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.

Former fashion jewelry saleswoman Rebecca Gonzales and former Chief Executive Officer Ron Johnson have one thing in common: J.C. Penney Co. no longer employs either. The similarity ends there. Johnson, 54, got a compensation package worth 1,795 times the average wage and benefits of a U.S. department store worker when he was hired in November 2011, according to data compiled by Bloomberg. Gonzales’s hourly wage was $8.30 that year. Across the [S&P] 500 Index of companies, the average multiple of CEO compensation to that of rank-and-file workers is 204, up 20 percent since 2009, the data show. Almost three years after Congress ordered public companies to reveal actual CEO-to-worker pay ratios under the Dodd-Frank law, the numbers remain unknown. As the Occupy Wall Street movement and 2012 election made income inequality a social flashpoint, mandatory disclosure of the ratios remained bottled up at the Securities and Exchange Commission, which hasn’t yet drawn up the rules to implement it. Some of America’s biggest companies are lobbying against the requirement. “It’s a simple piece of information stockholders ought to have,” said Phil Angelides, who led the Financial Crisis Inquiry Commission, which investigated the economic collapse of 2008. “The fact that corporate executives wouldn’t want to display the number speaks volumes.” The lobbying is part of “a street-by-street, block-by-block fight waged by large corporations and their Wall Street colleagues” to obstruct the Dodd-Frank law, he said.

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

We’re now witnessing what happens when all of the economic gains go to the top. Four years into a so-called recovery and we’re still below recession levels in every important respect except the stock market. A measly 88,000 jobs were created in March, and total employment remains some 3 million below its pre-recession level. Labor-force participation is it’s lowest since 1979. The underlying problem is the vast middle class is running out of money. They can’t borrow more — and shouldn’t, given what happened after the last borrowing binge. Real annual median household income keeps falling. It’s down to $45,018, from $51,144 in 2010. All the gains from the recovery continue to go to the top. Widening inequality is not inevitable. If we wanted to reverse it and restore middle-class prosperity, we could. We could award tax cuts to companies that link the pay of their hourly workers to profits and productivity, and that keep the total pay of their top 5 executives within 20 times the pay of their median worker. And impose higher taxes on companies that don’t. We could raise the minimum wage to half the average wage. We could increase public investment in education, including early-childhood. We could eliminate college loans and allow all students to repay the cost of their higher education with a 10 percent surcharge on the first 10 years of income from full-time employment. And we could pay for all this by adding additional tax brackets at the top and increasing the top marginal tax rate to what it was before 1981 – at least 70 percent.

Note: For deeply revealing reports from reliable major media sources on the collapse of the global economy assisted by speculation and profiteering by financial corporations, click here.

Billionaire Dmitry Rybolovlev, Russia’s 14th-richest person, and his wife, Elena Rybolovleva, have been brawling for almost five years in at least seven countries over his $9.5 billion fortune. In a divorce complaint originated in Geneva in 2008, Rybolovleva accused her husband of using a “multitude of third parties” to create a network of offshore holding companies and trusts to place assets -- including about $500 million in art, $36 million in jewelry and an $80 million yacht -- beyond her reach. She has brought legal action against the 48-year-old Rybolovlev in the British Virgin Islands, England, Wales, the U.S., Cyprus, Singapore and Switzerland, and is seeking $6 billion. The suits provide a window into the offshore structures and secrecy jurisdictions the world’s richest people use to manage, preserve and conceal their assets. According to Tax Justice Network, a U.K.-based organization that campaigns for transparency in the financial system, wealthy individuals were hiding as much as $32 trillion offshore at the end of 2010. Fewer than 100,000 people own $9.8 trillion of offshore assets. More than 30 percent of the world’s 200 richest people, who have a $2.8 trillion collective net worth ...control part of their personal fortune through an offshore holding company or other domestic entity where the assets are held indirectly. These structures often hide assets from tax authorities or provide legal protection from government seizure and lawsuits.

Note: For deeply revealing reports from reliable major media sources on failure of governments to regulate great accumulations of wealth, click here.

Two years after a triple meltdown that grew into the world’s second worst nuclear disaster, the Fukushima Daiichi nuclear power plant is faced with a new crisis: a flood of highly radioactive wastewater that workers are struggling to contain. Groundwater is pouring into the plant’s ravaged reactor buildings at a rate of almost 75 gallons a minute. It becomes highly contaminated there, before being pumped out to keep from swamping a critical cooling system. A small army of workers has struggled to contain the continuous flow of radioactive wastewater, relying on ... storage tanks sprawling over 42 acres of parking lots and lawns. The tanks hold the equivalent of 112 Olympic-size pools. But even they are not enough to handle the tons of strontium-laced water at the plant — a reflection of the scale of the 2011 disaster. In a sign of the sheer size of the problem, the operator of the plant, Tokyo Electric Power Company, or Tepco, plans to chop down a small forest on its southern edge to make room for hundreds more tanks, a task that became more urgent when underground pits built to handle the overflow sprang leaks in recent weeks. While the company has managed to stay ahead, the constant threat of running out of storage space has turned into what Tepco itself called an emergency, with the sheer volume of water raising fears of future leaks at the seaside plant that could reach the Pacific Ocean. Two years after the meltdowns, the plant remains vulnerable to the same sort of large earthquake and tsunami that set the original calamity in motion.

Note: For deeply revealing reports from reliable major media sources on risks and corruption in the nuclear power industry, click here.

Gray Butte, CA: The General Atomics drone base, way out in the wastelands of the Mojave Desert ... today ranks as possibly the largest private drone base in the United States. General Atomics took the base over in 2001 and converted it into a testing and quality control facility for its drone fleet. This is where the company tests experimental drone technology--like the newfangled stealth bomber jet drone. But mostly the base is where General Atomics techs assemble and test their Predator and Reaper drones before breaking them down again and shipping them to eager customers in the Air Force, Border Patrol, National Guard and the CIA. The Guardian estimated that U.S. armed forces had about 250 General Atomics drones in 2012. And a good number of them first came through Grey Butte. [The] brothers who make them: Linden Stanley and James Neal Blue, the mysterious Blue brothers who own and run General Atomics. General Atomics does not disclose its financial information, but stats gleaned from public data show that they took in just under $5 billion from U.S. taxpayers from 2000 to 2009. Current annual revenue is estimated to between $600 million and $1 billion, with about 80 percent coming from government defense contracts. Today, General Atomics dominates 25% of the UAV market--a market that will only keep getting bigger and bigger.

Note: For lots more excellent background to the Blue brothers and their predator-producing company, read the NY Times article at this link.

The movement demanding that public interest institutions divest their holdings from fossil fuels is on a serious roll. Chapters have opened up in more than 100 US cities and states as well as on more than 300 campuses, where students are holding protests, debates and sit-ins to pressure their [universities] to rid their endowments of oil, gas and coal holdings. Some schools [in the UK], including University College London, ... already have active divestment campaigns. Four US colleges have announced their intention to divest their endowments from fossil fuel stocks and bonds and, in late April, 10 US cities made similar commitments, including San Francisco [and Seattle]. To quote the mission statement of the Fossil Free movement: "If it is wrong to wreck the climate, then it is wrong to profit from that wreckage. We believe that educational and religious institutions, city and state governments, and other institutions that serve the public good should divest from fossil fuels." An important target is missing from the list: the environmental organisations themselves. Some of the most powerful and wealthiest environmental organisations have long behaved as if they had a stake in the oil and gas industry. They led the climate movement down various dead ends: carbon trading, carbon offsets, natural gas as a "bridge fuel" – what these policies all held in common is that they created the illusion of progress while allowing the fossil fuel companies to keep mining, drilling and fracking with abandon.

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

Conspiracy theorists of the world, ... we skeptics owe you an apology. You were right. The world is a rigged game. The world's largest banks may be fixing the prices of, well, just about everything. You may have heard of the Libor scandal, in which ... perhaps as many as 16 ... banks have been manipulating global interest rates, in the process [manipulating] the prices of upward of $500 trillion ... worth of financial instruments. Now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps. Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. [It's] a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget. It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks – including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland – that serve on the Libor panel that sets global interest rates.

Note: For deeply revealing reports from reliable major media sources on the criminal practices of the financial industry, click here.

The [Los Angeles Times] is one of the eight daily newspapers now owned by the creditors who took control of the Tribune Co. after real estate wheeler-dealer Sam Zell drove it into bankruptcy. The Tribune board members whom the creditors selected want to unload the papers in favor of more money-making ventures. Right-wing billionaires Charles and David Koch are looking to buy all eight papers. The Koch boys, whose oil-and-gas-based fortune places them just behind Bill Gates, Warren Buffett and Larry Ellison as the wealthiest Americans, have been among the chief donors to the tea party wing of the Republican Party. Their political funding vehicle, Americans for Prosperity, ranked with casino billionaire Sheldon Adelson among the largest funders of right-wing causes and candidates in 2012. Their purchase offer [comes] complete with a commitment to journalism as a branch of right-wing ideology. The staffs at [the Tribune Co.] papers fear that, once Kochified, the papers would quickly turn into print versions of Fox News. A recent informal poll that one L.A. Times writer conducted of his colleagues showed that almost all planned to exit if the Kochs took control (and that included sportswriters and arts writers). Those who stayed would have to grapple with how to cover politics and elections in which their paper’s owners played a leading role. It’s also unclear who in Los Angeles, one of the nation’s most liberal cities, would actually want to read such a paper, but then the Kochs don’t appear to view this as a money-making venture.

All 104 nuclear power reactors now in operation in the United States have a safety problem that cannot be fixed and they should be replaced with newer technology, the former chairman of the Nuclear Regulatory Commission said on [April 8]. Shutting them all down at once is not practical, he said, but he supports phasing them out rather than trying to extend their lives. The position of the former chairman, Gregory B. Jaczko, is not unusual in that various anti-nuclear groups take the same stance. But it is highly unusual for a former head of the nuclear commission to so bluntly criticize an industry whose safety he was previously in charge of ensuring. Dr. Jaczko made his remarks at the Carnegie International Nuclear Policy Conference in Washington in a session about the Fukushima accident. Dr. Jaczko said that many American reactors that had received permission from the nuclear commission to operate for 20 years beyond their initial 40-year licenses probably would not last that long. He also rejected as unfeasible changes proposed by the commission that would allow reactor owners to apply for a second 20-year extension, meaning that some reactors would run for a total of 80 years. Dr. Jaczko resigned as chairman last summer after months of conflict with his four colleagues on the commission. He often voted in the minority on various safety questions, advocated more vigorous safety improvements, and was regarded with deep suspicion by the nuclear industry.

Note: For deeply revealing reports from reliable major media sources on grave risks caused by corruption in the nuclear power industry, click here.

Pat Guillet is a food addict. She has finally wrestled her addiction under control and now she counsels other food addicts to avoid processed food. "Yeah, just the sight of the packages will trigger cravings," she said. Craving. It doesn't just happen to food addicts. "These companies rely on deep science and pure science to understand how we're attracted to food and how they can make their foods attractive to us," Michael Moss said. The New York Times investigative reporter spent four years prying open the secrets of the food industry’s scientists. "This was like a detective story for me, getting inside the companies with thousands of pages of inside documents and getting their scientists and executives to reveal to me the secrets of how they go at this," he said. What he found became the title of his new book, Salt, Sugar Fat: How the food giants hooked us. "I spent time with the top scientists at the largest companies in this country and it's amazing how much math and science and regression analysis and energy they put into finding the very perfect amount of salt, sugar and fat in their products that will send ... their products flying off the shelves and have us buy more, eat more and …make more money for them."

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

When Cristin Couzens went on the hunt for evidence that Big Sugar had manipulated public opinion, she had no idea what she was doing. She was a dentist, not an investigative reporter. But she couldn't let go of the nagging suspicion that something was amiss. Her obsession started in an unlikely place, at a dental conference in Seattle in 2007 about diabetes and gum disease. When one speaker listed foods to avoid, there was no mention of sugar. "I thought this was very strange," Couzens said. She quit her job, exhausted her savings and spent 15 months scouring library archives. Then one day she found what she was looking for, in a cardboard box at the Colorado State University archives. What Couzens found was something food industry critics have been seeking for years — documents suggesting that the sugar industry used Big Tobacco tactics to deflect growing concern over the health effects of sugar. "So I had lists of their board reports, their financial statements, I had names of their scientific consultants, I had a list of research projects they funded, and I had these memos where they were describing how their PR men should handle conflict of interest questions from the press," she said. As Couzens sorted through the documents, the full extent of that campaign to forge public opinion emerged. The documents describe industry lobby efforts to sponsor scientific research, silence media reports critical of sugar, and block dietary guidelines to limit sugar consumption.

Note: Cristin Couzens publicized secret sugar industry documents in a magazine article titled "Big Sugar's Sweet Little Lies." For deeply revealing reports from reliable major media sources on corporate corruption, click here.

Europe needs to recapitalise, restructure or shut down its banks as part of a vital clean-up of the industry, International Monetary Fund managing director Christine Lagarde said as she warned that the threat from world’s biggest lenders was “more dangerous than ever”. Speaking in New York ahead of next week’s IMF Spring meeting, Ms Lagarde launched a broadside against the financial services industry for resisting urgent reform. “In too many cases – from the United States in 2008 to Cyprus today – we have seen what happens when a banking sector chooses the quick buck ..., backing a business model that ultimately destabilizes the economy. We simply cannot have pre-crisis banking in a post-crisis world. We need reform, even in the face of intense pushback from an industry sometimes reluctant to abandon lucrative lines of business.” Almost five years since Lehman Brothers collapsed, she claimed: “The 'oversize banking’ model of too-big-to-fail is more dangerous than ever. We must get to the root of the problem with comprehensive and clear regulation.” Regulators have forced banks to increase significantly their loss-absorbing capital buffers since the crisis, but are still working on "resolution" mechanisms that will allow giant lenders to fail without hitting the taxpayer and threatening financial stability. Regulators must also work together, she added, amid evidence that some countries are caving into pressure from the banking lobby.

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

On one covert video, farm workers illegally burn the ankles of Tennessee walking horses with chemicals. Another captures workers in Wyoming punching and kicking pigs and flinging piglets into the air. And at one of the country’s largest egg suppliers, a video shows hens caged alongside rotting bird corpses, while workers burn and snap off the beaks of young chicks. Each video ... drew a swift response: Federal prosecutors in Tennessee charged the horse trainer and other workers, who have pleaded guilty, with violating the Horse Protection Act. Local authorities in Wyoming charged nine farm employees with cruelty to animals. And the egg supplier, which operates in Iowa and other states, lost one of its biggest customers, McDonald’s, which said the video played a part in its decision. But a dozen or so state legislatures have had a different reaction: They proposed or enacted bills that would make it illegal to covertly videotape livestock farms, or apply for a job at one without disclosing ties to animal rights groups. They have also drafted measures to require such videos to be given to the authorities almost immediately, which activists say would thwart any meaningful undercover investigation of large factory farms. Critics call them “Ag-Gag” bills. Some of the legislation appears inspired by the American Legislative Exchange Council, a business advocacy group with hundreds of state representatives from farm states as members. One of the group’s model bills, “The Animal and Ecological Terrorism Act,” prohibits filming or taking pictures on livestock farms to “defame the facility or its owner.” Violators would be placed on a “terrorist registry.”

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

Goldman Sachs paid its chief executive, Lloyd Blankfein, $21m last year – and granted him a further $5m in bonus shares in January. The Wall Street bank handed Blankfein $13.3m (Ł8.7m) in restricted shares and a $5.7m cash bonus on top of his $2m annual salary last year. His total 2012 pay was $9m more than in 2011, and the highest since the $68m he received in 2007, before the financial crisis struck. The payout, disclosed in a filing with the US regulator the Securities and Exchange Commission (SEC), makes Blankfein, 58, the world's best paid banker. Blankfein's top four lieutenants collected a total of $72m in annual pay, bonuses and share options last year. Goldman paid its bankers an average of $400,000 last year, $30,000 more than in 2011. The total pay, bonuses and perks bill to its 32,400 staff came in at $13bn. The payroll figures come after the bank ... reported a near-doubling of full year net profits to $7.5bn. The payouts come despite a senior employee attacking it as "morally bankrupt" and revealing that senior Goldman bankers describe clients as "muppets".

Note: For an excellent four-minute video clip of Sen. Elizabeth Warren questioning government bank regulators and showing without doubt they are protecting the banks rather than consumers, click here. For deeply revealing reports from reliable major media sources on financial corruption, click here.

The secret records obtained by ICIJ [International Consortium of Investigative Journalists] lay bare an extraordinary range of people using offshore hideaways. They include ... families of despots, Wall Street swindlers, eastern European and Indonesian billionaires, Russian executives, [and] international arms dealers. The leaks illustrate how offshore financial secrecy has aggressively spread around the globe. The records detail offshore holdings in more than 170 territories; this represents the biggest stockpile of inside information about the offshore system ever obtained by a media organisation. Eighty-six journalists from 46 countries used both hi-tech data crunching and traditional reporting to sift through emails and account ledgers covering nearly 30 years. "Everything is much more geared toward business," David Marchant, publisher of OffshoreAlert, an online journal, said. "If you're dishonest, you can take advantage of that in a bad way." ICIJ's 15-month investigation found that ... the secrecy and lax oversight offered by the offshore world appears to allow fraud, tax-dodging and political corruption to thrive. A study by James S Henry, former chief economist at McKinsey & Company [and a board member of the Tax Justice Network], estimates that wealthy individuals have $21-$32tn tucked away in offshore havens – roughly equivalent to the size of the US and Japanese economies combined.

Note: To learn more about how all of this incredibly revealing data was obtained and processed, click here. For a powerfully revealing documentary showing how huge corporations park profits offshore to avoid taxes, click here.

Millions of internal records have leaked from Britain's offshore financial industry, exposing for the first time the identities of thousands of holders of anonymous wealth from around the world, from presidents to plutocrats, the daughter of a notorious dictator and a British millionaire accused of concealing assets from his ex-wife. The leak of 2m emails and other documents, mainly from the offshore haven of the British Virgin Islands, has the potential to cause a seismic shock worldwide to the booming offshore trade. The naming project may be extremely damaging for confidence among the world's wealthiest people, no longer certain that the size of their fortunes remains hidden from governments and from their neighbours. As well as Britons hiding wealth offshore, an extraordinary array of government officials and rich families across the world are identified, from Canada, the US, India, Pakistan, Indonesia, Iran, China, Thailand and former communist states. The Caribbean micro-state has incorporated more than a million such offshore entities since it began marketing itself worldwide in the 1980s. Owners' true identities are never revealed. Even the island's official financial regulators normally have no idea who is behind them. The British Foreign Office depends on the BVI's company licensing revenue to subsidise this residual outpost of empire, while lawyers and accountants in the City of London benefit from a lucrative trade as intermediaries.

Note: For profiles of a few leading secret account holders, click here. For a powerfully revealing documentary showing how huge corporations park profits offshore to avoid taxes, click here.

The world's biggest banks won a major victory on [March 29] when a U.S. judge dismissed a "substantial portion" of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The 16 banks had faced claims totaling billions of dollars in the case. The banks include: Bank of America, Citigroup, Credit Suisse, Deutsche Bank, HSBC Holdings, JPMorgan Chase, [and others]. They had been accused by a diverse body of private plaintiffs, ranging from bondholders to the city of Baltimore, of conspiring to manipulate the London Interbank Offered Rate (Libor), a key benchmark at the heart of more than $550 trillion in financial products. In a significant setback for the plaintiffs, U.S. District Judge Naomi Reice Buchwald in Manhattan granted the banks' motion to dismiss federal antitrust claims and partially dismissed the plaintiffs' claims of commodities manipulation. She also dismissed racketeering and state-law claims. Buchwald did allow a portion of the lawsuit to continue that claims the banks' alleged manipulation of Libor harmed traders who bet on interest rates. Small movements in those rates can mean sizable gains or losses for those gambling on which way the rates move. Buchwald's decision may make it more likely that banks will talk settlement with a significant win in their pocket. The decision also could cast doubt on some of the highest analyst projections about potential Libor damages, and quell some concerns that the banks have not reserved enough for litigation expenses.

Note: For deeply revealing reports from reliable major media sources on criminal operations of the financial industry, click here.

Our government must act to close the loopholes that allow companies and wealthy individuals to get out of paying their taxes - in particular, loopholes allowing them to move profits offshore to avoid taxation. The U.S. PIRG (Public Interest Research Group) ... released a study outlining how in California alone, an estimated $7.1 billion in potential tax revenue for 2011 was lost because companies and individuals shifted profits to subsidiary shell companies in tax havens. Often described as "sunny places for shady people," tax havens aren't usually associated with mundane issues like potholes - or with cuts to programs for seniors; freezes in funding for public education ... or cancellation of emergency services. Yet the PIRG study, which concludes that the United States is losing about $150 billion in tax revenue annually, shows once again how tax havens and shortfalls in government budgets are directly related. Despite the obvious damage to society, shifting profits offshore is, in most cases, perfectly legal. In fact, tax haven use by big companies is so common that a 2008 Government Accountability Office Report found 83 of the Fortune 100 companies in the United States had subsidiaries in offshore tax havens. Just because something is legal does not mean that it is right.

Note: For a powerfully revealing documentary showing how huge corporations park profits offshore to avoid taxes, click here. For deeply revealing reports from reliable major media sources on corporate corruption, click here.

Even people used to the closeness of the US administration and food giants like Monsanto have been shocked by the latest demonstration of the GM industry's political muscle. Little-noticed in Europe or outside the US, President Barack Obama last week signed off what has become widely known as "the Monsanto Protection Act", technically the Farmer Assurance Provision rider in HR 933: Consolidated and Further Continuing Appropriations Act 2013. According to an array of food and consumer groups, organic farmers, civil liberty and trade unions and others, this hijacks the constitution, sets a legal precedent and puts Monsanto and other biotech companies above the federal courts. It means, they say, that not even the US government can now stop the sale, planting, harvest or distribution of any GM seed, even if it is linked to illness or environmental problems. The backlash has been furious. A Food Democracy Now petition has attracted 250,000 names. The only good news, say the opponents, is that because the "Monsanto Protection Act" was part of the much wider spending bill, it will formally expire in September. The bad news however is that the precedent has been set and it is unlikely that the world's largest seed company and the main driver of the divisive GM technology will ever agree to give up its new legal protection. The company, in effect, now rules.

Note: For deeply revealing reports from reliable major media sources on the harm caused by GMOs, click here.

The U.N. General Assembly overwhelmingly approved the first international treaty regulating the multibillion-dollar global arms trade [on April 2], after a more than decade-long campaign. The final vote: 154 in favor, 3 against and 23 abstentions. "This is a victory for the world's people," U.N. Secretary-General Ban Ki-moon said. "The Arms Trade Treaty will make it more difficult for deadly weapons to be diverted into the illicit market. ... It will be a powerful new tool in our efforts to prevent grave human rights abuses or violations of international humanitarian law." Never before has there been a treaty regulating the global arms trade, which is estimated to be worth $60 billion. Frank Jannuzi, deputy executive director of Amnesty International USA [said,] "The voices of reason triumphed over skeptics, treaty opponents and dealers in death to establish a revolutionary treaty that constitutes a major step toward keeping assault rifles, rocket-propelled grenades and other weapons out of the hands of despots and warlords who use them to kill and maim civilians, recruit child soldiers and commit other serious abuses." What impact the treaty will actually have remains to be seen. It will take effect 90 days after 50 countries ratify it, and a lot will depend on which ones ratify and which ones don't, and how stringently it is implemented. As for its chances of being ratified by the U.S., the powerful National Rifle Association has vehemently opposed it, and it is likely to face stiff resistance from conservatives in the Senate, where it needs two-thirds to win ratification.

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.