News ArticlesExcerpts of Key News Articles in Major Media
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What if there were an alternative corporate model ... that was still globally competitive but empowered local workers and addresses income inequality? Mondragon Corporation [is] a federation of 103 worker-owned cooperatives based in the Basque region of Spain. The corporation employs more than 74,000 people around the world. About 60,000 are worker-owners. Managers at Mondragon cannot make more than six times the salary of their lowest paid workers. YES! talked with Josu Ugarte, the president of Mondragon International. UGARTE: We combine economic issues with social ones. Apart from sharing profits, ownership, and management, we have three key values: solidarity, inter-cooperation, and social transformation. Our solidarity in terms of salaries changes the distribution of wealth in society. If the Basque region in Spain were a country, it would have the second-lowest income inequality in the world. This is social transformation. One thing I want to point out is that we’re a business, so we need to remain competitive. If we don’t do that, then we cannot create and share value. There are differences in the profitability of different companies within Mondragon. For example, if one company is turning a profit every year, then they are giving 30 percent of that profit to Mondragon. [If] another company gives nothing because they are not making a profit, [then] that can seem unfair. But the company that is successful today may have needed help 20 years ago. That is ... one of the keys of our success.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
A nine-year old girl from Bremerton, Wash. is making a difference in her local community. In a report with KING 5 News, Hailey Ford is shown using a power tool to drive nails into the roof what looks like a miniature house. The structure is the first of 11 planned shelters she [is] building for the homeless in her area. She tells the reporter that her friend Edward is homeless and needs a dry place to sleep at night. When she realized that she could do something about it, she began piecing together a plan to build "mobile sleeping" shelters, as she calls them. The shelters come complete with insulation, tar paper, and windows, barriers that will keep out the elements and lock in the warmth. Hailey isn't the only kid acting with compassion. Five-year old Josiah Duncan had a similar reaction when he saw a hungry-looking homeless man outside of a Waffle House in Prattville, Ala., last month. The little boy began asking his mother about the man's appearance, clearly troubled. She explained that the man was homeless and Josiah requested that they buy him a meal. His mother obliged. Before the man could eat, Josiah insisted on saying a blessing. "The man cried. I cried. Everybody cried," his mother told WFSA. Other children have taken Hailey and Josiah's kindness a few steps further. Hannah Taylor, a Canadian from Winnipeg, Manitoba, founded the Ladybug Foundation when she was only eight years old. In her mission statement Hannah says, "I believe that if people know about homelessness that there are people living without a home they will want to help.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Have you heard the story about the Muslim community in Belgium that raised money to restore a local synagogue? Probably not. But it is really important that you do. The oldest Jewish house of worship in Belgium, Synagogue d'Arlon, had been forced to close its doors because of structural problems with the building. The Jewish congregation was short of the funds needed to re-open, [so] a local Muslim community took it upon themselves to call for donations at Friday prayer - even though they themselves do not have a permanent mosque and pray in a converted house. The movement ... spread to Muslims across Belgium who contributed to the fund. In a communiqué released by the Association of Muslims of Arlon (AMA), Hajib el-Hajjaji urged fellow Muslims to contribute. The Muslim community ended up raising 2,400 Euro (about 2,600 dollars), which they presented to Rabbi Jacobs at an emotional roundtable discussion on the theme of "Living Together". Ultimately it was not about the money, but about "a much larger project," [General Secretary of AMA] Bouezmarni explained: "Jews and Muslims have lived together for centuries. Do you know that the first hydraulic clock was invented by a Jew so that Muslims can observe prayer times? Imams in France protected Jews during war. It is regrettable that religions are used for political purposes and sow discord between men." This intentional peacemaking is happening all around the globe.
Note: How sad that the media focuses so little on the many inspiring stories of people of differing faiths working together and supporting each other. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Twenty of the world's biggest banks have paid more than $235 billion in fines and compensation in the last seven years for a litany of misdeeds. The scale of the payouts, equivalent to the annual economy of Greece or Portugal, has hampered banks' efforts to rebuild capital, reduced dividends for investors and cut the amount firms are able to lend. The misconduct bill is expected to rise by tens of billions more dollars, and many politicians, regulators and industry observers said more needs to be done. Mark Taylor, dean of the business school at the University of Warwick in central England [says] bonuses are too high, there is little threat of jail for wrongdoers and bosses are not held responsible. "The problem is the incentives for cheating markets is massive. If you can shift a rate fractionally you can make millions and millions of dollars for your bank and then for bonuses. "Once senior executives feel they are personally at risk if the culture doesn't change, and individual traders feel they are at risk of being put in prison, then you'll get a culture change," he said. Despite the scale of fines and compensation paid by banks, relatively few individuals have been punished. Data compiled by Reuters ... showed U.S. banks have paid $140 billion in litigation and compensation for mortgage related issues since 2008. Bank of America has paid out twice as much as any other bank in settlements and compensation, with a bill of almost $80 billion.
Note: Big bank settlements often amount to "cash for secrecy" deals that are ultimately profitable for banks. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
Six years ago, Dr Erica Mallery-Blythe moved to the country, stopped carrying a mobile phone and sacrificed a successful career in emergency medicine to focus on ... radiation emitted by Wi-Fi, mobiles and other wireless devices. Her interest in EMFs started in 2009 after she began noticing increasing trends in certain symptoms – headaches, insomnia, fatigue and palpitations, but also more serious conditions including brain tumours in young people, fertility problems and accelerating neurological diseases. As Wi-Fi, laptops and iPads have become increasingly prevalent in classrooms, Mallery-Blythe says “hundreds” of families have sought her help with what they believe to be EMF-related diseases and health issues. “RF is currently classified by the International Agency for Research on Cancer (IARC) as a ... possible cause of cancer in humans," [says Mallery-Blythe]. "There is a vast amount of published literature documenting the harmful effects on every biological system.” In February the French government banned Wi-Fi in nursery schools and restricted use in primary schools. The German government has recommended that the use of Wi-Fi in the workplace or home should be avoided where possible. LA has reduced student exposure to Wi-Fi radiation to 10,000 times below US government standard. A 2008 study found a fivefold increase in the risk of glioma (a form of brain cancer ... linked to mobile phone usage) for those starting mobile phone use under 20 years of age.
Note: For lots more reliable information on cellphone risk, read this well researched article. In 2012, the American Academy of Pediatrics urged the US to reassess cell phone safety standards for children. For more along these lines, see concise summaries of deeply revealing health news articles from reliable major media sources. Then explore the excellent, reliable resources provided in our Health Information Center.
British police investigating allegations of historical child sex abuse said more than 1,400 people had been named as suspects including 261 described as "people of public prominence" including dozens of politicians and TV stars. Child abuse scandals over the last few years have prompted the government to launch a major public inquiry. Chief Constable Simon Bailey, the officer leading that inquiry named "Operation Hydrant", said 1,433 people were being investigated of whom 216 were now dead. The suspects included 135 figures from TV, film or radio, 76 politicians involved in both local and national politics, 43 from the music industry and seven from the sporting world. "This investigation is massive and a testimony to how the attitude to victims is changing," said Sheila Taylor, chief executive of the National Working Group Network, a charity which tackles child sexual exploitation. The issue of child abuse came to widespread prominence in 2012 when the late BBC TV presenter Jimmy Savile was shown to have abused hundreds of victims for decades. Since then, other household names have been convicted, allegations have been made against a number of former or deceased politicians, while detectives are also looking into claims powerful figures forced police to drop inquiries into paedophile rings involving high-profile people. Bailey said that 666 of the offenders being investigated were alleged to have carried out abuse at institutions including schools, children's homes and religious institutions.
Note: In 1984, UK security services raided major newspapers to prevent the publication of articles on paedophile rings run by prominent politicians. Watch an excellent segment by Australia's "60-Minutes" team "Spies, Lords and Predators" on a pedophile ring in the UK which leads directly to the highest levels of government. A second suppressed documentary, "Conspiracy of Silence," goes even deeper into this topic in the US. For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.
More than 1,400 suspects, including politicians and celebrities, have been investigated by police probing historical child sex abuse allegations. The figures were revealed by Operation Hydrant, set up by the National Police Chiefs' Council (NPCC). It explores ... child sex abuse by "prominent public persons". Of the 1,433 suspects identified, 216 are now dead and 261 are classified as people of public prominence, with 135 coming from TV, film or radio. The figures are taken from police forces in England, Wales, Scotland and Northern Ireland. They relate to reports of abuse, or investigations of abuse, which police forces were dealing with in the summer of 2014. Norfolk Police Chief Constable Simon Bailey, the NPCC's lead on child protection, said the referrals were increasing "on an almost daily basis". He also said police were projected to receive about 116,000 reports of historical child sex abuse by the end of 2015 - an increase of 71% from 2012. He added: "There is no doubt [Jimmy] Savile has had an effect on us. We are dealing with more and more allegations." Ex-DJ Jimmy Savile was revealed after his death to be one of the UK's most prolific sexual predators. Jon Brown, head of the NSPCC's programme to tackle sexual abuse, described the figures as "astonishing" and said they showed abuse "permeates all parts of society". He added: "What we're beginning to see is a much more realistic picture now of the scale of the problem."
Note: Watch powerful evidence in a suppressed Discovery Channel documentary showing that child sexual abuse scandals reach to the highest levels of government. For more along these lines, see concise summaries of deeply revealing sex abuse scandal news articles from reliable major media sources.
Illegal and unethical behaviour on Wall Street and in the City of London isn't just the work of a few bad apples - it's commonplace, according to new research. More than one in five financial services employees in America and the UK have seen their co-workers breaking the law or engaging in misconduct, a survey of more than 1,200 workers has found. Many feel under pressure to break the rules, believing it is a necessary part of getting ahead. Those at the top of the food chain are even more likely to have seen misconduct, with over a third of those earning more than $500,000 a year say they "have witnessed or have first hand knowledge of wrongdoing in the workplace". The University of Notre Dame and law firm Labaton Sucharow, which published the report, said it showed that bankers had failed to improve behaviour, despite billions of dollars in fines, and new regulations threatening jail. "Despite the headline-making consequences of corporate misconduct, our survey reveals that attitudes toward corruption within the industry have not changed for the better," the report's authors said. The researchers ... interviewed 1,223 banking and financial services workers. The research comes the day before five banks are expecting fines worth more than $6bn related to foreign exchange manipulation. Those questioned in the survey were also asked about whistleblowing practices, and 16pc said that corporate policies barred them from reporting illegal activity to authorities.
Note: For more along these lines, see concise summaries of deeply revealing banking corruption news articles from reliable major media sources.
The New York Times reported on Sunday that many of those in charge of the CIA’s torture program – the same people whose names were explicitly redacted from the Senate’s torture report in order to avert accountability – “have ascended to the agency’s powerful senior ranks” and now run the CIA drone program. Rather than being fired and prosecuted, they have been rewarded with promotions. The longtime Counterterrorism Center chief who just stepped down, Michael D’Andrea, was previously in charge of the notorious CIA prison known as the Salt Pit, where prisoners were regularly tortured and some died. His replacement, Chris Wood, was also “central to the interrogation program”, according to the Times. The only reason we know D’Andrea and Wood’s names is because the New York Times’ executive editor Dean Baquet commendably decided to publish them. The CIA asked them not to. Adding to the disturbing nature of the CIA’s ability to kill people in complete secrecy, the agency apparently now has a carte blanche to conduct drone strikes on its own. President Obama doesn’t individually approve them anymore – he lets the CIA unilaterally decide to kill people. The Obama administration has promised more transparency around drone strikes, yet at the same time, won’t even acknowledge that the controversial drone strike it’s apologizing for even happened - just because such admission might force courts to hold the government accountable for its actions.
Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the intelligence community.
The story of how Utah solved chronic homelessness begins in 2003. The number of chronic homeless had surged since the early 1970s. And related costs were soaring. In 2005, Utah had nearly 1,932 chronically homeless. By 2014, that number had dropped 72 percent to 539. Today, explained Gordon Walker, the director of the state Housing and Community Development Division, the state is “approaching a functional zero.” How Utah accomplished this didn’t require complex theorems or statistical models. For years, the thought of simply giving the homeless homes seemed absurd, constituting the height of government waste. But that’s exactly what Utah did. “If you want to end homelessness, you put people in housing,” Walker said in an interview. “This is relatively simple.” The state started setting up each chronically homeless person with his or her own house. Then it got them counseling to help with their demons. Such services, the thinking went, would afford them with safety and security that experts say is necessary to re-acclimate to modern life. Homelessness is stressful. It’s nearly impossible, most experts agree, to get off drugs or battle mental illness while undergoing such travails. These days, Walker says the state saves $8,000 per homeless person in annual expenses. “We’ve saved millions on this,” Walker said. And now, the chronic homeless are no longer tallied in numbers. They’re tallied by name. The last few are awaiting their houses.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Near-death experiences have gotten a lot of attention lately. Two recent books by doctors - Proof of Heaven, by Eben Alexander, who writes about a near-death experience he had while in a week-long coma brought on by meningitis, and To Heaven and Back, by Mary C. Neal, who had her NDE while submerged in a river after a kayaking accident—have spent 94 and 36 weeks, respectively, on the [New York Times best-seller] list. Their stories are similar to those told in dozens if not hundreds of books and in thousands of interviews with “NDErs,” or “experiencers,” as they call themselves. Many of these stories relate the sensation of floating up and viewing the scene around one’s unconscious body; spending time in a beautiful, otherworldly realm; meeting spiritual beings (some call them angels) and a loving presence that some call God; encountering long-lost relatives or friends; recalling scenes from one’s life; feeling a sense of connectedness to all creation as well as a sense of overwhelming, transcendent love; and finally being called ... back into one’s own body. There is something about NDEs that makes them scientifically intriguing. Many NDEs happen when a person is surrounded by an arsenal of devices designed to measure ... the body. What’s more, as medical technology continues to improve, it’s bringing people back from ever closer to the brink of death. This makes NDEs perhaps the only spiritual experience that we have a chance of investigating in a truly thorough, scientific way.
Note: For more along these lines, see concise summaries of deeply revealing news articles on near-death experiences from reliable major media sources.
The Metropolitan Police is being investigated over further allegations of corruption in relation to child sex offences dating back to the 1970s, including the claim that evidence gathered against MPs, judges, media entertainers, police, clergy and actors was dropped due to police intervention. The fresh allegations are in addition to the 14 cases being investigated by the Independent Police Complaints Commission (IPCC), revealed earlier this month, dating from the 1970s to the 2000s. The three new investigations relate to allegations about police suppressing evidence, hindering or halting investigations, and covering up offences due to the involvement of members of parliament and police officers. One case addressed the allegation that a child abuse investigation in central London, which gathered evidence against MPs, judges, media entertainers, police, actors, clergy, and others, was dropped. It has been claimed that two months after the file had been submitted to start proceedings against those identified, an officer was called in by a senior Met officer and told to drop the case. The two further allegations relate to a child abuse investigation conducted in the 1980s, with one relating directly to police actions in the case. The IPCC said it was also assessing a further six referrals it had received from the Met relating to similar matters.
Note: Explore powerful evidence from a suppressed Discovery Channel documentary showing that child sexual abuse scandals reach to the highest levels of government. For more along these lines, see concise summaries of deeply revealing news articles about sexual abuse scandals and government corruption from reliable major media sources.
The issues surrounding G.M.O.s - genetically modified organisms - became more complicated last week when the International Agency for Research on Cancer declared that glyphosate, the active ingredient in the widely used herbicide Roundup, probably causes cancer in humans. Two insecticides, malathion and diazinon, were also classified as "probable" carcinogens by the agency, a respected arm of the World Health Organization. Roundup, made by Monsanto for both home and commercial use, is crucial in the production of genetically engineered corn and soybean crops, so it was notable that the verdict on its dangers came nearly simultaneously with an announcement by the Food and Drug Administration that new breeds of genetically engineered potato and apple are safe to eat. Few people are surprised that an herbicide in widespread use is probably toxic at high doses or with prolonged exposure, circumstances that may be common among farmers and farmworkers. Nor is it surprising that it took so long - Roundup has been used since the 1970s - to discover its likely carcinogenic properties. There is a sad history of us acting as guinea pigs for the novel chemicals that industry develops. To date, G.M.O.s and other forms of biotech have done nothing but enrich their manufacturers and promote a system of agriculture that's neither sustainable nor for the most part beneficial. We don't need better, smarter chemicals along with crops that can tolerate them; we need fewer chemicals. There's no reason to put the general population, and particularly the farming population, at risk for the sake of industry profits.
Note: Monsanto's Roundup and the GMO crops that support its use are well-known by scientists to be a threat to public health. For more, see concise summaries of deeply revealing news articles on GMO risks and how these are covered up.
Charles Darwin is normally associated with the "survival of the fittest" theory. He also ... wrote that the communities most likely to flourish were "those with the most sympathetic members", an observation backed up by research that we are wired to care about each other. But we have such a strong cultural narrative about the selfish side of humanity that we adopt systems and behaviours that undermine our natural co-operative tendencies. This starts in schools, where the relentless focus on exams and attainment instills in young people the idea that success is about doing better than others. It continues in our marketing culture, which encourages conspicuous displays of consumption and rivalry. It's found at the heart of our workplaces, where employees compete with each other for performance-related rewards. This "get ahead or lose out" ethos [is] deeply flawed. In schools, helping young people to develop social and emotional skills [has] been shown to boost their performance. In workplaces, research ... shows that "givers" - people who help others without seeking anything in return - are more successful in the long term than "takers" - who try to maximise benefits for themselves, rather than others. For society as a whole, the World Happiness Report 2013, a major global study, found that two of the strongest explanatory factors for national wellbeing are levels of social support and generosity.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
The UK police watchdog has announced that it is investigating the Metropolitan Police following allegations that the force was involved in a cover-up over child abuse offenses. The Independent Police Complaints Commission (IPCC) has launched the investigation after the Met referred themselves over 16 separate allegations - 14 of which are to be investigated. The IPCC will look into claims of corruption within the force and whether they purposefully ignored evidence and halted investigations due to the involvement of MPs and other members of the establishment. This most recent development comes as a result of Operation Fairbank, first launched by Scotland Yard in 2012, to probe suggestions that high profile figures were involved in historic Westminster paedophile rings. Since then detectives have also opened up inquiries into the murder of three boys who it’s alleged were killed by those involved in such rings, claims which ... have resulted in the police calling for witnesses as they have been unable to identify the victims. One of the 14 referrals for the IPCC says that “a proactive operation targeting young men in Dolphin Square was stopped because officers were too near prominent people”, while another is about “allegations that a politician had spoken with a senior Met Police officer and demanded no action was taken regarding a paedophile ring and boys being procured and supplied to prominent persons in Westminster in the 1970s”.
Note: Explore powerful evidence from a suppressed Discovery Channel documentary showing that child sexual abuse scandals reach to the highest levels of government. For more along these lines, see concise summaries of deeply revealing news articles about sexual abuse scandals and government corruption from reliable major media sources.
An undercover police unit that monitored political groups over 40 years gathered intelligence on members of at least five trade unions, a whistleblower has revealed. Peter Francis, who spent four years undercover infiltrating political activists, has named five trade unions whose members he spied on: Unison, the Fire Brigades Union, Communication Workers Union, National Union of Teachers, and the National Union of Students. Francis, who has become a whistleblower in recent years ... was part of the covert Metropolitan police unit, the Special Demonstration Squad (SDS), that monitored hundreds of political groups between 1968 and 2008. Francis gave a statement to a packed meeting in Parliament that marked the launch of a new book about the blacklisting of thousands of workers by multi-national construction firms. This month, the Daily Mirror revealed that one of the undercover officers in the SDS, Mark Jenner, posed as a joiner and was a member of the construction workers union, UCATT, for three years. Jenner’s involvement in trade unions is detailed here by the Undercover Research Group, a resource on covert infiltration of political groups. It describes how he attended meetings of UCATT and other unions, regularly went on pickets and ferried trade unionists to demonstrations. In his statement ... Francis said, ”Let me state very clearly that Mark Jenner was 100% one of my fellow undercover SDS police officers deployed alongside me in the 1990s.”
Note: While undercover, Mark Jenner had a four-year relationship with a woman who did not know his real identity. For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.
Washington has long been notorious for its revolving doors. Politicians, regulators and other officials spin out of one capital building only to return at another as highly paid lobbyists. Leading the pack of former White House staff [now] accepting the corporate shilling is Jay Carney, President Obama’s former White House press secretary, who this week joined Amazon as its head of global corporate affairs. Carney follows David Plouffe, Obama’s former campaign manager and senior White House adviser, who quit the White House in 2013 and joined Uber. Others to have left the Obama administration for the serious cash of the corporate world include Samuel Maruca, who was director of transfer pricing (multinational company taxation) at the Internal Revenue Service, [and] Shara Aranoff, [former] chair of the US International Trade Commission. Bill Allison, senior fellow of the Sunlight Foundation, a non-profit that campaigns for open government, said the number of senior government officials switching to lobbying roles in big companies poses “a huge problem for transparency". Obama was very clear – he didn’t want people to switch between lobbying and the government, but that’s what is happening. When he took office, Obama signed an order that the White House said: “closes the revolving door that allows government officials to move to and from private sector jobs in ways that give that sector undue influence over government”.
Note: For more on this, see Glenn Greenwald's excellent article.
More than 300 young people have been groomed and sexually exploited by gangs of men in Oxfordshire in the past 15 years, a damning report into the failures of police and social services to stop years of sexual torture, trafficking and rape will reveal, the Guardian has learned. The victims, mostly girls, come predominantly from the city of Oxford. A serious case review by the Oxfordshire safeguarding children’s board, to be published on Tuesday, will condemn Thames Valley police for not believing the young girls, for treating them as if they had chosen to adopt the lifestyle, and for failing to act on repeated calls for help. Oxfordshire social services – which had responsibility for the girls’ safety – will be equally damned for knowing they were being groomed and for failing to protect them despite compelling evidence they were in danger. One social worker told a trial that nine out of 10 of those responsible for the girls [were] aware of what was going on. The case echoes the child exploitation scandals in Rotherham, Rochdale and Derby. In Oxford, however, the grooming, sexual torture and trafficking took place on the streets of the Cowley area of the city, in churchyards, parks, a guesthouse and empty flats procured for the purpose of drugging the girls and handing them around to be gang raped and brutalised. Police officers and social workers did not listen to the girls when they spoke of the abuse they were suffering, did not believe them and dismissed them.
Note: If you think this is only a problem in the UK, read this disturbing article about the likely murder of Bill Bowen, a man who was about to complete a documentary exposing blatant, horrible abuses by the US's Child Protective Services that were covered up at high levels. Watch a revealing five-minute video presenting solid evidence that Child Protective Services is involved in organized U.S. child sex trafficking rings. See this webpage for more information. For solid evidence of a pedophile ring reaching to the highest levels of government, don't miss this powerful documentary and these sexual abuse new summaries.
U.S. authorities are investigating major banks over potential manipulation of the precious metals market, the latest development in a series of probes related to major financial benchmarks. HSBC is among at least 10 major banks being investigated by U.S. authorities for possible rigging of the price-setting process for gold, silver, platinum and palladium, The Wall Street Journal reported late Monday. The report said other banks being scrutinized include: Goldman Sachs; JPMorgan Chase; Britain-based Barclays; Swiss banking giants UBS and Credit Suisse; Bank of Nova Scotia; Germany-based Deutsche Bank; France-based Société Générale; and South Africa-based Standard Bank Group. U.S. authorities declined to comment. Goldman Sachs, HSBC, Deutsche Bank and Barclays, HSBC, UBS and Bank of Nova Scotia have been named as defendants in various putative class-action lawsuits in U.S. federal courts over suspected manipulation of precious metals pricing. The complaints contend that bank traders conspired to manipulate the price of metal derivatives in a bid to reap profits on proprietary trades. The new U.S. investigations follow separate bank probes launched earlier over suspected manipulation of the $5.3-billion-a-day foreign exchange currency trading market, along with rigging of the London Interbank Offered Rate (Libor), which is used to set rates on billions of dollars in loans, credit cards and mortgages.
Note: When it comes to international banking, it appears that almost everything is rigged. For more along these lines, see concise summaries of deeply revealing news articles about the systemically corrupt financial industry.
One man's story in particular highlights just about everything that can go wrong when you give evidence against your bosses in America: former Countrywide/Bank of America whistleblower Michael Winston. Two years ago this month, Winston was being celebrated in the news as a hero. He'd blown the whistle on Countrywide Financial, the bent mortgage lender that ... nearly blew up the global economy. Today, Winston [has] spent over a million dollars fighting Countrywide (and the firm that acquired it, Bank of America) in court. At first, that fight proved a good gamble, as a jury granted him a multi-million-dollar award for retaliation and wrongful termination. But after Winston won that case, an appellate judge not only wiped out that jury verdict, but allowed Bank of America to counterattack him. The bank eventually beat him for nearly $98,000 in court costs. That single transaction means a good guy in the crisis drama, Winston, had by the end of 2014 paid a larger individual penalty than virtually every wrongdoer connected with the financial collapse of 2008. When Winston protested his preposterous punishment on the grounds that a trillion-dollar company recouping legal fees from an unemployed whistleblower was unreasonable and unnecessary, a California Superior Court judge denied his argument — get this — on the grounds that Winston failed to prove a disparity in resources between himself and Bank of America! Four years later, we're still waiting for the first criminal conviction against any individual for crisis-era corruption. There's been no significant reform. What we've seen instead is a series of cash deals with the most corrupt companies.
Note: Countrywide bought political influence to more effectively defraud institutional investors and taxpayers. Thanks to Winston, they were caught and proven guilty. But Bank of America purchased Countrywide, and has been paying off officials in secret deals to continue skirting the law without admitting wrongdoing. And Michael Winston now has to pay Bank of America for their trouble.
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.