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Revealing News For a Better World

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.


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

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

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


Japan: signs of possible nuclear fission at Fukushima plant
2011-11-02, The Telegraph (One of the UK's leading newspapers)
http://www.telegraph.co.uk/news/worldnews/asia/japan/8863967/Japan-signs-of-p...

The radioactive gas xenon, which is often the byproduct of unexpected nuclear fission, was detected at the Fukushima Daiichi plant during tests. Officials were today injecting boric acid as an emergency precautionary measure to stem any accidental chain reactions which could result in further radiation leakages. The discovery of such a gas is likely to be regarded as an unwelcome setback among operators who are keen to achieve cold shutdown by the end of the year. Officials both from Tokyo Electric Power Co, which operates the plant, and from Japan Atomic Energy Agency, were today (WED) reexamining the gases to double check their identity. The discovery of the gases coincided with the controversial reopening of a nuclear reactor in southern Japan – the first to be put back online since the March 11 Fukushima disaster. The Genkai plant in Kyushu was restarted despite strong public opposition, after officials confirmed it had passed safety tests following its closure over technical problems last month. Anti-nuclear public sentiment has been growing across Japan since the nation was caught up in the on-going atomic crisis, the world's worst nuclear disaster since Chernobyl in 1986. Around 40 of Japan's 54 reactors currently remain offline for testing, with the Genkai plant widely regarded as a symbolic first step in restarting dozens more across the country.

Note: For key reports from reliable sources on corporate and government corruption, click here and here.


Governments turn to hacking techniques for surveillance of citizens
2011-11-01, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/technology/2011/nov/01/governments-hacking-techniqu...

In a luxury Washington, DC, hotel last month, governments from around the world gathered to discuss surveillance technology they would rather you did not know about. The annual Intelligence Support Systems (ISS) World Americas conference is a mecca for representatives from intelligence agencies and law enforcement. But to the media or members of the public, it is strictly off limits. Behind the cloak of secrecy at the ISS World conference, tips are shared about the latest advanced ... methods used to spy on citizens – computer hacking, covert bugging and GPS tracking. The use of such methods is more commonly associated with criminal hacking groups, who have used spyware and trojan viruses to infect computers and steal bank details or passwords. But as the internet has grown, intelligence agencies and law enforcement have adopted similar techniques. "The current method of choice would seem to be spyware, or trojan horses," said Chris Soghoian, a Washington-based surveillance and privacy expert. "When there are five or six conferences held in closed locations every year, where telecommunications companies, surveillance companies and government ministers meet in secret to cut deals, buy equipment, and discuss the latest methods to intercept their citizens' communications – that I think meets the level of concern," he said. "Decades of history show that surveillance powers are abused – usually for political purposes."

Note: For more on corporate and government threats to privacy and civil liberties, click here and here.


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

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

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


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

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

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


U.S. drone base in Ethiopia is operational
2011-10-27, Washington Post
http://www.washingtonpost.com/world/national-security/us-drone-base-in-ethiop...

The Air Force has been secretly flying Reaper drones on counterterrorism missions from a remote civilian airport in southern Ethiopia as part of a rapidly expanding U.S.-led proxy war ... in East Africa, U.S. military officials said. The Reapers began flying missions earlier this year over neighboring Somalia. The United States has relied on lethal drone attacks, a burgeoning CIA presence in Mogadishu and small-scale missions carried out by U.S. Special Forces. The Washington Post reported last month that the Obama administration is building a constellation of secret drone bases in the Arabian Peninsula and the Horn of Africa. The location of the Ethiopian base and the fact that it became operational this year, however, have not been previously disclosed. Some bases in the region also have been used to carry out operations ... in Yemen. The U.S. military deploys drones on attack and surveillance missions over Somalia from a number of bases in the region. The Air Force operates a small fleet of Reapers from the Seychelles, a tropical archipelago in the Indian Ocean, about 800 miles from the Somali coast. The U.S. military also operates drones — both armed versions and models used strictly for surveillance — from Djibouti, a tiny African nation that abuts northwest Somalia at the junction of the Red Sea and the Gulf of Aden.

Note: For more from reliable sources on war manipulations and the expanding use of drones worldwide, click here.


Ex-Abramoff associate Ring sentenced to 20 months in 1 of scandal’s harshest punishments
2011-10-26, Washington Post/Associated Press
http://www.washingtonpost.com/politics/former-abramoff-associate-faces-possib...

A former lobbyist who was a rising star under Jack Abramoff’s tutelage was sentenced ... to nearly two years in prison for giving public officials meals and event tickets. Kevin Ring argued up until his emotional sentencing hearing that he was operating in a corrupt Washington environment controlled by people with money and that he did not break the law. U.S. District [Judge] Ellen Segal Huvelle said Ring’s conduct was not nearly as egregious as ringleader Abramoff or some of the others involved in a scandal that resulted in stricter lobbying rules in Washington. But the judge gave Ring a sentence of 20 months, one of the stiffest terms among the 21 defendants in the investigation. Most others involved cooperated with prosecutors and got plea deals that avoided prison. Huvelle said she did not consider Ring’s conduct [nearly as] bad as that of Abramoff and his business partner, Michael Scanlon, who bilked their American Indian tribal clients out of $20 million in fees, or former Rep. Bob Ney, who accepted golf and gambling trips, tickets to sporting events, free meals and campaign donations. But Abramoff, Scanlon and Ney all reached plea agreements with prosecutors that helped cut their sentences while Ring fought at trial. His sentence ranks with theirs — Abramoff got 48 months, Ney 30 months and Scanlon also was sentenced to 20 months.

Note: A petty thief steals three times for a total value of a few thousand dollars and by the "three strikes" law ends up in jail for life. Abramoff, along with his assistants, successfully corrupt U.S. Senators and Congress members and serve less than four years in jail. Many get off with no jail time. Is the US justice system biased towards the rich?


8 City Officers Charged in Gun Smuggling Case
2011-10-26, New York Times
http://www.nytimes.com/2011/10/26/nyregion/new-york-officers-accused-of-smugg...

[New York police] officers — five are still on the force, and three are retired — and four other men were accused of transporting M-16 rifles and handguns, as well as what they believed to be stolen merchandise across state lines, according to a complaint filed in the case in Federal District Court in Manhattan. The gun-trafficking accusations strike at the heart of one of the Police Department’s most hard-fought and robust initiatives, and one that has been a central theme of the administration of Mayor Michael R. Bloomberg: getting guns off the city’s streets. Mr. Bloomberg is the head of Mayors Against Illegal Guns, a coalition of 600 municipal chief executives from around the nation. [NYPD], the largest municipal police force in the nation, [is] already besieged by corruption accusations. In recent weeks, testimony at the trial of a narcotics detective has featured accusations that he and his colleagues in Brooklyn and Queens planted drugs or lied under oath to meet arrest quotas and earn overtime, leading to the arrests of eight officers, the dismissal of hundreds of drug cases because of their destroyed credibility and the payout of more than $1 million in taxpayer money to settle false arrest lawsuits.

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


Fukushima Fallout Was Almost Twice as Bad as Official Estimates, New Study Says
2011-10-26, Popular Science magazine
http://www.popsci.com/science/article/2011-10/fukushima-fallout-was-worse-off...

This spring’s nuclear disaster at the Fukushima Daiichi power plant released almost double the amount of radiation the Japanese government has claimed, according to a new analysis. The authors say the boiling pools holding spent fuel rods played a role in the release of some of the contaminants, primarily cesium-137 — and that this could have been mitigated by an earlier response. Researchers at the Norwegian Institute of Air Research ... say the amount of cesium-137, a long-lived isotope that persists in the atmosphere, was about twice as high as the Japanese government’s official estimate. The researchers also say about 20 percent of the total fallout landed over Japan, but the vast majority fell over the Pacific Ocean. (The effects of this fallout on fisheries and aquatic wildlife are still being determined.) Cesium-137 emissions peaked three or four days after the quake and tsunami, remaining high until March 19, according to this new study. That’s the day authorities started spraying water on the spent-fuel pool at reactor unit 4, the researchers note. “This indicates that emissions were not only coming from the damaged reactor cores, but also from the spent-fuel pool of unit 4 and confirms that the spraying was an effective countermeasure,” they say. This contradicts Japanese government reports claiming the pools released no radiation.

Note: According to the French nuclear agency, the Institute for Radiological Protection and Nuclear Safety (IRSN, Institut de Radioprotection et de Surete Nucleaire), even the higher estimate of radiation release described in this article is too low. The agency estimates that 20 times more cesium-137 was released than has been admitted by Tepco.


Scandal Exposed in Major Study of Autism and Mercury
2011-10-25, Sacramento Bee (Leading newspaper in California's capital city)
http://www.sacbee.com/2011/10/25/4005040/scandal-exposed-in-major-study.html

The Coalition for Mercury-free Drugs (CoMeD) exposes communications between Centers for Disease Control (CDC) personnel and vaccine researchers revealing U.S. officials apparently colluded in covering-up the decline in Denmark's autism rates following the removal of mercury from vaccines. Documents obtained via the Freedom of Information Act (FOIA) show that CDC officials were aware of Danish data indicating a connection between removing Thimerosal (49.55% mercury) and a decline in autism rates. Despite this knowledge, these officials allowed a 2003 article to be published in Pediatrics that excluded this information, misrepresented the decline as an increase, and led to the mistaken conclusion that Thimerosal in vaccines does not cause autism. In Denmark, Thimerosal, a controversial mercury compound used as a preservative in certain vaccines, was removed from all Danish vaccines in 1992. The well-publicized Danish study published in Pediatrics 2003 claimed that autism rates actually increased after Thimerosal was phased out. This study subsequently became a cornerstone for the notion that mercury does not cause autism. However, one of the FOIA documents obtained from CDC clearly indicates that this study omitted large amounts of data showing autism rates actually dropping after mercury was removed from Danish vaccines.

Note: For the complete text of the article, which has been taken down from the Sacramento Bee website, click here. Read about a key scientific study which showed that monkeys given standard human vaccines developed autism symptoms, at this link. And an MSNBC/Associated Press report shows that the FDA rejected limits on thimerosal and that "most doses of flu vaccine still contain thimerosal."


Founder Says WikiLeaks, Starved of Cash, May Close
2011-10-25, New York Times
http://www.nytimes.com/2011/10/25/world/europe/blocks-on-wikileaks-donations-...

Julian Assange, the founder of WikiLeaks, said ... that his controversial website could be forced to shut down by the end of the year because a 10-month-old "financial blockade" had sharply reduced the donations on which it depends. Calling the blockade a "dangerous, oppressive and undemocratic" attack led by the United States, Assange said at a news conference that it had deprived his organization of "tens of millions of dollars," and warned, "If WikiLeaks does not find a way to remove this blockade, we will not be able to continue by the turn of the new year." Since the end of 2010, financial intermediaries - including Visa, MasterCard, PayPal and Western Union - have refused to allow donations to WikiLeaks to flow through their systems, he said, blocking "95 percent" of the website's revenue and leaving it to operate on its cash reserves for the past 10 months. An aide said that WikiLeaks was now receiving less than $10,000 a month in donations. Assange said that WikiLeaks had been forced to halt work on the processing of tens of thousands of secret documents that it has received, and to turn its attention instead to lawsuits it has filed in the United States, Australia, Scandinavian countries and elsewhere, as well as to a formal petition to the European Commission to try to restore donors' ability to send it money through normal channels.

Note: For more on this from BBC, click here.


Obama should give press access to his fundraisers
2011-10-25, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/10/24/ED9E1LLJHG.DTL

The Obama White House's restrictions on media access to its fundraising events makes a mockery of its claim to be the most transparent administration in history. If anything, there is almost a Nixonian quality to the level of control, paranoia - and lack of credibility - this White House has demonstrated on the issue of media access to President Obama's fundraisers. Bay Area reporters will not be allowed inside the W Hotel today when the president meets with hundreds of contributors paying $7,500 or more to attend. Only Washington-based journalists were allowed in the pool - continuing a disturbing trend by this White House to severely limit access to fundraisers. Fundraisers are not private events in this post-Watergate era. Contributions are a matter of public record, and the public has a right to know what is being said to and by the president. Local journalists are better positioned than their Beltway brethren to recognize who is there - and why. The White House press office seems to have missed the transparency memo. Now it has cut all local reporters out of the pool. Most transparent administration in history? We'll see. Right now, we'd settle for straight answers and the opportunity to do our jobs.

Note: For lots more from reliable sources on government secrecy, click here.


The bankers' blockade of WikiLeaks must end
2011-10-24, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/commentisfree/2011/oct/24/bankers-wikileaks-free-sp...

In December 2010 three of the world's biggest payment providers, Visa, Mastercard and Paypal, cut off funding to WikiLeaks. Ten months later, Julian Assange has announced the whistleblowing site will suspend operations until the blockade is lifted – and warned WikiLeaks does not have the money to continue into 2012 at current levels of funding. The banking blockade against WikiLeaks is one of the most sinister developments in recent years, and perhaps the most extreme example in a western democracy of extrajudicial actions aimed at stifling free speech. Payment companies representing more than 97% of the global market have shut off the funding taps between WikiLeaks and those who would donate to it. Unlike many of the country's leading corporations, WikiLeaks has neither been charged with, nor convicted of, any crime at either state, federal, or international level. Visa and Mastercard are already inescapable. As the world becomes ever-more digital ... they will become still more pervasive. If they are allowed to cut off payment to lawful organisations with whom they disagree, the US's first amendment, the European convention on human rights' article 10, and all other legal free speech protections become irrelevant. Those who value free expression, whether they like WikiLeaks or loathe it, should hope it wins its current battle.

Note: For more on this from BBC, click here.


U.S. airstrike that killed American teen in Yemen raises legal, ethical questions
2011-10-22, Washington Post
http://www.washingtonpost.com/world/national-security/us-airstrike-that-kille...

One week after a U.S. military airstrike killed a 16-year-old American citizen in Yemen, no one in the Obama administration, Pentagon or Congress has taken responsibility for his death, or even publicly acknowledged that it happened. The absence of official accountability for the demise of Abdulrahman al-Awlaki, a Denver native and the son of [Anwar al-Awlaki], deepens the legal and ethical murkiness of the Obama administration’s campaign to kill alleged enemies of the state outside of traditional war zones. Officials throughout the U.S. government ... have refused to answer questions for the record about how or why Awlaki was killed Oct. 14 in a remote part of Yemen, along with eight other people. The official silence about the death of the American teenager contrasts with the Obama administration’s eagerness to trumpet another airstrike in Yemen two weeks earlier. In that case, armed drones controlled by the CIA killed the teen’s father, Anwar al-Awlaki. [A] U.S. official said the airstrike was launched by the military’s secretive Joint Special Operations Command, or JSOC. The younger Awlaki was the third U.S. citizen killed by the U.S. government in Yemen in recent weeks.

Note: For deep background on reasons why the US government may have wanted to eliminate Anwar al-Awlaki and his son, click here.


Bulger’s FBI Ties Enrage Cops
2011-10-21, Newsweek/Daily Beast
http://www.thedailybeast.com/articles/2011/10/21/whitey-bulger-s-secret-deal-...

Three Massachusetts State Police officers once staked out organized-crime chief Whitey Bulger for months, all the while not knowing that he was an FBI informant who was tipped to their surveillance. James “Whitey” Bulger, now 82, is the Al Capone of Boston. A fugitive since 1995 who seemed untouchable, he is also compared to the “Teflon Don” of New York, John Gotti. His brother, Billy Bulger, was once the most powerful political figure in Massachusetts. "Whitey" was an FBI informant for decades while ruling the Irish organized-crime world. He made millions from rackets and drugs and committed an untold number of murders to keep his empire safe. On June 22, he was arrested in Santa Monica, California. The seizure of weapons and more than $800,000 in cash was no surprise. Recently, I spoke with three of the best—Bob Long, Rick Fraelick, and Jack O’Malley. Intrepid Bob Long was in charge. Bob Long says that if Bulger and Flemmi had not been protected by the FBI, “then ... nine murders would have never taken place. Long said he believes that Agents Morris and Connolly identified more than a dozen individuals to Bulger and Flemmi as FBI informants or could-be FBI informants and all of those people were killed. Connolly is now in prison; Morris received a grant of immunity for testimony.

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


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

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

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


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

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

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


Watch a Confessed Terrorist Scramble to Save Himself
2011-10-20, PBS
http://www.pbs.org/wgbh/pages/frontline/afghanistan-pakistan/david-headley/wa...

After years of criminality and deception that included scouting targets for the 2008 Mumbai terrorist attacks — a slaughter that left 166 people dead — Pakistani-American David Coleman Headley was arrested by U.S. authorities in October 2009. Facing the death penalty and possible extradition overseas, he chose to cooperate. A federal judge yesterday ordered federal prosecutors to make public two video clips of the FBI’s interrogation of Headley shortly after he was arrested. The tapes show Headley ... trying to make the kind of deal that had won his freedom twice before. His first success came in 1988, when his cooperation with the Drug Enforcement Agency (DEA) shrunk an eight-year sentence for importing heroin down to four years. When he was arrested again on heroin charges in 1997, he again cooperated with the DEA, becoming an informant and even traveling to Pakistan on the agency’s behalf. He served 15 months in prison, when he had been looking at nine years. From these experiences, Headley knew the more information he gave, the sweeter the deal. Once again, Headley succeeded in getting himself a deal. His plea agreement saved him from extradition and the death penalty, but his cooperation included testifying against his childhood best friend, Tahawwur Rana, who in June was found guilty of conspiring with Headley to attack a Danish newspaper. During Rana’s trial, the defense played these two clips of Headley’s interrogation in court.

Note: Videos of Headley's manipulations are available at the link above. For deeply revealing reports from reliable major media sources on government corruption, click here.


Beltway Earnings Make U.S. Capital Richer Than Silicon Valley
2011-10-19, Bloomberg/Businessweek
http://www.businessweek.com/news/2011-10-19/beltway-earnings-make-u-s-capital...

Federal employees whose compensation averages more than $126,000 and the nation’s greatest concentration of lawyers helped Washington edge out San Jose as the wealthiest U.S. metropolitan area, government data show. The U.S. capital has swapped top spots with Silicon Valley, according to recent Census Bureau figures, with the typical household in the Washington metro area earning $84,523 last year. The national median income for 2010 was $50,046. The figures demonstrate how the nation’s political and financial classes are prospering as the economy struggles with unemployment above 9 percent and thousands of Americans protest in the streets against income disparity, said Kevin Zeese, director of Prosperity Agenda, a Baltimore-based advocacy group trying to narrow the divide between rich and poor. “There’s a gap that’s isolating Washington from the reality of the rest of the country,” Zeese said. “They just get more and more out of touch.” In recent years Washington has attracted more lobbyists and firms with an interest in the health-care overhaul and financial regulations signed into law by President Barack Obama. “Wall Street has moved to K Street,” said Barbara Lang, president and chief executive officer of the DC Chamber of Commerce, referring to the Washington street that’s home to prominent lobbying firms.

Note: For key reports from reliable sources on corporate and government corruption, click here and here.


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

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

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


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

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