Please donate here to support this vital work.
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.


Loosening of F.B.I. Rules Stirs Privacy Concerns
2009-10-29, New York Times
http://www.nytimes.com/2009/10/29/us/29manual.html

After a Somali-American teenager from Minneapolis committed a suicide bombing in Africa in October 2008, the Federal Bureau of Investigation began investigating whether a Somali Islamist group had recruited him on United States soil. Instead of collecting information only on people about whom they had a tip or links to the teenager, agents fanned out to scrutinize Somali communities. The operation unfolded as the Bush administration was relaxing some domestic intelligence-gathering rules. The F.B.I.’s interpretation of those rules was recently made public when it released, in response to a Freedom of Information lawsuit, its “Domestic Investigations and Operations Guide.” The disclosure of the manual has opened the widest window yet onto how agents have been given greater power in the post-Sept. 11 era. But the manual’s details have alarmed privacy advocates. “It raises fundamental questions about whether a domestic intelligence agency can protect civil liberties if they feel they have a right to collect broad personal information about people they don’t even suspect of wrongdoing,” said Mike German, a former F.B.I. agent who now works for the American Civil Liberties Union. The manual authorizes agents to open an “assessment” to “proactively” seek information about whether people or organizations are involved in national security threats. Assessments permit agents to use potentially intrusive techniques, like sending confidential informants to infiltrate organizations and following and photographing targets in public. When selecting targets, agents are permitted to consider political speech or religion as one criterion.

Note: To read the FBI's recently-released and redacted new "Domestic Investigations and Operation Guide", described by the New York Times as giving "F.B.I. agents the most power in national security matters that they have had since the post-Watergate era," click here.


Man who shot Dziekanski video gets journalism award
2009-10-28, CBC News
http://www.cbc.ca/canada/british-columbia/story/2009/10/28/bc-taser-video-cjf...

The man who used a digital camera to record the death of Robert Dziekanski at the Vancouver airport says he feels guilty he didn't try to help the Polish immigrant. Dziekanski, 40, died Oct. 14, 2007, following several shocks from a Taser four RCMP officers used to subdue him after he caused a disturbance. The incident might never have received much attention if Paul Pritchard had not decided to grab his digital camera and start recording the actions of the distraught Dziekanski before police arrived. The release of the 10-minute video, which contradicted the police version of the incident, led to widespread public outrage around the world and diplomatic tensions between Canada and Poland. The 10-minute Pritchard video [showed that] four RCMP officers rushed in and confronted Dziekanski, who backed up toward a counter. Dziekanski then faced the officers with what later turned out to be a stapler in one hand. Immediately, there was a loud crack from a Taser, followed by Dziekanski screaming and convulsing as he stumbled and fell to the floor. Another loud crack can be heard, as an officer appears to fire the Taser at Dziekanski again. Then, as the officers kneel on top of Dziekanski and handcuff him, he continues to scream and convulse on the floor. One officer is heard to say, "Hit him again. Hit him again," and there is another loud cracking sound. Evidence at the inquiry revealed the Taser was eventually fired five times at Dziekanski. After he was subdued, the RCMP left him handcuffed on the floor, where he died before medical help arrived.

Note: If these police would be so brutal in front of the public, imagine what they might have done when no one is looking. And note that the complete text of this article reveals that their brutal actions were covered up at high levels in the police department.


Court to reconsider CIA torture flight ruling
2009-10-28, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/10/28/BAMQ1AB9KF.DTL

A federal appeals court granted the Obama administration's request ... to rehear a case over a Bay Area company's alleged participation in CIA torture flights, setting the stage for a critical test of government claims of secrecy and national security. The Ninth U.S. Circuit Court of Appeals in San Francisco had reinstated a suit in April by five men who accused the company, Jeppesen Dataplan of San Jose, of taking part in the CIA's extraordinary rendition program that led to their imprisonment and torture. The 3-0 ruling rejected arguments by the Bush and Obama administrations that the case concerned secrets too sensitive to disclose in court. The full appeals court set aside that ruling. President Obama criticized the practice [of extraordinary rendition] but refused to disavow it, promising only that no prisoners would be tortured. Ben Wizner, an ACLU attorney, said ... that he was "disappointed that the Obama administration continues to stand in the way of torture victims having their day in court. This case is not about secrecy. It's about immunity from accountability," Wizner said. In the April ruling reinstating the lawsuit, the three-judge appeals court panel said the government and Jeppesen could take steps to protect national secrets as the case proceeded. The panel said the administration's argument, if accepted, would "cordon off all secret government actions from judicial scrutiny, immunizing the CIA and its contractors from the demands and limits of the law."

Note: For many reports from major media sources of growing government threats to civil liberties, click here.


N.Y. Fed pushed AIG on contracts
2009-10-28, Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2009/10/27/AR20091027039...

The Federal Reserve Bank of New York said ... that it had no choice but to instruct American International Group last November to reimburse the full amount of what it owed to big banks on derivatives contracts, a move that ended months of effort by the insurance giant to negotiate lower payments. The New York Fed, led at the time by then-President Timothy F. Geithner, directed AIG to make the payments after it received a massive government bailout. The officials said AIG lost its leverage in demanding a better deal once the company had been saved from bankruptcy. Lawmakers and financial analysts critical of the payouts say it amounted to a back-door bailout for big banks. AIG, the recipient of a $180 billion federal rescue package, ended up paying $14 billion to Goldman Sachs over months and $8.5 billion to Deutsche Bank, among others. Before the New York Fed intervened, AIG had been trying to persuade the firms to take discounts. [A Bloomberg] report concluded that the government needlessly overpaid $13 billion. The Federal Reserve has declined to detail the terms of the deals and specifics about negotiations with creditors. The Bloomberg report quoted an unnamed AIG executive who said he was pressured by New York Fed officials to refrain from filing any documents with the Securities and Exchange Commission that would divulge the deals' details.

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


Brother of Afghan Leader Said to Be Paid by C.I.A.
2009-10-28, New York Times
http://www.nytimes.com/2009/10/28/world/asia/28intel.html

Ahmed Wali Karzai, the brother of the Afghan president and a suspected player in the country’s booming illegal opium trade, gets regular payments from the Central Intelligence Agency, and has for much of the past eight years, according to current and former American officials. The C.I.A.’s practices ... suggest that the United States is not doing everything in its power to stamp out the lucrative Afghan drug trade, a major source of revenue for the Taliban. The relationship between Mr. Karzai and the C.I.A. is wide ranging. He helps the C.I.A. operate a paramilitary group, the Kandahar Strike Force, that is used for raids against suspected insurgents. On at least one occasion, the strike force has been accused of mounting an unauthorized operation against an official of the Afghan government. Mr. Karzai is also paid for allowing the C.I.A. and American Special Operations troops to rent a large compound outside the city. “He’s our landlord,” a senior American official said, speaking on the condition of anonymity. A former C.I.A. officer with experience in Afghanistan said the agency relied heavily on Ahmed Wali Karzai, and often based covert operatives at compounds he owned.

Note: To read an analysis of these revelations, which argues that there is a much bigger story of "heavy dependence by U.S. and NATO counterinsurgency forces on Afghan warlords for security", click here.


Freedom of Information: Stalled at CDC and D.C. Government
2009-10-27, CBS News
http://www.cbsnews.com/news/freedom-of-information-stalled-at-cdc-and-dc-gove...

In August 2009, CBS News made a simple request of the Centers for Disease Control and Prevention for public documents, e-mails and other materials CDC used to communicate to states the decision to stop testing individual cases of Novel H1N1, or "swine flu." When the public affairs folks at CDC refused to produce the documents and quit responding to my queries altogether, I filed a formal Freedom of Information (FOI) request for the materials. Two months after my FOI request, the CDC has yet to produce any of these easily retrievable materials. This has become standard operating procedure in Washington. Today, I received a letter from the CDC Freedom of Information office ... to inform me that my request for "expedited" treatment of my FOI request has been denied because CDC has determined the request is "not a matter of widespread and exceptional media and public interest." The CDC may be the only agency on the planet to argue that testing and counting of swine flu cases is "not of widespread and exceptional media and public interest." CBS News reporting on the topic has been quoted and reproduced internationally by news organizations such as California NPR, radio talk shows and others. The Freedom of Information Act ... was supposed to stop federal agencies from using their power and control to withhold public information from the people who own it. Many federal agencies use it to obstruct the delay or release of obviously public information.

Note: See powerful media reports suggesting that both the Avian Flu and Swine Flu were manipulated to promote fear and boost pharmaceutical sales. For other verifiable information on health corruption, see the excellent, reliable resources provided in our Health Information Center.


In Germany, a Better Vaccine for Politicians?
2009-10-27, Time magazine
http://www.time.com/time/health/article/0,8599,1932366,00.html

As Germany launched its mass-vaccination program against the H1N1 flu virus on Monday, the government found itself fending off accusations of favoritism because it was offering one vaccine believed to have fewer side effects to civil servants, politicians and soldiers, and another, potentially riskier vaccine to everyone else. The German government prepared for its mass-vaccination campaign earlier this year by ordering 50 million doses of the Pandemrix vaccine. The vaccine, manufactured by GlaxoSmithKline, contains an immunity-enhancing chemical compound, known as an adjuvant, whose side effects are not yet entirely known. The Interior Ministry confirmed that it had ordered a different vaccine, Celvapan, for government officials and the military. Celvapan, which is made by U.S. pharmaceutical giant Baxter, does not contain an adjuvant and is believed to have fewer side effects.

Note: For a revealing article exposing more on this critical issue, click here. Other thoroughly researched articles suggesting a major cover-up around the swine flu vaccine are available here.


Goldman Sachs defends dark pools, short selling
2009-10-27, Wall Street Journal
http://online.wsj.com/article/SB125665689267210559.html

Goldman Sachs defended a range of trading practices currently under regulatory scrutiny, including dark pools and short selling, in a report to the Securities and Exchange Commission and a series of postings on its Web site. In defending dark pools, private venues where large blocks of securities are traded anonymously, Goldman said they are simply the result of technology improving on the kind of non-displayed liquidity that has always existed in the market. Dark pools have been criticized by lawmakers and targeted by regulators seeking a better idea of how much trading takes place away from exchanges. While it reiterated its support for regulation of abusive, or "naked" short selling, Goldman said further regulation isn't necessary and could actually hurt the market. As for high-frequency trading, SEC Chairman Mary Schapiro at a Securities Industry and Financial Markets Association conference ... reiterated that she has asked SEC staff to propose ways the agency can collect more information about high frequency traders, noting that lightning speed trading now represents more than 50% of trading volume.

Note: To read this article without a subscription to the WSJ, click here. Is it a surprise that Goldman Sachs wants to keep its secret deals hidden? Full transparency for the banks would almost certainly reveal major manipulations.


Police in Ł9m scheme to log 'domestic extremists'
2009-10-25, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/uk/2009/oct/25/police-domestic-extremists-database

Police are gathering the personal details of thousands of activists who attend political meetings and protests, and storing their data on a network of nationwide intelligence databases. The hidden apparatus has been constructed to monitor "domestic extremists". Detailed information about the political activities of campaigners is being stored on a number of overlapping IT systems, even if they have not committed a crime. Senior officers say domestic extremism, a term coined by police that has no legal basis, can include activists suspected of minor public order offences such as peaceful direct action and civil disobedience. Three national police units responsible for combating domestic extremism are run by the "terrorism and allied matters" committee of the Association of Chief Police Officers (Acpo). In total, it receives Ł9m in public funding, from police forces and the Home Office, and employs a staff of 100. The main unit, the National Public Order Intelligence Unit (NPOIU), runs a central database which lists thousands of so-called domestic extremists. It filters intelligence supplied by police forces across England and Wales, which routinely deploy surveillance teams at protests, rallies and public meetings. Vehicles associated with protesters are being tracked via a nationwide system of automatic number plate recognition (ANPR) cameras. Police surveillance units, known as Forward Intelligence Teams (FIT) and Evidence Gatherers, record footage and take photographs of campaigners as they enter and leave openly advertised public meetings. Surveillance officers are provided with "spotter cards" used to identify the faces of target individuals who police believe are at risk of becoming involved in domestic extremism. Targets include high-profile activists regularly seen taking part in protests.

Note: This important article should be read in its entirety. For further revelations of the magnitude of this surveillance and "rebranding protest as extremism " program, click here.


Wall Street Follies: The Next Act
2009-10-25, New York Times
http://www.nytimes.com/2009/10/25/weekinreview/25morgenson.html

Hoping, perhaps, to persuade a dubious public that curbing reckless business practices is indeed a Washington priority, the Obama administration and Congress produced a hat trick of financial reforms last week. For all the apparent action in Washington, some acute observers say that it was much ado about little. Last week’s moves, they say, were tinkering around the edges and did nothing to prevent another disaster like the one that unfolded a year ago. The white-hot focus on pay, for example, looks like a way for the government to reassure an angry public that they are making genuine changes. But compensation is a trifling matter compared to, say, true reform of derivatives trading. “The American public understands the immorality of paying people huge bonuses for failures that damaged the economy,” said Michael Greenberger, a law professor at the University of Maryland and a former commodities regulator. “What they don’t understand is that those payments are only a small fraction of the irregularities that took place and that, in essence, the compensation problems, as bad as they are, are a sideshow to the casino-like nature of the economy as it existed, pre-Lehman Brothers, and as it exists today.” Regulating derivatives is far more important to those interested in eliminating the possibility of future billion-dollar bailouts. But the derivatives bill generated by the House Agriculture Committee contains a sizable loophole. Many derivatives would not trade in the light of day.

Note: For many revealing reports from reliable sources on the realities of the continuing bank bailout, click here.


Why governments are selling Vitamin D short
2009-10-23, Financial Times
http://www.ft.com/cms/s/2/11180df8-beaa-11de-b4ab-00144feab49a.html

Reinhold Vieth, [a] professor at the University of Toronto’s Department of Laboratory Medicine and Patho-biology, ... is among the most knowledgeable people in the world on the subject of vitamin D. In the US and Canada, official vitamin D policy is set by the Institute of Medicine. And in the opinion of Vieth, the current recommendations – 200 International Units per day for people under 50, 400 for people aged 51-70, and 600 for those 71 and older – are outrageously low. Vieth and other vitamin D advocates have good reason to think there will be minimal changes made to dietary guidelines. Last December, the World Health Organisation’s International Agency for Research on Cancer issued a 465-page report that concluded there was no need to raise vitamin D recommendations. “The evidence favouring vitamin D is probably as good as the evidence that shows smoking is bad for you,” Vieth says, explaining that just as smoking is correlated with certain cancers, so are low vitamin D levels. “But when these government officials see the same kind of evidence that deals with vitamin D as they see with smoking they go, ‘Oh wait a minute. We can’t really trust this.’” Vieth pauses, as though he can barely stand to talk about such a miserable state of affairs. “It’s easy to say ‘don’t do something – don’t smoke’. It’s very hard to say ‘take this. Take vitamin D.’”

Note: For many key reports from reliable sources on important health issues, click here.


Officers accused of inciting violence to testify before police ethics panel
2009-10-23, Globe and Mail (One of Canada's leading newspapers)
http://www.theglobeandmail.com/news/national/officers-accused-of-inciting-vio...

Three undercover officers accused of inciting protesters to attack riot police at the 2007 North American leaders summit in Montebello are being summoned to testify before Quebec's independent police ethics committee. The decision from the committee released this week overrules an independent review that exonerated the officers. It also comes more than two years after the black-clad trio were first exposed on YouTube. Dave Coles, the union leader who confronted the men at the time and filed a complaint against the police ... said he suspects an inquiry would find there was political involvement. “This is the big question: Who sent them in?” asked Mr. Coles. “And don't give me some lame excuse that it was a low-level officer.” Video images of the incident posted on YouTube showed three officers disguised as protesters wearing black tops and camouflage pants. Their faces were covered by black and white bandanas. One of them, wearing a sideways ball cap marked with graffiti, held a large stone in his hand. Mr. Coles yelled at them to show their faces and the officer carrying the rock responded with a two-handed shove.

Note: Click on the link above to watch the astonishing YouTube video of this police provocation. This is just one case that happened to be caught on film. Why are undercover police infiltrating activist groups and inciting violence at demonstrations around the world?


Novartis Expects Swine Flu Boost In Q4
2009-10-22, New York Times/Reuters
http://www.nytimes.com/reuters/2009/10/22/business/business-uk-novartis.html

Swiss drugmaker Novartis said sales would grow faster than expected this year, even without a shot in the arm of up to $700 million from its H1N1 swine flu pandemic vaccine. Third-quarter net profit at Novartis ... nudged up 1 percent to $2.1 billion. This year is turning out to be better than initially feared for Novartis and other major pharmaceutical companies, thanks to hefty price increases and windfall sales arising from the H1N1 outbreak. Both Pfizer, the world's biggest drugmaker, and Eli Lilly topped earnings forecasts this week. Roche reported a sharp jump in sales of its Tamiflu drug for flu last week and analysts expect GlaxoSmithKline's Relenza will also see strong sales in the third quarter. On the vaccine front, Glaxo, Sanofi-Aventis and AstraZeneca are all expected to highlight an expected jump in fourth-quarter sales due to swine flu. The H1N1 flu vaccine is expected to contribute about $400-700 million of sales in the fourth quarter.

Note: Donald Rumsfeld personally made millions as a direct result of the avian flu scare a few year ago. For more on this, click here. For more on pharmaceutical corporation profiteering from swine flu vaccines, click here.


Mum's the Word for NASA's Secret Space Plane X-37B
2009-10-22, Fox News
http://www.foxnews.com/story/0,2933,569143,00.html

You would think that an unpiloted space plane built to rocket spaceward from Florida atop an Atlas booster, circle the planet for an extended time, then land on autopilot on a California runway would be big news. But for the U.S. Air Force X-37B project — seemingly, mum's the word. There is an air of vagueness regarding next year's Atlas Evolved Expendable launch of the unpiloted, reusable military space plane. This Boeing Phantom Works craft has been under development for years. Several agencies have been involved in the effort, NASA as well as the Defense Advanced Projects Research Agency (DARPA) and various arms of the U.S. Air Force. The tight-lipped factor surrounding the space plane, its mission, and who is in charge is curious. Such a hush-hush factor seems to mimic in pattern that mystery communications spacecraft lofted last month aboard an Atlas 5 rocket, simply called PAN. Its assignment and what agency owns it remains undisclosed. "The problem with it [X37-B] is whether you see it as a weapons platform," said Theresa Hitchens, former head of the Center for Defense Information's Space Security Program, now Director of the United Nations Institute for Disarmament Research (UNIDIR) in Geneva, Switzerland. "It then becomes, if I am not mistaken, a Global Strike platform. There are a lot of reasons to be concerned about Global Strike as a concept," Hitchens [said].


Swine Flu Cases Overestimated
2009-10-21, CBS News
http://www.cbsnews.com/stories/2009/10/21/cbsnews_investigates/main5404829.shtml

If you've been diagnosed "probable" or "presumed" 2009 H1N1 or "swine flu" in recent months, you may be surprised to know this: odds are you didn’t have H1N1 flu. In fact, you probably didn’t have flu at all. That's according to state-by-state test results obtained in a three-month-long CBS News investigation. Why the uncertainty about who has and who hasn't had H1N1 flu? In late July, the CDC abruptly advised states to stop testing for H1N1 flu, and stopped counting individual cases. CBS News learned that the decision to stop counting H1N1 flu cases was made so hastily that states weren't given the opportunity to provide input. When CDC did not provide us [CBS News] with the material, we filed a Freedom of Information request with the Department of Health and Human Services (HHS). More than two months later, the request has not been fulfilled. We also asked CDC for state-by-state test results prior to halting of testing and tracking, but CDC was again, initially, unresponsive. We asked all 50 states for their statistics on state lab-confirmed H1N1 prior to the halt of individual testing and counting in July. The vast majority of cases were negative for H1N1 as well as seasonal flu, despite the fact that many states were specifically testing patients deemed to be most likely to have H1N1 flu, based on symptoms and risk factors, such as travel to Mexico. With most cases diagnosed solely on symptoms and risk factors, the H1N1 flu epidemic may seem worse than it is.

Note: Some states found that less than 2% of cases claimed to be swine flu turned out to be the real thing. The numbers have been greatly exaggerated. Yet the drug companies raked in billions of dollars in profit from all the fear mongering. For more reliable information on this, click here and here.


Key drug facts left off labels, experts say
2009-10-21, MSNBC/Associated Press
http://www.msnbc.msn.com/id/33419377/ns/health-more_health_news

Did you know that Lunesta will help you fall asleep just 15 minutes faster? Or that a higher dose of the osteoporosis drug Zometa could damage a cancer patient’s kidneys and raise their risk of death? Chances are you didn’t, and neither did your doctor. Much of what the Food and Drug Administration knows about a drug’s safety and effectiveness is not included on the label, say two drug safety experts who are calling on the agency to make that information more accessible. In ... the New England Journal of Medicine, researchers ... argue that drug labels don’t reflect the nuanced decisions the FDA makes when deciding to approve a drug. The editorial from Drs. Lisa Schwartz and Steven Woloshin recommends easy-to-read fact boxes to help patients weigh the benefits and risks of medications. If drug labels sometimes exaggerate benefits and play down drug risks, the authors say there’s a very good reason: they are written by drugmakers. While FDA must approve the final labeling, the actual language is drafted by the manufacturer, with input from FDA scientists. The labeling is based on results from company studies, which generally compare results for patients taking the drug versus those taking placebo. If FDA decides the drug’s ability to treat or prevent a disease outweighs its side effects, the agency is obligated to approve it. But Schwartz and Woloshin point out that benefits may be slim and potential harms may not be fully understood. “The take home point is that just because a drug is approved doesn’t mean it works very well,” said Schwartz, in an interview with the Associated Press. “You really need to know more to see whether it’s worth the cost.” Schwartz and Woloshin say FDA labeling frequently fails to provide a full picture of a drug’s effects.

Note: For a powerful summary of corruption in the pharmaceutical industry, click here.


Justice Says Scientist Tried to Share US Secrets
2009-10-20, New York Times/Associated Press
http://www.nytimes.com/aponline/2009/10/20/us/politics/AP-US-Espionage-Charge...

A scientist who allegedly tried to sell classified secrets to Israel had worked on the U.S. government's Star Wars missile shield program, and the Justice Department declared Tuesday that he had tried to share some of the nation's most guarded secrets. Arrested in an FBI sting operation, Stewart David Nozette was jailed without bond and accused in a criminal complaint of two counts of attempting to communicate, deliver and transmit classified information. In an interview, Scott Hubbard, a former colleague, said that Nozette was primarily a defense technologist who had worked on the Reagan-era Star Wars effort formally named the Strategic Defense Initiative. ''This was leading edge, Department of Defense national security work,'' said Hubbard, a professor of aerospace at Stanford University who worked for 20 years at NASA. Nozette held a special security clearance equivalent to the Defense Department's top secret and ''critical nuclear weapon design information'' clearances. Authorities became worried about possible espionage activity by Nozette after an investigation by NASA's inspector general in 2006 began looking at whether Nozette submitted false claims for expenses that were not actually incurred. In probing Nozette's finances in that case, investigators found indications he might be working for a foreign government, and they launched a national security investigation that eventually led to the undercover FBI sting.

Note: There's definitely something strange going on here.


Gulf-trotting Tony Blair cashes in on his war contacts
2009-10-18, The Times (One of the UK's leading newspapers)
http://www.timesonline.co.uk/tol/news/uk/article6879436.ece

Tony Blair has been cashing in on his contacts from the Iraq conflict and his role as Middle East peace envoy for a private business venture expected to earn him more than Ł5m a year. The former prime minister has sold his political and economic expertise to two countries, Kuwait and the United Arab Emirates, via his fledgling private consultancy. He also represents the investment bank JP Morgan in the region. Blair has been ... amassing a fortune from the American lecture circuit. By offering himself to the Arab states as a statesman for hire, he could comfortably double his annual earnings. His consultancy, the London-based Tony Blair Associates (TBA), emulates the New York partnership Kissinger Associates, which was founded by Henry Kissinger, the former national security adviser to President Nixon. Peter Brierley, 59, of Batley, West Yorkshire, whose 28-year-old son Shaun was killed near the Kuwait-Iraq border in 2003 and who refused to shake Blair’s hand at a memorial service this month, said: “This beggars belief. It’s absolutely scandalous that he’s now trying to make money from his contacts in the region. It’s money from the blood and lives of the soldiers who died in Iraq.” His fees for talks, along with contracts with JP Morgan and Zurich Financial Services, are estimated to put his earnings — excluding [a big] book deal — well in excess of Ł5m a year.

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


Derivatives: Don’t Let Exceptions Kill the Rule
2009-10-18, New York Times
http://www.nytimes.com/2009/10/18/business/economy/18gret.html

Congress began the work of reforming our troubled financial system last week, and a bill aimed at regulating derivatives passed the House Financial Services Committee on Thursday. Derivatives — contracts that theoretically protect buyers from unforeseen financial calamities but more often are used to fuel raw speculation — were ... at the heart of the banking crisis. Credit default swaps ... propelled the American International Group off the cliff. Those swaps also linked millions of trading partners, creating a web in which one default threatened to produce a chain of corporate and economic failures worldwide. And derivatives aren’t going away. So reforming the $42 trillion market for credit swaps is crucial if taxpayers are to be protected from future rescues of institutions deemed not only too big but also too interconnected to fail. The best aspect of the House bill is that it requires many swaps to be traded on exchanges just like stocks, subjecting them for the first time to the light of day. But elsewhere in the bill, ... exceptions to this exchange-trading rule undermine its regulatory power. Big banks dealing in swaps don’t want exchange trading, where pricing and the identities of participants would be more publicly transparent. Michael Greenberger, a University of Maryland law professor and an expert in derivatives, criticized the House bill. “The plain language of the legislation can only be read as a Christmas tree of decorative gifts to the banking industry,” he said. “And this is being done when people acknowledge the unregulated O.T.C. derivatives market was a principal reason for the meltdown.”

Note: For lots more on the realities of the Wall Street bailout, click here.


Bailout Helps Fuel New Era of Wall Street Wealth
2009-10-17, New York Times
http://www.nytimes.com/2009/10/17/business/economy/17wall.html

Even as the economy continues to struggle, much of Wall Street is minting money — and looking forward again to hefty bonuses. Many Americans wonder how this can possibly be. How can some banks be prospering so soon after a financial collapse, even as legions of people worry about losing their jobs and their homes? It may come as a surprise that one of the most powerful forces driving the resurgence on Wall Street is not the banks but Washington. Many of the steps that policy makers took last year to stabilize the financial system — reducing interest rates to near zero, bolstering big banks with taxpayer money, guaranteeing billions of dollars of financial institutions’ debts — helped set the stage for this new era of Wall Street wealth. Titans like Goldman Sachs and JPMorgan Chase are making fortunes in hot areas like trading stocks and bonds, rather than in the ho-hum business of lending people money. They also are profiting by taking risks that weaker rivals are unable or unwilling to shoulder — a benefit of less competition after the failure of some investment firms last year. So even as big banks fight efforts in Congress to subject their industry to greater regulation — and to impose some restrictions on executive pay — Wall Street has Washington to thank in part for its latest bonanza. “All of this is facilitated by the Federal Reserve and the government,” said Gary Richardson, a research fellow at the National Bureau of Economic Research. “But we have just shown them that they can have the most frightening things happen to them, and we will throw trillions of dollars to protect them. I have big concerns about that.”

Note: For lots more on the realities of the Wall Street bailout, 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.

Kindly donate here to support this inspiring work.

Subscribe to our free email list of underreported news.

newsarticles.media is a PEERS empowerment website

"Dedicated to the greatest good of all who share our beautiful world"