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Financial Media Articles
Excerpts of Key Financial Media Articles in Major Media


Below are key excerpts of revealing news articles on financial 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.

For further exploration, delve into our comprehensive Banking Corruption Information Center.


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


What price the new democracy? Goldman Sachs conquers Europe
2011-11-18, The Independent (One of the UK's leading newspapers)
http://www.independent.co.uk/news/business/analysis-and-features/what-price-t...

The ascension of Mario Monti to the Italian prime ministership is remarkable for more reasons than it is possible to count. By imposing rule by unelected technocrats, [Italy] has suspended the normal rules of democracy, and maybe democracy itself. And by putting a senior adviser at Goldman Sachs in charge of a Western nation, it has taken to new heights the political power of an investment bank that you might have thought was prohibitively politically toxic. The European Central Bank ... is under ex-Goldman management, and the investment bank's alumni hold sway in the corridors of power in almost every European nation, as they have done in the US throughout the financial crisis. Even before the upheaval in Italy, there was no sign of Goldman Sachs living down its nickname as "the Vampire Squid", and now that its tentacles reach to the top of the eurozone, sceptical voices are raising questions over its influence. Simon Johnson, the former International Monetary Fund economist, in his book 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown, argued that Goldman Sachs and the other large banks had become so close to government in the run-up to the financial crisis that the US was effectively an oligarchy. At least European politicians aren't "bought and paid for" by corporations, as in the US, he says. "Instead what you have in Europe is a shared world-view among the policy elite and the bankers, a shared set of goals and mutual reinforcement of illusions." This is The Goldman Sachs Project. Put simply, it is to hug governments close.

Note: For revealing major media articles on key secret societies which manipulate global politics, click here. For deeply revealing reports from reliable major media sources on financial corruption, click here.


Retired Police Captain Arrested At OWS
2011-11-17, Fox News (Philadelphia Fox affiliate)
http://www.myfoxphilly.com/dpp/news/local_news/Retired_Police_Captain_Ray_Lew...

A retired Philadelphia police captain has been arrested in New York at an Occupy Wall Street demonstration. Ray Lewis retired from the Philadelphia Police Department in 2004. It was Philadelphia police who confirmed Lewis' arrest in New York on Thursday morning. Any additional details, they said, would have to come from NYPD. First news of the arrest was broadcast over Twitter around 9:15 a.m. by the protest group ... stating, "Philly Police Captain (Retired) has just been ARRESTED!" The group then tweeted, "The arrested retired police captain's name is Captain Ray Lewis. Immense cheers and music as he is taken away." Video posted to YouTube by RT America and linked to by Occupy Wall Street appears to show Lewis' arrest. There were messages online stating that Lewis had joined the protesters, including a photo of him holding a sign that read "NYPD Don't Be Wall Street Mercenaries," and talking with a helmeted New York police officer at Zuccotti Park.

Note: For a four-minute video interview with Officer Lewis, click here. For a treasure trove of reports from reliable sources on the reasons why protestors worldwide are occupying their city centers to protest against the "1 percent", click here.


OTC derivatives market activity in the first half of 2011
2011-11-16, Bank for International Settlements (Intergovernmental organization of central banks)
http://www.bis.org/press/p111116a.htm

After an increase of only 3% in the second half of 2010, total notional amounts outstanding of over-the-counter (OTC) derivatives rose by 18% in the first half of 2011, reaching $708 trillion by the end of June 2011.

Note: The Bank for International Settlements (BIS) is an intergovernmental organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks." It is not accountable to any national government. Their accounting shows a total global derivatives market controlled by the banks of over $700 trillion. That's $100,000 for every man, woman, and child on the planet. As reported in Reuters, the derivatives market is largely unregulated. Do you think there is any manipulation going on here? BIS helps the bankers to work together to keep their hidden power.


JPMorgan Joins Goldman Keeping Italy Derivatives Risk in Dark
2011-11-16, Bloomberg/Businessweek
http://news.businessweek.com/article.asp?documentKey=1376-LURLN51A1I4K01-4BQL...

JPMorgan Chase & Co. and Goldman Sachs Group Inc., among the world's biggest traders of credit derivatives, disclosed to shareholders that they have sold protection on more than $5 trillion of debt globally. Just don't ask them how much of that was issued by Greece, Italy, Ireland, Portugal and Spain, known as the GIIPS. As concerns mount that those countries may not be creditworthy, investors are being kept in the dark about how much risk U.S. banks face from a default. Firms including Goldman Sachs and JPMorgan don't provide a full picture of potential losses and gains in such a scenario, giving only net numbers or excluding some derivatives altogether. Goldman Sachs discloses only what it calls “funded” exposure to GIIPS debt -- $4.16 billion before hedges and $2.46 billion after, as of Sept. 30. Those amounts exclude commitments or contingent payments, such as credit-default swaps. JPMorgan said ... its net exposure was no more than $1.5 billion, with a portion coming from debt and equity securities. The company didn't disclose gross numbers or how much of the $1.5 billion came from swaps, leaving investors wondering whether the notional value of CDS sold could be as high as $150 billion.

Note: For a treasure trove of reports from reliable sources on the reasons why protestors worldwide are occupying their city centers to protest against the "1 percent", click here.


Economies in peril
2011-11-15, MSNBC
http://video.msnbc.msn.com/dylan-ratigan-show/45311653

Lazy people on social services, a spree of borrowed money. That's how the Greek people are being portrayed. But like Wall Street, the streets of Athens are like a crime scene. The Greek people [are] victims of a fraud and cover-up. Greg Palast is a renowned investigative reporter and author of the new book Vultures' Picnic: In Pursuit of Petroleum Pigs, Power Pirates, and High-Finance Carnivores. Greg, how is it that a bank can lend money to a country that has an economy smaller than Dallas, at a level that is this big? Palast: Greece is a crime scene. Goldman Sachs, beginning in 2001 [or] 2002 ... cut a deal to secretly take euros out of the Greek treasury, convert them to yen, convert them back to euros. This is through some fancy derivative action. Goldman takes a multi-billion dollar loss. The Greek government gets a gain. There's no deficit in the Greek treasury. It's only 3%. The Greek economy looks good. Goldman doesn't take billions of dollars in losses. It's a fraud. They've cut a secret deal to get that money back and then some. Goldman charged about $300, $400 million to pull off this scam.

Note: For lots more from reliable sources on the chicaneries of central banks and financial corporations, click here. For other powerful reporting by journalist Greg Palast, click here.


Congress insiders: Above the law?
2011-11-11, CBS News
http://www.cbsnews.com/news/congress-insiders-above-the-law/

The same insider trading that can land a regular citizen in jail is perfectly legal for members of Congress. Steve Kroft reports on how America's lawmakers can legally make tidy profits on information only they know, simply because they won't pass a law against themselves. Among the revelations in Kroft's report: Members of Congress have bought stock in companies while laws that could affect those companies were being debated in the House or Senate. At least one representative made significant stock purchases the day after he and other members of Congress attended a secret meeting in September 2008, where the Fed chair and the treasury secretary informed them of the imminent global economic meltdown. The meeting was so confidential that cell phones and other digital devices were confiscated before it began. Efforts to make such insider trading off limits to Washington's lawmakers have never been able to get traction. Former Rep. Brian Baird says he spent half of his 12 years in Congress trying to get co-sponsors for a bill that would ban insider trading in Congress and also set some rules up to govern conflicts of interest. In 2004, he and Rep. Louise Slaughter introduced the "Stock Act" to stop the insider trading. How far did they get? "We didn't get anywhere. Just flat died," he tells Kroft.

Note: To better understand how the US Congress protects itself in insider trading, read this NPR article and this one from the Intercept.


Should You Join the Credit Union Boom?
2011-11-08, ABC News
http://abcnews.go.com/Business/WorldNews/credit-unions-54-percent-increase-me...

As a result of Bank Transfer Day, in which consumers were encouraged to switch to credit unions, 54 percent of credit unions reported an increase in share growth, according to a survey from the National Association of Federal Credit Unions sent to 10,000 respondents. At least 650,000 people have switched to credit unions since Sept. 29, according to the Credit Union National Association. About 80 percent of credit unions offer at least one free checking account with no minimum balance requirement and no monthly or activity fee, according to Moebs Services. About 64 percent of the largest U.S. banks offer the same. Credit unions can help consumers save money because they are non-profit, and can pay higher interest rates on savings accounts, and offer lower loan and credit card rates. The National Association of Federal Credit Unions ... has a web tool that allows people to search by address, credit union name or company/affiliation. The site had the highest traffic ever on Saturday, Bank Transfer Day. In October visits to the website were more than five times its monthly average. Visitors to the website last month increased by more than 700 percent compared to October 2010.

Note: To find a good credit union near you, click here. For key reports from reliable sources showing that the biggest banks have too much power, click here and here.


Banking on the people
2011-11-02, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/11/02/ED3B1LP64K.DTL

Why give our money to Bank of America, only to have it lend us our own money at high interest rates or with ridiculous fees? We could hold onto our money, save quite a bit in fees, and lend it back to ourselves and to the businesses and people ... at more affordable rates. In 2008, Ellen Brown authored The Web of Debt, an analysis of the U.S. banking system that now is even more pertinent in light of the Occupy Wall Street movement. The thesis is that the power to create money has been usurped by a private international banking cartel [the Federal Reserve], which issues our money as debt and lends it back to us at interest. The cartel makes it appear that governments are creating our money, and governments get blamed when things go wrong; but they are just pawns of the cartel. We ... can regain our government and our republic only by reclaiming the power to create our own money. We can use the same credit system that private banks use, but administer it as a public utility - that is, monitored and overseen by public servants on the model of libraries and courts. To be a sustainable system, profits need to be returned to the community rather than siphoned off into private coffers.

Note: Few people realize that money in the U.S. is created by an entity privately owned by the largest banks – the Federal Reserve. For lots more important information on this, click here. For lots more from major media sources on the collusion between financial interests and government, click here.


The medieval, unaccountable Corporation of London is ripe for protest
2011-10-31, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/commentisfree/2011/oct/31/corporation-london-city-m...

It's the dark heart of Britain, the place where democracy goes to die, immensely powerful, equally unaccountable. But I doubt that one in 10 British people has any idea of what the Corporation of the City of London is and how it works. As Nicholas Shaxson explains in his fascinating book Treasure Islands, the Corporation exists outside many of the laws and democratic controls which govern the rest of the United Kingdom. The City of London is the only part of Britain over which parliament has no authority. This is ... an official old boys' network. In one respect at least the Corporation acts as the superior body: it imposes on the House of Commons a figure called the remembrancer: an official lobbyist who sits behind the Speaker's chair and ensures that, whatever our elected representatives might think, the City's rights and privileges are protected. The mayor of London's mandate stops at the boundaries of the Square Mile. The City has exploited this remarkable position to establish itself as a kind of offshore state, a secrecy jurisdiction which controls the network of tax havens housed in the UK's crown dependencies and overseas territories. This autonomous state within our borders is in a position to launder the ill-gotten cash of oligarchs, kleptocrats, gangsters and drug barons. It has also made the effective regulation of global finance almost impossible.

Note: To understand how democracy is easily circumvented, read this full article. For lots more from reliable sources on the hidden background to the control over governments held by financial powers, click here.


Did You Hear the One About the Bankers?
2011-10-30, New York Times
http://www.nytimes.com/2011/10/30/opinion/sunday/friedman-did-you-hear-the-on...

Citigroup had to pay a $285 million fine to settle a case in which, with one hand, Citibank sold a package of toxic mortgage-backed securities to unsuspecting customers — securities that it knew were likely to go bust — and, with the other hand, shorted the same securities — that is, bet millions of dollars that they would go bust. It doesn’t get any more immoral than this. James Stewart, a business columnist for The [New York] Times, noted that Citigroup’s flimflam made “Goldman Sachs mortgage traders look like Boy Scouts.” This gets to the core of why all the anti-Wall Street groups around the globe are resonating. Our financial industry has grown so large and rich it has corrupted our real institutions through political donations. Our Congress today is a forum for legalized bribery. One consumer group using information from Opensecrets.org calculates that the financial services industry, including real estate, spent $2.3 billion on federal campaign contributions from 1990 to 2010, which was more than the health care, energy, defense, agriculture and transportation industries combined. Why are there 61 members on the House Committee on Financial Services? So many congressmen want to be in a position to sell votes to Wall Street.

Note: For lots more from major media sources on the collusion between financial interests and government, click here.


Teddy Roosevelt Was Snubbed By His Rich Harvard Classmates For Being Anti-Wall Street
2011-10-29, Forbes Magazine
http://www.forbes.com/sites/robertlenzner/2011/10/29/teddy-roosevelt-was-snub...

Former President Teddy Roosevelt returned to Harvard for his 30th reunion and graduation in 1910, and as he entered the proceedings all his classmates ... turned their backs on him in unison. TR’s latest biographer Edmund Morris believes this shocking snub in public of a former President was due to TR’s strong belief in regulating Wall Street, breaking up monopolies and not allowing a few wealthy men run the nation. Think of that extraordinary event; some 22 years before TR’s 5th cousin Franklin Delano Roosevelt was called “a traitor to his class,” Teddy was getting the same treatment. The Gilded Age was followed by the Progressive Era of tough laws and court actions against Robber Barons who controlled state legislatures and Congress with their anti-trust legislation. Then came the Roaring Twenties and the Crash, followed by the Great Depression – and then the New Deal – which created the blessed Glass-Steagall Act – which separated investment banking from commercial banking, plus the WPA and other ... work programs that gave the unemployed a reason for living and put food in their mouths. Both Roosevelts ... stabilized the financial industry to help finance American industry. Once again, the wealthy ... want to cut social programs to the retired and the middle class, while holding onto all their gains, even in death if the estate tax is deep sixed.

Note: For lots more from major media sources on the collusion between financial interests and government, click here.


Citigroup to Pay $285 Million to Settle Fraud Charges
2011-10-20, Wall Street Journal
http://online.wsj.com/article/SB10001424052970204618704576640873051858568.html

Wall Street's total price tag on settlements with U.S. securities regulators for allegedly misleading investors about mortgage bonds churned out ahead of the financial crisis surged past $1 billion with a deal by Citigroup Inc. to pay $285 million ... to end civil-fraud charges by the Securities and Exchange Commission. The SEC claimed Citigroup sold slices of the $1 billion mortgage-bond deal without disclosing to investors that the bank was shorting $500 million of the deal, or betting its assets would lose value. Several Wall Street firms have settled similar claims by the SEC, which has generally stuck to the strategy used by the agency to get a $550 million settlement last year with Goldman Sachs Group Inc.. And the SEC's investigation of the Wall Street mortgage machine isn't over yet. Lorin Reisner, deputy enforcement director at the SEC, said civil mortgage-related cases against Goldman, J.P. Morgan Chase & Co., Countrywide Financial Corp., New Century Financial Corp. and other companies "read like an index to unlawful conduct in connection with the financial crisis." The SEC has collected a total of $1.03 billion through mortgage-bond-deal settlements. In addition to Citigroup, the total includes Goldman, J.P. Morgan, Royal Bank of Canada, Wells Fargo & Co. and Credit Suisse Group AG.

Note: For lots more from major media sources on the illegal profiteering of major financial corporations, click here.


Faith in the 99 percent: What drives Occupy Wall Street?
2011-10-20, Washington Post
http://www.washingtonpost.com/blogs/on-faith/post/faith-in-the-99-percent-wha...

“We are the 99 percent!” The chant thunders through the streets, from Wall Street in New York City, where the Occupy movement began, to K Street in Washington, where high-paid lobbyists influence government, to streets in cities and small towns all across the nation. In hundreds of Occupations, ordinary people have been moved to fill parks and streets and squares with signs, tents, impromptu soup kitchens, intense conversations and lengthy meetings. What’s going on? All share a common heart, a revulsion against an economy and a politics that increasingly say, “You don’t count, except as something to exploit. Your voice is drowned out by money, your labor is expendable, your needs must be sacrificed to the gods of profit.” The Occupy movement demonstrates a very different model of organizing: emergent, decentralized, without a command and control structure. At its essence, the message of the Occupations is simply this: “Here in the face of power we will sit and create a new society, in which you do count. Your voice carries weight, your contributions have value, whoever you may be. We say that love and care are the true foundations for the society we want to live in. We’ll stand with the poor and sleep with the homeless if that’s what it takes to get justice. We’ll build a new world.”

Note: Find your nearest occupation at: http://www.occupytogether.org/ . For lots more from major media sources on the reasons why people worldwide are occupying the financial centers of their cities, check out our "Banking Bailout" news articles.


BofA Said to Split Regulators Over Moving Merrill Contracts
2011-10-18, Bloomberg/Businessweek
http://www.businessweek.com/news/2011-10-18/bofa-said-to-split-regulators-ove...

Bank of America Corp., hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits. Derivatives are financial instruments used to hedge risks or for speculation. They’re derived from stocks, bonds, loans, currencies and commodities, or linked to specific events such as changes in the weather or interest rates. Keeping such deals separate from FDIC-insured savings has been a cornerstone of U.S. regulation for decades, including last year’s Dodd-Frank overhaul of Wall Street regulation. Three years after taxpayers rescued some of the biggest U.S. lenders, regulators are grappling with how to protect FDIC-insured bank accounts from risks generated by investment-banking operations. “The concern is that there is always an enormous temptation to dump the losers on the insured institution,” said William Black, professor of economics and law at the University of Missouri-Kansas City and a former bank regulator. “We should have fairly tight restrictions on that.” Bank of America’s holding company -- the parent of both the retail bank and the Merrill Lynch securities unit -- held almost $75 trillion of derivatives at the end of June. That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm’s $79 trillion of notional derivatives.

Note: Remember that the GDP of the entire world is estimated at around $60 trillion, less than JPMorgan or BofA own in derivatives. For an excellent article laying out the incredible risk this creates of a major economic collapse, click here. For more on the high risk and cost to taxpayers of BofA moving its massive amount of derivatives to its subsidiary, click here. For lots more from major media sources on the illegal profiteering of major financial corporations enabled by lax government regulation, click here.


Wall Street Protests Spread Globally as Rome Turns Violent
2011-10-15, Bloomberg/Businessweek
http://news.businessweek.com/article.asp?documentKey=1376-LT1FUB1A1I4H01-651L...

The Occupy Wall Street protest against income disparity spread across Western Europe, Asia, the U.S. and Canada today. Rome's demonstration turned violent, contrasting with peaceful events elsewhere. The rallies started last month in New York's financial district, where people have been staying in lower Manhattan's Zuccotti Park. They widened to 1,500 cities today, including Sydney and Toronto, the organizers said, in a “global day of action against Wall Street greed.” Protesters say they represent “the 99 percent,” a nod to a study by Nobel Prize-winning economist Joseph Stiglitz showing the top 1 percent of Americans control 40 percent of U.S. wealth. In Berlin, 6,000 took to the streets and 1,500 gathered in Cologne, ZDF television said. In Frankfurt, 5,000 marched by the European Central Bank headquarters. In New York, demonstrators marched past a JPMorgan Chase & Co. branch urging clients to transfer accounts to “a financial institution that supports the 99 percent.” They distributed fliers with a list of community banks and credit unions. New York police arrested 24 at a Citigroup Inc. bank branch and 6,000 gathered in Times Square. About 1,000 people gathered in Toronto's financial district carrying signs saying “Nationalize the Banks.” Demonstrations turned violent in Italy, where the unemployment rate for 15-to-24-year-olds was 27.6 percent in August.

Note: For lots more on the reasons why people all over the world are occupying their city centers, check out our "Banking Bailout" news articles.


'Occupy Wall Street' -- It's Not What They're for, But What They're Against
2011-10-14, Fox News
http://www.foxnews.com/opinion/2011/10/14/understanding-occupy-wall-street/

Critics of the growing Occupy Wall Street movement complain that the protesters don’t have a policy agenda and, therefore, don’t stand for anything. They're wrong. The key isn’t what protesters are for but rather what they’re against -- the gaping inequality that has poisoned our economy, our politics and our nation. In America today, 400 people have more wealth than the bottom 150 million combined. That’s not because 150 million Americans are pathetically lazy or even unlucky. In fact, Americans have been working harder than ever -- productivity has risen in the last several decades. Big business profits and CEO bonuses have also gone up. Worker salaries, however, have declined. Most of the Occupy Wall Street protesters [want] an end to the crony capitalist system now in place, that makes it easier for the rich and powerful to get even more rich and powerful while making it increasingly hard for the rest of us to get by. The question is not how Occupy Wall Street protesters can find that gross discrepancy immoral. The question is why every one of us isn’t protesting with them. According to polls, most Americans support the 99% movement, even if they’re not taking to the streets.

Note: For lots more on the reasons why people all over the world are occupying their city centers, check out our "Banking Bailout" news articles.


Protesters Granted 4-Month Extension to Stay on Freedom Plaza
2011-10-13, NBC Washington (Washington DC's NBC affiliate)
http://www.nbcwashington.com/news/local/Protesters-Continue-to-Occupy-DC-on-C...

Authorities granted protesters a four-month extension to continue occupying Freedom Plaza in D.C.. A deadline for protesters with the October 2011/Stop the Machine demonstration to pack up and leave Freedom Plaza came and went Monday afternoon. The protesters were given until 2 p.m. to break down their stage and other equipment after their original four-day permit expired Sunday. While the protesters cleaned the space and took down the stage where they led rallies, made speeches and played music, they didn't leave. At about 2 p.m. Monday, Park Police went to Freedom Plaza and requested a private meeting with protest organizers. They met at National Park Service headquarters about 4 pm. Before leaving Freedom Plaza, the organizers told the crowd they'd stay until they're ready to leave. The organizers returned to a round of applause when they told demonstrators that authorities offered the four-month extension. Park Police realized it was not in their best interests to shut the demonstrators down or make arrests, organizers said, and asked if demonstrators needed to be arrested to make their point. The organizers replied that they don’t need to be arrested over a permit issue and want their issues addressed.

Note: For lots more on the reasons why people all over the world are occupying their city centers, check out our "Banking Bailout" news articles.


Can Liberals and Libertarians Find Common Ground?
2011-10-12, Forbes.com
http://www.forbes.com/sites/benzingainsights/2011/10/12/can-liberals-and-libe...

The Occupy Wall Street movement has the potential to turn into a political firestorm. We have become so divided as a nation that it is very difficult to prognosticate if anything good will come out of these protests from a political perspective. Let’s examine a number of issues that have been raised by Occupy Wall Street, the Tea Party and liberals and libertarians and see where there is agreement. Get Corporate Money Out Of Politics – This is the issue that really kick started Occupy Wall Street. Americans are sick and tired of mega-corporations and Wall Street banks being in bed with our politicians in Washington D.C. End the Federal Reserve – The Federal Reserve is directly responsible for the Too Big To Fail banking cartel, the U.S. debt, the perpetual deficits, and ... the Fed has also robbed the poor and working class blind as a result of their inflationary policies. End The Wars – The American people are fed up with these conflicts, and even large percentages of the military believe that the wars in both Iraq and Afghanistan were not worth fighting in the first place. It is time for our troops to come home. End The Drug War - The drug war is an absolute failed policy. The U.S. incarcerates a higher percentage of its population than any country on Earth, yet we call ourselves “The Home of the Free.” Repeal The Patriot Act – The assault on our civil liberties in the wake of 9/11 has been swift and draconian. These are the types of things that go on in totalitarian states, and now, apparently the United States as well.

Note: For lots more from major media sources on the reasons why people worldwide are occupying the financial centers of their cities, check out our "Banking Bailout" news articles.


Goldman Sachs let off paying Ł10m interest on failed tax avoidance scheme
2011-10-11, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/business/2011/oct/11/goldman-sachs-interest-tax-avo...

Britain's tax authorities have given Goldman Sachs an unusual and generous Christmas present, leaked documents reveal. In a secret London meeting last December with the head of Revenue, the wealthy Wall Street banking firm was forgiven Ł10m interest on a failed tax avoidance scheme. HM Revenue and Customs sources admit privately that the interest-free deal is "a cock-up" by officials, but refuse to say who was responsible. Documents leaked to Private Eye magazine and published in full by the Guardian record that Britain's top tax official, HMRC's permanent secretary Dave Hartnett, personally shook hands on a secret settlement last December. Hartnett also refused to give the facts about Goldman Sachs to MP Jesse Norman on the Treasury committee last month, claiming disclosure would be illegal. He also refuses to brief ministers on the details. The Ł10m Christmas gift for Goldman was the culmination of a prolonged attempt by the US firm to avoid paying national insurance on huge bonuses for its bankers working in London. The sum was pocket change to Goldman, whose employees received $15.3bn (Ł9.5bn) in pay and bonuses last year.

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


Confronting the Malefactors
2011-10-07, New York Times
http://www.nytimes.com/2011/10/07/opinion/krugman-confronting-the-malefactors...

When the Occupy Wall Street protests began three weeks ago, most news organizations were derisive if they deigned to mention the events at all. For example, nine days into the protests, National Public Radio had provided no coverage whatsoever. It is, therefore, a testament to the passion of those involved that the protests not only continued but grew, eventually becoming too big to ignore. Occupy Wall Street is starting to look like an important event that might even eventually be seen as a turning point. The protesters’ indictment of Wall Street as a destructive force, economically and politically, is completely right. Bankers took advantage of deregulation to run wild (and pay themselves princely sums), inflating huge bubbles through reckless lending. The bubbles burst — but bankers were bailed out by taxpayers, with remarkably few strings attached, even as ordinary workers continued to suffer the consequences of the bankers’ sins. Bankers showed their gratitude by turning on the people who had saved them, throwing their support — and the wealth they still possessed thanks to the bailouts — behind politicians who promised to keep their taxes low and dismantle the mild regulations erected in the aftermath of the crisis. Given this history, how can you not applaud the protesters for finally taking a stand?

Note: For insights into the reasons why people have decided they must occupy their cities in protest of the predations of financial corporations, check out our extensive "Banking Bailout" news articles.


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

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