News ArticlesExcerpts of Key News Articles in Major Media
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Arguably the most prestigious medical journal in the world, the New England Journal of Medicine regularly features articles over which pharmaceutical companies and their employees can exert significant influence. Over a year-long period ending in August, NEJM published 73 articles on original studies of new drugs, encompassing drugs approved by the FDA since 2000 and experimental drugs. Of those articles, 60 were funded by a pharmaceutical company, 50 were co-written by drug company employees and 37 had a lead author, typically an academic, who had previously accepted outside compensation from the sponsoring drug company in the form of consultant pay, grants or speaker fees. The New England Journal of Medicine is not alone in featuring research sponsored in large part by drug companies — it has become a common practice that reflects the growing role of industry money in research. Years ago, the government funded a larger share of such experiments. But since about the mid-1980s, research funding by pharmaceutical firms has exceeded what the National Institutes of Health spends. Last year, the industry spent $39 billion on research in the United States while NIH spent $31 billion. When the company is footing the bill, the opportunities for bias are manifold: Company executives seeking to promote their drugs can design research that makes their products look better. They can select like-minded academics to perform the work. And they can run the statistics in ways that make their own drugs look better than they are. If troubling signs about a drug arise, they can steer clear of further exploration.
Note: To read an excellent summary of a book written by a former editor in chief of the NEJM exposing major corruption by the pharmaceuticals which poses a great threat to public health, click here. For deeply revealing reports from reliable major media sources on corruption in the pharmaceutical industry, click here.
Britain’s biggest bank is at the centre of a major ... investigation after it opened offshore accounts in Jersey for serious criminals living in this country. Tax authorities have obtained details of every British client of HSBC in Jersey after a whistleblower secretly provided a detailed list of names, addresses and account balances earlier this week. Among those identified on the list are Daniel Bayes, a drug dealer who is now in Venezuela; Michael Lee, who was convicted of possessing more than 300 weapons at his house in Devon; three bankers facing major fraud allegations and a man once dubbed London’s “number two computer crook”. The disclosures raise serious questions about HSBC’s procedures in Jersey, with the bank already preparing to pay fines of around $1.5 billion in America for breaking money laundering rules. The bank is legally obliged to report to the authorities any suspicions about the source of money deposited in its accounts. The list identifies 4,388 people holding Ł699 million in offshore current accounts and they are also likely to have billions of pounds more in investment schemes. Several celebrities and other well-known figures are understood to be identified in the client data. The HSBC Jersey client list is understood to be heavily dominated by senior figures in the City. Dozens of bankers are understood to have deposited six-figure sums offshore with some institutions said to have “clusters” of employees taking advantage of the accounts. Doctors, mining and oil executives and oil workers are also heavily represented in the list.
Note: For deeply revealing reports from reliable major media sources on financial corruption and criminality, click here.
Uruguay’s [president] José Mujica ... has shunned the country’s Residencia de Suárez for the cozy but modest quarters of his small home on the outskirts of the capital, Montevideo. Dubbed by many media organizations as the world’s “poorest” president, Mujica and his wife keep house on a small farm surrounded by other tiny homes and guarded by only two police officers and his three-legged dog, Manuela. "I've lived like this most of my life," Mujica told the BBC. "I can live well with what I have." Unlike his forebears and counterparts around the world who live in comfort and are chauffeured around in limousines, Mujica donates 90 percent of his $12,000 monthly salary to charity organizations benefiting the poor and small businesses, and his means of transport is a beat-up 1987 Volkswagon Beetle worth about $1,800 – or the equivalent of his annual personal wealth declaration. This year he bumped his wealth declaration up to $215,000 – only after declaring his wife’s assets of land, tractors and a house – which still pales in comparison to Vice-President Danilo Astori's declared wealth and former President Tabare Vasquez’s bank account. “I'm called 'the poorest president,' but I don't feel poor. Poor people are those who only work to try to keep an expensive lifestyle, and always want more and more," Mujica said. "This is a matter of freedom. If you don't have many possessions then you don't need to work all your life like a slave to sustain them, and therefore you have more time for yourself."
Note: For more on this unusual and inspiring president, click here.
The headquarters of what has rapidly become the largest school in the world, at 10 million students strong, is stuffed into a few large communal rooms in a decaying 1960s office building hard by the commuter rail tracks in Mountain View, Calif. The Khan Academy, which features 3,400 short instructional videos along with interactive quizzes and tools for teachers to chart student progress, is a nonprofit, boasting a mission of “a free world-class education for anyone anywhere.” There will be no IPO; funding comes from philanthropists, not venture capitalists. The next half-century of education innovation is being shaped right now. Global spending on education is $3.9 trillion, or 5.6% of planetary GDP. America spends the most–about $1.3 trillion a year–yet the U.S. ranks 25th out of the 34 OECD countries in mathematics, 17th in science and 14th in reading. It’s those latter statistics that motivate Khan. The site covers a staggering array of topics–from basic arithmetic and algebra to the electoral college and the French Revolution. The videos are quirky affairs where you never see the instructor (usually Salman Khan himself, who personally has created nearly 3,000 of them). Instead, students are confronted with a blank digital blackboard, which, over the course of a ten-minute lesson narrated in Khan’s soothing baritone, is gradually filled up with neon-colored scrawls illustrating key concepts. Over the past two years Khan Academy videos have been viewed more than 200 million times. The site is used by 6 million unique students each month.
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
It's becoming clear that we can grow all the food we need, and profitably, with far fewer chemicals. Conventional agriculture can shed much of its chemical use - if it wants to. What may be the most important agricultural study this year ... was done on land owned by Iowa State University called the Marsden Farm. On 22 acres of it, beginning in 2003, researchers set up three plots: one replicated the typical Midwestern cycle of planting corn one year and then soybeans the next, along with its routine mix of chemicals. On another, they planted a three-year cycle that included oats; the third plot added a four-year cycle and alfalfa. The longer rotations also integrated the raising of livestock, whose manure was used as fertilizer. The results were stunning: The longer rotations produced better yields of both corn and soy, reduced the need for nitrogen fertilizer and herbicides by up to 88 percent, reduced the amounts of toxins in groundwater 200-fold and didn't reduce profits by a single cent. In short, there was only upside - and no downside at all - associated with the longer rotations. There was an increase in labor costs, but remember that profits were stable. So this is a matter of paying people for their knowledge and smart work instead of paying chemical companies for poisons. And it's a high-stakes game; according to the Environmental Protection Agency, about five billion pounds of pesticides are used each year in the United States.
For decades, nobody said anything, at least not publicly, not officially. Everyone knew – that is, everyone in the television and pop music industries knew. The rumours swirled around [Jimmy Savile], that he sexually abused young girls. So for decades the abuse was an open secret, and Jimmy easily rebuffed the rumours when interviewers like Louis Theroux and the psychiatrist Anthony Clare dared to put them to him. So what is the truth about Sir James Savile? When he died almost a year ago, he was given a grand and glorious funeral befitting a folk hero. But now the truth is out. More victims are emerging every day, telling stories of the sexual abuse by Sir Jimmy of children as young as nine, on one occasion alongside the convicted paedophile pop star Gary Glitter. They reveal that, like every practised paedophile, he targeted the most vulnerable children, including those in care. Jimmy, for instance, reportedly visited the notorious Jersey children’s home, Haut de la Garenne, several times in the Sixties and Seventies, where seven people have since been prosecuted for child abuse. Knighted by both the Queen and the Pope, Sir Jimmy hid the private reality that he was also a prolific, predatory paedophile. All of his crimes – the multitude of attacks committed in his famous Rolls-Royce, in his caravan, in schools and children’s homes, in his dressing room and in a London taxi – remained an open secret. In spite of the fact that he flaunted his taste for underage children, police investigations failed, newspaper investigations were never published, a Newsnight film was dropped, and through it all Jimmy’s image remained intact.
Note: If you are ready to see how investigations into a massive child sex abuse ring have led to the highest levels of government, watch the suppressed Discovery Channel documentary "Conspiracy of Silence," available here. For deeply revealing reports from reliable major media sources on sexual abuse, click here.
Last week, Stanford University and New York University released a major study about the use of drones in the ever-evolving but never-ending war on terror. Drones are terrorizing an entire civilian population. [We] spent weeks in Pakistan interviewing more than 60 people from North Waziristan. Many were survivors of strikes. Others had lost loved ones and family members. All of them live under the constant threat of annihilation. What my colleagues and I learned from these unnamed and unknown victims of America's drone warfare gave the report its title: "Living Under Drones." Drones are a constant presence in the skies above the North Waziristan tribal area in Pakistan, with as many as six hovering over villages at any one time. People hear them day and night. They are an inescapable presence, the looming specter of death from above. And that presence is steadily destroying a community twice the size of Rhode Island. The routines of daily life have been ripped to shreds. Indisputably innocent people cower in their homes, afraid to assemble on the streets. "Double taps," or secondary strikes on the same target, have stopped residents from aiding those who have been injured. A leading humanitarian agency now delays assistance by an astonishing six hours. What makes this situation even worse is that no one can tell people in these communities what they can do to make themselves safe. No one knows who is on the American kill list, no one knows how they got there and no one knows what they can do to get themselves off. It's all terrifyingly random. Suddenly, and without warning, a missile launches and obliterates everyone within a 16-yard radius.
Note: The author of this report, Jennifer Gibson, is a staff attorney with Reprieve, a London-based legal charity that represents dozens of Pakistani drone victims. For an excellent, seven-minute video by professors exploring the tragic reality of drone strikes in Pakistan, click here. For the "Living Under Drones" website where you can read a summary and download this report by Stanford University and the New York Times, click here. To learn about a beautiful movement to place large photos of children's faces in target areas to stop drone operators from killing innocents, click here.
U.S. farmers are using more hazardous pesticides to fight weeds and insects due largely to heavy adoption of genetically modified crop technologies that are sparking a rise of "superweeds" and hard-to-kill insects, according to a newly released study. Genetically engineered crops have led to an increase in overall pesticide use, by 404 million pounds from the time they were introduced in 1996 through 2011, according to the report by Charles Benbrook, a research professor at the Center for Sustaining Agriculture and Natural Resources at Washington State University. Of that total, herbicide use increased over the 16-year period by 527 million pounds while insecticide use decreased by 123 million pounds. Herbicide-tolerant crops were the first genetically modified crops introduced to world, rolled out by Monsanto Co. in 1996, first in "Roundup Ready" soybeans and then in corn, cotton and other crops. Roundup Ready crops are engineered through transgenic modification to tolerate dousings of Monsanto's Roundup herbicide. In recent years, more than two dozen weed species have become resistant to Roundup's chief ingredient glyphosate, causing farmers to use increasing amounts both of glyphosate and other weedkilling chemicals to try to control the so-called "superweeds." Resistant weeds have become a major problem for many farmers reliant on GE crops, and are now driving up the volume of herbicide needed each year by about 25 percent.
Note: For deeply revealing reports from reliable major media sources on the environmental and health risks posed by GMO foods, click here.
Few countries blew up more spectacularly than Iceland in the 2008 financial crisis. The local stock market plunged 90 percent; unemployment rose ninefold; inflation shot to more than 18 percent; the country’s biggest banks all failed. Since then, Iceland has turned in a pretty impressive performance. It has repaid International Monetary Fund rescue loans ahead of schedule. Growth this year will be about 2.5 percent, better than most developed economies. Unemployment has fallen by half. Iceland’s approach was the polar opposite of the U.S. and Europe, which rescued their banks and did little to aid indebted homeowners. Nothing distinguishes Iceland as much as its aid to consumers. To homeowners with negative equity, the country offered write-offs that would wipe out debt above 110 percent of the property value. The government also provided means-tested subsidies to reduce mortgage-interest expenses: Those with lower earnings, less home equity and children were granted the most generous support. In June 2010, the nation’s Supreme Court gave debtors another break: Bank loans that were indexed to foreign currencies were declared illegal. Because the Icelandic krona plunged 80 percent during the crisis, the cost of repaying foreign debt more than doubled. The ruling let consumers repay the banks as if the loans were in krona. These policies helped consumers erase debt equal to 13 percent of Iceland’s $14 billion economy. Now, consumers have money to spend on other things.
Note: For deeply revealing reports from reliable major media sources on the collusion of most major governments with the financial sector whose profiteering contributed to the global economic crisis, click here.
Poor, minority neighborhoods in St. Louis were unwittingly part of Cold War chemical studies. Aerosol was sprayed from blowers installed on rooftops and mounted on vehicles. “The Army claims that they were spraying a quote ‘harmless’ zinc cadmium sulfide,” says Dr. Lisa Martino-Taylor, Professor of Sociology. Yet Martino-Taylor points out, cadmium was a known toxin at the time of the spraying in the mid 50’s and mid 60’s. Worse, she says the aerosol was laced with a fluorescent additive – a suspected radiological compound – produced by U.S. Radium, a company linked to the deaths of workers at a watch factory decades before. “The powder was milled to a very, very fine particulate level. This stuff travelled for up to 40 miles. So really all of the city of St. Louis was ultimately inundated by the stuff.” Martino-Taylor says she’s obtained documents from multiple federal agencies showing the government concocted an elaborate story to keep the testing secret. Part of the deception came from false news reports planted by government agencies. “They told local officials and media that they were going to test clouds under which to hide the city in the event of aerial attack. This was against all military guidelines of the day, against all ethical guidelines, against all international codes such as the Nuremberg Code,” she says. The spraying occurred between 1953 and 54 and again from 1963 to 65.
Note: Dr. Martino-Taylor’s comprehensive research on this incident is available here. Read an incredibly well researched timeline with links for verification of the use of humans as guinea pigs in numerous government experiments. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and health.
The doctors prescribing ... drugs don't know they don't do what they're meant to. Nor do their patients. The manufacturers know full well, but they're not telling. Negative data goes missing, for all treatments, in all areas of science. The regulators and professional bodies we would reasonably expect to stamp out such practices have failed us. Drugs are tested by the people who manufacture them, in poorly designed trials, on hopelessly small numbers of weird, unrepresentative patients, and analysed using techniques that are flawed by design, in such a way that they exaggerate the benefits of treatments. Unsurprisingly, these trials tend to produce results that favour the manufacturer. When trials throw up results that companies don't like, they are perfectly entitled to hide them from doctors and patients, so we only ever see a distorted picture of any drug's true effects. This distorted evidence is then communicated and applied in a distorted fashion. In their 40 years of practice after leaving medical school, doctors hear about what works ad hoc, from sales reps, colleagues and journals. But those colleagues can be in the pay of drug companies – often undisclosed – and the journals are, too. And so are the patient groups. And finally, academic papers, which everyone thinks of as objective, are often covertly planned and written by people who work directly for the companies, without disclosure. Sometimes whole academic journals are owned outright by one drug company.
Note: This is an edited extract from Bad Pharma: How Drug Companies Mislead Doctors and Harm Patients, by Ben Goldacre, published next week by Fourth Estate. For deeply revealing reports from reliable major media sources on pharmaceutical corruption, click here.
The global pharmaceutical industry has racked up fines of more than $11bn in the past three years for criminal wrongdoing, including withholding safety data and promoting drugs for use beyond their licensed conditions. In all, 26 companies, including eight of the 10 top players in the global industry, have been found to be acting dishonestly. The scale of the wrongdoing, revealed for the first time, has undermined public and professional trust in the industry and is holding back clinical progress, according to two papers published in today's New England Journal of Medicine. Leading lawyers have warned that the multibillion-dollar fines are not enough to change the industry's behaviour. The 26 firms are under "corporate integrity agreements", which are imposed in the US when healthcare wrongdoing is detected, and place the companies on notice for good behaviour for up to five years. The largest fine of $3bn, imposed on the UK-based company GlaxoSmith-Kline in July after it admitted three counts of criminal behaviour in the US courts, was the largest ever. But GSK is not alone – nine other companies have had fines imposed, ranging from $420m on Novartis to $2.3bn on Pfizer since 2009, totalling over $11bn. Kevin Outterson, a lawyer at Boston University, says that despite the eye watering size of the fines they amount to a small proportion of the companies' total revenues and may be regarded as a "cost of doing business".
Note: For deeply revealing reports from reliable major media sources on pharmaceutical corruption, click here.
There is a national crisis of federal employees engaged in the child porn industry and a related epidemic at the state level. Two states, Vermont and Maine ... appear to be running state protected child trafficking rings with evidence of cops, judges, lawyers, clergy and government employees covering for each other. This kind of racketeering creates powerful, and extremely profitable, pedophile rings. It is estimated that a criminal willing to molest a child in front of a live webcam can earn $1,000 a night. In Kittery Maine, at the “Danish Health Club,” one bust yielded $6.1 million in “door fees” over a five year period with “prostitutes” earning $12 million. The “door man” was a retired police officer whose wife worked in back. This bust happened because of one hard-working IRS agent, Rod Giguere. An estimated $1.4 billion has been collected by the IRS’s Whistleblower program since 2006. Half of all global child porn is produced in America. Imagine what the IRS Whistleblower program could collect if they focused on child trafficking as Agent Rod Giguere did in Maine. The Department of Justice (DOJ)’s Child Exploitation and Obscenities unit has been, by many accounts, totally disabled under US Attorney General Eric Holder. Mr. Holder even refused to prosecute his own Assistant United States Attorney caught doing child porn on DOJ computers. With so many police, judges, clergy, state and federal employees across America involved in the child porn industry Americans should be able to turn to the IRS’s Whistleblower program.
Note: 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, see concise summaries of deeply revealing news articles on government corruption and sexual abuse scandals.
Over two decades, the Boy Scouts of America failed to report hundreds of alleged child molesters to police and often hid the allegations from parents and the public. A Los Angeles Times review of 1,600 confidential files dating from 1970 to 1991 has found that Scouting officials frequently urged admitted offenders to quietly resign — and helped many cover their tracks. Volunteers and employees suspected of abuse were allowed to leave citing bogus reasons such as business demands, "chronic brain dysfunction" and duties at a Shakespeare festival. The details are contained in the organization's confidential "perversion files," a blacklist of alleged molesters, that the Scouts have used internally since 1919. Scouts' lawyers around the country have been fighting in court to keep the files from public view. As The Times reported in August, the blacklist often didn't work: Men expelled for alleged abuses slipped back into the program, only to be accused of molesting again. Now, a more extensive review has shown that Scouts sometimes abetted molesters by keeping allegations under wraps. In the majority of cases, the Scouts learned of alleged abuse after it had been reported to authorities. But in more than 500 instances, the Scouts learned about it from boys, parents, staff members or anonymous tips. In about 400 of those cases — 80% — there is no record of Scouting officials reporting the allegations to police. In more than 100 of the cases, officials actively sought to conceal the alleged abuse or allowed the suspects to hide it.
Note: For a list giving details of Boy Scout leaders who sexually abused scouts with impunity, click here. For deeply revealing reports from reliable major media sources on institutional sexual abuse, click here.
Revelations that prominent radical activist Richard Aoki was an FBI informant have prompted angry denials among his supporters, but newly released records confirm he was secretly providing information to agents during the period he gave the Black Panthers guns and firearms training. The documents from Aoki's FBI informant file - totaling 221 pages - were released after a court challenge under the Freedom of Information Act and show that Aoki was an informant from 1961 to 1977, with only brief interruptions. The records say that at various points, he provided information that was "unique" and of "extreme value." The records chronicle Aoki's 16-year career as an informant, including years in which he was a student at Merritt College in Oakland and at UC Berkeley, participating in the Black Panthers and other radical groups. They also cover years during which Aoki was a teacher at those universities. An early FBI report says Aoki was assigned the alias "Richard Ford" to use when signing reports, as well as a permanent informant number, which the FBI redacted. It notes his date of birth, his parents' names and his address. "Coverage furnished by this informant is unique and not available from any other source," the FBI report says. "Many activist individuals seek informant's advice and counseling since informant is considered as a militant who has succeeded within the establishment without surrending (sic) to it."
Note: Here is undeniable evidence that the FBI was involved in infiltrating movements and radicalizing them with guns and weapons. Why isn't this being discussed widely in the media, particularly as it is likely this is still going on, most recently with the Occupy movement? The revelation that Aoki was an informant was first made last month in a news report and video by the Center for Investigative Reporting, based on the new book Subversives: The FBI's War on Student Radicals, and Reagan's Rise to Power.
The U.S. health care system squanders $750 billion a year — roughly 30 cents of every medical dollar — through unneeded care, byzantine paperwork, fraud and other waste, the influential Institute of Medicine [said] in a report. President Barack Obama and Republican Mitt Romney are accusing each other of trying to slash Medicare and put seniors at risk. But the counter-intuitive finding from the report is that deep cuts are possible without rationing, and a leaner system may even produce better quality. More than 18 months in the making, the report identified six major areas of waste: unnecessary services ($210 billion annually); inefficient delivery of care ($130 billion); excess administrative costs ($190 billion); inflated prices ($105 billion); prevention failures ($55 billion), and fraud ($75 billion). Adjusting for some overlap among the categories, the panel settled on an estimate of $750 billion. The report makes ten recommendations, including payment reforms to reward quality results instead of reimbursing for each procedure, improving coordination among different kinds of service providers, leveraging technology to reinforce sound clinical decisions and educating patients to become more savvy consumers. The report’s main message for government is to accelerate payment reforms, said panel chair Dr. Mark Smith, president of the California HealthCare Foundation, a research group. For employers, it’s to move beyond cost shifts to workers and start demanding accountability from hospitals and major medical groups. For doctors, it means getting beyond the bubble of solo practice and collaborating with peers and other clinicians.
Note: The US spends far more on health care than most other developed countries which provide health care to all of their citizens. The US system is driven by profits. For more on this, click here.
Weapons sales by the United States tripled in 2011 to a record high, driven by major sales to Persian Gulf [countries], according to a new study for Congress. Overseas weapons sales by the United States totaled $66.3 billion last year, or nearly 78 percent of the global arms market, valued at $85.3 billion in 2011. Russia was a distant second, with $4.8 billion in deals. The U.S. weapons sales total was an "extraordinary increase" over the $21.4 billion in deals for 2010, the study found, and was the largest single-year sales total in the history of U.S. arms exports. The previous high was in fiscal year 2009, when American weapons sales overseas totaled nearly $31 billion. Increasing tensions with Iran drove a set of Persian Gulf nations -- Saudi Arabia, the United Arab Emirates and Oman -- to spend record amounts on weapons. These states do not share a border with Iran, and their purchases focused on warplanes and complex missile defense systems. The agreements with Saudi Arabia included the purchase of 84 advanced F-15 fighters, a variety of ammunition, missiles and logistics support, and upgrades of 70 of the F-15 fighters in the current fleet ... all contributing to a total Saudi weapons deal with the United States of $33.4 billion, according to the study. The United Arab Emirates bought a Terminal High Altitude Area Defense, an advanced anti-missile shield that is valued at $3.49 billion, as well as 16 Chinook helicopters for $939 million.
Note: For analyses of this deeply revealing Congressional report on the intense preparations for war on Iran, click here and here. If just 1% of these skyrocketing arms sales were put towards feeding the world, global hunger would vanish in no time.
When the Justice Department recently closed its criminal investigation of Goldman Sachs, it became all but certain that no major American banks or their top executives would ever face criminal charges for their role in the financial crisis. Justice officials and even President Obama have defended the lack of prosecutions, saying that even though greed and other moral lapses were evident in the run-up to the crisis, the conduct was not necessarily illegal. But that characterization of the financial industry's actions has always defied common sense - and all the more so now that a fuller picture is emerging of the range of banks' reckless and lawless activities, including interest-rate rigging, money laundering, securities fraud and excessive speculation. The financial crisis, fomented over years by big banks and presided over by executives, involved reckless lending, heedless securitizations, exorbitant paydays and illusory profits, all of which led to government bailouts and economic calamity. Is it plausible that none of that broke the law and that none of the people in positions of power and authority knew what was going on? The statute of limitations, generally five years for securities fraud and most other federal offenses, is running out, precluding the possibility of bringing many new suits dating from the bubble years. The result is a public perception that the big banks and their leaders will never have to answer fully for the crisis. The shameless pursuit of Wall Street campaign donations by both political parties strengthens this perception, and further undermines confidence in the rule of law.
Note: For deeply revealing reports from reliable major media sources on the collusion between government and the big banks, click here.
"I believe that banking institutions are more dangerous to our liberties than standing armies." - Thomas Jefferson, 1816. When Thomas Jefferson spoke those words, banks were local and very small compared with the financial behemoths of today. Banks are more dangerous now than in Jefferson's time, and they are totally out of control. During the Depression of the 1930s, President Franklin Roosevelt referred to banks as the "money changers in the temple of our civilization," and little has been done since. It is well past the time that people on Wall Street live by the rule of law - not just pay fines - and some executives go to jail for their conduct. In 2008, the much-publicized Troubled Assets Relief Program bailed out banks and Wall Street to the tune of $700 billion with taxpayer money. While the banks were bailed out of the trouble they caused, they continued to pay out enormous executive bonuses with taxpayers' money in multimillion-dollar year-end gifts. JPMorgan received $25 billion from the government in 2008 and gave out nearly $9 billion in bonus money that year. When the derivative-driven housing market collapsed in 2008, Citigroup and Bank of America, the major banks in that market, and eight other top Wall Street firms got $1.2 trillion in then-secret loans of taxpayer money from the Federal Reserve. The Fed even went to court in an attempt to hide the identities of those banks from the public. Regulating the banks and bringing the rule of law to Wall Street banks is necessary now. Sending a few Wall Street banksters to jail would stop some of the abuse as well.
Note: For deeply revealing reports from reliable major media sources on the corrupt relationship between government and the financial sector, click here.
Money laundering. Price fixing. Bid rigging. Securities fraud. Talking about the mob? No, unfortunately. Wall Street. These days, the business sections of newspapers read like rap sheets. GE Capital, JPMorgan Chase, UBS, Wells Fargo and Bank of America tied to a bid-rigging scheme to bilk cities and towns out of interest earnings. ING Direct, HSBC and Standard Chartered Bank facing charges of money laundering. Barclays caught manipulating a key interest rate, costing savers and investors dearly, with a raft of other big banks also under investigation. Not to speak of the unprecedented wrongdoing that precipitated the financial crisis of 2008. Yet, it's clear that the unrepentant and the unreformed are still all too present within our banking system. A June survey of 500 senior financial services executives in the United States and Britain turned up stunning results. Some 24 percent said that they believed that financial services professionals may need to engage in illegal or unethical conduct to succeed, 26 percent said that they had observed or had firsthand knowledge of wrongdoing in the workplace, and 16 percent said they would engage in insider trading if they could get away with it. That too much of Wall Street remains unchanged is not surprising. Simply stated, the banks and their leaders have paid no real economic, legal or political price for their wrongdoing and thus have not felt compelled to change.
Note: The author of this article, Phil Angelides, is a former state treasurer of California and the chairman of the Financial Crisis Inquiry Commission. For deeply revealing reports from reliable major media sources on the corrupt relationship between government and the financial sector, click here.
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