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.

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When the fires from the 2007-08 financial crisis were still being fought, JPMorgan Chase looked like a winner. Not only was JPMorgan Chase able to scoop up former rivals Washington Mutual and Bear Stearns for bargain basement prices, but its stock value shot up by nearly 31 percent over the past 4 1/2 years. But this year has been a little less kind to JPMorgan Chase. On [November 20) JPMorgan Chase agreed to a $13 billion settlement with the federal government over selling toxic mortgage investments. It also admitted to wrongdoing in knowingly peddling the instruments. Both settlements are for the "incomplete information" JPMorgan Chase gave to the pension funds for their purchases of toxic securities during the years 2004 to 2008. Even for a colossus such as JPMorgan Chase, $13 billion is a lot of money - about half of its annual profit. Forcing JPMorgan to admit wrongdoing - a rare concession - may open the door to more headaches for the company, especially because the government is continuing a criminal probe into its mortgage prices. The scale of the devastation is still so enormous that the only question left for the Justice Department to answer is why no one from any of the big banks has yet to go to jail. Wall Street's wrongdoing was about more than a dollar cost - it was about the widespread human suffering that remains with us today. Jail time would be more than appropriate, but so far the banks have been able to pay their way out of it.

Note: Because JP Morgan Chase can write off $11 billion of the fine as tax deductible, the real fine is actually reduced by $4 billion to about $7 billion, just one-third of Chase's $21 billion profit in the year 2012. For more on financial fraud, see the deeply revealing reports from reliable major media sources available here.

The phone, internet and email records of UK citizens not suspected of any wrongdoing have been analysed and stored by America's National Security Agency under a secret deal that was approved by British intelligence officials, according to documents from the whistleblower Edward Snowden. In the first explicit confirmation that UK citizens have been caught up in US mass surveillance programs, an NSA memo describes how in 2007 an agreement was reached that allowed the agency to "unmask" and hold on to personal data about Britons that had previously been off limits. The memo ... says the material is being put in databases where it can be made available to other members of the US intelligence and military community. Until now, it had been generally understood that the citizens of each country were protected from surveillance by any of the others. But the Snowden material reveals that: • In 2007, the rules were changed to allow the NSA to analyse and retain any British citizens' mobile phone and fax numbers, emails and IP addresses swept up by its dragnet. • These communications were "incidentally collected" by the NSA, meaning the individuals were not the initial targets of surveillance operations and therefore were not suspected of wrongdoing. • The NSA has been using the UK data to conduct so-called "pattern of life" or "contact-chaining" analyses, under which the agency can look up to three "hops" away from a target of interest – examining the communications of a friend of a friend of a friend. Three hops for a typical Facebook user could pull the data of more than 5 million people into the dragnet.

Note: For more on government threats to privacy, see the deeply revealing reports from reliable major media sources available here.

A secret court order that authorised a massive trawl by the National Security Agency of Americans' email and internet data was published for the first time on [November 18], among a trove of documents that also revealed a judge's concern that the NSA "continuously" and "systematically" violated the limits placed on the program. Another later court order found that what it called "systemic overcollection" had taken place. In a heavily redacted opinion Colleen Kollar-Kotelly, the former presiding judge of the FISA court, placed legal weight on the methods of surveillance employed by the NSA, which had never before collected the internet data of “an enormous volume of communications”. The methods, known as pen registers and trap-and-trace devices, record the incoming and outgoing routing information of communications. Kollar-Kotelly ruled that acquiring the metadata, and not the content, of email and internet usage in bulk was harmonious with the “purpose” of Congress and prior court rulings – even though no surveillance statute ever authorized it and top officials at the Justice Department and the FBI threatened to resign in 2004 over what they considered its dubious legality. The type of data collected under the program included information on the "to", "from" and "bcc" lines of an email rather than the content. Metadata, wrote Kollar-Kotelly, enjoyed no protection under the fourth amendment to the US constitution, a precedent established by the Supreme Court in 1979 in a single case on which the NSA relies currently.

Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.

Linda Woodford spent the last 15 years of her career inserting phony numbers in the U.S. Department of Defenses accounts. Every month ... the Navy would [dump] numbers on the Cleveland, Ohio, office of the Defense Finance and Accounting Service, the Pentagons main accounting agency. Using the data they received, Woodford and her fellow DFAS accountants there set about preparing monthly reports to square the Navys books with the U.S. Treasurys. And every month, they encountered the same problem. Numbers were missing. Numbers were clearly wrong. Numbers came with no explanation of how the money had been spent or which congressional appropriation it came from. Woodford and her colleagues were told by superiors to take unsubstantiated change actions - in other words, enter false numbers, commonly called plugs, to make the Navys totals match the Treasurys. And plugging isnt confined to DFAS. Former military service officials say record-keeping at the operational level throughout the services is rife with made-up numbers to cover lost or missing information. The Defense Departments 2012 budget totaled $565.8 billion. How much of that money is spent as intended is impossible to determine. The Pentagon is largely incapable of keeping track of its vast stores of weapons, ammunition and other supplies. It has amassed a backlog of more than half a trillion dollars in unaudited contracts with outside vendors; how much of that money paid for actual goods and services delivered isnt known.

Note: Could it be that the real reason the Pentagon is the only branch of US government that doesn't balance its books is that they don't want us to know where the money is going? For more along these lines, see concise summaries of deeply revealing military corruption news articles from reliable major media sources.

Linda Woodford spent the last 15 years of her career inserting phony numbers in the U.S. Department of Defense's accounts. Woodford and her fellow [accountants] set about preparing monthly reports to square the Navy's books with the U.S. Treasury's. And every month ... numbers were missing. Numbers were clearly wrong. Woodford and her colleagues were told by superiors to ... enter false numbers, commonly called "plugs," to make the Navy's totals match the Treasury's. Fudging the accounts with false entries is standard operating procedure. Former military service officials say record-keeping at the operational level throughout the services is rife with made-up numbers to cover lost or missing information. Plugs also are symptomatic of one very large problem: the Pentagon's chronic failure to keep track of its money—how much it has, how much it pays out and how much is wasted or stolen. The Defense Department's 2012 budget totaled $565.8 billion, more than the annual defense budgets of the 10 next largest military spenders combined, including Russia and China. How much of that money is spent as intended is impossible to determine. The Pentagon is largely incapable of keeping track of its vast stores of weapons, ammunition and other supplies. It has amassed a backlog of more than half a trillion dollars in unaudited contracts with outside vendors. [It] also has systematically ignored warnings about its accounting practices. The Pentagon is the only federal agency that has not complied with a law that requires annual audits of all government departments. That means that the $8.5 trillion in taxpayer money doled out by Congress to the Pentagon since 1996 ... has never been accounted for. That sum exceeds the value of China's economic output last year. A single [military accounting] office in Columbus, Ohio, made at least $1.59 trillion - yes, trillion - in errors, including $538 billion in plugs.

Note: This article sadly fails to state the obvious: Many military officers illegally rake in tons of money with false contracts which benefit those officers and contracting companies. They obviously don't want their accounts to be properly audited. For a revealing essay by a top U.S. general exposing major war manipulations, click here. For more on military corruption, see the deeply revealing reports from reliable major media sources available here.

[U.S. Senator] Elizabeth Warren is emerging as a kind of spokeswoman for the new economic populism that many Democratic activists want the party to embrace heading into 2014 and 2016. [A] speech that Warren [delivered] on the floor of the Senate suggests [that] the push to expand Social Security could become a key issue in the argument over the Democratic Party of the future. She strongly endorsed the push to boost Social Security benefits — in keeping with Senator Tom Harkin’s proposal to do the same: “Social Security isn’t the answer to all of our retirement problems. We need to find ways to tackle the financial squeeze that is crushing our families. We need to help families start saving again. We need to make sure that more workers have access to better pensions. The absolute last thing we should be doing is talking about cutting back on Social Security. The absolute last thing we should do in 2013 – at the very moment that Social Security has become the principal lifeline for millions of our seniors — is allow the program to begin to be dismantled inch by inch. Right now, more people than ever are on the edge of financial disaster once they retire — and the numbers continue to get worse. That is why we should be talking about expanding Social Security benefits — not cutting them. Senator Harkin from Iowa, Senator Begich from Alaska, Senator Sanders from Vermont, and others have been pushing hard in that direction. Social Security is incredibly effective, it is incredibly popular, and the calls for strengthening it are growing louder every day.”

Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.

[Timothy] Jackson was convicted of shoplifting and sent to Angola prison in Louisiana. That was 16 years ago. Today he is still incarcerated in Angola, and will stay there for the rest of his natural life having been condemned to die in jail. All for the theft of a jacket, worth $159. Jackson, 53, is one of 3,281 prisoners in America serving life sentences with no chance of parole for non-violent crimes. Some, like him, were given the most extreme punishment short of execution for shoplifting; one was condemned to die in prison for siphoning petrol from a truck; another for stealing tools. “It has been very hard for me,” Jackson wrote to the American Civil Liberties Union (ACLU) as part of its new report on life without parole for non-violent offenders. The ACLU's report, A Living Death, chronicles the thousands of lives ruined and families destroyed by the modern phenomenon of sentencing people to die behind bars for non-violent offences. Most of those ... inmates held on life without parole sentences were given their punishments by the federal government. More than 2,000 of the 3,281 individuals tracked down on these sentences by the ACLU are being held in the federal system. Taxpayers pay an additional $1.8bn to keep the prisoners locked up for the rest of their lives. About 65% of the prisoners identified nationwide by the ACLU are African American. Of the prisoners serving life without parole for non-violent offences nationwide, the ACLU estimates that almost 80% were for drug-related crimes.

Note: For more along these lines, see concise summaries of deeply revealing news articles on judicial system corruption from reliable major media sources.

WikiLeaks has released the draft text of a chapter of the Trans-Pacific Partnership (TPP) agreement, a multilateral free-trade treaty currently being negotiated in secret by 12 Pacific Rim nations. Negotiations for the TPP have ... been conducted behind closed doors. Even members of the US Congress were only allowed to view selected portions of the documents under supervision. The 30,000 word intellectual property chapter contains proposals to increase the term of patents, including medical patents, beyond 20 years, and lower global standards for patentability. It also pushes for aggressive measures to prevent hackers breaking copyright protection, although that comes with some exceptions: protection can be broken in the course of "lawfully authorised activities carried out by government employees, agents, or contractors for the purpose of law enforcement, intelligence, essential security, or similar governmental purposes". WikiLeaks claims that the text shows America attempting to enforce its highly restrictive vision of intellectual property on the world – and on itself. "The US administration is aggressively pushing the TPP through the US legislative process on the sly," says Julian Assange, the founder and editor-in-chief of WikiLeaks. "If instituted," Assange continues, "the TPP’s intellectual property regime would trample over individual rights and free expression, as well as ride roughshod over the intellectual and creative commons. If you read, write, publish, think, listen, dance, sing or invent; if you farm or consume food; if you’re ill now or might one day be ill, the TPP has you in its crosshairs."

Note: To read the Wikileaks release of the secret agreements from the TPP, click here. For further critical analysis of the TPP text, click here.

Twelve years ago, on 13 November 2001, President George W Bush signed an order authorizing the detention of suspected al-Qaida members and supporters, and the creation of military commissions. A total of seven detainees out of the 779 men ever held at Guantánamo have been convicted and sentenced. Five of the seven are no longer at Guantánamo creating a paradox: you have to lose to win. Those lucky enough to get charged and convicted of a war crime have good odds of getting out of Guantánamo, but those who are never charged could spend the rest of their lives in prison. Since nearly all of the men held at Guantánamo have been there since long before 2006 and most were at best low-level flunkies, the government's inability to charge them with providing material support for terrorism means they likely will never face a military commission for a trial that might have enabled them to find a way out of Guantánamo. In September 2006, 14 high-value detainees held in CIA black sites were transferred to military custody at Guantánamo. Only one has been tried and convicted. The law that has evolved from Guantánamo has been a black eye for the country: from the Supreme Court ruling that President Bush's military commissions were illegal to the Washington DC circuit ruling [that] all of the men convicted in military commissions were charged with an offense that was not a legitimate war crime. America's enemies and allies alike, in their criticism of US war on terrorism practices, cite Guantánamo as an example of failed leadership.

Note: For more on military corruption, see the deeply revealing reports from reliable major media sources available here.

Officially, the Trans-Pacific Partnership is a trade treaty that will ease the flow of goods and services among the United States ... and other nations along the Pacific Rim. But it has attracted criticism for its secrecy, and for the inclusion of controversial provisions related to copyright, patent, and trademark protections. Wikileaks released an August draft of the "intellectual property" chapter of the treaty. The United States has been using the treaty as a vehicle to pressure its negotiating partners to make their laws more favorable to the interests of U.S. filmmakers, drug companies, and other large holders of copyright and patent rights. Several proposed items are drawn from Hollywood's wish list. The United States has also pushed for a wide variety of provisions that would benefit the U.S. pharmaceutical and medical device industries. The Obama administration wants to require the extension of patent protection to plants, animals, and medical procedures. It wants to require countries to offer longer terms of patent protection to compensate for delays in the patent application process. The United States also wants to bar the manufacturers of generic drugs from relying on safety and efficacy information that was previously submitted by a brand-name drug maker — a step that would make it harder for generic manufacturers to enter the pharmaceutical market and could raise drug prices.

Note: Why was this vitally important, yet little-reported news relegated to a blog? Read an October, 2014 update on the secret trade deal in The Guardian (One of the UK's leading newspapers). The Environment Chapter of the TPP has also been leaked. For more along these lines, see these concise summaries of deeply revealing articles about government secrecy.

A group of Occupy Wall Street activists has bought almost $15m of Americans' personal debt over the last year as part of the Rolling Jubilee project to help people pay off their outstanding credit. Rolling Jubilee, set up by Occupy's Strike Debt group following the street protests that swept the world in 2011, launched on 15 November 2012. The group purchases personal debt cheaply from banks before "abolishing" it, freeing individuals from their bills. By purchasing the debt at knockdown prices the group has managed to free $14,734,569.87 of personal debt, mainly medical debt, spending only $400,000. "We thought that the ratio would be about 20 to 1," said Andrew Ross, a member of Strike Debt and professor of social and cultural analysis at New York University. "In fact we've been able to buy debt a lot more cheaply than that." The Rolling Jubilee project was mostly conceived as a "public education project", Ross said. "Our purpose in doing this, aside from helping some people along the way – there's certainly many, many people who are very thankful that their debts are abolished – our primary purpose was to spread information about the workings of this secondary debt market." The group has ... acquired the $14.7m in three separate purchases, most recently purchasing the value of $13.5m on medical debt owed by 2,693 people across 45 states and Puerto Rico, Rolling Jubilee said in a press release. “No one should have to go into debt or bankruptcy because they get sick,” said Laura Hanna, an organiser with the group. Hanna said 62% of all personal bankruptcies have medical debt as a contributing factor.

Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.

Japan's flagging anti-nuclear movement is getting a boost from two former prime ministers who are calling for atomic power to be phased out following the Fukushima disaster. Former Prime Minister Junichiro Koizumi said [on November 12] that the current prime minister, Shinzo Abe, ... "should use the power given to him to do what the majority of the people want," Koizumi said in a speech at the Japan Press Club. "It can be achieved. Why miss this chance?" Koizumi, who supported nuclear power during his 2001-2006 term in office, said that with Japan's nuclear plants all offline for safety checks it would be easiest to begin the phase-out soon. Polls have shown the majority of the public ... prefers to shift away from the nuclear plants that provided nearly a third of Japan's power generation capacity before the accident at the Fukushima Dai-Ichi nuclear plant. Three [former prime ministers], including Koizumi, have said they support ending use of nuclear power. Their support could help reinvigorate the anti-nuclear movement, which has lost some of its vitality nearly three years after the Fukushima accident. Another former prime minister, Morihiro Hosokawa, said in an interview ... that he also favors an end to reliance on nuclear power. "I can't understand why they want restarts of the nuclear plants when there is no place to discard the nuclear waste," said Hosokawa, who served as prime minister for eight months in 1993-94. "It would be a crime against future generations for our generation to restart nuclear plants without resolving this issue," he said. Experts have questioned whether earthquake-prone Japan can safely store nuclear waste under any scenario.

Note: For more on the risks of nuclear power, see the deeply revealing reports from reliable major media sources available here.

The fifty years since the assassination of John F. Kennedy have done little to quell the public's interest or skepticism about who killed the president. In 1978 ... the House of Representatives Select Committee on Assassinations found that in addition to Oswald, there likely was a second gunman who fired at the president's motorcade. The commission concluded that the gunmen were part of a "conspiracy," without determining exactly who was behind it, opening the door to five decades and a cottage industry of theories. According to a 2003 ABC News Poll, 70 percent of Americans believe Kennedy's death was "the result of a plot, not the act of a lone killer." Fifty-one percent believe Oswald did not act alone, and 7 percent believe Oswald was not involved at all in the assassination. In the years since Kennedy's death more than 2,000 books have been written about the assassination, many of which espouse one or more conspiracy theories. In nearly every theory that involves American conspirators, be they wealthy industrialists or tough-as-nails mafiosi, one group is routinely represented – the CIA. One theory suggests that Oswald was a CIA operative and agents tampered with his FBI file before and after the investigation to make it appear he was a communist and lone wolf. [Another theory claims President Lyndon] Johnson was aided in the plot by another man who would become president, George H.W. Bush, a burgeoning CIA official who happened to be in Dallas on the day of the assassination.

Note: On the 50th anniversary of the Kennedy assassination see our powerful JFK assassination information center and the best videos and news articles on the topic. For an astonishing History Channel Video in which the attorney for Lyndon Johnson states he has no doubt Johnson was involved in the assassination, click here.

I can only say: I'm sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed's first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I've come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time. Where are we today? The Fed keeps buying roughly $85 billion in bonds a month, chronically delaying so much as a minor QE taper. Over five years, its bond purchases have come to more than $4 trillion. Amazingly, in a supposedly free-market nation, QE has become the largest financial-markets intervention by any government in world history. And the impact? Even by the Fed's sunniest calculations, aggressive QE over five years has generated only a few percentage points of U.S. growth. By contrast, experts outside the Fed, such as Mohammed El Erian at the Pimco investment firm, suggest that the Fed may have created and spent over $4 trillion for a total return of as little as 0.25% of GDP (i.e., a mere $40 billion bump in U.S. economic output). Both of those estimates indicate that QE isn't really working. Unless you're Wall Street. Having racked up hundreds of billions of dollars in opaque Fed subsidies, U.S. banks have seen their collective stock price triple since March 2009. The biggest ones have only become more of a cartel: 0.2% of them now control more than 70% of the U.S. bank assets. As for the rest of America, good luck.

Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.

It was the part of the Fukushima Daiichi nuclear power plant that spooked American officials the most, as the complex spiraled out of control two and a half years ago: the spent fuel pool at Reactor No. 4, with more than 1,500 radioactive fuel assemblies left exposed when a hydrogen explosion blew the roof off the building. In the next 10 days, the plant’s operator, the Tokyo Electric Power Company, is set to start the delicate and risky task of using a crane to remove the fuel assemblies from the pool, a critical step in a long decommissioning process that has already had serious setbacks. The operation addresses a threat that has hung over the plant since the crisis started. It is still dangerous to have the fuel high up in a damaged structure that could collapse in another quake, experts warn. But removing it poses dangers, too. The fuel rods must remain immersed in water to block the gamma radiation they emit and allow workers to be in the area, and to prevent the rods from overheating. An accident could expose the rods and — in a worst-case scenario, some experts say — allow them to release radioactive materials beyond the plant. “There are potentially very big risks involved,” Shunichi Tanaka, the head of Japan’s nuclear regulator, said last week. “Each assembly must be handled very carefully.” “All I can do is pray that nothing goes wrong,” said Yasuro Kawai, a former plant engineer who now heads a group that is independently monitoring the decommissioning process.

Note: For further assessment of the risks associated with any attempt to remove the rods from the damaged Fukushima Reactor #4 fuel pool, click here. For more on the risks of nuclear power, see the deeply revealing reports from reliable major media sources available here.

U.S. Senator Elizabeth Warren said the political system is still “rigged” by lobbyists and special interests who work to keep the public “in the dark.” “I’ve been in the Senate for nearly a year and believe as strongly as ever that the system is rigged for powerful interests and against working families,” Warren said. Warren, a critic of Wall Street, rose to prominence by highlighting “tricks and traps” of credit-card disclosures and creating [the Consumer Financial Protection Bureau (CFPB)] as part of the 2010 Dodd-Frank Act. Warren said despite progress by the consumer bureau and confirmation of its director after a two-year delay, lobbyists for the financial industry continue to fight it and consumer groups shouldn’t let down their guard. “We all know that the fight isn’t over and that the lobbyists are still working to undercut the agency’s work,” Warren said. She compared the CFPB to government agencies that test the safety of physical products like cribs and paint, and said the bureau’s work on the safety of financial products will become just as valued by the public. “You tell me: When was the last time you heard someone call for regulators to go easier on companies that want to use lead paint on our children’s toys or leave the safety switches off toasters?” Warren asked. “The CFPB was designed from the very beginning to cut out tricks and traps in consumer finance and add transparency to the marketplace.”

Note: For an excellent video showing the courage and forthrightness of Elizabeth Warren, click here. For more on government corruption, see the deeply revealing reports from reliable major media sources available here.

The question in the background of Noam Scheiber's exploration of whether Elizabeth Warren could challenge Hillary Clinton in 2016 is whether, come 2015, Democrats will care very much about cracking down harder on Wall Street. An issue-based challenger needs two things to pose a serious threat to a front-runner. One is an issue that differentiates them from the front-runner. The other is for that issue to be foremost in the minds of voters. Scheiber points out that Warren's background isn't just Wall Street reform. It's protecting the middle class. The Two-Income Trap was a seminal book in defining the mounting pressures on working Americans. And Warren has long tried to protect that dimension of her work from being eclipsed by her unexpected turn as a finreg rockstar. But concern for the middle class doesn't, by and large, differentiate her from Clinton. Clinton, like Warren, believes in higher taxes on the rich and universal health care and higher-education costs and universal pre-k and so on. The danger for Clinton is if Warren is able to persuade Democrats that cracking down on Wall Street reform is the key to helping the middle class or -- perhaps more plausibly -- opposing inequality. On a policy level, that's a harder case to make. But on an emotional, who's-on-your-side level, it might work.

Note: For an excellent video showing the courage and forthrightness of Elizabeth Warren, click here. For more on government corruption, see the deeply revealing reports from reliable major media sources available here.

“The Brothers” is a riveting chronicle of government-sanctioned murder, casual elimination of “inconvenient” regimes, relentless prioritization of American corporate interests and cynical arrogance on the part of two men. John Foster Dulles and his brother, Allen, were ... lawyers, partners in the immensely powerful firm of Sullivan & Cromwell. John Foster Dulles served as secretary of state from 1953 to 1959; his brother ran the C.I.A. from 1953 to 1961. In his detailed, well­constructed and highly readable book, Stephen Kinzer ... shows how the brothers drove America’s interventionist foreign policy. Kinzer highlights John Foster Dulles’s central role in channeling funds from the United States to Nazi Germany in the 1930s. Sullivan & Cromwell floated bonds for Krupp A. G., the arms manufacturer, and also worked for I. G. Farben, the chemicals conglomerate that later manufactured Zyklon B, the gas used to murder millions of Jews. For the Dulles brothers, and for much of the American government, threats to corporate interests were categorized as support for communism. There are also reminders in Kinzer’s book of dark events in the history of American intelligence. Sixty years ago, Frank Olson, a C.I.A. officer, was reported to have jumped to his death during mind-control experiments “in which psychoactive drugs were administered to unknowing victims.” But last year, Kinzer reports, Olson’s family filed suit, claiming he had actually been murdered after visiting secret C.I.A. prisons in Europe.

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

The federal government paid $11.3 million in taxpayer-funded farm subsidies from 1995 to 2012 to 50 billionaires or businesses in which they have some form of ownership, according to a report released [on November 7] by the Environmental Working Group, a Washington-based research organization. The billionaires who received the subsidies or owned companies that did include the Microsoft co-founder Paul G. Allen; the investment titan Charles Schwab; and S. Truett Cathy, owner of Chick-fil-A. The billionaires who got the subsidies have a collective net worth of $316 billion, according to Forbes magazine. The Working Group said its findings were likely to underestimate the total farm subsidies that went to the billionaires on the Forbes 400 list because many of them also received crop insurance subsidies. The authors of the report said it is timely, given that lawmakers are debating a House proposal that would cut nearly $40 billion over 10 years from the food stamp program, which helps provide food for nearly 47 million people. A Senate provision would cut $4.5 billion over the same period. A report released [on November 6] by the Center for American Progress ... found that food stamps kept about five million people above the poverty line last year. The food stamp program was cut by about $5 billion on Nov. 1 when a provision in the 2009 stimulus bill that added funding for the program expired. “The irony is that farm subsidies are going to billionaires at the same time that there are proposals to kick three to five million people off of food stamps,” said Scott Faber, vice president for government affairs at the Environmental Working Group.

Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.

Federal Reserve Bank of New York President William Dudley said [that] any effort to reduce the threat to financial stability posed by massive financial firms also must include compelling banking executives to have more respect for the law and the broader impact on society of their actions. “There is evidence of deep-seated cultural and ethical failures at many large financial institutions,” Mr. Dudley said. “Whether this is due to size and complexity, bad incentives or some other issues is difficult to judge, but it is another critical problem that needs to be addressed” as regulators seek to deal with the problem of banks that are considered too big to fail, the official said. Mr. Dudley [added] that “ending too big to fail and shifting the emphasis to longer-term sustainability will encourage the needed cultural shift necessary to restore public trust in the industry.” His comments on banking issues come in the wake of last week’s decision by the Fed to stay the course on its $85-billion-a-month bond-buying program. Mr. Dudley has been a steadfast supporter of the aggressively easy-money policies pursued by the central bank.

Note: For more on the banking bailout, see the deeply revealing reports from reliable major media sources available here.

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.