Financial News Articles

Excerpts of key news articles on

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 revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.

The global investigation into interest-rate manipulation has emboldened prosecutors to crack down on banks, and the settlement with the Royal Bank of Scotland on [Feb. 6] underscored that strategy. As part of the $612 million deal that American and British authorities reached with R.B.S., the bank’s Japanese unit was required to plead guilty to criminal wrongdoing, echoing an earlier action taken against a subsidiary of UBS. The cases announced so far give other banks some idea of what to expect. Three questions come into play: how much it will cost, whether a guilty plea will be required and whether embarrassing e-mails will be released. The winners in all this may be the lawyers and other advisers. The trove of internal e-mails and employee interviews, filed as part of a lawsuit by one of the investors in the securities, offers a fresh glimpse into Wall Street’s mortgage machine, which churned out billions of dollars of securities that later imploded. The documents reveal that JPMorgan, as well as two firms the bank acquired during the credit crisis, Washington Mutual and Bear Stearns, flouted quality controls and ignored problems, sometimes hiding them entirely, in a quest for profit.

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

Federal authorities are scrutinizing private consultants hired to clean up financial misdeeds like money laundering and foreclosure abuses, taking aim at an industry that is paid billions of dollars by the same banks it is expected to police. The consultants operate with scant supervision and produce mixed results, according to government documents and interviews with prosecutors and regulators. In one case, the consulting firms enabled the wrongdoing. The deficiencies, officials say, can leave consumers vulnerable and allow tainted money to flow through the financial system. The pitfalls were exposed last month when federal regulators halted a broad effort to help millions of homeowners in foreclosure. The regulators reached an $8.5 billion settlement with banks, scuttling a flawed foreclosure review run by eight consulting firms. In the end, borrowers hurt by shoddy practices are likely to receive less money than they deserve, regulators said. Critics concede that regulators have little choice but to hire outsiders for certain responsibilities after they find problems at the banks. The government does not have the resources to ensure that banks follow the rules. Some banks that work with consultants continue to run afoul of the law. At other times, consultants underestimate the extent of the misdeeds or facilitate them, preventing regulators from holding institutions accountable.

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

The biggest forum for sex trafficking of under-age girls in the United States appears to be a Web site called Backpage.com. This emporium for girls and women — some under age or forced into prostitution — is in turn owned by an opaque private company called Village Voice Media. Until now it has been unclear who the ultimate owners are. The owners turn out to include private equity financiers, including Goldman Sachs with a 16 percent stake. Goldman Sachs was mortified when I began inquiring last week about its stake. It began working frantically to unload its shares. Backpage has 70 percent of the market for prostitution ads. Village Voice Media makes some effort to screen out ads placed by traffickers and to alert authorities to abuses, but neither law enforcement officials nor antitrafficking organizations are much impressed. A Goldman managing director, Scott L. Lebovitz, sat on the Village Voice Media board for many years. Goldman says he stepped down in early 2010. The two biggest owners are Jim Larkin and Michael Lacey, the managers of the company, and they seem to own about half of the shares. The best known of the other owners is Goldman Sachs, which invested in the company in 2000 (before Backpage became a part of Village Voice Media in a 2006 merger). That said, for more than six years Goldman has held a significant stake in a company notorious for ties to sex trafficking, and it sat on the company’s board for four of those years. There’s no indication that Goldman or anyone else ever used its ownership to urge Village Voice Media to drop escort ads or verify ages.

Note: For an abundance or major media articles revealing massive sex scandals implication top authorities, click here.

Treasury Secretary Henry Paulson stepped off the elevator into the Third Avenue offices of hedge fund Eton Park Capital Management LP in Manhattan. It was July 21, 2008, and market fears were mounting. Amid tumbling home prices and near-record foreclosures, attention was focused on a new source of contagion: Fannie Mae and Freddie Mac, which together had more than $5 trillion in mortgage-backed securities and other debt outstanding. Around the conference room table were a dozen or so hedge-fund managers and other Wall Street executives -- at least five of them alumni of Goldman Sachs Group Inc., of which Paulson was chief executive officer and chairman from 1999 to 2006. After a perfunctory discussion of the market turmoil ... the discussion turned to Fannie Mae and Freddie Mac. The secretary [desribed] a possible scenario for placing Fannie and Freddie into “conservatorship” -- a government seizure designed to allow the firms to continue operations despite heavy losses in the mortgage markets. Paulson explained that under this scenario, the common stock of the two government-sponsored enterprises, or GSEs, would be effectively wiped out. So too would the various classes of preferred stock, he said ... leaving little doubt that the Treasury Department would carry out the plan. The managers attending the meeting were thus given a choice opportunity to trade on that information.

Note: For a treasure trove of reports from reliable sources on corruption and collusion between government officials and the largest financial firms, click here.

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.

The head of China’s largest credit rating agency has slammed his western counterparts for causing the global financial crisis and said that as the world’s largest creditor nation China should have a bigger say in how governments and their debt are rated. “The western rating agencies are politicised and highly ideological and they do not adhere to objective standards,” Guan Jianzhong, chairman of Dagong Global Credit Rating, told the Financial Times. “China is the biggest creditor nation in the world and with the rise and national rejuvenation of China we should have our say in how the credit risks of states are judged.” On the corporate side, Mr Guan argues Moody’s Investors Service, Standard & Poor’s and Fitch Ratings – the three companies that dominate the global credit rating industry – have become too close to the clients they are supposed to be objectively assessing. He specifically criticised the practice of “rating shopping” by companies who offer their business to the agency that provides the most favourable rating. In the aftermath of the financial crisis “rating shopping” has been one of the key complaints from western regulators , who have heavily criticised the big three agencies for handing top ratings to mortgage-linked securities that turned toxic when the US housing market collapsed in 2007.

Note: For key news articles on the global financial crisis, click here.

The Obama administration's plan to increase the powers of the Federal Reserve, says one critic, is like giving a teenager "a bigger, faster car right after he crashed the family station wagon." Broadening the Fed's responsibilities won't help. Instead, we should think of how best to dismantle an overextended Fed. The Fed has been incapacitated by its transformation into an omnibus enterprise with responsibilities ranging from boots-on-the-ground regulation to high-level monetary policy. The Federal Reserve Act of 1913, which created the Federal Reserve System, did so to forestall financial panics rather than pursue macroeconomic policies. The gold standard defined monetary policy. The Fed was merely meant to "provide an elastic currency" by serving as lender of last resort in times of crisis. The Act also assigned the Fed routine responsibilities for maintaining and improving the financial system – examining banks, issuing currency notes, and helping clear checks. The adoption of Keynesian and monetarist ideas by central bankers and elected officials subsequently cast the Fed in a proactive macroeconomic role. In 1977, an amendment to the 1913 Act explicitly charged the Fed with promoting "maximum" employment and "stable" prices. The Bank Holding Company Act of 1956 gave the Fed responsibility over holding companies designed to circumvent restrictions placed on individual banks. Congress further tasked the Fed with enforcing consumer-protection and fair-lending rules. While the record of the Fed's monetary policy has been mixed, its supervision of financial institutions has been a predictable and comprehensive failure. The Fed's excessively broad mandate also has thwarted accountability.

Note: The bill to audit the Fed (HR 1207) in the US Congress now has 276 co-signers -- more than 50% of all members. Yet the media is hardly reporting on this. Contact your Congressional representatives now at this link.

During World War I, Americans were exhorted to buy Liberty Bonds to help their soldiers on the front. Now, it seems, they will be asked to come to the aid of their banks — with the added inducement of possibly making some money for themselves. As part of its sweeping plan to purge banks of troublesome assets, the Obama administration is encouraging several large investment companies to create the financial-crisis equivalent of war bonds: bailout funds. The idea is that these investments, akin to mutual funds that buy stocks and bonds, would give ordinary Americans a chance to profit from the bailouts that are being financed by their tax dollars. But there is another, deeply political motivation as well: to quiet accusations that all of these giant bailouts will benefit only Wall Street plutocrats. If, as some analysts suspect, the banks’ assets are worth even less than believed, the funds’ investors could suffer significant losses. Nonetheless, the administration and executives in the financial industry are pushing to establish the investment funds, in part to counter swelling hostility against the financial industry. The embrace of smaller investors underscores the concern in Washington and on Wall Street that Americans’ anger could imperil further efforts to stimulate the economy with vast amounts of government spending. Many Americans say they believe the bailout programs ... will benefit only a golden few, including some of the institutions that helped push the economy to the brink. Critics like Joseph E. Stiglitz, a Nobel Prize-winning economist, argue that the bailouts merely privatize profits and socialize losses.

Note: For a powerfully revealing archive of reports from reliable sources on the hidden realities of the financial bailout, click here.

Lawrence H. Summers, the top economic adviser to President Obama, earned more than $5 million last year from the hedge fund D. E. Shaw and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money, the White House disclosed. Mr. Summers, the director of the National Economic Council, wields important influence over Mr. Obama’s policy decisions for the troubled financial industry, including firms from which he recently received payments. Last year, he reported making 40 paid appearances, including a $135,000 speech to the investment firm Goldman Sachs, in addition to his earnings from the hedge fund, a sector the administration is trying to regulate. Mr. Summers’s role at the White House includes advising Mr. Obama on whether — and how — to tighten regulation of hedge funds, which engage in highly sophisticated financial trading that many analysts have said contributed to the economic collapse. Mr. Summers ... appeared before large Wall Street companies like Citigroup ($45,000), J. P. Morgan ($67,500) and the now defunct Lehman Brothers ($67,500), according to his disclosure report. While Mr. Obama campaigned on a pledge to restrict lobbyists from working in the White House, a step intended to reduce any influence between the administration and corporations, the ban did not apply to former executives like Mr. Summers, who was not a registered lobbyist. In 2006, he became a managing director of D. E. Shaw, a firm that manages about $30 billion in assets, making it one of the biggest hedge funds in the world.

Note: For many revealing reports on the realities behind the Wall Street bailouts, click here.

Congress wanted to guarantee that the $700 billion financial bailout would limit the eye-popping pay of Wall Street executives, so lawmakers included a mechanism for reviewing executive compensation and penalizing firms that break the rules. But at the last minute, the Bush administration insisted on a one-sentence change to the provision. The change stipulated that the penalty would apply only to firms that received bailout funds by selling troubled assets to the government in an auction, which was the way the Treasury Department had said it planned to use the money. Now, however, the small change looks more like a giant loophole, according to lawmakers and legal experts. In a reversal, the Bush administration has not used auctions for any of the $335 billion committed so far from the rescue package, nor does it plan to use them in the future. Lawmakers and legal experts say the change has effectively repealed the only enforcement mechanism in the law dealing with lavish pay for top executives. "The flimsy executive-compensation restrictions in the original bill are now all but gone," said Sen. Charles E. Grassley (Iowa), ranking Republican on of the Senate Finance Committee. Senators on the Finance Committee have expressed concern to Paulson and are now considering whether they should amend the law to apply the enforcement mechanism to all firms participating in the bailout.

Note: For a treasure trove of reliable reports exposing the realities of the Wall Street bailout, click here.

Outraged and determined Chicago factory workers who were abruptly laid off this week have occupied their former workplace and say they won't leave until they get the severance and vacation pay they say they're owed. The employees say they received three days notice their plant was closing. In the second day of a sit-in on the factory floor Saturday, about 250 union workers occupied the building in shifts while union leaders outside criticized a Wall Street bailout they say is leaving laborers behind. Leah Fried, an organizer with the United Electrical Workers, said the Chicago-based vinyl window manufacturer failed to give its 300 employees the 60 days' notice required by law before shutting. She said the company can't pay employees because its creditor, Charlotte, N.C.-based Bank of America, won't let them. Bank of America received $25 billion from the government's financial bailout package. The company said in a statement to news outlets Saturday that it isn't responsible for Republic's financial obligations to its employees. "Across cultures, religions, union and nonunion, we all say this bailout was a shame," said Richard Berg, president of Teamsters Local 743. "If this bailout should go to anything, it should go to the workers of this country." Outside the plant, protesters wore stickers and carried signs that said, "You got bailed out, we got sold out."

Note: For many revealing reports on the Wall Street bailout from major media sources, click here.

The hot-button issues of CEO pay and the Wall Street bailout may soon collide with the real world of Wall Street bonuses, taxpayer and shareholder anger over the financial crisis, and a Treasury secretary with deep roots on Wall Street. And that collision could be loud and ugly. Though what's commonly known as the Wall Street bailout package includes modest restrictions on CEO pay, it hardly prevents participating financial firms from paying bonuses to top executives and others. And in an environment of beaten-down stock prices, rising layoffs, recession and huge government bailouts, experts and legislators say big end-of-year bonuses will cause a firestorm of public outrage and likely provoke a Congressional backlash. "The corporate community doesn't seem to get it," says a seething Nell Minow, founder of the Corporate Library, which focuses on corporate governance issues. "If the corporate leaders don't come to the American people with some accountability, they are going to find themselves in a world of pain. Congress will set CEO pay." "People are going to be demanding that someone go to jail," say Rep. Peter DeFazio (D.-Ore), who says his constituents have applauded him for voting against the legislation. "It will require Democrats to revisit restrictions [on CEO pay]. " DeFazio says he would also recommend Congress "empower a division in the FBI and Justice Department to investigate the fraud and misdeeds that went on."

Note: For many revealing reports on the realities of the Wall Street bailout, click here.

Imagine the dilemma of having so much cash in your bank account that you didn't know what to do with it. This pipe dream for the average American is now reality for the country's biggest corporations. The industrial companies that make up the Standard & Poor's 500 index...have a staggering $643 billion in cash and equivalents. "We're in a time that is out of whack with all historical numbers," said Howard Silverblatt, equity market analyst at Standard & Poor's. "People are demanding why corporations need so much cash, what are they going to do with it?" Companies began propping up their reserves through 16 straight quarters of double-digit profit growth. Leading the pack with the most cash is Exxon Mobil Corp., which has about $36.55 billion on its balance sheet. That amount is nearly equal to its 2005 profit of $36.13 billion, the highest ever for a U.S. company. Some results of the cash riches: An unprecedented $500 billion of stock buybacks. Last year, ExxonMobil spent $18.2 billion buying its shares. One of the biggest avenues in which companies have spent this excess money has been through mergers and acquisitions. Some 75.4 percent of all deals under $1 billion so far this year were done purely with cash.

Note: A Google search reveals that though this Associated Press article was widely picked up by medium-sized newspapers in the U.S., none of the top 10 papers picked it up. The Seattle newspaper above also removed the word "huge" from the title after it was published. $36 billion means that more than $100 for every man, woman, and child in the U.S. went into ExxonMobil profits last year, and another $100 for each person went into their cash reserves. If ExxonMobil and other oil companies have so much extra cash, why are gas prices so high? It's also quite interesting that the advertisements of these mega-corporations continually invite us to go into debt buying their products, while their profits and cash reserves grow ever higher.

President Donald Trump's administration this week touted an infrastructure plan that would sell off public assets to private financial firms. Leading the White House privatization initiative is Gary Cohn, the former president of Goldman Sachs, who received a $285 million dollar payout upon ... taking a job as the director of Trump’s National Economic Council. As Cohn has led the infrastructure privatization initiative from that perch, Goldman Sachs declared that it continues to look at “new business initiatives” that revolve around taking ownership of public assets, according to Securities and Exchange Commission documents. Cohn is spearheading the administration’s infrastructure policy despite a White House official telling Bloomberg News in February that he “will recuse himself from participating in any matter directly involving his former employer.” That pledge seemed at the time to show that Cohn was following ethics rules ... enacted in January. Those rules require federal officials to sign an ethics pledge in which they agree to wait two years before they “participate in any particular matter involving specific parties that is directly and substantially related to my former employer.” Those rules, however, empower Trump to waive the restrictions whenever he wants. Whether or not Cohn has received such a waiver remains secret: the administration has not released a list of waivers, and has moved to block federal agencies from disclosing such waivers to federal ethics regulators.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.

CEOs at the biggest companies got a 4.5 percent pay raise last year. That's almost double the typical American worker's, and a lot more than investors earned from owning their stocks - a big fat zero. The typical chief executive in the Standard & Poor's 500 index made $10.8 million, including bonuses, stock awards and other compensation, according to a study by executive data firm Equilar for The Associated Press. That's up from the median of $10.3 million the same group of CEOs made a year earlier. The raise alone for median CEO pay last year, $468,449, is more than 10 times what the typical U.S. worker makes in a year. The median full-time worker earned $809 weekly in 2015, up from $791 in 2014. "With inflation running at less than 2 percent, why?" asks Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware. The answer is complicated. CEO pay packages now hinge on multiple layers of sometimes esoteric measurements of performance. That's a result of corporate boards attempting to respond to years of criticism ... from Main Street America, regulators and even candidates on the presidential trail this year. One bright spot, experts say, is the rise in the number of companies that tie CEO pay to how well their stocks perform. "There's progress generally in aligning compensation with shareholder returns," says Stu Dalheim, vice president of governance and advocacy at Calvert Investments. "But I don't think this compensation is sustainable."

Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.

The pernicious influence of "economic hit men" has spread around the globe. John Perkins revealed his first-hand experience of this violent and coercive phenomenon. Now, in The New Confessions of an Economic Hit Man, he brings this story of greed and corruption up to date. The treacherous cancer beneath the surface, which was revealed in the original Confessions of an Economic Hit Man, has ... spread from the economically developing countries to the United States and the rest of the world; it attacks the very foundations of democracy and the planet's life-support systems. Although this cancer has spread widely and deeply, most people still aren't aware of it; yet all of us are impacted by the collapse it has caused. It has become the dominant system of economics, government, and society today, [and] created a "death economy" - one based on wars or the threat of war, debt, and the rape of the earth's resources. Although the death economy is built on a form of capitalism, it is important to note that the word capitalism ... includes local farmers' markets as well as this very dangerous form of global corporate capitalism, controlled by the corporatocracy. Despite all the bad news and the attempts of modern-day robber barons to steal our democracy and our planet ... when enough of us perceive the true workings of this EHM system, we will take the individual and collective actions necessary to control the cancer and restore our health.

Note: Read a revealing seven-page summary of Economic Hit Man and spread the word!

The world is undergoing a populist revival. From the revolt against austerity led by the Syriza Party in Greece and the Podemos Party in Spain, to Jeremy Corbyn's surprise victory as Labour leader in the UK, to Donald Trump's ascendancy in the Republican polls, to Bernie Sanders' surprisingly strong challenge to Hillary Clinton - contenders with their fingers on the popular pulse are surging ahead of their establishment rivals. What Sanders is proposing ... is a real financial revolution, a fundamental change in the system itself. Banks today have usurped the power to create the national money supply. As the Bank of England recently acknowledged, banks create money whenever they make loans. Banks determine who gets the money and on what terms. How can banking be made to serve the needs of the people and the economy, while preserving the more functional aspects of today's highly sophisticated global banking system? We could have a system of publicly-owned banks that were locally controlled, operating independently to serve the needs of their own communities. Making these banks public institutions would differ from the current system only in that the banks would have a mandate to serve the public interest, and the profits would be returned to the local government for public use.

Note: Why is the only US presidential candidate talking seriously about bank reform being given little attention by mainstream media? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.

Robert Reich, former secretary of labor under President Bill Clinton and a professor of public policy at University of California, Berkeley, spent years warning of twin demons: Technology and globalization. Machines displaced ... workers whose routine jobs could be automated, and globalization meant the flight of manufacturing and service jobs to factories and call centers in emerging countries. The result was ever-widening inequality. In his latest book, “Saving Capitalism: For the Many, Not the Few,” he’s changed his tune. While those two factors still play a role in growing inequality, he cites a new culprit: “the increasing concentration of political power in a corporate and financial elite that has been able to influence the rules by which the economy runs.” [Reich explains], "Capitalism is based on trust. It’s impossible to have a system that works well and is based on billions of transactions if people don’t trust that others are going to fulfill their obligations, or they fear someone will take advantage of them or exploit them. That’s when a system moves from production to protection. Economists have been documenting inequality using various measures, but I haven’t seen much documentation of this issue of power. Political scientists and economists are [reluctant] to get into this field. Economists look at market power and monopolies, but the other areas I’ve talked about - this vicious cycle of compounded wealth and power that changes the rules of the game - economists are really not taking it on."

Note: Read how the market is rigged to grow inequality in this summary of a Robert Reich essay that recently appeared in Newsweek. For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.

Martin Shkreli, the 32-year-old former hedge fund manager notorious for jacking up the price of an obscure but critical drug, was arrested Thursday on securities fraud charges. The charges are unrelated to Shkreli’s leadership of Turing Pharmaceuticals. Instead, the charges brought by the U.S. attorney for the Eastern District of New York are related to Shkreli’s time at Retrophin, another bio-pharmaceutical company he founded, and his time at MSMB Capital Management, a hedge fund. Federal prosecutors alleged that for five years, Shkreli lied to investors in two hedge funds and bio-pharmaceutical company Retrophin, all of which he founded. After losing money on stock bets he made through one hedge fund, Shkreli allegedly started another and used his new investors’ money to pay off those who had lost money on the first fund. Then, as pressure was building, Shkreli started Retrophin, which was publicly traded, and used cash and stock from that company to settle with other disgruntled investors. Shkreli “engaged in multiple schemes to ensnare investors through a web of lies and deceit,” U.S. Attorney Robert L. Capers told reporters. “His plots were matched only by efforts to conceal the fraud, which led him to operate his companies ... as a Ponzi scheme.” At his arraignment Thursday afternoon, Shkreli pleaded not guilty. He was released on $5 million bond.

Note: The unrepentant profiteering of big pharma and financial industry corruption seem to go hand-in-hand for Martin Shkreli.

The Ex-Im Bank is little more than a fund for corporate welfare. Taxpayers should not be forced to support welfare for some of the world's largest companies. While it began as a New Deal-era program with good intentions, the Ex-Im Bank has become a slush fund for a handful of well-connected megacorporations. Efforts to reform the bank, including one by [then-Rep. Dennis] Kucinich in 2002, have ended in disappointment. The bank has also failed to comply with reforms that are on the books. Additionally, House Oversight and Government Reform Committee investigations have uncovered that the bank is rampant with potential fraud and abuse. The bank's inspector general is investigating 31 cases, with one indictment and more possible. Today, Ex-Im funds support only 2% of U.S. exports. The vast majority of exporters find their funding elsewhere. Presidential candidates on both sides rightly oppose the bank. Sen. Bernie Sanders, I-Vt., and nearly every Republican candidate want it to expire. But now that the environment is right to let the bank wind down, lobbyists for Boeing and other favored companies are trying to sway Congress with "Chicken Little" tales of woe and the unstated understanding that campaign dollars will flow to those who tow the Big Business line. Reforms are no longer enough to rescue ... Ex-Im Bank. It's time to let it expire.

Note: The above was written by former Ohio Rep. Dennis Kucinich and current Ohio Rep. and member of the House Oversight and Government Reform Committee Jim Jordan. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.

Important Note: Explore our full index to revealing excerpts of key 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.