Government Corruption News Articles

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Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.

A cadre of six government and non-government experts who served the National Transportation Safety Board when that independent federal agency investigated the explosion of a Boeing 747 off the coast of Long Island in July 1996 ... are the protagonists of a new documentary, "TWA Flight 800". After four years of investigation, the NTSB claimed the cause of Flight 800's explosion was a mechanical defect, but the new documentary, written and directed by journalist Kristina Borjesson, claims the FBI, NTSB and other government agencies may have covered up that the plane was brought down by a missile strike. Participants in the film have called on the NTSB to reopen the case based on altered physical evidence, suppressed data, and unexamined testimony from hundreds of eyewitnesses. [The] book Attention All Passengers: The Airlines’ Dangerous Descent—and How to Reclaim Our Skies ... published last year ... thanked “the brave men and women who are Federal Aviation Administration, Transportation Security Administration, and airline whistleblowers.” These whistleblowers confirmed such problems as defective airline maintenance outsourcing, FAA oversight failures, TSA waste, and many other important findings. After watching the documentary, I believe there are enough smoking guns to warrant an unbiased reexamination. Last week one major news site was in near hysterics about the documentary, employing the term “conspiracy” ten times. Kristina Borjesson ... wasn’t surprised, noting that reexamining hot topics “discredits previous reporting.”

Note: Kristina Borjesson is a long-time supporter of WantToKnow.info who has written a great piece on Flight 800, which we have posted at this link. She's also the editor of what may be the best book ever on media corruption and manipulation, Into the Buzzsaw. You can find an excellent two-page summary of the book at this link. For the engaging trailer to this film, click here.

Russ Tice, a former intelligence analyst and Bush-era NSA whistleblower, claimed Wednesday that the intelligence community has ordered surveillance on a wide range of groups and individuals, including high-ranking military officials, lawmakers and diplomats. “They went after – and I know this because I had my hands literally on the paperwork for these sort of things – they went after high-ranking military officers. They went after members of Congress, both Senate and the House, especially on the intelligence committees and on the armed services committees," [said] Tice. “But they went after other ones, too. They went after lawyers and law firms. They went after judges. One of the judges is now sitting on the Supreme Court. Two are former FISA court judges. They went after State Department officials. They went after people in the executive service that were part of the White House.” Then Tice dropped the bombshell about Obama. "In summer of 2004, one of the papers that I held in my hand was to wiretap a bunch of numbers associated with a 40-something-year-old wannabe senator for Illinois ... that’s the president of the United States now.” FBI whistleblower Sibel Edmonds and Tice agreed that such wide-ranging surveillance of officials could provide the intelligence agencies with unthinkable power to blackmail their opponents. “I was worried that the intelligence community now has sway over what is going on,” Tice said. Tice first blew the whistle on ... domestic spying across multiple agencies in 2005.

Note: Listen to Tice's shocking revelations in this interview. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and throughout intelligence agencies.

The probe of Libor manipulation is proving to be the tip of the iceberg as inquiries into assets from derivatives to foreign exchange show that if there’s a chance to rig benchmark rates in world markets, someone is usually willing to try. Singapore’s monetary authority last week censured 20 banks for attempting to fix interest rate levels in the island state and ordered them to set aside as much as $9.6 billion. Britain’s markets regulator is looking into the $4.7 trillion-a-day currency market after Bloomberg News reported that traders have manipulated key rates for more than a decade, citing five dealers. “It’s happened time and again: all of these markets have been influenced by major market-makers, which is a polite way of saying they’ve been rigged,” Charles Geisst, a finance professor at Manhattan College in Riverdale, New York, said. While the indexes under scrutiny are little known to the public, their influence extends to trillions of dollars in securities and derivatives. Barclays, UBS and Royal Bank of Scotland have been fined about $2.5 billion in the past year for distorting the London interbank offered rate, which is tied to $300 trillion worth of securities. Regulators are also probing ISDAfix, a measure used in the $370 trillion interest-rate swaps market, as well as how some oil products prices are set. Inquiries are broadening into the transparency of benchmarks whose levels can be determined by the same people whose income they affect. In the case of Libor, traders who stood to profit worked with bank employees responsible for submissions for the benchmark to rig the price.

Note: To read highly revealing major media articles showing just how crazy and unregulated the derivatives market is, click here. For deeply revealing reports from reliable major media sources on financial corruption, click here.

Lawyers and intelligence experts with direct knowledge of two intercepted terrorist plots that the Obama administration says confirm the value of the NSA's vast data-mining activities have questioned whether the surveillance sweeps played a significant role, if any, in foiling the attacks. The defence of the controversial data collection operations ... has been led by Dianne Feinstein, chairwoman of the Senate intelligence committee, and her equivalent in the House, Mike Rogers. The two politicians have attempted to justify the NSA's use of vast data sweeps such as Prism and Boundless Informant by pointing to the arrests and convictions of would-be New York subway bomber Najibullah Zazi in 2009 and David Headley, who is serving a 35-year prison sentence for his role in the 2008 Mumbai attacks. But court documents lodged in the US and UK, as well as interviews with involved parties, suggest that data-mining through Prism and other NSA programmes played a relatively minor role in the interception of the two plots. Conventional surveillance techniques, in both cases including old-fashioned tip-offs from intelligence services in Britain, appear to have initiated the investigations. The Headley case is a peculiar choice for the administration to highlight as an example of the virtues of data-mining. The fact that the Mumbai attacks occurred, with such devastating effect, in itself suggests that the NSA's secret programmes were limited in their value as he was captured only after the event. Headley ... had been an informant working for the Drug Enforcement Administration perhaps as recently as 2005. There are suggestions that he might have then worked in some capacity for the FBI or CIA.

Note: For deeply revealing reports from reliable major media sources on the realities of intelligence agency activity, click here.

In 1982, long before most Americans ever had to think about warrantless eavesdropping, the journalist James Bamford published “The Puzzle Palace: A Report on N.S.A., America’s Most Secret Agency,” the first book to be written about the National Security Agency. In the book, Bamford describes the agency as “free of legal restrictions” while wielding “technological capabilities for eavesdropping beyond imagination.” He concludes with an ominous warning: “Like an ever-widening sinkhole, N.S.A.’s surveillance technology will continue to expand, quietly pulling in more and more communications and gradually eliminating more and more privacy.” Three decades later, this pronouncement feels uncomfortably prescient: we were warned. Incredibly enough, the Department of Justice, under Jimmy Carter, complied with Bamford’s Freedom of Information Act requests, supplying him with secret documents related to the Church Committee, the Senate group that, in 1975, investigated American intelligence agencies for potential transgression of their mandates. That the government would hand over sensitive information to Bamford predictably infuriated the N.S.A.; Reagan Administration lawyers tried to bully Bamford into ceding his goods, threatening him with the Espionage Act, while the N.S.A. attempted to sequester the documents he’d uncovered. But because he was a lawyer, Bamford knew that he had done nothing wrong.

Note: As a producer for ABC News, Bamford was also the one who obtained startling declassified documents showing that the top Pentagon generals signed off on plans in the early 1960s to blow up a US ship in the Havana harbor or incite violent terrorism in US cities and blame it on Cuba. Strangely, ABC's article "U.S. Military Wanted to Provoke War With Cuba" was the only media report on this incredibly revealing document release. For more along these lines, see concise summaries of revealing news articles on intelligence agency corruption and the disappearance of privacy.

The Guardian [has] released a classified court order requiring Verizon to turn over records of all domestic phone calls to the National Security Agency. The revelation has led to a renewed debate over the legality and policy merits of indiscriminate government surveillance of Americans. The court order, issued by the secret Foreign Intelligence Surveillance court, only sought metadata — a fancy word for information like what numbers you called, what time you made the calls, and how long the calls were. The order does not seek the audio of calls. Of course, it’s possible the NSA has other programs collecting the contents of calls. In 2006 a whistleblower reported the existence of a secret, NSA-controlled room in an AT&T switching facility in San Francisco. So it’s possible the NSA is using rooms like that to listen to everyone’s phone calls. But all we know for sure is that the NSA has been requesting information about our phone calls. We only have proof of spying on Verizon customers, but it’s hard to imagine the NSA limiting its surveillance program to one company. There are probably similar orders in effect for AT&T and CenturyLink, the other major telephone companies. The order includes hints that the NSA is also collecting information from cellular customers. In addition to phone numbers and call times, the order seeks information about the specific cell phone tower the customer used to connect to the network during each call. Cellphones make calls using the closest tower. So if the NSA knows you made a call using a specific tower, they can safely assume you were near that tower at the time of the call.

Note: For graphs and lots more on the Prism program, see the Guardian article at this link. Technically, U.S. officials are not allowed to mine personal data from U.S. citizens. Yet if U.K. authorities mine data on U.S. citizens, they can share it freely with officials in the U.S. and vice versa. There is evidence that this happens quite frequently, thus circumventing privacy protections. For an excellent article which goes deep into this issue, click here.

On [June 6], a heady mix of politicians, bank bosses, billionaires, chief executives and European royalty will swoop up the elegant drive of the Grove hotel, north of Watford, to begin the annual Bilderberg conference. The CEO of Royal Dutch Shell will hop from his limo, delighted to be spending three solid days in policy talks with the head of HSBC, the president of Dow Chemical, his favourite European finance ministers and US intelligence chiefs. The conference is the highlight of every plutocrat's year and has been since 1954. The only time Bilderberg skipped a year was 1976, after the group's founding chairman, Prince Bernhard of the Netherlands, was caught taking bribes from Lockheed Martin. It may seem odd, as our own lobbying scandal unfolds, amid calls for a statutory register of lobbyists, that a bunch of our senior politicians will be holed up for three days in luxurious privacy with the chairmen and CEOs of hedge funds, tech corporations and vast multinational holding companies, with zero press oversight. Michael Meacher, MP ... describes the conference as "an anti-democratic cabal of the leaders of western market capitalism meeting in private to maintain their own power and influence outside the reach of public scrutiny". The Bilderberg conference is paid for, in the UK, by an officially registered charity: the Bilderberg Association (charity number 272706). The charity receives regular five-figure sums from two kindly supporters of its benevolent aims: Goldman Sachs and BP. The most recent documentary proof of this is from 2008, since when the charity has omitted its donors' names from its accounts.

Note: For a list of this year's Bilderberg participants, which include 90-year-old Henry Kissinger, click here. For lots more on secret societies from reliable sources, click here.

The Justice Department secretly obtained two months of telephone records of reporters and editors for The Associated Press in what the news cooperative's top executive called a "massive and unprecedented intrusion" into how news organizations gather the news. The records obtained by the Justice Department listed outgoing calls for the work and personal phone numbers of individual reporters, for general AP office numbers in New York, Washington and Hartford, Conn., and for the main number for the AP in the House of Representatives press gallery. In all, the government seized the records for more than 20 separate telephone lines assigned to AP and its journalists in April and May of 2012. The government would not say why it sought the records. Officials have previously said in public testimony that the U.S. attorney in Washington is conducting a criminal investigation into who may have provided information contained in a May 7, 2012, AP story about a foiled terror plot. The story disclosed details of a CIA operation in Yemen that stopped an al-Qaida plot in the spring of 2012 to detonate a bomb on an airplane bound for the United States. Prosecutors have sought phone records from reporters before, but the seizure of records from such a wide array of AP offices, including general AP switchboards numbers and an office-wide shared fax line, is unusual.

Note: For deeply revealing reports from reliable major media sources on government corruption, click here.

At various points over the past two years, Internal Revenue Service officials targeted nonprofit groups that criticized the government and sought to educate Americans about the U.S. Constitution, according to documents in an audit conducted by the agency's inspector general. The documents, obtained by The Washington Post from a congressional aide with knowledge of the findings, show that on June 29, 2011, IRS staffers held a briefing with senior agency official Lois G. Lerner in which they described giving special attention to instances where “statements in the case file criticize how the country is being run.” Six months later, the IRS applied a new political test to groups that applied for tax-exempt status as “social welfare” groups. On Jan. 15, 2012 the agency decided to target "political action type organizations involved in limiting/expanding Government, educating on the Constitution and Bill of Rights, social economic reform movement," according to the appendix in the IG report, which ... has yet to be released. The new revelations are likely to intensify criticism of the IRS, which has been under fire since agency officials acknowledged they had deliberately targeted groups with "tea party" or "patriot" in their name for heightened scrutiny. Sen. Susan Collins ... described the practice as “absolutely chilling” and called on President Obama to condemn the effort.

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

One of the world's most respected economists has said Wall St is full of "crooks" and hasn't reformed its "pathological" culture since the financial crash. Professor Jeffrey Sachs told a high-powered audience at the Philadelphia Federal Reserve earlier this month that the lack of reform was down to “a docile president, a docile White House and a docile regulatory system that absolutely can’t find its voice.” Sachs, from Columbia University, has twice been named one of Time magazine’s 100 Most Influential People in the World, and is an adviser to the World Bank and IMF. “What has been revealed, in my view, is prima facie criminal behavior,” he said. “It’s financial fraud on a very large extent. There’s also a tremendous amount of insider trading. We have a corrupt politics to the core, I am afraid to say, and . . . both parties are up to their neck in this. This has nothing to do with Democrats or Republicans." Sachs described an environment of Wall Street influencing politicians with growing campaign contributions. In the 2012 election cycle, political contributions by the securities and investment sector hit $271.5 million, compared with $176 million in 2008, according to the Center for Responsive Politics. “I am going to put it very bluntly: I regard the moral environment as pathological. They have no responsibility to pay taxes; they have no responsibility to their clients; they have no responsibility to people, to counterparties in transactions,” he said. “They are tough, greedy, aggressive and feel absolutely out of control in a quite literal sense, and they have gamed the system to a remarkable extent.”

Note: For deeply revealing reports from reliable major media sources on criminal practices of Wall Street corporations, click here.

Billionaire Dmitry Rybolovlev, Russia’s 14th-richest person, and his wife, Elena Rybolovleva, have been brawling for almost five years in at least seven countries over his $9.5 billion fortune. In a divorce complaint originated in Geneva in 2008, Rybolovleva accused her husband of using a “multitude of third parties” to create a network of offshore holding companies and trusts to place assets -- including about $500 million in art, $36 million in jewelry and an $80 million yacht -- beyond her reach. She has brought legal action against the 48-year-old Rybolovlev in the British Virgin Islands, England, Wales, the U.S., Cyprus, Singapore and Switzerland, and is seeking $6 billion. The suits provide a window into the offshore structures and secrecy jurisdictions the world’s richest people use to manage, preserve and conceal their assets. According to Tax Justice Network, a U.K.-based organization that campaigns for transparency in the financial system, wealthy individuals were hiding as much as $32 trillion offshore at the end of 2010. Fewer than 100,000 people own $9.8 trillion of offshore assets. More than 30 percent of the world’s 200 richest people, who have a $2.8 trillion collective net worth ...control part of their personal fortune through an offshore holding company or other domestic entity where the assets are held indirectly. These structures often hide assets from tax authorities or provide legal protection from government seizure and lawsuits.

Note: For deeply revealing reports from reliable major media sources on failure of governments to regulate great accumulations of wealth, click here.

Conspiracy theorists of the world, ... we skeptics owe you an apology. You were right. The world is a rigged game. The world's largest banks may be fixing the prices of, well, just about everything. You may have heard of the Libor scandal, in which ... perhaps as many as 16 ... banks have been manipulating global interest rates, in the process [manipulating] the prices of upward of $500 trillion ... worth of financial instruments. Now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps. Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. [It's] a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget. It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks – including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland – that serve on the Libor panel that sets global interest rates.

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

Two U.S. officials say Dzhokhar Tsarnaev, the surviving suspect [in the Boston Marathon bombings], was unarmed when police captured him hiding inside a boat in a neighborhood back yard. Authorities originally said they had exchanged gunfire with Dzhokhar for more than one hour Friday evening before they were able to subdue him. The officials tell The Associated Press that no gun was found in the boat. Boston Police Commissioner Ed Davis said earlier that shots were fired from inside the boat. Investigators also believe the brothers helped finance their plot through drug sales. Sources say Tamerlan Tsarnaev, who was unemployed, made money selling marijuana. Police think the brothers killed a Massachusetts Institute of Technology campus police officer for his weapon while they were the subjects of last week's massive manhunt. The brothers only had one real gun and one pellet gun when they were on the run Thursday. Investigators now believe that Officer Sean Collier was killed Thursday because the two bombing suspects wanted to take his gun. Investigators believe because the officer's holster had a locking system, they apparently couldn't get the gun out. Collier was shot in the head execution-style while sitting in his patrol car. In his questioning in the hospital, Dzhokhar Tsarnaev said they were self-taught and self-radicalized.

Note: Don't these details released by investigators sound odd? If Dzhokhar was not armed, why did authorities say they exchanged gunfire for an hour? And previous reports claimed Dzhokhar was shot in the throat, so that he could not speak about his version of what happened. High strangeness here. For powerful evidence from a respected researcher that the uncle of the Boston bombers was a top CIA official, click here. This is evidence supporting the theory that the brothers may have been CIA-controlled Manchurian Candidates. For more on this, click here.

There are few cases that better illustrate why the military needs to create an independent office to investigate rape than that of Lt. Col. James Wilkerson. Wilkerson, a fighter pilot, was sentenced to a year in prison and dismissed from military service after being found guilty of aggravated sexual assault by a jury of his peers. His commanding officer then threw out the conviction and reinstated Wilkerson at full rank. Under the military code of justice ... the commanding officer's discretion and bias may overrule legal decisions. In this case, Lt. Gen. Craig Franklin, the commander of the 3rd Air Force, declined to approve Wilkerson's conviction by a jury of senior officers, all men. His decision suggests the Air Force doesn't take sexual assault seriously. Yet, an estimated 19,000 rapes or sexual assaults occur each year in the military, although just 8 percent of sexual assaults are referred to military court, according to a Department of Defense survey of active-duty members. That compares with 40 percent in the civilian court system. Rep. Jackie Speier, D-[CA], last week reintroduced legislation that calls for overhauling how the military justice system handles rape and sexual assault by taking prosecution, reporting, oversight, investigation and victim care out of the chain of command and putting it in an autonomous office housed in the military but staffed by both civilian and military personnel. "Victims of rape and sexual assault should not have to choose between career-ending retaliation and seeking judicial action against their attackers," said Speier.

Note: For deeply revealing reports from reliable major media sources on sexual abuse scandals, click here.

One of the two ethnic Chechens suspected by U.S. officials of being behind the Boston Marathon bombings had been under FBI surveillance for at least three years, his mother said. Zubeidat Tsarnaeva told the English-language Russia Today state television station in a phone interview, a recording of which was obtained by Reuters, that she believed her sons were innocent and had been framed. Tamerlan Tsarnaev, 26, was killed in a shootout with police and his 19-year-old brother Dzhokhar was captured after a day-long manhunt. "He (Tamerlan) was controlled by the FBI, like, for three to five years," she said, speaking in English. "They knew what my son was doing, they knew what sites on the Internet he was going to," she said. Tsarnaeva echoed the boys' father, Anzor, who said ... that he believed they had been framed. Tsarnaeva suggested FBI officers had visited her home when she still lived in the United States and told her that Tamerlan "was really an extremist leader and that they were afraid of him. It is really, really a hard thing to hear. And being a mother, what I can say is that I am really sure, I am, like, 100 percent sure, that this is a set-up," she said. U.S. government officials have said the brothers were not under surveillance as possible militants. But the FBI said in a statement on Friday that in 2011 it interviewed Tamerlan at the request of a foreign government, which it did not identify. The FBI statement was the first evidence that the family had come to security officials' attention after they emigrated to the United States from Dagestan about a decade ago.

Note: For a sharp analysis of unanswered questions raised by the official account of the bombings in Boston, click here. For the local NBC station report that bomb-sniffing dogs were present at the finish line of the Boston Marathon before the bombs exploded, watch this video clip. And for a Washington Times article raising more questions on the bombing, including government agents seen at the scene with suspicious backpacks, click here.

I’ve been detained at Guantánamo for 11 years and three months. I have never been charged with any crime. I have never received a trial. Last month, on March 15, I was sick in the prison hospital and refused to be fed. A team from the E.R.F. (Extreme Reaction Force), a squad of eight military police officers in riot gear, burst in. They tied my hands and feet to the bed. They forcibly inserted an IV into my hand. I spent 26 hours in this state, tied to the bed. During this time I was not permitted to go to the toilet. They inserted a catheter, which was painful, degrading and unnecessary. I was not even permitted to pray. I will never forget the first time they passed the feeding tube up my nose. I can’t describe how painful it is to be force-fed this way. As it was thrust in, it made me feel like throwing up. I wanted to vomit, but I couldn’t. There was agony in my chest, throat and stomach. I had never experienced such pain before. I would not wish this cruel punishment upon anyone. I am still being force-fed. Two times a day they tie me to a chair in my cell. My arms, legs and head are strapped down. When they come to force me into the chair, if I refuse to be tied up, they call the E.R.F. team. So I have a choice. Either I can exercise my right to protest my detention, and be beaten up, or I can submit to painful force-feeding. The only reason I am still here is that President Obama refuses to send any detainees back to Yemen. This makes no sense. I am a human being ... and I deserve to be treated like one.

Note: Samir Naji al Hasan Moqbel, has been a prisoner at Guantánamo Bay since 2002. For an illuminating analysis of this situation by the Washington Post, click here.

Europe needs to recapitalise, restructure or shut down its banks as part of a vital clean-up of the industry, International Monetary Fund managing director Christine Lagarde said as she warned that the threat from world’s biggest lenders was “more dangerous than ever”. Speaking in New York ahead of next week’s IMF Spring meeting, Ms Lagarde launched a broadside against the financial services industry for resisting urgent reform. “In too many cases – from the United States in 2008 to Cyprus today – we have seen what happens when a banking sector chooses the quick buck ..., backing a business model that ultimately destabilizes the economy. We simply cannot have pre-crisis banking in a post-crisis world. We need reform, even in the face of intense pushback from an industry sometimes reluctant to abandon lucrative lines of business.” Almost five years since Lehman Brothers collapsed, she claimed: “The 'oversize banking’ model of too-big-to-fail is more dangerous than ever. We must get to the root of the problem with comprehensive and clear regulation.” Regulators have forced banks to increase significantly their loss-absorbing capital buffers since the crisis, but are still working on "resolution" mechanisms that will allow giant lenders to fail without hitting the taxpayer and threatening financial stability. Regulators must also work together, she added, amid evidence that some countries are caving into pressure from the banking lobby.

Note: For deeply revealing reports from reliable major media sources on financial corruption, click here.

The secret records obtained by ICIJ [International Consortium of Investigative Journalists] lay bare an extraordinary range of people using offshore hideaways. They include ... families of despots, Wall Street swindlers, eastern European and Indonesian billionaires, Russian executives, [and] international arms dealers. The leaks illustrate how offshore financial secrecy has aggressively spread around the globe. The records detail offshore holdings in more than 170 territories; this represents the biggest stockpile of inside information about the offshore system ever obtained by a media organisation. Eighty-six journalists from 46 countries used both hi-tech data crunching and traditional reporting to sift through emails and account ledgers covering nearly 30 years. "Everything is much more geared toward business," David Marchant, publisher of OffshoreAlert, an online journal, said. "If you're dishonest, you can take advantage of that in a bad way." ICIJ's 15-month investigation found that ... the secrecy and lax oversight offered by the offshore world appears to allow fraud, tax-dodging and political corruption to thrive. A study by James S Henry, former chief economist at McKinsey & Company [and a board member of the Tax Justice Network], estimates that wealthy individuals have $21-$32tn tucked away in offshore havens – roughly equivalent to the size of the US and Japanese economies combined.

Note: To learn more about how all of this incredibly revealing data was obtained and processed, click here. For a powerfully revealing documentary showing how huge corporations park profits offshore to avoid taxes, click here.

Millions of internal records have leaked from Britain's offshore financial industry, exposing for the first time the identities of thousands of holders of anonymous wealth from around the world, from presidents to plutocrats, the daughter of a notorious dictator and a British millionaire accused of concealing assets from his ex-wife. The leak of 2m emails and other documents, mainly from the offshore haven of the British Virgin Islands, has the potential to cause a seismic shock worldwide to the booming offshore trade. The naming project may be extremely damaging for confidence among the world's wealthiest people, no longer certain that the size of their fortunes remains hidden from governments and from their neighbours. As well as Britons hiding wealth offshore, an extraordinary array of government officials and rich families across the world are identified, from Canada, the US, India, Pakistan, Indonesia, Iran, China, Thailand and former communist states. The Caribbean micro-state has incorporated more than a million such offshore entities since it began marketing itself worldwide in the 1980s. Owners' true identities are never revealed. Even the island's official financial regulators normally have no idea who is behind them. The British Foreign Office depends on the BVI's company licensing revenue to subsidise this residual outpost of empire, while lawyers and accountants in the City of London benefit from a lucrative trade as intermediaries.

Note: For profiles of a few leading secret account holders, click here. For a powerfully revealing documentary showing how huge corporations park profits offshore to avoid taxes, click here.

According to a new report, most of the 30 companies listed on the Dow Jones industrial average are paying a far lower proportion of their profits in federal taxes - at a time when the Dow is reaching new highs - than they have in past decades. The main reason: not so much those yawning tax loopholes, but the multinationals' ability to stash more of their money overseas, where it's taxed at a lower rate and the feds can't touch it. Hewlett-Packard, according to the analysis, experienced the steepest percentage reduction in federal taxes - 47 percent since 1969. Intel's share of income paid in taxes has fallen by 29.6 percent since 1973, and Cisco Systems by 24.7 percent since 1989. U.S. multinationals ... often pay far less than the standard 35 percent corporate tax rate - a rate many of these companies are pushing to have significantly lowered. In its year-end report, Intel recorded $13 billion in profit - a record - and said its tax rate was approximately 29 percent. In 2010 HP paid $1.75 billion in income taxes on $9.4 billion of pretax income, a tax rate of 18.6 percent. As a share of the nation's GDP, U.S. corporate income tax has fallen by more than half, from 5.5 percent in 1946 to 2.6 percent in 2011.

Note: The statement about corporate income tax falling from 5.5 percent of GDP in 1946 to 2.6 percent in 2011 is quite misleading, making it appear that corporate taxes are a small percentage of total income. It is much more accurate to compare the total annual amount of corporate taxes to individuals' taxes. As this historical tax chart clearly shows, in 1946 corporate income tax receipts were 74% of the amount received from individual income taxes. By 2011, corporate taxes dropped to less than 17% of the amount paid in individual income taxes. That is a huge percentage drop in corporate taxes.

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