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.

Radioactive tritium has leaked from three-quarters of U.S. commercial nuclear power sites, often into groundwater from corroded, buried piping. The number and severity of the leaks has been escalating, even as federal regulators extend the licenses of more and more reactors across the nation. Tritium, which is a radioactive form of hydrogen, has leaked from at least 48 of 65 sites, according to U.S. Nuclear Regulatory Commission records reviewed as part of the AP's yearlong examination of safety issues at aging nuclear power plants. Leaks from at least 37 of those facilities contained concentrations exceeding the federal drinking water standard — sometimes at hundreds of times the limit. At three sites — two in Illinois and one in Minnesota — leaks have contaminated drinking wells of nearby homes. At a fourth site, in New Jersey, tritium has leaked into an aquifer and a discharge canal feeding picturesque Barnegat Bay off the Atlantic Ocean. Any exposure to radioactivity, no matter how slight, boosts cancer risk, according to the National Academy of Sciences. Tritium moves through soil quickly, and when it is detected it often indicates the presence of more powerful radioactive isotopes that are often spilled at the same time.

Note: For lots more from reliable sources on government and corporate corruption, click here and here.

Federal regulators have been working closely with the nuclear power industry to keep the nation's aging reactors operating within safety standards by repeatedly weakening those standards, or simply failing to enforce them, an investigation by The Associated Press has found. Time after time, officials at the U.S. Nuclear Regulatory Commission have decided that original regulations were too strict, arguing that safety margins could be eased without peril. The result? Rising fears that these accommodations by the NRC are significantly undermining safety — and inching the reactors closer to an accident that could harm the public. Examples abound. When valves leaked, more leakage was allowed — up to 20 times the original limit. When rampant cracking caused radioactive leaks from steam generator tubing, an easier test of the tubes was devised, so plants could meet standards. Failed cables. Busted seals. Broken nozzles, clogged screens, cracked concrete, dented containers, corroded metals and rusty underground pipes — all of these and thousands of other problems linked to aging were uncovered. Not a single official body in government or industry has studied the overall frequency and potential impact on safety of such breakdowns in recent years, even as the NRC has extended the licenses of dozens of reactors.

Note: Read this detailed report in its entirety to see the amazing range of serious problems in the US nuclear industry which have systematically been covered up by the NRC. For lots more from reliable sources on government and corporate corruption, click here and here.

The bloated Missouri River rose to within 18 inches of forcing the shutdown of a nuclear power plant in southeast Nebraska but stopped and ebbed slightly [on June 20], after several levees in northern Missouri failed to hold back the surging waterway. The river has to hit 902 feet above sea level at Brownville before officials will shut down the Cooper Nuclear Plant, which sits at 903 feet, Nebraska Public Power District spokesman Mark Becker said. Becker said the river rose to 900.56 feet at Brownville on Sunday, then dropped to 900.4 feet later in the day and remained at that level Monday morning. The Cooper Nuclear Plant is operating at full capacity Monday, Becker said. The Columbus-based utility sent a "notification of unusual event" to the Nuclear Regulatory Commission when the river rose to 899 feet early Sunday morning. The declaration is the least serious of four emergency notifications established by the federal commission. The Cooper Nuclear Station is one of two plants along the Missouri River in eastern Nebraska. The Fort Calhoun Station, operated by the Omaha Public Power District, is about 20 miles north of Omaha. It issued a similar alert to the regulatory commission June 6.

Note: This same plant narrowly avoided a shutdown just a couple weeks prior due to an electrical fire. For the AP article on this, click here. On Monday, June 27, floodwaters collapsed a berm protecting the plant and flooded a building onsite. Authorities, however, still claim there are no dangers.

The two parties contesting this election are unusually pathetic. Their programs are unusually unimaginative. Their policies are unusually incommensurate to the problem at hand. The election is happening during a downturn in the economic cycle, but the core issue is the accumulation of deeper structural problems that this recession has exposed — unsustainable levels of debt, an inability to generate middle-class incomes, a dysfunctional political system, [and] the steady growth of special-interest sinecures. Workers’ share of national income has been declining since 1983. Male wages have been stagnant for about 40 years. The American working class — those without a college degree — is being decimated, economically and socially. Voters are certainly aware of the scope of the challenges before them. Their pessimism and anxiety does not just reflect the ebb and flow of the business cycle, but is deeper and more pervasive. Trust in institutions is at historic lows. Large majorities think the country is on the wrong track, and have for years. Large pluralities believe their children will have fewer opportunities than they do. Voters are in the market for new movements and new combinations, yet the two parties have grown more rigid.

The nuclear fuel in three of the reactors at the Fukushima Dai-Ichi nuclear plant has melted through the base of the pressure vessels and is pooling in the outer containment vessels, according to a report by the Japanese government. The findings of the report, which has been given to the International Atomic Energy Agency, were revealed by the Yomiuri newspaper, which described a "melt-through" as being "far worse than a core meltdown" and "the worst possibility in a nuclear accident." Water that was pumped into the pressure vessels to cool the fuel rods, becoming highly radioactive in the process, has been confirmed to have leaked out of the containment vessels and outside the buildings that house the reactors. Elevated levels of radiation have been confirmed in the ocean off the plant. The radiation will also have contaminated the soil and plant and animal life around the facility, making the task of cleaning up more difficult and expensive, as well as taking longer. The pressure vessel of the No. 1 reactor is now believed to have suffered damage just five hours after the March 11 earthquake and tsunami. Melt-downs of the fuel in the No. 2 and No. 3 reactors followed over the following days with the molten fuel collecting at the bottom of the pressure vessels before burning through and into the external steel containment vessels.

Note: The UK Telegraph has been consistently reporting the bad news about the Fukushima catastrophe, but many other major media outlets have not kept the spotlight on this vital issue. Could that be because they are protecting the nuclear industry and its plans for expansion from the fallout of public opinion?

Lockheed Martin, the nation's largest contractor ... has received more than $19 billion in federal contracts so far this year. Lockheed has already spent more than $3 million lobbying Congress this year. Lockheed supports a platoon of Washington lawyers and lobbyists dedicated to getting more federal contracts. Sixty-four of Lockheed's lobbyists are former congressional staffers, Pentagon officials and White House aides. Two are former members of Congress. As such, they used to be on the public payroll, representing us. Lockheed also has been spending more than $3 million a year on political contributions to friendly members of Congress. Lockheed is hardly alone in using taxpayer money to get fatter contracts from taxpayers. All of the 10 biggest government contractors are defense contractors. Every one of them gets most of its revenue from the federal government. And every one uses a portion of that money to lobby for even more defense contracts. Next year's expected drawdown of troops from Afghanistan and Iraq is supposed to save money. But Lockheed and other giant defense contractors have made sure all anticipated savings will go to new weapons systems. Lockheed recently delivered a budget bombshell with a proposed tab of more than $1 trillion for a fleet of F-35 joint-strike fighter jets.

Note: $1 trillion for a fighter jet fleet means that each American will pay over $3,000 for this fleet. The author of this op-ed, Robert Reich, is former U.S. secretary of labor, professor of public policy at UC Berkeley and the author of Aftershock: The Next Economy and America's Future. He blogs at www.robertreich.org.

The world's four largest grain traders, responsible for the vast majority of global corn, soya and wheat trading and processing, have been accused of large-scale tax evasion in a landmark series of cases being brought against them by the Argentinian government. Ricardo Echegaray, the head of Afip, the country's revenue and customs service, has given a detailed account of the charges his department is bringing against ADM, Bunge, Cargill and Dreyfus. "These companies have gone into criminality," Echegaray said. "2008 was when agricultural commodities prices spiked and was the best year for them in prices, yet we could see that the companies with the biggest sales showed very little profit in this country." Afip is seeking to claim $476m (Ł290m) for what it says are unpaid tax and duties from Bunge, $252m from Cargill and $140m from Dreyfus. With the global food system and who controls it under intense scrutiny in recent weeks, thanks to record prices, the legal battle between Afip and the "ABCD four", as they are known, has taken on heightened significance. Oxfam, in a report earlier this week, warned of spiralling prices and a huge increase in global hunger over the next two decades, and said that corporate concentration in the global food trade was a structural flaw in the system.

Note: When you hear of global food prices spiraling, think of market manipulation by companies like this and inside traders.

Months after Bank of America wrongly foreclosed on a house Warren and Maureen Nyerges had already paid for, they were still fighting to get reimbursed for the court battle. So on Friday, their attorney showed up at a branch office in Naples with a moving truck and sheriff's deputies who had a judge's permission to seize the furniture if necessary. An hour later, the bank had written a check for $5,772.88. "The branch manager was visibly shaken," attorney Todd Allen said Monday, recalling the visit to the bank last week. "At that point I was willing to take the desk and the chair he was sitting in." After the moving company and sheriff's deputies get their share, the Nyerges should receive the rest of the money this week, ending a bizarre saga that started when they paid Bank of America $165,000 cash for a 2,700-square-foot (250 meter) foreclosed home in Naples in 2009. About four months later, a process server knocked on their door and handed Warren Nyerges a notice of foreclosure. That started 18 months of frustrating phone calls, paperwork and court hearings. Whenever Nyerges called the bank, representatives told him to "come up to date" with his payments. When he called 25 different law firms, no attorney would take the case. When he went to court, the lawyers for the bank filed incorrect motions and were woefully unprepared for the hearings.

Note: For a great two-minute video on this most unusual happening, click here.

The more aggressively a bank lobbied before the financial crisis, the worse its loans performed during the economic downturn -- and the more bailout dollars it received, according to a study published by the National Bureau of Economic Research this week. The report, titled "A Fistful of Dollars: Lobbying and the Financial Crisis," said that banks' lobbying efforts may be motivated by short-term profit gains, which can have devastating effects on the economy. "Overall, our findings suggest that the political influence of the financial industry played a role in the accumulation of risks, and hence, contributed to the financial crisis," said the report, written by three economists from the International Monetary Fund. Data collected by the three authors -- Deniz Igan, Prachi Mishra and Thierry Tressel -- show that the most aggressive lobbiers in the financial industry from 2000 to 2007 also made the most toxic mortgage loans. They securitized a greater portion of debt to pass the home loans onto investors and their stock prices correlated more closely to the downturn and ensuing bailout. The banks' loans also suffered from higher delinquencies during the downturn.

Note: If the above link fails, click here. For lots more from reliable sources on corruption in the government bailouts of the biggest banks, click here.

Christy Mack, the wife of Morgan Stanley Chairman John Mack, and Susan Karches, the widow of the company's former investment-banking division president, Peter Karches, are among the chief investors in a company that received $220 million in low-interest loans. The funds came from a federal bailout program that "virtually guaranteed them millions in risk-free income," according to the article ... "The Real Housewives of Wall Street," which appears in [Rolling Stone]. In 2009, Christy Mack and Susan Karches launched Waterfall TALF Opportunity, a company with a Cayman Islands address, although the two women did not seem "to have any experience whatsoever in finance." TALF stands for "Term Asset-Backed Securities Loan Facility." The federal aid they received "falls under a broader category of bailout initiatives designed" by Federal Reserve chief Ben Bernanke and Treasury Secretary Timothy Geithner. With an initial upfront investment of $15 million, Waterfall TALF received $220 million in cash from the Fed, most of which it used to purchase "student loans and commercial mortgages." The loans were set up so that the investors "would keep 100% of any gains on the deal while the Fed and the Treasury (read: the taxpayer) would eat 90% of the losses."

Note: We don't usually quote the New York Daily News, but as they were the only major media to report this important story, we've included it here. Why are the major media silent on this powerful information uncovered by U.S. Senator Bernie Sanders? For the full story on this, click here. For lots more from reliable sources on corruption in the government bailouts of the biggest banks, click here.

Each name is next to a number, in black type on a thick legal document. They are the mothers and fathers, spouses, sisters and brothers of thousands of Colombians who were killed or vanished during a bloody civil conflict between leftist guerrillas and right-wing paramilitary groups whose victims have largely been civilians. The list has at least 4,000 names, each one targeting Chiquita Brands International in U.S. lawsuits, claiming the produce giant's payments and other assistance to the paramilitary groups amounted to supporting terrorists. Cincinnati-based Chiquita in 2007 pleaded guilty to similar criminal charges brought by the Justice Department and paid a $25 million fine. But if the lawsuits succeed, plaintiffs' lawyers estimate the damages against Chiquita could reach into the billions. The cases filed around the country are being consolidated before a South Florida federal judge who must decide whether to dismiss them or let them proceed. Chiquita has long maintained it was essentially blackmailed into paying the paramilitary groups - perpetrators of the majority of civilian deaths in Colombia's dirty war.

Note: For lots more on corporate corruption from reliable sources, click here.

The operator of the nuclear power plant at the center of a radiation scare after being disabled by Japan's earthquake and tsunami confirmed ... that there had been meltdowns of fuel rods at three of its reactors. Tokyo Electric Power Co said meltdowns of fuel rods at three reactors at the Fukushima Daiichi plant occurred early in the crisis triggered by the March 11 disaster. The government and outside experts had said previously that fuel rods at three of the plant's six reactors had likely melted early in the crisis, but the utility, also known as Tepco, had only confirmed a meltdown at the No.1 reactor. Tepco officials said a review since early May of data from the plant concluded the same happened to reactors No.2 and 3. Some analysts said the delay in confirming the meltdowns at Fukushima suggested the utility feared touching off a panic by disclosing the severity of the accident earlier. "Now people are used to the situation. Nothing is resolved, but normal business has resumed in places like Tokyo," said Koichi Nakano, a political science professor at Tokyo's Sophia University. Nakano said that by confirming the meltdowns now, Tepco may be hoping the news will have less impact.

Note: Very few major media have given TEPCO's confirmation of the world's worst fears about the severity of the Fukushima nuclear disaster the attention it deserves. Are the major media burying this story because of the potential harm it will do to plans for the expansion of the nuclear power industry?

In November 2009, Attorney General Eric Holder vowed before television cameras to prosecute those responsible for the market collapse a year earlier, saying the U.S. would be “relentless” in pursuing corporate criminals. In the 18 months since, no senior Wall Street executive has been criminally charged. Prosecutions of three categories of crime that could be linked to the causes of the crisis -- corporate, securities and bank fraud -- declined last fiscal year by 39 percent from 2003, the period after the accounting scandals at Enron Corp. and WorldCom Inc., Justice Department records show. “You need a massive prosecutorial effort,” said Solomon Wisenberg, a white-collar defense attorney at Barnes & Thornburg LLP in Washington and a former federal prosecutor. “I don't see evidence that it's happening." The seizing up of credit markets led to the collapse of Bear Stearns and Lehman Brothers Holdings Inc. and sparked the worst economic slump in the U.S. since the Great Depression. Much of the blame belongs to banks that profited from selling products that imploded with the housing market.

Note: For undeniable evidence of fraud at the highest levels of Wall Street, click here.

We could make faster progress against cancer by changing the way drugs are developed. In the current system, if a promising compound can’t be patented, it is highly unlikely ever to make it to market — no matter how well it performs in the laboratory. The development of new cancer drugs is crippled as a result. The reason for this problem is that bringing a new drug to market is extremely expensive. In 2001, the estimated cost was $802 million; today it is approximately $1 billion. To ensure a healthy return on such staggering investments, drug companies seek to formulate new drugs in a way that guarantees watertight patents. In the meantime, cancer patients miss out on treatments that may be highly effective and less expensive to boot. In 2004, Johns Hopkins researchers discovered that an off-the-shelf compound called 3-bromopyruvate could arrest the growth of liver cancer in rats. The results were dramatic; moreover, the investigators estimated that the cost to treat patients would be around 70 cents per day. Yet, three years later, no major drug company has shown interest in developing this drug. The hormone melatonin, sold as an inexpensive food supplement in the United States, has repeatedly been shown to slow the growth of various cancers when used in conjunction with conventional treatments. Early this year, another readily available industrial chemical, dichloroacetate, was found by researchers at the University of Alberta to shrink tumors in laboratory animals by up to 75 percent. However ... dichloroacetate is not patentable, and the lead researcher is concerned that it may be difficult to find funding from private investors to test the chemical. Potential anticancer drugs should be judged on their scientific merit, not on their patentability.

Note: To explore several cancer cures which have shown dramatic potential, yet are not being studied for lack of funds due to inability to patent the process, click here. Why are these very promising treatments not being fast-tracked as the expensive AIDS drugs were? For a top MD's revealing comments on this, click here. And for why the media won't feature these promising cancer treatments in headlines, click here.

ExxonMobil's first-quarter earnings of $10.7 billion are up 69 percent from last year. Other oil companies are also scoring record gains. The five biggest oil companies together report more than $35 billion in profits. An ExxonMobil vice president asks that we look past the "inevitable headlines" and remember the company's investments in renewable energy. What investments, exactly? Last time I looked, ExxonMobil was devoting a smaller percentage of its earnings to renewables than most other oil companies, including the errant BP. In point of fact, no oil company is investing much in renewables - precisely because they've got such a money gusher going from oil. Republicans are defending oil's tax subsidy. They're responding to soaring gas prices by trying to open more of our oceans to oil drilling. House Republicans recently passed a bill to accelerate oil lease sales in the Gulf of Mexico and off the coast of Virginia. They're readying measures to open vast new areas of the Atlantic, Pacific and Arctic oceans to oil exploration. The oil companies now are gushing profits as Americans pay more and more at the pump. This makes no sense. The gusher should be used to shift America away from our costly dependence on oil.

Note: The author of this opinion, Robert Reich, is former U.S. secretary of labor, professor of public policy at UC Berkeley and the author of the new book Aftershock: The Next Economy and America's Future. He blogs at www.robertreich.org.

One of the reactors at the crippled Fukushima Daiichi power plant did suffer a nuclear meltdown, Japanese officials admitted for the first time today, describing a pool of molten fuel at the bottom of the reactor's containment vessel. Engineers from the Tokyo Electric Power company (Tepco) entered the No.1 reactor at the end of last week for the first time and saw the top five feet or so of the core's 13ft-long fuel rods had been exposed to the air and melted down. Now the company is worried that the molten pool of radioactive fuel may have burned a hole through the bottom of the containment vessel, causing water to leak. Tepco has not clarified what other barriers there are to stop radioactive fuel leaking if the steel containment vessel has been breached. Greenpeace said the situation could escalate rapidly if "the lava melts through the vessel". However, an initial plan to flood the entire reactor core with water to keep its temperature from rising has now been abandoned because it might exacerbate the leak. Tepco said ... that it had sealed a leak of radioactive water from the No.3 reactor after water was reportedly discovered to be flowing into the ocean. A similar leak had discharged radioactive water into the sea in April from the No.2 reactor. Greenpeace said significant amounts of radioactive material had been released into the sea and that samples of seaweed taken from as far as 40 miles of the Fukushima plant had been found to contain radiation well above legal limits.

Note: Why hasn't the Japanese government's admission of the meltdown of nuclear reactors at Fukushima been more widely reported in the press? Are the major media burying this story because of the potential harm it will do to plans for the expansion of the nuclear power industry?

The operator of the crippled Fukushima Daiichi nuclear plant said it is studying whether the facility's reactors were damaged in the March 11 earthquake even before the massive tsunami that followed cut off power and sent the reactors into crisis. Kyodo news agency quoted an unnamed source at the utility on Sunday as saying that the No. 1 reactor might have suffered structural damage in the earthquake that caused a release of radiation separate from the tsunami. Tepco has provided a new analysis of the early hours of the Fukushima crisis. The utility said on Sunday that a review of data from March 11 suggested that the fuel rods in the No. 1 reactor were completely exposed to the air and rapidly heating five hours after the quake. By the next morning - just 16 hours later - the uranium fuel rods in the first reactor had melted down and dropped to the bottom of the pressure vessel. The No. 2 and No. 3 reactors are expected to have gone through a similar process and like No. 1 are leaking most of the water being pumped in a bid to keep their cores cool. A massive pond of radioactive water has collected in the basement of the No. 1 reactor. Experts fear that the contaminated water leaking from the plant could threaten groundwater and the Pacific.

Note: For lots more on corporate and government corruption from major media sources, click here and here.

A German insurance firm has admitted rewarding its 100 best salesmen with a prostitute-filled "sex party" in Budapest's most famous thermal baths. Hamburg-Mannheimer International (HMI), now part of the huge Munich Re insurance conglomerate, rented out the historic Gellert Baths in the Hungarian capital and turned it into an "open-air brothel", where it let staff run riot. At least 20 prostitutes were hired by HMI top brass for the so-called "incentive trip". According to those present, the women were colour-coded to indicate which men were allowed to have sex with them. Those wearing white ribbons were reserved for "the very best salespeople and executives", said one HMI employee. After an investigation printed in the German newspaper Handelsblatt, Munich Re has admitted that the party ... – did occur. [A] guest said that beds had been set up around the baths where the salesmen could "do what they wanted". The women, he claimed, were then given an ink stamp on their forearms to show how popular they had been: some of the women ended up with more than a dozen stamps, it is alleged.

Note: For lots more on corporate corruption from reliable sources, click here.

The New York Attorney General's office has been requesting information from Bank of America, Goldman Sachs and Morgan Stanley on how they created and structured mortgage bonds at the height of the credit boom. That investigation has reignited questions about why, nearly three years after the financial crisis, no Wall Streeter has yet to face criminal charges directly related to the mortgage bonds and other toxic deals that lead to the financial crisis. No one really knows the answer, but there are a number of theories out there. Here are the best ones: Theory No. 1: Prosecutors have been told to back off. In mid-April, the New York Times did a large investigative piece that found a number of instances where prosecutors were told not to pursue Wall Street. Theory No. 2: Wall Street is innocent. It may seem like the most bizarre answer, but it is getting some traction. No one is really saying that Wall Street didn't do anything wrong. It's clear that setting up risky mortgage bonds to sell to investors and then betting against them yourself is wrong. But is it illegal? It's not quite clear. Theory No. 3: The cases are still in the works. There seems to be some evidence that prosecutors are starting to be more aggressive in pursuing cases. It's not clear what part of the mortgage process, or what potential wrong doing, the NY AG Eric Schneiderman is investigating. The truth is that Wall Streeters rarely go to jail. Yes, other bubbles and financial crises have resulted in numerous convictions, but generally not of Wall Streeters.

Note: Remember that Elliot Spitzer probably got taken down for going after Wall Street. Now his successor, Eric Schneiderman, is doing the same thing. For an excellent article on this brave man, click here.

The past three years have been a disaster for most Western economies. The United States has mass long-term unemployment for the first time since the 1930s. Meanwhile, Europe’s single currency is coming apart at the seams. How did it all go so wrong? The fact is that what we’re experiencing right now is a top-down disaster. The policies that got us into this mess ... were, with few exceptions, policies championed by small groups of influential people — in many cases, the same people now lecturing the rest of us on the need to get serious. And by trying to shift the blame to the general populace, elites are ducking some much-needed reflection on their own catastrophic mistakes. What happened to the budget surplus the federal government had in 2000? First, there were the Bush tax cuts, which added roughly $2 trillion to the national debt over the last decade. Second, there were the wars in Iraq and Afghanistan, which added an additional $1.1 trillion or so. And third was the Great Recession, which led both to a collapse in revenue and to a sharp rise in spending on unemployment insurance and other safety-net programs. So who was responsible for these budget busters? It wasn’t the man in the street. We need to place the blame where it belongs, to chasten our policy elites. Otherwise, they’ll do even more damage in the years ahead.

Note: For highly revealing major articles exposing secret gatherings of the global elite and their activities, 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.