Government Corruption News Stories

Excerpts of Key Government Corruption News Stories 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: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.

Have you noticed anything missing in the political discourse about the National Security Administration's unprecedented mass surveillance? There's at least been some conversation about the intelligence community's potential criminality and constitutional violations. But there have only been veiled references to how cash undoubtedly tilts the debate against those who challenge the national security state. Those indirect references have come in stories about Booz Allen Hamilton, the security contractor that employed Edward Snowden. CNN/Money notes that 99 percent of the firm's multibillion-dollar annual revenues now come from the federal government. Those revenues are part of a larger and growing economic sector within the military-industrial complex - a sector that, according to author Tim Shorrock, is "a $56 billion-a-year industry." Yet few in the Washington press corps mention that politicians' attacks on surveillance critics may have nothing to do with principle and everything to do with shilling for campaign donors. For a taste of what that kind of institutionalized corruption looks like, peruse the Influence Explorer site to see how much Booz Allen Hamilton and its parent company, the Carlyle Group, spend. As you'll see, from Barack Obama to John McCain, many of the politicians publicly defending the surveillance state have taken huge sums of money from the firms. Simply put, there are corporate forces with a vested financial interest in making sure the debate over security is tilted toward the surveillance state and against critics of that surveillance state.

Note: Tim Shorrock, quoted above, is the author of Spies for Hire: The Secret World of Intelligence Outsourcing.

The modern American surveillance state is not really the stuff of paranoid fantasies; it has arrived. The revelations about the National Security Agency’s PRISM data collection program have raised awareness ... about the reach and power of secret intelligence gatherers operating behind the facades of government and business. But those revelations ... have been partial — they primarily focus on one government agency and on the surveillance end of intelligence work, purportedly done in the interest of national security. What has received less attention is the fact that most intelligence work today is not carried out by government agencies but by private intelligence firms and that much of that work involves another common aspect of intelligence work: deception. That is, it is involved not just with the concealment of reality, but with the manufacture of it. Important insight into the world [of] these companies came from a 2010 hack by a group best known as LulzSec ... which targeted the private intelligence firm HBGary Federal. That hack yielded 75,000 e-mails. Team Themis (a group that included HBGary and the private intelligence and security firms Palantir Technologies, Berico Technologies and Endgame Systems) was effectively brought in to find a way to undermine the credibility of WikiLeaks and the journalist Glenn Greenwald (who recently broke the story of Edward Snowden’s leak of the N.S.A.’s Prism program), because of Greenwald’s support for WikiLeaks. The plan called for actions to “sabotage or discredit the opposing organization” including a plan to submit fake documents and then call out the error.

Note: For more on the games intelligence agencies play, see the deeply revealing reports from reliable major media sources available here.

South America's leftist leaders rallied to support Bolivian President Evo Morales after his plane was rerouted amid suspicions that NSA leaker Edward Snowden was on board and they demanded an apology from France, Italy, Portugal and Spain. The presidents of Argentina, Ecuador, Suriname, Venezuela and Uruguay joined Morales in the Bolivian city of Cochabamba ... to denounce the treatment of Morales, who warned that he would close the U.S. Embassy in Bolivia if necessary. Morales again blamed Washington for pressuring European countries to refuse to allow his plane to fly through their airspace on Tuesday, forcing it to land in Vienna, Austria, in what he called a violation of international law. He had been returning from a summit in Russia during which he had suggested he would be willing to consider a request from Snowden for asylum. Spanish Foreign Minister Jose Manuel Garcia-Margallo said Friday that his nation and other European countries were told Snowden was aboard the Bolivian presidential plane. He did not say who supplied the information and declined to say whether he had been in contact with the United States. Ecuadorean President Rafael Correa said that he and other leaders were offering full support to Morales following the rerouting of the plane, calling it an aggression against the Americas. Venezuelan President Nicolas Maduro protested alleged attempts by Spanish officials to search the Bolivian presidential plane and accused the CIA of encouraging several European countries to deny the presidential plane their airspace.

Note: The subservience of European governments to the US attempt to apprehend Snowden by forcing Pres. Morales' plane down is logical given the recent revelations that they are also engaging in total surveillance of their own populations. For information on this click here (France), here (the UK), and here (Germany).

Senior employees at U.K. banks may face a 10-year wait for bonuses under proposals put forward by a committee investigating the failures of the industry, which also recommended making “reckless” management of lenders a crime. The Parliamentary Commission on Banking Standards' ... proposal to introduce a criminal offence for mismanagement, which could see executives of failed firms facing jail time, was endorsed by Prime Minister David Cameron. “The potential rewards for fleeting short-term success have sometimes been huge, but the penalties for failure, often manifest only later, have been much smaller or negligible,” the authors of the report said. "Performance should be assessed using a range of measures rather than just return on equity, which creates “perverse incentives,” the committee said. "Taxpayers have bailed out the banks. The public have the sense that advantage has been taken of them, that bankers have received huge rewards, that some of those rewards have not been properly earned, and in some cases have been obtained through dishonesty, and that these huge rewards are excessive, bearing little or no relationship to the value of the work done.” The committee recommended introducing an offence for “reckless misconduct” and potential prison time for bankers found responsible for the worst mismanagement, the first such sanctions."

Note: For a related article in the London Review of Books, which starts "the blame in Spain falls mainly on the banks – as it does in Ireland, in Greece, in the US, and pretty much everywhere else too," click here. For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.

In an interview with ABC News/Yahoo! News last Friday, former U.S. Senator Mike Gravel (D-Alaska) said statements by U.S. Air Force nuclear missile launch officers – regarding mysterious aerial objects interfering with the functionality of American ICBMs – make clear that top government officials are lying to the public when they claim to have no knowledge of national security-related UFO incidents. Gravel first gained national recognition in 1971, by placing the still-classified Pentagon Papers – which documented U.S. government malfeasance during the Vietnam War – into the public record. Gravel said the revelations by former/retired Captains Robert Salas, Bruce Fenstermacher, and David Schindele, as well as retired Security Policeman Sgt. David Scott, are "the smoking gun of the whole issue" of government secrecy on UFOs. On September 27, 2010, Captain Salas co-hosted the "UFOs and Nukes" press conference with noted researcher Robert Hastings, during which seven USAF veterans revealed ongoing UFO activity at U.S. nuclear weapons sites during the Cold War era. That media event was extensively and favorably covered by hundreds of news organizations worldwide, including CNN, which streamed the proceedings live. The full-length video of the press conference appears at http://www.ufohastings.com. The latest testimony – about UFOs knocking ICBMs offline – was heard by Senator Gravel and five other former members of congress at the "Citizen Hearing on Disclosure" organized by Stephen Bassett at the National Press Club last week.

Note: For the thorough research of Capt. Salas into the event where UFOs disabled nuclear missiles, click here. Could UFOs disabling nuclear warheads be a message from extraterrestrial forces for us not to play with such dangerous toys? Hundreds of military and government witnesses have gone on record claiming a major cover-up around UFOs, including a former chief of the CIA, the former chiefs of defense of the UK and Canada (see video), and Edgar Mitchell, the sixth man to walk on the moon. Why is it that so few people are aware of this and other amazing and even inspiring facts around UFOs? For more, click here.

Former FBI supervisor John Morris thought he had left his sordid relationship with James "Whitey" Bulger back in Boston along with the envelopes of money, the cases of expensive wine, the home-cooked meals he had prepared for the accused mob boss. Then the phone rang one night. It was 1995 and Bulger had become a fugitive from justice. It was Bulger on the phone. And he was livid. A Boston newspaper had reported that Bulger was a longtime FBI informant, and Bulger wanted Morris to have the story retracted. "He said if he was going to jail ... I was going with him." Morris testified in the trial of Bulger, 83, who is accused of a string of crimes, including 19 murders. Testimony during the trial has stated Bulger ran a criminal enterprise with the help of corrupt FBI agents [John] Connolly and Morris, and that Bulger was an FBI informant concerning his criminal rivals. Morris' testimony put a spotlight on a staggering amount of corruption in the Boston FBI field office that included cash bribes and tip-offs to wiretaps. Connolly's relationship with Bulger extended into the Massachusetts State House, Morris testified. His friendship with Bulger's brother, then Senate President William Bulger, [could] land him a job as the Boston police commissioner upon his retirement from the bureau. Connolly's behavior did not raise any eyebrows with the Special Agents in Charge of the Boston FBI field office, Morris told the court. In fact it was quite the opposite. FBI bosses sought Connolly's friendship, Morris testified. "He had tremendous access across the board to everything including sports events, political figures," Morris testified.

Note: For more on major corruption within the FBI and other intelligence services, see the deeply revealing reports from reliable major media sources available here.

[Barrett] Brown is not a household name like Edward Snowden or Bradley Manning. But after helping expose a dirty tricks plot, he faces jail. Brown made a splash in February 2011 by helping to uncover "Team Themis", a project by intelligence contractors retained by Bank of America to demolish the hacker society known as Anonymous. The Team Themis story began in late 2010, when Julian Assange warned WikiLeaks would release documents outlining an "ecosystem of corruption [that] could take down a bank or two." Bank of America went into damage-control mode and, as the New York Times reported, assembled "a team of 15 to 20 top Bank of America officials … scouring thousands of documents in the event that they become public." Days later, Bank of America retained the well-connected law firm of Hunton & Williams [which] "proposed various schemes to attack" WikiLeaks. Its partners suggested creating false documents and fake personas to damage progressive organizations. The tech companies' emails – which Anonymous hacked and Barrett Brown helped publicize – listed planned tactics: "Feed[ing] the fuel between the feuding groups. Disinformation. Create messages around actions to sabotage or discredit the opposing organization. Submit fake documents and then call out the error." Brown [has] been cooling his heels in a jail outside Dallas ... awaiting two separate trials that could put him on ice for more than 100 years. In contrast to the FBI's aggressive pursuit of Brown, no probe of the Team Themis project was launched – despite a call from 17 US House representatives to investigate a possible conspiracy to violate federal laws.

Note: With the wide focus on the privatized national security state by the leaks from Edward Snowden, there is renewed interest in Brown's plight and the campaign for justice in his case. For more on this and to support Barret Brown, click here. For more on intelligence agency corruption, see the deeply revealing reports from reliable major media sources available here.

The Army is blocking all access to The Guardian newspaper's reports about the National Security Agency's sweeping collection of data about Americans' email and phone communications, an Army spokesman said Thursday. The Monterey (Calif.) Herald reported that employees at the Presidio of Monterey, an Army public affairs base about 100 miles south of San Francisco, were unable to gain access to The Guardian's articles on former NSA contractor Edward Snowden and his professed leaks of classified information about the intelligence programs. Late Thursday, an Army spokesman told The Herald by email that the newspaper's NSA reports were, in fact, being blocked across the entire Army. He wrote that it's routine for the Defense Department to take "network hygiene" action to prevent disclosure of classified information, The Herald reported. "We make every effort to balance the need to preserve information access with operational security," the newspaper quoted the spokesman as saying. "However there are strict policies and directives in place regarding protecting and handling classified information."

Note: To read the full story in the Monterey Herald, click here. For the Guardian's coverage of this, click here. Does the military have the right to censor its members' access to information?

Faced with a $19 billion fine for polluting Ecuador’s rainforest, Chevron Corp. has done a remarkable job of turning the tables on its foes. The lawyers who sued Chevron in Ecuador, winning that eye-popping judgment, have come under non-stop attack from the oil company. Chevron has hauled them into court in New York, accusing them of fraud and extortion. The company has gone after Ecuador’s judicial system as well, claiming judges there conspired with the other side. That aggressive strategy has worked wonders, putting Chevron’s opponents on the defensive and convincing many people that the Ecuador suit is a sham. And you can trace much of that strategy back to a 2008 memo by San Francisco’s master of crisis communications, Sam Singer. In October of 2008, he sent Chevron spokesman Kent Robertson a four-page memo outlining steps the company could take to change public perceptions of the Ecuador lawsuit. Singer recommended going on the offensive. The company should portray Ecuador’s court system as corrupt, with collusion between judges and the plaintiffs in the lawsuit. Pointing out the leftward tilt of Ecuadoran President Rafael Correa wouldn’t hurt. And Singer recommended “counter attacks” on the plaintiffs and their legal team, particularly lead lawyer Steven Donziger. Bear in mind that the memo was written more than two years before the Ecuadoran judge presiding over the lawsuit ruled against Chevron, in February of 2011. Some of Singer’s recommendations didn’t fly. For example, he suggested portraying Ecuador as “the next major threat to America.” But the company took much of his advice to heart.

A bill that bans the wearing of masks during a riot or unlawful assembly and carries a maximum 10-year prison sentence ... became law today. The bill is meant to give police an added tool to prevent lawful protests from becoming violent riots, and that it will help police identify people who engage in vandalism or other illegal acts. The bill originally proposed a penalty of up to five years, but the House of Commons justice committee amended it and doubled the penalty to up to 10 years in prison for committing the offence. The bill didn't have unanimous support, and was opposed by some who are concerned about its effect on freedom of expression and privacy. Civil liberties advocates argued the measures could create a chilling effect on free speech and that peaceful protesters can unintentionally find themselves involved in an unlawful assembly. They also noted that there are legitimate reasons for wearing masks at protests; some may be worried about reprisals at work, for example, if sighted at a political protest. "Any law that infringes upon civil liberties needs to be held to a test of absolute necessity, and I don't think that test has been met in this instance," said Michael Byers, a political scientist at the University of British Columbia.

Note: Police seem to be specifically targeting the now popular Guy Falkes masks representing opposition to oppressive authority. For more on the erosion of civil liberties, see the deeply revealing reports from reliable major media sources available here.

Drug companies face accusations of secretly colluding with pharmacists to overcharge the NHS millions of pounds, following an undercover investigation by The Telegraph. Pharmaceutical firms appear to have rigged the market in so-called "specials" – prescription drugs that are largely not covered by national NHS price regulations. The prices of more than 20,000 drugs could have been artificially inflated, with backhanders paid to chemists who agreed to sell them. Representatives of some companies agreed to invoice chemists for drugs at up to double their actual cost. Chemists would then send inflated invoices to the NHS, allowing them to pocket the difference. Tens of thousands of the "special" drugs are not on the nationally controlled NHS price list and so costs can be manipulated by drug companies. Sales representatives for drug firms were secretly recorded by this newspaper offering to provide apparently falsified invoices allowing chemists to bill the NHS for sums far greater than they would spend. Another firm offered to pay an annual fee to chemists who agreed to offer its prescription drugs. Hundreds of millions of pounds of taxpayers money are feared to have been wasted in recent years due to the practice. The undercover investigation was launched after this newspaper was approached by a whistle-blower who alleged widespread malpractice. Undercover reporters posed as investors hoping to set up a chain of chemists.

Note: Watch the incriminating videos of these undercover deals at the link above. For more on pharmaceutical corruption, see the deeply revealing reports from reliable major media sources available here.

Britain's spy agency GCHQ has secretly gained access to the network of cables which carry the world's phone calls and internet traffic and has started to process vast streams of sensitive personal information which it is sharing with its American partner, the National Security Agency (NSA). The sheer scale of the agency's ambition is reflected in the titles of its two principal components: Mastering the Internet and Global Telecoms Exploitation, aimed at scooping up as much online and telephone traffic as possible. This is all being carried out without any form of public acknowledgement or debate. One key innovation has been GCHQ's ability to tap into and store huge volumes of data drawn from fibre-optic cables for up to 30 days so that it can be sifted and analysed. GCHQ and the NSA are consequently able to access and process vast quantities of communications between entirely innocent people, as well as targeted suspects. This includes recordings of phone calls, the content of email messages, entries on Facebook and the history of any internet user's access to websites – all of which is deemed legal, even though the warrant system was supposed to limit interception to a specified range of targets. The existence of the programme has been disclosed in documents shown to the Guardian by the NSA whistleblower Edward Snowden. Britain's technical capacity to tap into the cables that carry the world's communications ... has made GCHQ an intelligence superpower. A total of 850,000 NSA employees and US private contractors with top secret clearance had access to GCHQ databases.

Note: For solid evidence spy agencies targeted even top politicians, click here. For more on intelligence agency corruption, see the deeply revealing reports from reliable major media sources available here.

How could more than 130,000 children be shipped from Britain to Australia and other Commonwealth countries, often without their parents' knowledge, and the world not know about it? [This is] the chilling poser at the heart of Jim Loach's debut film, Oranges and Sunshine, which centres on a policy that saw children from poor and struggling families sent halfway across the world to a promised new life. Instead, many endured virtual slave labour and, in some extreme cases, serial abuse. In the film, we follow Margaret [as] she gradually uncovers the devastating effects that the deportation has had on its victims. In Australia, Margaret's efforts amass evidence that defenceless children, in the care of the Roman Catholic Christian Brotherhood, have been physically and sexually abused by members of the order. However, Margaret is seen as a troublemaker, an outsider stirring up long-forgotten memories. Back in the UK, charities and government officials are refusing to accept responsibility for sending the children abroad. She receives death threats. Margaret eventually finds personal solace as her efforts finally come to fruition. Families are brought back together after decades apart, and the now grown-up children are able to establish their true identities. Finally, in 2009-10, after many years of official denial and vacillation, there are full public apologies from the Australian and British governments. Loach's film intelligently explores a grave injustice. The title, Oranges and Sunshine, refers to the inviting picture of a new life sold to the children in advance of their long journey to the other side of the world. It is a shattering, yet inspiring story.

Note: For more on this huge scandal of child abduction and abuse, click here. For another scandal of major child abuse based in Australia that has yet to be fully exposed, click here. For more on child sexual abuse, see the deeply revealing reports from reliable major media sources available here.

[Here's a story] from Ellsberg's book Secrets. The setting is a meeting with Henry Kissinger in late 1968. In 1968 Ellsberg was a highly respected analyst ... who had worked for both the Pentagon and Rand, and Kissinger was just entering the government. Ellsberg told him, "Henry, there's something I would like to tell you. You've dealt a great deal with top secret information. But you're about to receive a whole slew of special clearances, maybe fifteen or twenty of them, that are higher than top secret. First, you'll be exhilarated by some of this new information. But second, ... you will feel like a fool for having studied, written, talked about these subjects, criticized and analyzed decisions made by presidents for years without having known of the existence of all this information. In particular, you'll feel foolish for having literally rubbed shoulders for over a decade with some officials and consultants who did have access to all this ... and you'll be stunned that they kept that secret from you so well. You will feel like a fool. Then, after you've ... become used to using what amounts to whole libraries of hidden information, ... you will forget there ever was a time when you didn't have it. You'll be aware only of the fact that you have it now and most others don't ... and that all those other people are fools. [In] a matter of two or three years — you'll eventually become aware of the limitations of this information. It's often inaccurate, and it can lead you astray. But that takes a while to learn. In the meantime ... you will deal with a person who doesn't have those clearances only from the point of view of what you want him to believe and what impression you want him to go away with. You'll have to lie carefully to him about what you know. In effect, you will have to manipulate him.

Note: Don't miss the entire fascinating, highly revealing article at the link above. To see this quote from Ellsberg's book on Google books, click here. For more on government secrets, see the deeply revealing reports from reliable major media sources available here.

FBI Director Robert Mueller acknowledged [to the Senate Judiciary Committee on June 19 that] the law enforcement agency uses drone aircraft in the United States for surveillance. He did not say how many unmanned surveillance vehicles (UAVs) the FBI has or how often they have been used. But a law enforcement official told CNN the FBI has used them a little more than a dozen times but did not say when that started. The official said drones are useful in hostage and barricade situations because they operate more quietly and are less visible than traditional aircraft such as helicopters. Bureau spokesman Paul Bresson said their use allows "us to learn critical information that otherwise would be difficult to obtain without introducing serious risk to law enforcement personnel." Bresson said the aircraft can only be used to perform surveillance on stationary subjects and the FBI must first get approval from the Federal Aviation Administration to fly in a "very confined geographic area." Senate Intelligence Committee Chairman Dianne Feinstein expressed concern over drone use domestically. "I think the greatest threat to the privacy of Americans is the drone and the use of the drone, and the very few regulations that are on it today and the booming industry of commercial drones," the California Democrat said. The FAA forecasts some 10,000 civilian drones will be in use in the United States within five years, including those for law enforcement and commercial purposes.

Note: For more on domestic US drone surveillance, click here. For deeply revealing reports from reliable major media sources on the hidden realities of intelligence agencies, click here.

After contradictory stories emerged about an F.B.I. agent’s killing last month of a Chechen man in Orlando, Fla., who was being questioned over ties to the Boston Marathon bombing suspects, the bureau reassured the public that it would clear up the murky episode. But if such internal investigations are time-tested, their outcomes are also predictable: from 1993 to early 2011, F.B.I. agents fatally shot about 70 “subjects” and wounded about 80 others — and every one of those episodes was deemed justified, according to interviews and internal F.B.I. records. The last two years have followed the same pattern: an F.B.I. spokesman said that since 2011, there had been no findings of improper intentional shootings. In most of the shootings, the F.B.I.’s internal investigation was the only official inquiry. In the Orlando case, for example, there have been conflicting accounts about basic facts like whether the Chechen man, Ibragim Todashev, attacked an agent with a knife, was unarmed or was brandishing a metal pole. But Orlando homicide detectives are not independently investigating what happened. Occasionally, the F.B.I. does discipline an agent. A typical punishment involved adding letters of censure to agents’ files. Critics say the fact that for at least two decades no agent has been disciplined for any instance of deliberately shooting someone raises questions about the credibility of the bureau’s internal investigations.

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

When a National Security Agency contractor revealed top-secret details this month on the government's collection of Americans' phone and Internet records, one select group of intelligence veterans breathed a sigh of relief. Thomas Drake, William Binney and J. Kirk Wiebe belong to a select fraternity: the NSA officials who paved the way. For years, the three whistle-blowers had told anyone who would listen that the NSA collects huge swaths of communications data from U.S. citizens. They had spent decades in the top ranks of the agency, designing and managing the very data-collection systems they say have been turned against Americans. When they became convinced that fundamental constitutional rights were being violated, they complained first to their superiors, then to federal investigators, congressional oversight committees and, finally, to the news media. They have been investigated as criminals and forced to give up careers, reputations and friendships built over a lifetime. Today, they feel vindicated. They say the documents leaked by Edward Snowden, the 29-year-old former NSA contractor who worked as a systems administrator, proves their claims of sweeping government surveillance of millions of Americans not suspected of any wrongdoing. They say those revelations only hint at the programs' reach. On [June 15], USA TODAY brought Drake, Binney and Wiebe together for the first time since the story broke to discuss the NSA revelations. With their lawyer, Jesselyn Radack of the Government Accountability Project, they weighed their implications and their repercussions.

Note: See the link above for a great interview of these courageous whistleblowers. For deeply revealing reports from reliable major media sources on the hidden realities of intelligence agencies, click here

Foreign politicians and officials who took part in two G20 summit meetings in London in 2009 had their computers monitored and their phone calls intercepted on the instructions of their British government hosts. Some delegates were tricked into using internet cafes which had been set up by British intelligence agencies to read their email traffic. The disclosure raises new questions about the boundaries of surveillance by GCHQ [Government Communications Headquarters] and its American sister organisation, the National Security Agency [NSA], whose access to phone records and internet data has been defended as necessary in the fight against terrorism and serious crime. There have often been rumours of this kind of espionage at international conferences, but it is highly unusual for hard evidence to confirm it and spell out the detail. The evidence is contained in documents – classified as top secret – which were uncovered by the NSA whistleblower Edward Snowden and seen by the Guardian. They reveal that during G20 meetings in April and September 2009 GCHQ used what one document calls "ground-breaking intelligence capabilities" to intercept the communications of visiting delegations. This included: • Setting up internet cafes where they used an email interception programme and key-logging software to spy on delegates' use of computers; • Penetrating the security on delegates' BlackBerrys to monitor their email messages and phone calls; • Supplying 45 analysts with a live round-the-clock summary of who was phoning who at the summit.

Note: For deeply revealing reports from reliable major media sources on the hidden realities of intelligence agencies, click here

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.

It's long been suspected that ratings agencies like Moody's and Standard & Poor's helped trigger the meltdown. A new trove of embarrassing documents shows how they did it. Everybody else got plenty of blame: the greed-fattened banks, the sleeping regulators, the unscrupulous mortgage hucksters. But what about the ratings agencies? Thanks to a mountain of evidence gathered for a pair of major lawsuits by the San Diego-based law firm Robbins Geller Rudman & Dowd, ... we now know that the nation's two top ratings companies, Moody's and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash. In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked. Ratings agencies are the glue that ostensibly holds the entire financial industry together. Their primary function is to help define what's safe to buy, and what isn't. But the financial crisis happened because AAA ratings stopped being something that had to be earned and turned into something that could be paid for. The Financial Crisis Inquiry Commission published a case study in 2011 of Moody's in particular and discovered that between 2000 and 2007, the agency gave nearly 45,000 mortgage-backed securities AAA ratings. One year Moody's doled out AAA ratings to 30 mortgage-backed securities every day, 83 percent of which were ultimately downgraded. "This crisis could not have happened without the rating agencies," the commission concluded.

Note: This is another great, well researched article by Rolling Stone's Matt Taibbi. Why isn't the major media coming up with anything near the quality of this man's work? For deeply revealing reports from reliable major media sources on financial corruption, click here.

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