Government Corruption Media Articles

Excerpts of Key Government Corruption Media Articles in Major Media

Below are key excerpts of revealing news articles on government 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: 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.

Former Los Angeles County Sheriff Lee Baca was convicted Wednesday of obstructing an FBI investigation into corrupt and violent guards who took bribes to smuggle contraband into the jails he ran and savagely beat inmates. The trial ... cast a dark shadow over a distinguished 50-year law enforcement career that abruptly ended with his resignation in 2014 as the corruption investigation spread from rank-and-file deputies to his inner circle. Baca appeared to have escaped the fate of more than a dozen underlings indicted by federal prosecutors until a year ago, when he pleaded guilty to a single count of making false statements to federal authorities about what role he played in efforts to thwart the FBI. A deal with prosecutors called for a sentence no greater than six months. When a judge rejected that as too lenient, Baca withdrew his guilty plea and prosecutors hit him with two additional charges of conspiracy and obstruction of justice. The federal probe began in 2011 when Baca’s jail guards discovered an inmate with a contraband cellphone was acting as an FBI mole to record jail beatings and report what he witnessed. Word quickly reached Baca, who convened a group to derail the investigation. Assistant U.S. Attorney Lizabeth Rhodes said during closing arguments that corruption in the nation’s largest jail system “started from the top and went all the way down.” Baca’s subordinates hid the FBI informant from federal agents [and] tried to intimidate his FBI handler by threatening to arrest her.

Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the prison system.

President Trump directed the Environmental Protection Agency on Wednesday to shelve aggressive vehicle fuel economy targets that have been a foundation for battles against climate change and harmful pollution in California and across the country. The regulations to be reviewed ... had set ambitious targets for vehicle mileage. The decision puts the White House on a path toward a direct and costly confrontation with California. State officials, pointing to California’s unique authority under the Clean Air Act, have made clear they will not waver from requiring passenger cars to average about 54 miles per gallon by 2025, up from an average of 36 miles per gallon today. Trump’s announcement comes amid a lobbying blitz from a coalition of the world’s largest vehicle makers, which complained in a letter to the new administration that the existing EPA rules place unreasonable and expensive demands on the industry. The ultimate fate of the regulations may now be decided in a legal brawl between California and the Trump administration. The state is already moving to defend the federal regulations in court. "Any weakening or delay of the national standards will result in increased harms to our natural resources, our economy, and our people,” reads a legal filing submitted Tuesday by the state. Under the Clean Air Act, the state can impose emissions standards stronger than those set by the federal government, and a dozen other states have embraced the California rules.

Note: Many believe that fuel efficiency is determined by marketplace demand for more efficient vehicles. As this article shows, this is not the case. Congress mandates the average mpg of vehicles sold, and industry must comply. For more, see this essay.

US President Donald Trump has given the Central Intelligence Agency new authority to conduct drone attacks against suspected militants. The move would be a change from the policy of former President Barack Obama's administration of limiting the CIA's paramilitary role. The United States was the first to use unmanned aircraft fitted with missiles to kill militant suspects in the years after the September 11, 2001, attacks on New York and Washington. Strikes by missile-armed Predator and Reaper drones against overseas targets began under former President George W. Bush and were expanded by Obama. Critics of the targeted killing program question whether the strikes create more militants than they kill. They cite the spread of jihadist organisations and militant attacks throughout the world as evidence that targeted killings may be exacerbating the problem. In July, the US government accepted responsibility for inadvertently killing up to 116 civilians in strikes in countries where America is not at war.

Note: Drone strikes almost always miss their intended targets and reportedly create more terrorists than they kill. Casualties of war whose identities are unknown are frequently mis-reported to be "militants". For more along these lines, see concise summaries of deeply revealing war news articles from reliable major media sources.

The reputation of Roundup, whose active ingredient is the world’s most widely used weed killer, took a hit on Tuesday when a federal court unsealed documents raising questions about its safety and the research practices of its manufacturer, the chemical giant Monsanto. Monsanto’s internal emails and email traffic between the company and federal regulators ... suggested that Monsanto had ghostwritten research that was later attributed to academics and indicated that a senior official at the Environmental Protection Agency had worked to quash a review of Roundup’s main ingredient, glyphosate, that was to have been conducted by the United States Department of Health and Human Services. The files were unsealed by Judge Vince Chhabria, who is presiding over litigation brought by people who claim to have developed non-Hodgkin’s lymphoma as a result of exposure to glyphosate. The litigation was touched off by a determination made nearly two years ago by the International Agency for Research on Cancer, a branch of the World Health Organization, that glyphosate was a probable carcinogen. Court records show that Monsanto was tipped off to the determination by a deputy division director at the E.P.A., Jess Rowland, months beforehand. That led the company to prepare a public relations assault on the finding well in advance of its publication. Last year, a review by The New York Times showed how the [chemical] industry can manipulate academic research or misstate findings.

Note: The negative health impacts of Monsanto's Roundup are well known. Major lawsuits are beginning to unfold over Monsanto's lies to regulators and the public on the dangers of glyphosate. Yet the EPA continues to use industry studies to declare Roundup safe while ignoring independent scientists. For more along these lines, see concise summaries of deeply revealing news articles on food system corruption and health.

WikiLeaks leader Julian Assange’s revelation last week of the CIA’s arsenal of hacking tools had a misplaced tone of surprise. Some scary initial stories argued that the CIA could crack Signal and WhatsApp phone encryption, not to mention your toaster and television. But ... the hardest question here is whether the CIA and other government agencies have a responsibility to disclose to software vendors the holes they discover in computer code, so they can be fixed quickly. This may sound like a no-brainer. The problem is that there’s a global market for “zero-day” exploits (ones that are unknown on the day they’re used). U.S. intelligence agencies buy some of these exploits; so do other countries’ spy services, criminal gangs and the software vendors themselves. A recent report by the Rand Corp. [calculated that] there are about two dozen companies selling or renting exploits to the United States and its allies, with many of these contractors making between $1 million and $2.5 million annually. More than 200 zero-day exploits studied by Rand went undetected for an average of 6.9 years. Given this evidence, Rand argued, “some may conclude that stockpiling zero-days may be a reasonable option” to combat potential adversaries. But let’s be honest: The real shocker in the WikiLeaks scoop is the demonstration ... that the U.S. government can’t keep secrets. It makes little sense for the CIA to argue against disclosing its cyber-tricks to computer companies if this valuable information is going to get leaked ... anyway.

Note: For more along these lines, see concise summaries of deeply revealing news articles about intelligence agency corruption and the disappearance of privacy.

WikiLeaks has alleged that the CIA looked into vehicle interference methods that could potentially enable it to assassinate people without detection. According to the whistle-blowing organisation, the CIA explored the tactic in October 2014. It hasn’t included any more details about the alleged practice. WikiLeaks included the claim in its release announcing ‘Vault 7’, a huge batch of documents, which Julian Assange claims to account for the CIA’s “entire hacking capacity”. “As of October 2014 the CIA was also looking at infecting the vehicle control systems used by modern cars and trucks,” reads a passage in the release. “The purpose of such control is not specified, but it would permit the CIA to engage in nearly undetectable assassinations.” The CIA has also been accused of using malware and hacking tools to turn TVs into covert microphones and remotely break into smartphones. The latter, according to WikiLeaks, allowed it to bypass encryption on a number of popular messaging apps, including WhatsApp. WikiLeaks describes Vault 7 as “the largest intelligence publication in history” and says that the initial batch of 8,761 files is just the first in a series of releases.

Note: See the wikileaks webpage summarizing this most important leak. For more along these lines, see concise summaries of deeply revealing news articles about intelligence agency corruption and the disappearance of privacy.

Racial disparities have long been evident in the U.S. criminal justice system, but a new report drilling into statistics on wrongful convictions points up exactly how nefarious the problem is. African Americans are much more likely to be wrongfully convicted of a murder, sexual assault or drug offense than whites. The report, by the National Registry of Exonerations, found that “innocent black people are about seven times more likely to be convicted of murder than innocent white people,” and thus also account for a disproportionate share of the growing number of exonerations. African Americans who were convicted and then exonerated of murder charges also spent four years longer on death row than wrongfully convicted whites (and three years longer for those sentenced to prison). According to the report, African Americans convicted of murder “are about 50% more likely to be innocent than other convicted murderers,” and that such wrongful convictions, even when later corrected, expands the impact of violence on African American communities.

Note: For more along these lines, see concise summaries of deeply revealing news articles on judicial system corruption and the erosion of civil liberties.

WikiLeaks on Tuesday released a significant cache of documents that it said came from a high-security network inside the Central Intelligence Agency. WikiLeaks called the documents Vault 7, and they lay out the capabilities of the agency’s global covert hacking program. By the end of 2016, the C.I.A. program had 5,000 registered users, including government employees and contractors, [and] had produced more than a thousand hacking systems. The files have circulated among former United States government hackers and contractors in “an unauthorized manner, one of whom provided WikiLeaks with portions of the archive,” WikiLeaks said. The software targeted by the hacking program included the most popular smartphone operating systems. Apple’s iPhone software ... was a particular target, including the development of several “zero day” exploits - a term for attacking coding flaws the company would not have known about. Google’s Android ... received even more attention. By 2016, the C.I.A. had 24 weaponized Android “zero day” software programs. The C.I.A. also targeted ... internet-connected computers and home and industrial devices running the Linux operating system. In 2010, the Obama administration promised to disclose newly discovered vulnerabilities to companies like Apple, Google and Microsoft. But the WikiLeaks documents indicate that the agency found security flaws, kept them secret and then used them for surveillance and intelligence gathering.

Note: See the wikileaks webpage summarizing this most important leak. For more along these lines, see concise summaries of deeply revealing news articles about intelligence agency corruption and the disappearance of privacy.

President Trump’s allegations that former President Barack Obama tapped his phone and his assertions that the bureaucracy is leaking secrets to discredit him are the latest signs of a White House preoccupation with a “deep state” working to thwart the Trump presidency. “A deep state [is] part of government or people outside of government that are literally controlling the direction of the country no matter who’s actually in charge, and probably engaging in murder and other corrupt practices,” [former National Security Council official Loren DeJonge] Schulman said. The deep state is a phrase often heard in countries where there is a history of military coups. Pakistan is Exhibit A: The deep state is often invoked in serious discussions about the role of the Pakistani military and its intelligence service. Wide swaths of the population see the unseen hand of the security services behind major political events and all kinds of everyday happenings, such as random traffic stops. The views are not without basis. “The deep state concept emerges in places where the army and the security apparatus creates boundaries within which the civilian political people are allowed to operate,” said Peter Feaver, a specialist in civil-military issues. “If they transgress those boundaries, then the deep state interferes to reorder things, often using military force. There are milder forms of it in healthier democracies,” Mr. Feaver said.

Note: A 2014 Boston Globe article suggests that US policy in the national security realm is made by "concealed institutions" rather than by elected officials. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the intelligence community.

For years, state health officials kept secret a set of guidelines meant to inform the public about the risks associated with cell phone use and the best practices to avoid potential harm. On Thursday, the California Department of Public Health released the guidelines, which advise cell phone users to keep the devices away from their bodies, keep calls short and to use the speaker phone on lengthy calls. The guidelines were released only after a Sacramento Superior Court judge indicated she would order them to be disclosed, and after The Chronicle told the state it was publishing a news story about the case. The two-page suggestions ... are based on studies “that suggest that long-term cell phone use may increase the risk of brain cancer and other health problems,” according to the document, which includes a stamp saying it is a “draft and not for public release.” The guidelines detail the effect of electromagnetic fields, or EMFs, put out by cell phones. Cell phones, according to the guidelines, release about the same relatively weak EMFs as microwave ovens, but because they are used more frequently and kept close to the body, they can “affect nearby cells and tissues.” The guidelines suggest limiting cell phone use by children and teens to “texting, important calls and emergencies.” People can lower their exposure by using speaker phone or a headset and not sleeping with the device or carrying it in a pocket unless it is turned off.

Note: The medical community has long been aware that cell phone use negatively impacts human health. Despite the American Academy of Pediatrics urging the US to reassess cell phone safety standards for children in 2012, the Centers for Disease Control backed away from warning the public about the risks of cell phone radiation to kids. For more along these lines, see concise summaries of deeply revealing news articles on cell phone dangers from reliable major media sources.

It took years of public pressure and a lawsuit, but the California Department of Public Health has finally released a set of guidelines for the public about the risks associated with cell phone use and the best ways for cell phone users to reduce their exposure to potential dangers. What on earth took so long? We asked the department for an answer to this question. It didn’t offer us a direct response but wrote, “[This] project was discontinued when the Centers for Disease Control and Prevention issued national guidance on the same subject.” However, the state’s document, dated April 2014 and stamped “draft and not for public release” ... paints a very clear picture of the potential dangers of cell phone use. “Health officials are concerned about possible health effects from cell phone EMFs (electromagnetic fields) because some recent studies suggest that long-term cell phone use may increase the risk of brain cancer and other health problems,” the guidelines read. The two-page document goes on to suggest ways to lower your exposure, including using speaker phone and headsets, keeping the phone away from your body when it’s not being used, and sending text messages instead of voice calls. California’s public health department released the document only after a judge said she would order the guidelines to be disclosed. Joel Moskowitz, a public health researcher at UC Berkeley, sued the department last year after repeatedly requesting them.

Note: The medical community has long been aware that cell phone use negatively impacts human health. Despite the American Academy of Pediatrics urging the US to reassess to cell phone safety standards for children in 2012, the Centers for Disease Control backed away from warning the public about the risks of cell phone radiation to kids. For more along these lines, see concise summaries of deeply revealing health news articles from reliable major media sources.

Leaked court documents raise concerns that the murder of the Honduran environmentalist Berta Cáceres was an extrajudicial killing planned by military intelligence specialists linked to the country’s US–trained special forces. Cáceres was shot dead a year ago while supposedly under state protection after receiving death threats over her opposition to a hydroelectric dam. The murder of Cáceres, winner of the prestigious Goldman environmental prize in 2015, prompted international outcry and calls for the US to revoke military aid to Honduras, a key ally in its war on drugs. Eight men have been arrested in connection with the murder, including one serving and two retired military officers. Officials have denied state involvement in the activist’s murder, and downplayed the arrest of the serving officer Maj Mariano Díaz. But ... Díaz, a decorated special forces veteran, was appointed chief of army intelligence in 2015. Another suspect, Lt Douglas Giovanny Bustillo joined the military on the same day as Díaz. Díaz and Bustillo both received military training in the US. A third suspect, Sgt Henry Javier Hernández, was a former special forces sniper, who had worked under the direct command of Díaz. Last year, the Guardian reported that a former Honduran soldier said he had seen Cáceres’s name on a hitlist that was passed to US-trained units. Sgt Rodrigo Cruz said that two elite units were given lists featuring the names and photographs of activists – and ordered to eliminate each target.

Note: The Western Hemisphere Institute for Security Cooperation, formerly known as the School of the Americas, reportedly graduated more than 500 human rights abusers. The identities of many other US-trained troops operating in other countries remain hidden by US courts. For more along these lines, see concise summaries of deeply revealing military corruption news articles from reliable major media sources.

I Googled “mainstream media is…” And there it was. Google’s autocomplete suggestions: “mainstream media is… dead, dying, fake news, fake, finished”. Google’s first suggested link ... leads to a website called CNSnews.com and an article: “The Mainstream media are dead.” How had it, an obscure site I’d never heard of, dominated Google’s search algorithm on the topic? In the “About us” tab, I learn CNSnews is owned by the Media Research Center. It receives a large bulk of its funding – more than $10m in the past decade – from a single source, the hedge fund billionaire Robert Mercer. Robert Mercer is the money behind an awful lot of things. He was Trump’s single biggest donor. Since 2010, Mercer has donated $45m to different political campaigns – all Republican – and another $50m to non-profits – all rightwing, ultra-conservative. This is a billionaire who is ... trying to reshape the world according to his personal beliefs. He is reported to have a $10m stake in the [Cambridge Analytica], which was spun out of a bigger British company called SCL Group. It specialises in “election management strategies” and “messaging and information operations”, refined over 25 years. In military circles this is known as “psyops” – psychological operations. Cambridge Analytica makes the astonishing boast that it has psychological profiles based on 5,000 separate pieces of data on 220 million American voters. With this, a computer ... can predict and potentially control human behaviour. It’s incredibly dangerous.

Note: The above article provides a detailed look at how mass media is being combined with Big Data to produce powerful new forms of mind control.

For several decades, the UK sent children across the world to new lives in institutions where many were abused and used as forced labour. It happened to thousands of British children ... following World War Two. The astonishing scandal of the British child migrants will be the first subject for which the Independent Inquiry into Child Sexual Abuse will hold full public hearings. It's first because the migrants are now nearing the end of their lives. Sources close to the current public inquiry have told the BBC it will produce new and startling revelations about the scale of sexual abuse abroad, and attempts by British and Australian institutions to cover it up. This will include an examination of the claims of some child migrants that they were sent abroad weeks after reporting sexual abuse at their children's home in the UK. The allegation is that they were hand-picked. Either to get them out of the way, or because they were of interest to paedophiles. Three former Fairbridge boys have claimed that the then-Australian Governor General, Lord Slim, sexually molested them during rides in his chauffeur-driven Rolls Royce while visiting the home. It is understood these allegations could be considered by the inquiry. The inquiry could also definitively answer a crucial historical question. Did the British government know it was sending children to be mistreated in a foreign country?

Note: Watch an excellent segment by Australia's "60-Minutes" team "Spies, Lords and Predators" on a pedophile ring in the UK which leads to the highest levels of government. A second suppressed documentary, "Conspiracy of Silence," goes even deeper into this topic in the US. For more, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.

Between 1984 and 2010, the amount of built-up areas in China increased nearly fivefold. To construct these new urban zones, China used more concrete in the three years between 2011 and 2013 than the whole of the United States used in the 20th Century. Yet even in the world’s second largest economy, the rate of development has overtaken demand. The shift from industries like steel production to electronics, telecommunications and biotechnology has happened very quickly. Europe and the United States underwent a similar shift over the course of several decades. China’s high-tech revolution took just a few years. [Some] factories that have been unable to survive these changes lie empty. This shifting industrial landscape has also left its mark on the cities built for the migrant workers. Large urban areas have become “ghost cities” [as] developers have gone bankrupt, leaving housing developments empty. A study by Chinese search giant Baidu identified 50 huge regions across the country where newly built residential housing was largely uninhabited. Photographer Kai Caemmerer has been documenting some of the empty cities in China for the past two years. He does not think the label “ghost town” is accurate. These places are built in anticipation of a need. In fact, an enormous relocation could soon be underway. The Chinese government has said it intends to move 100 million people from rural parts of the country into cities by 2020.

Note: The article above features many pictures of China's unique manufactured landscapes. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.

The Department of Justice proudly announced the first FBI terror arrest of the Trump administration on Tuesday: an elaborate sting operation that snared a 25-year-old Missouri man who had no terrorism contacts besides the two undercover FBI agents who paid him to buy hardware supplies they said was for a bomb - and who at one point pulled a knife on him and threatened his family. Robert Lorenzo Hester of Columbia, Missouri, didn’t have the $20 he needed to buy the 9-volt batteries, duct tape, and roofing nails his new FBI friends wanted him to get, so they gave him the money. The agents noted in a criminal complaint that Hester, who at one point brought his two small children to a meeting because he didn’t have child care, continued smoking marijuana despite professing to be a devout Muslim. But according to the DOJ press release, Hester had plans to conduct an “ISIS-sponsored terrorist attack” on President’s Day that would have resulted in mass casualties had it succeeded. News reports breathlessly echoed the government’s depiction of Hester as a foiled would-be terrorist. But the only contact Hester had with ISIS was with the two undercover agents. There appears to be little to suggest that [Hester] had the wherewithal or capacity to carry out a terrorist attack. His case is similar to many others in which individuals in financial, legal, or psychological distress have been befriended by undercover FBI agents or government informants and coaxed into developing a terrorist plot.

Note: The FBI has been stepping up its use of stings in ISIS cases. Read how an FBI mole posing as a potential lover recently convinced a man to become a terrorist. If terrorism is such a grave threat in the US, why does the FBI have to manufacture "terrorist" plots and then exaggerate its anti-terrorism success?

The head of the police force investigating reports of child sexual abuse by [former U.K. Prime Minister] Sir Edward Heath reportedly believes in the allegations “120 per cent”. Chief Constable Mike Veale, of Wiltshire Police, is reportedly convinced by testimony from alleged victims of the former Conservative Prime Minister because they have given similar accounts to investigators. Sir Edward, who was Prime Minister between 1970 and 1974, died in 2005. Wiltshire Police appealed for information about claims he was involved in abusing children after the Independent Police Complaints Commission began investigating whether a similar claim, made in the 1990s, had been handled properly. A retired senior officer alleged that Wiltshire Police deliberately caused a criminal prosecution to fail in 1994 after the defendant, a brothel owner, threatened to tell the press she supplied Sir Edward with underage boys for sex if the trial went ahead. But the trial was dropped because witnesses refused to testify, the IPCC said, and it found no evidence of wrongdoing.

Note: Watch an excellent segment by Australia's "60-Minutes" team "Spies, Lords and Predators" on a pedophile ring in the UK which leads to the highest levels of government. A second suppressed documentary, "Conspiracy of Silence," goes even deeper into this topic in the US. For more, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.

Last week, Trump blocked Rex Tillerson from hiring Elliott Abrams as his deputy at the State Department after someone brought to his attention critical comments he had made during the campaign. That happened despite a job interview that had gone well. Last night, Robert Harward turned down Trump’s offer to replace Michael Flynn as national security adviser. One key factor in Harward's decision to turn down the job was that he couldn't get a guarantee that he could select his own staff. Specifically ... Harward wanted commitments that the National Security Council would be fully in charge of security matters, not Trump's political advisers. Just yesterday, Secretary of State Rex Tillerson’s enforcers at the State Department laid off staff at Foggy Bottom while the secretary traveled in Europe. Much of seventh-floor staff, who work for the Deputy Secretary of State for Management and Resources and the Counselor offices, were told ... that their services were no longer needed. These staffers in particular are often the conduit between the secretary’s office to the country bureaus, where the regional expertise is centered. Inside the State Department, some officials fear that this is a politically-minded purge that cuts out much-needed expertise from the policy-making, rather than simply reorganizing the bureaucracy. Ambassador Kristie Kenney, the Counselor of the State Department and one of the last remaining senior officials, was [also] informed that she will be let go. Also noteworthy: Not a single State Department official was included in the White House meetings with Israeli Prime Minister Benjamin Netanyahu this week.

Note: While simple politics or government corruption may be responsible for this high-level reshuffling, this video interview with former CIA agent Robert David Steele suggests there is much more going on behind the scenes.

States across the U.S. have been introducing legislation that would punish people for switching to electric vehicles. Since the start of 2017, six states (Indiana, South Carolina, Kansas, Tennessee, New Hampshire, and Montana) have introduced legislation that would require EV owners to pay a fee of up to $180 a year. Sadly, this isn’t the first time people have been penalized for driving green. Wyoming, Colorado, Virginia, Nebraska, Missouri, Washington, North Carolina, Idaho, Georgia, and Michigan have all implemented yearly fees on electric and hybrid vehicles that vary from $50 to $300 per driver per year. Arizona’s and Arkansas’ respective Department of Transportations are also suggesting legislators cast a fee for EV ownership. Georgia, formerly the state with the second most EV sales, used to offer a tax credit of up to $5,000, but replaced the program with a $200 yearly fee that led to an 80 percent drop in EV sales. This attack is coming at a time when EVs are just starting to take off within the larger auto industry. Reportedly, for more than a year, Koch Industries has spent nearly $10 million dollars, and plans to do so every year, on a campaign to boost petroleum-based transportation fuels and attack government support for electric vehicles. When oil tycoons consider a rise in EV drivers to be a threat to their wallets, you know EVs are taking off.

Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.

Spain’s National Court is summoning the former heads of Spain’s central bank and the stock market watchdog to be questioned for failing to stop the disastrous flotation of a savings bank that had to be bailed out. Eight officials, including former Bank of Spain governor Miguel Angel Fernandez Ordonez and Julio Seguro, the former president of market regulator CNMV, allegedly failed to stop Bankia’s listing in 2011 despite “repeated warnings” the bank was “unviable,” according to an investigation led by the court’s magistrates. Created by merging the assets of seven struggling Spanish banks, Bankia offered shares in an initial public offering in July 2011 and initially reported a profit for the year of 309 million euro ($327 million.) Months later, it amended its statements to show a 3 billion euro loss. The lender was nationalized in 2012 after a rescue that cost Spanish taxpayers around 22 billion euros ($23 billion). Former International Monetary Fund chief Rodrigo Rato stepped down as chairman of Bankia at the time of the IPO. Rato since has been investigated in separate, but related cases of alleged corruption. Internal central bank reports made clear the savings bank’s “severe and growing problems of profitability, liquidity and solvency,” a court order issued Monday stated.

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

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.