cash aid. Some charities give even less. Over a decade, one diabetes charity raised nearly $14 million and gave about $10,000 to patients. The worst charity in America operates from a metal warehouse behind a gas station. Every year, Kids Wish Network raises millions of dollars in donations in the name of dying children and their families. Every year, it spends less than 3 cents on the dollar helping kids. Most of the rest gets diverted to enrich the charity's operators and the for-profit companies Kids Wish hires to drum up donations. In the past decade alone, Kids Wish has channeled nearly $110 million donated for sick children to its corporate solicitors. An additional $4.8 million has gone to pay the charity's founder and his own consulting firms. But Kids Wish is not an isolated case, a yearlong investigation by the Tampa Bay Times and The Center for Investigative Reporting has found. These nonprofits adopt popular causes or mimic well-known charity names that fool donors. Then they rake in cash, year after year. Even as they plead for financial support, operators at many of the 50 worst charities have lied to donors about where their money goes, taken multiple salaries, secretly paid themselves consulting fees or arranged fundraising contracts with friends. One cancer charity paid a company owned by the president's son nearly $18 million over eight years to solicit funds.

Note: For lots more excellent reporting on this important subject, click here. For a webpage which shows that many of those who call asking you for donations (including Firefighters Charitable Foundation, International Union of Police Associations, and National Veterans Service Fund) are not using your money for the causes they claim to represent, click here.

The American Civil Liberties Union is warning that law enforcement officials are using license plate scanners to amass massive and unregulated databases that can be used to track law-abiding citizens as their go about their daily lives. In a new report, "You Are Being Tracked: How License Plate Readers Are Being Used to Record Americans' Movements," the ACLU discusses the data culled from license plate scanners - cameras mounted on patrol cars, overpasses and elsewhere to record your license plate number and location at a given time. There are tens of thousands such cameras now in operation, according to the group, with the data in some cases being stored indefinitely. The ACLU report is the result of an analysis of 26,000 pages of documents from police departments around the country, obtained through nearly 600 [FOIA] requests. It finds that while some jurisdictions keep the information gleaned from the scanners for a short time ... many hold onto the data for years. The organization complains that there are "virtually no rules in place" to keep officials from tracking "everybody all the time." The ACLU also warns that the data is being fed into larger databases, with the private National Vehicle Location Service now holding more than 800 million license plate records. The group's database is used by more than 2,200 law enforcement customers. The [ACLU] report warns that the data can be used in an official capacity to spy on protesters or target communities based on their religious beliefs, or unofficially by a police officer who wants to keep an eye on a romantic rival.

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

In the era of intense government surveillance and secret court orders, a murky multimillion-dollar market has emerged. Paid for by U.S. tax dollars, but with little public scrutiny, surveillance fees charged in secret by technology and phone companies can vary wildly. AT&T, for example, imposes a $325 "activation fee" for each wiretap and $10 a day to maintain it. Smaller carriers Cricket and U.S. Cellular charge only about $250 per wiretap. But snoop on a Verizon customer? That costs the government $775 for the first month and $500 each month after that. Regardless of price, the surveillance business is growing. The U.S. government long has enjoyed access to phone networks and high-speed Internet traffic under the U.S. Communications Assistance for Law Enforcement Act to catch suspected criminals and terrorists. More recently, the FBI has pushed technology companies like Google and Skype to guarantee access to real-time communications on their services. As the number of law enforcement requests for data grew and carriers upgraded their technology, the cost of accommodating government surveillance requests increased. AT&T, for example, said it devotes roughly 100 employees to review each request and hand over data. Likewise, Verizon said its team of 70 employees works around the clock, seven days a week to handle the quarter-million requests it gets each year.

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

Senior employees at U.K. banks may face a 10-year wait for bonuses under proposals put forward by a committee investigating the failures of the industry, which also recommended making “reckless” management of lenders a crime. The Parliamentary Commission on Banking Standards' ... proposal to introduce a criminal offence for mismanagement, which could see executives of failed firms facing jail time, was endorsed by Prime Minister David Cameron. “The potential rewards for fleeting short-term success have sometimes been huge, but the penalties for failure, often manifest only later, have been much smaller or negligible,” the authors of the report said. "Performance should be assessed using a range of measures rather than just return on equity, which creates “perverse incentives,” the committee said. "Taxpayers have bailed out the banks. The public have the sense that advantage has been taken of them, that bankers have received huge rewards, that some of those rewards have not been properly earned, and in some cases have been obtained through dishonesty, and that these huge rewards are excessive, bearing little or no relationship to the value of the work done.” The committee recommended introducing an offence for “reckless misconduct” and potential prison time for bankers found responsible for the worst mismanagement, the first such sanctions."

Note: For a related article in the London Review of Books, which starts "the blame in Spain falls mainly on the banks – as it does in Ireland, in Greece, in the US, and pretty much everywhere else too," click here. For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.

In March, the head of the Centers for Disease Control issued an alarm, echoed by virtually every health authority in the world, that antibiotic-resistant bacteria threaten to return humans to the days when ordinary infections routinely killed and maimed. Yet the United States continues to use at least 70 percent of its antibiotics on livestock. Millions of pounds of antibiotics are routinely administered at low doses to large numbers of animals living in crowded conditions ... to speed their growth and prevent possible infections, creating ideal conditions for bacteria to become resistant. At the same time, drug-resistant infections acquired in hospitals kill 70,000 people a year. The problem is so dire that the Obama administration is paying drug companies to develop new antibiotics, and some groups want to test them directly on sick people to speed approval. While many physicians try to limit antibiotic use on sick patients to slow the spread of resistance, livestock growers can buy antibiotics over the counter at a feed store. "Many hospitals have implemented antimicrobial stewardship programs, in which every milligram of antibiotic use is scrutinized," said Dr. Tom Newman, a professor of epidemiology and biostatistics at UCSF. About once a month, Brad Spellberg, an infectious disease researcher at Harbor-UCLA Medical Center, said he sees patients with abdominal or urinary tract E. coli infections that resist all oral antibiotics. Doctors are down to "one or two last-ditch IVs," or intravenous administration of antibiotics against some bacteria.

Note: For more on important health issues, see the deeply revealing reports from reliable major media sources available here.

Peter Doshi ... is one of the most influential voices in medical research today. Dr. Doshi’s renown comes not from solving the puzzles of cancer or discovering the next blockbuster drug, but from pushing the world’s biggest pharmaceutical companies to open their records to outsiders. Together with a band of far-flung researchers and activists, he is trying to unearth data from clinical trials — complex studies that last for years and often involve thousands of patients across many countries — and make it public. The current system, the activists say, is one in which the meager details of clinical trials published in medical journals, often by authors with financial ties to the companies whose drugs they are writing about, is insufficient to the point of being misleading. For years, researchers have talked about the problem of publication bias, or selectively publishing results of trials. Concern about such bias gathered force in the 1990s and early 2000s, when researchers documented how, time and again, positive results were published while negative ones were not. Taken together, studies have shown that results of only about half of clinical trials make their way into medical journals. In 2009, Dr. Doshi and his colleagues set out to answer a simple question about the anti-flu drug Tamiflu: Does it work? Resolving that question has been far harder than they ever envisioned, and, four years later, there is still no definitive answer.

Note: If the public is going to be taking these drugs, shouldn't all safety studies be publicly available? What are the drug companies hiding? For more on corruption in the pharmaceutical industry, see the deeply revealing reports from reliable major media sources available here.

[Barrett] Brown is not a household name like Edward Snowden or Bradley Manning. But after helping expose a dirty tricks plot, he faces jail. Brown made a splash in February 2011 by helping to uncover "Team Themis", a project by intelligence contractors retained by Bank of America to demolish the hacker society known as Anonymous. The Team Themis story began in late 2010, when Julian Assange warned WikiLeaks would release documents outlining an "ecosystem of corruption [that] could take down a bank or two." Bank of America went into damage-control mode and, as the New York Times reported, assembled "a team of 15 to 20 top Bank of America officials … scouring thousands of documents in the event that they become public." Days later, Bank of America retained the well-connected law firm of Hunton & Williams [which] "proposed various schemes to attack" WikiLeaks. Its partners suggested creating false documents and fake personas to damage progressive organizations. The tech companies' emails – which Anonymous hacked and Barrett Brown helped publicize – listed planned tactics: "Feed[ing] the fuel between the feuding groups. Disinformation. Create messages around actions to sabotage or discredit the opposing organization. Submit fake documents and then call out the error." Brown [has] been cooling his heels in a jail outside Dallas ... awaiting two separate trials that could put him on ice for more than 100 years. In contrast to the FBI's aggressive pursuit of Brown, no probe of the Team Themis project was launched – despite a call from 17 US House representatives to investigate a possible conspiracy to violate federal laws.

Note: With the wide focus on the privatized national security state by the leaks from Edward Snowden, there is renewed interest in Brown's plight and the campaign for justice in his case. For more on this and to support Barret Brown, click here. For more on intelligence agency corruption, see the deeply revealing reports from reliable major media sources available here.

Faced with a $19 billion fine for polluting Ecuador’s rainforest, Chevron Corp. has done a remarkable job of turning the tables on its foes. The lawyers who sued Chevron in Ecuador, winning that eye-popping judgment, have come under non-stop attack from the oil company. Chevron has hauled them into court in New York, accusing them of fraud and extortion. The company has gone after Ecuador’s judicial system as well, claiming judges there conspired with the other side. That aggressive strategy has worked wonders, putting Chevron’s opponents on the defensive and convincing many people that the Ecuador suit is a sham. And you can trace much of that strategy back to a 2008 memo by San Francisco’s master of crisis communications, Sam Singer. In October of 2008, he sent Chevron spokesman Kent Robertson a four-page memo outlining steps the company could take to change public perceptions of the Ecuador lawsuit. Singer recommended going on the offensive. The company should portray Ecuador’s court system as corrupt, with collusion between judges and the plaintiffs in the lawsuit. Pointing out the leftward tilt of Ecuadoran President Rafael Correa wouldn’t hurt. And Singer recommended “counter attacks” on the plaintiffs and their legal team, particularly lead lawyer Steven Donziger. Bear in mind that the memo was written more than two years before the Ecuadoran judge presiding over the lawsuit ruled against Chevron, in February of 2011. Some of Singer’s recommendations didn’t fly. For example, he suggested portraying Ecuador as “the next major threat to America.” But the company took much of his advice to heart.

The Rothschild and Rockefeller families have teamed up to buy assets from banks and other distressed sellers in a union between two of the best-known names in financial history. RIT Capital Partners, which is chaired by Lord Rothschild, has taken a 37pc stake in Rockefeller Financial Services, the family’s wealth advisory and asset management wing. It has snapped up the holding from French bank Société Générale for less than Ł100m. The transatlantic alliance cements a five-decade acquaintance between the now ennobled Jacob Rothschild, 76, and David Rockefeller, 96, the grandson of the ruthlessly acquisitive American oilman and philanthropist John D Rockefeller. The two patricians now plan to capitalise on their family names to buy other asset managers or their portfolios, using their networks of top-notch contacts to ensure they get a seat at the table for any deal. The Rockefeller group goes back to 1882, set up to invest the family money made by John D Rockefeller’s Standard Oil, the forerunner for today’s Exxon Corporation, which he built with a Darwinian aggression. “Do you know the only thing that gives me pleasure? It’s to see my dividends coming in,” he once said. The Rothschild banking dynasty has its roots in the 18th century when Mayer Amschel Rothschild set up a business in Frankfurt. That sprang to fame in 1815 when it bought government bonds in anticipation of Napoleon’s defeat at Waterloo.

Note: Why is that these two hugely wealthy families get so little press coverage? Could it be that their wealth and influence exerts control over the major media? For more on secret societies which command huge hidden power, see the deeply revealing reports from reliable major media sources available here.

The Rothschild dynasty is to merge its British and French banking operations to secure long-term control of the business and to boost the firm's financial strength ahead of the introduction of tougher capital requirements for banks. The 200-year-old banks will be reunited under a single shareholding that will bring together the fortunes of the French and English sides of the renowned family as they attempt to safeguard the business against the effects of new regulation and the fallout from the global financial crisis. Paris Orleans, the Rothschild Group's Paris-based holding company, will convert into a French limited partnership, securing the families' control of the bank against potential takeovers. The new partnership will then buy out minority investors in NM Rothschild & Sons, the UK business, as well as outstanding minority interests in the French operations. Paris Orleans has a market value of more than €500m (Ł415m) and is about 30pc owned by outside investors. The Rothschild Group employs 3,000 people in 42 countries and is one of the world's leading independent investment banks, advising some of the largest international companies on capital raisings and mergers and acquisitions. The bank also remains a player in the private equity industry and operates several merchant banking operations that invest directly in business across Europe and the rest of the world.

Note: Why is that these two hugely wealthy families get so little press coverage? Could it be that their wealth and influence exerts control over the major media? For more on secret societies which command huge hidden power, see the deeply revealing reports from reliable major media sources available here.

For seven generations, one European family has dominated an incredible part of all that money can buy. From its London and Paris banks, the family's millions have been sent forth to ... business enterprises on six continents. Some of its stately dwellings are the kind of mansions that mere San Simeons hoped to imitate. This ancient and unusual banking dynasty shields itself from the curious eye of the public, but the map and history of Europe have been changed by its action and etched with its name: the House of Rothschild. Seldom unimaginative in the use of their money, Rothschild gold has powered the ambitions of prime ministers, princes and popes. It has financed wars and reparations treaties, changed the course of politics and bailed out armies and nations. The Rothschilds strung railroads across the Continent, gained control of the Suez Canal [and] carved diamond mines in the African veld. The British Rothschilds [are still] the world's most important bullion dealers. No modern family ... has been so important for so long in European business. Newer dynasties such as the Rockefellers and the Fords have made more millions, but ... ledgers cannot reflect the Rothschild lands, their possessions and influence accumulated over the generations, their priceless collections of art. Today, the legend is very much alive—and being added to. The Rothschilds are striking out in many new directions behind a silver curtain of discretion. Rather than run companies by themselves, the Rothschilds often prefer to start or join syndicates, placing their men on boards to exert maximum influence with minimum investment risk. [They rely on] a far spreading network of agents, who seldom even admit that they are employed by the Rothschilds.

Note: To read the full, fascinating article, click here. The major media have very rarely exposed the power and wealth of the Rothschilds as in this article. Note that the article was written less than a month after the assassination of John F. Kennedy. Could it be because of some anger at the elite who killed Kennedy that this highly revealing article was actually published? For more on secret societies which command huge hidden power, see the deeply revealing reports from reliable major media sources available here.

As part of its "Food With Integrity" program, Chipotle this week posted information on its website identifying which items on its menu contain genetically modified ingredients. The chain posted a chart noting that 12 out of 25 ingredients, including its rice, barbacoa, chips, chicken, vegetable fajitas, steak and flour tortillas (except in certain restaurants) use either genetically modified corn or soybean oil, the vast majority of which is derived from GM soybeans. The chain said that those ingredients are "currently unavoidable" but that it is "working hard" to eliminate them. This move comes on the heels of Ben & Jerry's announcement that all of its flavors will be GM ingredient free by the end of the year and Whole Foods pledge to phase out all foods with GM ingredients by 2018. Although GM crops ... are considered safe by federal authorities and are legal to plant and sell, some independent studies have linked them to health and environmental problems. The announcements happen amid a flurry of state bills to require mandatory labeling of food with GM ingredients. In more GM news, this afternoon the U.S. Senate passed a bipartisan amendment to require labeling of GM salmon as part of a 2014 Agriculture Appropriations bill. Overseas, where the labeling question is largely over, the GM debate rages over expanding GM crop planting approvals in the European Union. Asked [whether UK Prime Minister David] Cameron would eat GM foods or allow his children to eat them, the spokesman steadfastly declined to answer.

Note: Much of Europe labels their food for GMOs, which are even banned in many areas. Read an MSN article on the banning of GM foods from all restaurants and food in the UK's parliament at this link. For a treasure trove of great news articles which will inspire you to make a difference, click here.

Six former Bank of America Corp. employees have alleged that the bank deliberately denied eligible home owners loan modifications and lied to them about the status of their mortgage payments and documents. The bank allegedly used these tactics to shepherd homeowners into foreclosure, as well as in-house loan modifications. Both yielded the bank more profits than the government-sponsored Home Affordable Modification Program, according to documents recently filed as part of a lawsuit in Massachusetts federal court. The former employees, who worked at Bank of America centers throughout the United States, said the bank rewarded customer service representatives who foreclosed on homes with cash bonuses and gift cards to retail stores such as Target Corp and Bed Bath & Beyond Inc. At the same time, the bank punished those who did not make the numbers or objected to its tactics with discipline, including firing. About twice a month, the bank cleaned out its HAMP backlog in an operation called "blitz," where it declined thousands of loan modification requests just because the documents were more than 60 months old, the court documents say. The testimony from the former employees also alleges the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not. Borrowers filed the civil case against Bank of America in 2010 and are now seeking class certification.

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

The probe of Libor manipulation is proving to be the tip of the iceberg as inquiries into assets from derivatives to foreign exchange show that if there’s a chance to rig benchmark rates in world markets, someone is usually willing to try. Singapore’s monetary authority last week censured 20 banks for attempting to fix interest rate levels in the island state and ordered them to set aside as much as $9.6 billion. Britain’s markets regulator is looking into the $4.7 trillion-a-day currency market after Bloomberg News reported that traders have manipulated key rates for more than a decade, citing five dealers. “It’s happened time and again: all of these markets have been influenced by major market-makers, which is a polite way of saying they’ve been rigged,” Charles Geisst, a finance professor at Manhattan College in Riverdale, New York, said. While the indexes under scrutiny are little known to the public, their influence extends to trillions of dollars in securities and derivatives. Barclays, UBS and Royal Bank of Scotland have been fined about $2.5 billion in the past year for distorting the London interbank offered rate, which is tied to $300 trillion worth of securities. Regulators are also probing ISDAfix, a measure used in the $370 trillion interest-rate swaps market, as well as how some oil products prices are set. Inquiries are broadening into the transparency of benchmarks whose levels can be determined by the same people whose income they affect. In the case of Libor, traders who stood to profit worked with bank employees responsible for submissions for the benchmark to rig the price.

Note: To read highly revealing major media articles showing just how crazy and unregulated the derivatives market is, click here. For deeply revealing reports from reliable major media sources on financial corruption, click here.

It's long been suspected that ratings agencies like Moody's and Standard & Poor's helped trigger the meltdown. A new trove of embarrassing documents shows how they did it. Everybody else got plenty of blame: the greed-fattened banks, the sleeping regulators, the unscrupulous mortgage hucksters. But what about the ratings agencies? Thanks to a mountain of evidence gathered for a pair of major lawsuits by the San Diego-based law firm Robbins Geller Rudman & Dowd, ... we now know that the nation's two top ratings companies, Moody's and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash. In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked. Ratings agencies are the glue that ostensibly holds the entire financial industry together. Their primary function is to help define what's safe to buy, and what isn't. But the financial crisis happened because AAA ratings stopped being something that had to be earned and turned into something that could be paid for. The Financial Crisis Inquiry Commission published a case study in 2011 of Moody's in particular and discovered that between 2000 and 2007, the agency gave nearly 45,000 mortgage-backed securities AAA ratings. One year Moody's doled out AAA ratings to 30 mortgage-backed securities every day, 83 percent of which were ultimately downgraded. "This crisis could not have happened without the rating agencies," the commission concluded.

Note: This is another great, well researched article by Rolling Stone's Matt Taibbi. Why isn't the major media coming up with anything near the quality of this man's work? For deeply revealing reports from reliable major media sources on financial corruption, click 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.