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Revealing News For a Better World

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.


The CIA and the Media
1977-10-20, Website of Pulitzer Prize Winning Journalist Carl Bernstein
Posted: 2010-11-08 09:19:45
http://carlbernstein.com/magazine_cia_and_media.php

In 1953, Joseph Alsop, then one of America’s leading syndicated columnists, went to the Philippines to cover an election. He did not go because he was asked to do so by his syndicate. He did not go because he was asked to do so by the newspapers that printed his column. He went at the request of the CIA. Alsop is one of more than 400 American journalists who in the past twenty-five years have secretly carried out assignments for the Central Intelligence Agency, according to documents on file at CIA headquarters. Journalists provided a full range of clandestine services—from simple intelligence gathering to serving as go-betweens with spies in Communist countries. Reporters shared their notebooks with the CIA. Editors shared their staffs. Some of the journalists were Pulitzer Prize winners, distinguished reporters who considered themselves ambassadors-without-portfolio for their country. Most were less exalted: foreign correspondents who found that their association with the Agency helped their work; stringers and freelancers who were as interested in the derring-do of the spy business as in filing articles; and, the smallest category, full-time CIA employees masquerading as journalists abroad. In many instances, CIA documents show, journalists were engaged to perform tasks for the CIA with the consent of the managements of America’s leading news organizations.

Note: To understand how the CIA and others manipulate the major media is in its news coverage, see the brilliant summary of the work of 20 award-winning journalists on this key topic at this link.


Iraq war logs: secret files show how US ignored torture
2010-10-22, The Guardian (One of the UK's leading newspapers)
Posted: 2010-11-01 10:31:10
http://www.guardian.co.uk/world/2010/oct/22/iraq-war-logs-military-leaks

A grim picture of the US and Britain's legacy in Iraq has been revealed in a massive leak of American military documents that detail torture, summary executions and war crimes. Almost 400,000 secret US army field reports have been passed to the Guardian ... via the whistleblowing website WikiLeaks. The new logs detail how: A US helicopter gunship involved in a notorious Baghdad incident had previously killed Iraqi insurgents after they tried to surrender. More than 15,000 civilians died in previously unknown incidents. The logs record 66,081 non-combatant deaths out of a total of 109,000 fatalities. The numerous reports of detainee abuse, often supported by medical evidence, describe prisoners shackled, blindfolded and hung by wrists or ankles, and subjected to whipping, punching, kicking or electric shocks. Six reports end with a detainee's apparent death. The whistleblowing activists say they have deleted all names from the documents that might result in reprisals.

Note: For an analysis by the Ad Hoc Committee for Justice for Iraq of the still very one-sided picture of the devastation of Iraq provided by this leak of Iraq war logs, click here. For an interview of the leader of Wikileaks on CNN in which he walks out after being asked about his personal life rather than Iraqi deaths, click here.


The rich get richer, then buy elections
2010-10-24, San Francisco Chronicle (San Francisco's leading newspaper)
Posted: 2010-11-01 10:28:34
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/10/24/IN7R1FV3LE.DTL

It's a perfect storm. I'm talking about the dangers facing our democracy. First, income in America is now more concentrated in fewer hands than it has been in 80 years. Almost a quarter of total income generated in the United States is going to the top 1 percent of Americans. The top one-tenth of 1 percent of Americans now earn as much as the bottom 120 million of us. Who are these people? They're top executives of big corporations and Wall Street, hedge-fund managers and private equity managers. Hundreds of millions of dollars are pouring into advertisements for and against candidates - without a trace of where the dollars are coming from. They're laundered through a handful of groups. Most Americans are in trouble. Their jobs, incomes, savings and even homes are on the line. They need a government that's working for them, not for the privileged and the powerful. Yet their state and local taxes are rising. And their services are being cut. There's no jobs bill to speak of. Washington says nothing can be done. There's no money left. No money? The marginal income tax rate on the very rich is the lowest it has been in more than 80 years. Under President Dwight Eisenhower ... it was 91 percent. Now it's 36 percent. We're losing our democracy to a different system. It's called plutocracy.

Note: As the Democrats and Republicans duke it out, the ultra-rich laugh all the way to the bank. What if instead of fighting each other, we worked together to expose the manipulations of the ultra-rich? Whether you are on the left or right of the political spectrum, this incisive article by former US Sect. of Labor Robert Reich is well worth reading in its entirety. For more in income inequality, click here.


Poor healthcare may shorten American lives
2010-10-07, MSNBC/Reuters
Posted: 2010-11-01 10:26:33
http://www.msnbc.msn.com/id/39548799

Americans die sooner than citizens of a dozen other developed nations and the usual suspects -- obesity, traffic accidents and a high murder rate -- are not to blame. Instead, poor healthcare may be to blame, the team at Columbia University in New York reported. They found that 15-year survival rates for men and women aged 45 to 65 have fallen in the United States relative to the other 12 countries over the past 30 years. In June, the Commonwealth Fund, which advocates on and does research focusing on healthcare reform, reported that Americans spend twice as much on healthcare as residents of other developed countries -- $7,290 per person -- but get lower quality and less efficiency. Between 1975 and 2005, medical costs went up in all the countries, as did life expectancy. But costs went up far more in the United States and life expectancy increased to a far lower degree. "In 1950, the United States was fifth among the leading industrialized nations with respect to female life expectancy at birth, surpassed only by Sweden, Norway, Australia, and the Netherlands," [the report authors] wrote. At last count, the United States was 46th in female life expectancy; 49th for both sexes.

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


Humiliate, strip, threaten: UK military interrogation manuals discovered
2010-10-25, The Guardian (One of the UK's leading newspapers)
Posted: 2010-11-01 10:24:52
http://www.guardian.co.uk/uk/2010/oct/25/uk-military-interrogation-manuals

The British military has been training interrogators in techniques that include threats, sensory deprivation and enforced nakedness in an apparent breach of the Geneva conventions. Training materials drawn up secretly in recent years tell interrogators they should aim to provoke humiliation, insecurity, disorientation, exhaustion, anxiety and fear in the prisoners they are questioning, and suggest ways in which this can be achieved. A manual prepared in April 2008 suggests that "Cpers" – captured personnel – be kept in conditions of physical discomfort and intimidated. Sensory deprivation is lawful, it adds, if there are "valid operational reasons". It also urges enforced nakedness. More recent training material says blindfolds, earmuffs and plastic handcuffs are essential equipment for military interrogators, and says that while prisoners should be allowed to sleep or rest for eight hours in each 24, they need be permitted only four hours unbroken sleep. It also suggests that interrogators tell prisoners they will be held incommunicado unless they answer questions. The 1949 Geneva conventions prohibit any "physical or moral coercion", in particular any coercion employed to obtain information. All the British classified training material was produced after the death of Baha Mousa, the Iraqi hotel receptionist tortured to death by British troops in Basra in September 2003.

Note: For a survey of historic and contemporary uses of torture, click here. For more disturbing information on how Nazi torture techniques were eventually used by the CIA for mind control, click here.


From protester to senator, FBI tracked Paul Wellstone
2010-10-25, Minnesota Public Radio
Posted: 2010-11-01 10:22:47
http://origin-minnesota.publicradio.org/projects/2010/wellstone-files/feature/

It started with a fingerprint of a 25-year-old college professor who opposed the Vietnam War and ended with a search for his remains, 32 years later, in a wooded area near Eveleth, Minn. The FBI's files on Paul and Sheila Wellstone [show that] the FBI initially took interest in Wellstone as part of the broader surveillance of the American left ... and, in the end, [sifted] through the wreckage of the fatal plane crash that killed Wellstone and seven others eight years ago. Wellstone's surviving sons declined to comment on the documents, which were obtained in response to a Freedom of Information Act request filed by MPR News. The FBI did not include 76 pages related to the National Transportation Safety Board, the agency that investigated the crash. A request for those records is pending. Coleen Rowley, the 9/11 whistleblower and former chief legal advisor in the FBI's Minneapolis office, said the documents from 1970 shed light on the FBI's far-reaching efforts to quash political dissent. "I think this really is valuable … because it's basically history repeating what we have right now," she said, noting the recent FBI raids at the homes of several anti-war organizers in Minneapolis. Wellstone's arrest occurred less than a year before the official end of Cointelpro, a series of secret domestic surveillance programs created by FBI Director J. Edgar Hoover to monitor and disrupt groups deemed to be a threat to national security.

Note: For insights into the deeper implications of Senator Wellstone's mysterious plane crash, click here.


Documentary 'Inside Job' only tells part of story
2010-10-24, San Francisco Chronicle (San Francisco's leading newspaper)
Posted: 2010-11-01 10:17:16
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/10/24/BUAV1G0LEA.DTL

"Inside Job," as the movie title implies, sees the 2008 financial meltdown, its causes and ongoing catastrophic consequences, as the work of crooks. Crooks as in members of the financial services industry. Aided and abetted by ... administrations of both political stripes, ratings agencies and regulators, all of whom were committed to an ideology that enabled larceny on a grand scale. The documentary, written, produced and directed by Bay Area high-tech entrepreneur turned filmmaker Charles Ferguson, opened in Bay Area cinemas [on October 22]. Even if you've read through the growing pile of books, congressional hearings and material generated by the Financial Crisis Inquiry Commission, it has plenty to remind you why you are furious, all over again. If further proof is needed, the film effectively demolishes the "who knew?" argument proffered by Goldman Sachs Group CEO Lloyd Blankfein and his peers. And it makes a convincing case that much of the obscenely compensated financial services industry has been rotten to the core for decades, but is yet to be held truly accountable for activities, both immoral and illegal.

Note: For lots more from reliable sources on the criminal practices of the largest financial corporations and regulatory agencies which led to the current economic crisis, click here.


Al Qaeda Leader Dined at the Pentagon Just Months After 9/11
2010-10-20, Fox News
Posted: 2010-11-01 10:13:06
http://www.foxnews.com/us/2010/10/20/al-qaeda-terror-leader-dined-pentagon-mo...

Anwar Al-Awlaki may be the first American on the CIA's kill or capture list, but he was also a lunch guest of military brass at the Pentagon within months of the Sept. 11, 2001, terror attacks. Documents exclusively obtained by Fox News ... state that Awlaki was taken to the Pentagon ... in the immediate aftermath of the attacks. A current Defense Department employee ... came forward and told investigators she helped arrange the meeting after she saw Awlaki speak in Alexandria, Va. The employee "attended this talk and ... she recalls being impressed by this imam. He condemned Al Qaeda and the terrorist attacks," reads one document. "After her vetting, Aulaqi (Awlaki) was invited to and attended a luncheon at the Pentagon in the secretary of the Army's Office of Government Counsel." Awlaki, a Yemeni-American who was born in Las Cruces, N.M., was interviewed at least four times by the FBI in the first week after the attacks because of his ties to the three [alleged] hijackers Nawaf al-Hazmi, Khalid al-Mihdhar and Hani Hanjour. The three ... were all onboard Flight 77 that [allegedly] slammed into the Pentagon.

Note: This article certainly raises suspicions that the amazing connections of Awlaki to so many recent terror incidents may not be unrelated to his now-established connections to the Pentagon shortly after 9/11.


Speedy New Traders Make Waves Far From Wall Street
2010-05-17, New York Times
Posted: 2010-11-01 10:05:24
http://dealbook.blogs.nytimes.com/2010/05/17/speedy-new-traders-make-waves-fa...

Inside the humdrum offices of a tiny trading firm called Tradeworx, workers ... tend high-speed computers that typically buy and sell 80 million shares a day. But on the afternoon of May 6, as the stock market began to plunge in the “flash crash,” someone here walked up to one of those computers and typed the command HF STOP: sell everything and shutdown. Across the country, several of Tradeworx’s counterparts did the same. In a blink, some of the most powerful players in the stock market — high-frequency traders — went dark. The result sent chills through the financial world. After the brief 1,000-point plunge in the stock market that day, the growing role of high-frequency traders in the nation’s financial markets is drawing new scrutiny. Over the last decade, these high-tech operators have become sort of a shadow Wall Street — from New Jersey to Kansas City, from Texas to Chicago. Depending on whose estimates you believe, high-frequency traders account for 40 to 70 percent of all trading on every stock market in the country. Some of the biggest players trade more than a billion shares a day. These are short-term bets. Very short. The founder of Tradebot, in Kansas City, Mo., told students in 2008 that his firm typically held stocks for 11 seconds. Tradebot, one of the biggest high-frequency traders around, had not had a losing day in four years, he said.

Note: For key reports on the dubious practices which underlay the financial crisis and the impoverishment of the public treasury, click here.


WikiLeaks and 9/11: What if?
2010-10-15, Los Angeles Times
Posted: 2010-11-01 09:59:31
http://articles.latimes.com/2010/oct/15/opinion/la-oe-rowley-wikileaks-20101015

If WikiLeaks had been around in 2001, could the events of 9/11 have been prevented? The idea is worth considering. There were a lot of us in the run-up to Sept. 11 who had seen warning signs that something devastating might be in the planning stages. One of us, Coleen Rowley, was a special agent/legal counsel at the FBI's Minneapolis division and worked closely with those who arrested would-be terrorist Zacarias Moussaoui on an immigration violation less than a month before the World Trade Center was destroyed. Following up on a tip from flight school instructors who had become suspicious of the French Moroccan who claimed to want to fly a jet as an "ego boost," Special Agent Harry Samit and an INS colleague had detained Moussaoui. A foreign intelligence service promptly reported that he had connections with a foreign terrorist group, but FBI officials in Washington inexplicably turned down Samit's request for authority to search Moussaoui's laptop computer and personal effects. Later, testifying at Moussaoui's trial, Samit testified that he believed the behavior of his FBI superiors in Washington constituted "criminal negligence." WikiLeaks might have provided a pressure valve for those agents who were terribly worried about what might happen and frustrated by their superiors' seeming indifference.

Note: For questions raised about the official account of 9/11 by many courageous professionals, click here and here.


Hollywood actor fears he's on a 'death list' of stars
2010-10-24, The Independent (One of the UK's leading newspapers)
Posted: 2010-11-01 09:56:49
http://www.independent.co.uk/news/world/americas/hollywood-actor-fears-hes-on...

Randy Quaid, the American actor famous for playing characters as diverse as the trailer-trash scrounger in the "National Lampoon" series to his nation's saviour in "Independence Day", is at the centre of a real-life drama more bizarre than anything the movies ever cooked up for him. He and his wife are claiming asylum in Canada because, in her words, they fear they are on a Hollywood "death list". The couple were arrested in Vancouver after police responded to a call and found there were warrants out for them in California. The couple told the immigration adjudicator that they are being persecuted in the United States. Evi Quaid begged a Canadian immigration adjudicator not to force them to return, saying that friends, such as the actors David Carradine and Heath Ledger, had been "murdered" under mysterious circumstances and she was worried something would happen to her husband next. "We feel our lives are in danger," she said. "Randy has known eight close friends murdered in odd, strange manners... We feel that we're next." During a break in the proceedings, the Quaids' lawyer, Brian Tsuji, approached the media to read a single-sentence statement from the Quaids. "We are requesting asylum from Hollywood star-whackers," he read, declining further comment on the mental state of his clients. Randy Quaid, 60, complained he had been persecuted for 20 years.


United States Interventions: What For?
2005-03-21, Revista: Harvard Review of Latin America
Posted: 2010-11-01 09:44:04
http://www.drclas.harvard.edu/revista/articles/view/828

In the slightly less than a hundred years from 1898 to 1994, the U.S. government has intervened successfully to change governments in Latin America a total of at least 41 times. That amounts to once every 28 months for an entire century. Direct intervention occurred in 17 of the 41 cases. These incidents involved the use of U.S. military forces, intelligence agents or local citizens employed by U.S. government agencies. In another 24 cases, the U.S. government played an indirect role. That is, local actors played the principal roles, but either would not have acted or would not have succeeded without encouragement from the U.S. government. The 41 cases do not include incidents in which the United States sought to depose a Latin American government, but failed in the attempt. The most famous such case was the failed Bay of Pigs invasion of April 1961. Also absent from the list are numerous cases in which the U.S. government acted decisively to forestall a coup d’etat or otherwise protect an incumbent regime from being overthrown. In nearly every case, U.S. officials cited U.S. security interests, either as determinative or as a principal motivation. With hindsight, it is now possible to dismiss most these claims as implausible. In many cases, they were understood as necessary for generating public and congressional support, but not taken seriously by the key decision makers.


CIA Sues Ex-Spy Over Two-Year Old Book
2010-10-20, ABC News
Posted: 2010-10-24 20:45:42
http://abcnews.go.com/Blotter/cia-sues-spy-year-book/story?id=11921242

A CIA lawsuit threatens to turn a little-known two-year-old tell-all by a disgruntled former spy into a bestseller. Within hours of the lawsuit's filing [on October 19], The Human Factor: Inside the CIA's Dysfunctional Intelligence Culture, had rocketed up the Amazon rankings. The Human Factor, written by an ex-agent using the pseudonym Ishmael Jones, went largely unnoticed when it was first published in July 2008. In the book, "Jones" charges the CIA with waste, fraud and abuse as he details his career over two decades working under non-official cover, or NOC, mainly in Europe. The agency is seeking any money Jones received for the publication or sales of the book. The suit, which does not allege that Jones revealed any classified information, raises questions about why the agency would bring a case two years after publication and where both sides agree no sensitive secrets were revealed. Steven Aftergood, an expert on government secrecy, said "This is a bone-headed move. You'll make an obscure book by an unknown author into a national news story." But Aftergood said the agency's real aim is internal discipline. "The government is not simply concerned about protecting secrets. It is also concerned about Jones' overt defiance of established security rules." Jones and other former CIA officers have complained in the past that the CIA's publication review consistently favors former spies who tell stories flattering to the agency. Jones suggested that the antipathy towards the book focused on his message, a sharp critique of the CIA.

Note: For a highly informative documentary on the secrets of the CIA, click here.


Commodity Futures Trading Commission judge says colleague biased against complainants
2010-10-19, Washington Post
Posted: 2010-10-24 20:43:31
http://www.washingtonpost.com/wp-dyn/content/article/2010/10/19/AR20101019072...

As George H. Painter was preparing to retire recently as one of two administrative law judges presiding over investor complaints at the Commodity Futures Trading Commission, he issued an extraordinary request: Please don't assign my pending cases to the other judge. [The CFTC oversees trading of the nation's most important commodities, including oil, gold and cotton.] Painter said Judge Bruce Levine ... had a secret agreement with a former Republican chairwoman of the agency to stand in the way of investors filing complaints with the agency. "On Judge Levine's first week on the job, nearly twenty years ago, he came into my office and stated that he had promised Wendy Gramm, then Chairwoman of the Commission, that we would never rule in a complainant's favor," Painter wrote. "A review of his rulings will confirm that he fulfilled his vow. Judge Levine ... forces pro se complainants to run a hostile procedural gauntlet until they lose hope, and either withdraw their complaint or settle for a pittance, regardless of the merits of the case." Levine was the subject of a story 10 years ago in the Wall Street Journal, which said that except in a handful of cases in which defunct firms failed to defend themselves, Levine had never ruled in favor of an investor. Gramm [wife of former senator Phil Gramm (R-Tex.)], was head of the CFTC just before president Bill Clinton took office. She has been criticized by Democrats for helping firms such as Goldman Sachs and Enron gain influence over the commodity markets. After leaving the CFTC, she joined Enron's board.

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


17,000 doctors cash in drug company money, report finds
2010-10-19, MSNBC/Reuters
Posted: 2010-10-24 20:32:10
http://www.msnbc.msn.com/id/39742328/ns/health-health_care/

More than 17,000 doctors and other health care providers have taken money from seven major drug companies to talk to other doctors about their products, a joint investigation by news organizations and non-profit groups found. More than 380 of the doctors, nurses, pharmacists and other professionals took in more than $100,000 in 2009 and 2010, according to the investigation. The report said far more doctors are likely to have taken such payments, but it documented these based on information from seven drugmakers. The investigation by journalism group ProPublica, Consumer Reports magazine, NPR radio and [other] publications showed doctors were sometimes urged to recommend "off-label" prescriptions of drugs, meaning using them for conditions they are not approved for. "Tens of thousands of U.S. physicians are paid to spread the word about pharma's favored pills and to advise the companies about research and marketing," the group says in its report. "This investigation begins to pull back the shroud on these activities," Dr. John Santa, director of the Consumer Reports Health Ratings Center, said in a statement. "The amount of money involved is astounding, and the ProPublica report's account of the background of some of the physicians is disturbing."

Note: This important report is available here. For more on corporate corruption, click here.


Johnson & Johnson CEO: 'We made a mistake'
2010-09-30, CNN Money
Posted: 2010-10-24 20:30:23
http://money.cnn.com/2010/09/30/news/companies/hearing_johnson_fda_drug_recal...

Johnson & Johnson CEO William Weldon delivered both a mea culpa and clear admission to [the Committee on Oversight and Government Reform] that his company let the public down through numerous recent drug recalls. He also admitted that the company secretly bought up defective drugs without informing regulators and consumers of its actions. The committee has been investigating circumstances that have led to more than half a dozen recalls this year of non-prescription cold and pain drugs such as Tylenol, Benadryl and Motrin made by Johnson & Johnson's McNeil Consumer Healthcare unit. Weldon's [pledge] to never let this happen again was met with some skepticism. [Committee Chairman Edolphus Towns (D-NY)] said [the] testimony indicates some very serious problems in "the way Johnson & Johnson viewed its responsibility to the public and its day-to-day relationship with the FDA." There is often a thin line between "working cooperatively" and having a "cozy relationship," he said. "The documents we have seen in this case indicate this line may have been crossed early and often."

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


CIA files show how postwar 'spies' snookered U.S. intelligence
2007-02-22, USA Today/Associated Press
Posted: 2010-10-24 20:16:02
http://www.usatoday.com/news/world/2007-02-24-japan-postwar_x.htm

Col. Masanobu Tsuji was a fanatical Japanese militarist and brutal warrior, hunted after World War II for massacres of Chinese civilians and complicity in the Bataan Death March. And then he became a U.S. spy. Newly declassified CIA records, released by the U.S. National Archives and examined by The Associated Press, document more fully than ever how Tsuji and other suspected Japanese war criminals were recruited by U.S. intelligence in the early days of the Cold War. In addition to Tsuji, who escaped Allied prosecution and was elected to parliament in the 1950s, conspicuous figures in U.S.-funded operations included mob boss and war profiteer Yoshio Kodama, and Takushiro Hattori, former private secretary to Hideki Tojo, the wartime prime minister hanged as a war criminal in 1948. The CIA also cast a harsh eye on its counterparts — and institutional rivals — at G-2, the occupation's intelligence arm, providing evidence for the first time that the Japanese operatives often bilked gullible American patrons, passing on useless intelligence and using their U.S. ties to boost smuggling operations and further their efforts to resurrect a militarist Japan.


Scientists 'kept body parts of 1953 nerve gas victim'
2004-07-18, The Telegraph (One of the UK's leading newspapers)
Posted: 2010-10-24 20:12:05
http://www.telegraph.co.uk/education/3343201/Scientists-kept-body-parts-of-19...

Government scientists secretly removed body parts from a national serviceman who died after taking part in nerve gas experiments, a new inquest has been told. Up to 200 separate samples were taken from 20-year-old Ronald Maddison's brain, spinal cord, heart and skin - without his family's permission - days after he died at Porton Down, Wiltshire, the government top-secret chemical warfare research base, in 1953. The body parts have since been used in a number of experiments by scientists researching the effects of toxic chemical agents on human tissue. The original inquest, held in secret in 1953, found that Leading Aircraftman Maddison's death was accidental, but the new inquest will examine fresh evidence and decide whether the original verdict still stands. Mr Maddison ... was among hundreds of national servicemen who volunteered in the 1950s and '60s to take part in tests at Porton Down in the belief that they were helping scientists find a cure for the common cold. The airman died less than an hour after 200mg of the highly toxic Sarin nerve agent was placed on layers of cloth on the inside of his arm.


Wall Street Pay: A Record $144 Billion
2010-10-11, Wall Street Journal
Posted: 2010-10-17 18:32:02
http://online.wsj.com/article/SB10001424052748704518104575546542463746562.html

Compensation on Wall Street is on pace to break a record high for a second consecutive year, as more than three dozen top banks and securities firms will pay $144 billion in salary and benefits ... a 4% increase from the $139 billion paid out in 2009. Compensation was expected to rise at 26 of the 35 firms. Overall, Wall Street is expected to pay 32.1% of its revenue to employees, the same as last year, but below the 36% in 2007. Profits, which were depressed by losses in the past two years, have bounced back from the 2008 crisis. But the estimated 2010 profit of $61.3 billion for the firms surveyed still falls about 20% short from the record $82 billion in 2006. Over that same period, compensation across the firms in the survey increased 23%. "Until focus of these institutions changes from revenue generation to long-term shareholder value, we will see these outrageous pay packages and compensation levels," said Charles Elson, director of the Weinberg Center for Corporate Governance.

Note: For many key reports from reliable sources on Wall Street's profiteering, click here.


Congressional Staffers Gain From Trading in Stocks
2010-10-11, Wall Street Journal
Posted: 2010-10-17 18:29:52
http://online.wsj.com/article/SB10001424052748703431604575522434188603198.html

Chris Miller nearly doubled his $3,500 stock investment in a renewable-energy firm in 2008. It was a perfectly legal bet, but he's no ordinary investor. Mr. Miller is the top energy-policy adviser to Nevada Democrat and Senate Majority Leader Harry Reid, who helped pass legislation that wound up benefiting the firm. Mr. Miller isn't the only Congressional staffer making such stock bets. At least 72 aides on both sides of the aisle traded shares of companies that their bosses help oversee, according to a Wall Street Journal analysis of more than 3,000 disclosure forms covering trading activity by Capitol Hill staffers for 2008 and 2009. The Journal analysis showed that an aide to a Republican member of the Senate Banking Committee bought Bank of America Corp. stock before results of last year's government stress tests eased investor concerns about the health of the banking industry. A top aide to the House Speaker profited by trading shares of Freddie Mac and Fannie Mae in a brokerage account with her husband two days before the government authorized emergency funding for the companies. The aides identified by the Journal say they didn't profit by making trades based on any information gathered in the halls of Congress. Even if they had done so, it would be legal, because insider-trading laws don't apply to Congress. Unlike many Executive Branch employees, lawmakers and aides don't have restrictions on their stock holdings and ownership interests in companies they oversee.

Note: Why is Congress exempt from so many of its own laws? Who is willing to start a movement to stop this? For lots more on government corruption from major media sources, 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.

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