News ArticlesExcerpts of Key News Articles in Major Media
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In ... the Journal of Law, Medicine and Ethics (JLME), Donald W. Light of the School of Public Health, University of Medicine & Dentistry of NJ, wrote an article entitled “Risky Drugs: Why The FDA Cannot Be Trusted”. The bulk of his essay focuses not on his views about pharma’s competence but rather on his issues with the FDA. While I found a number of his comments troubling, the following stood out. “The ... article in JLME also presents systematic, quantitative evidence that since the industry started making large contributions to the FDA for reviewing its drugs, as it makes large contributions to Congressmen ... drugs approved are significantly more likely to cause serious harm, hospitalizations, and deaths.” This is a pretty damning comment. Basically, Light is saying that pharma paid congressmen to sponsor legislation that results in the FDA being beholden to pharma for funding for its work. Implicit in this is that, as a result of these large “contributions”, the grateful FDA is rapidly approving medicines that are harmful.
Note: For more along these lines, see concise summaries of deeply revealing news articles about big pharma profiteers and government corruption.
During last week’s Black Hat computer security conference in Las Vegas, researchers from iSEC Partners demonstrated a vulnerability in 2012 models of Samsung’s line of Smart TVs, particularly the ones with that come with cameras designed for teleconferencing. The problem with the Samsung TVs highlights a much larger issue: The number of devices connected to the Internet is growing exponentially, and many of them have little or no security in place. Flaws may be found in almost any application on an Internet-connected platform that, if exploited, could allow access to the entire device, and then the user’s full network. Many of these unsecured devices can be found with a simple search. In fact, there’s a search engine devoted just to scouring the so-called “Internet of things” called Shadon. Playing around with it is an eye-opener. For example, in late July a writer for Forbes discovered an entire home automation product line with Internet-connected features that could be set up without a default password, and were visible to search engines. This would enable a hacker to search and find these systems on the Net, then access them at will. To prove her point, Kashmir Hill breached the home automation systems of random strangers, called them on the phone and demonstrated the vulnerability by turning their lights on and off.
Note: For more on corporate and government privacy invasions, see the deeply revealing reports from reliable major media sources available here.
When you're watching TV ... you probably don't think someone could be on the other side watching you back. An alarming security flaw in Samsung's Smart-TVs makes this scenario possible. LAURIE SEGALL [CNN Money/Technology Correspondent]: We've spoken to a lot of folks and they're saying there are major vulnerabilities. YAVOR: One of the things we were able to do with the Smart-TV platform was abuse the browser so that we could actually gain access to the camera that's built into the TV. What we can prove here is that with a little bit of extra code, we can turn the camera on in your browser. This is something we can do invisibly and actually have it run behind the web page you're looking at. I could be sitting at a laptop in a cafe in Paris, and as long as I have a web connection, I would be able to get into your TV and access your camera. AARON GRATTAFIORI [security consultant]: The scary thing about it is that it doesn't give an indication that the camera is on and there is no LED that shows up when the camera is on. So they could actually be watching you and you would never even know. SEGALL: What is a Smart-TV, and why is it a playground, essentially, for hackers? GRATTAFIORI: It's a computer. So instead of being a tube and some other electronics, now it has a web browser and it has a lot of devices running Linux.
Note: To watch this video clip on CNN News, click here.
The CIA has been subjecting operatives to monthly polygraph tests in an attempt to suppress details of a reported US arms smuggling operation in Benghazi that was ongoing when its ambassador was killed by a mob in the city last year, according to reports. Up to 35 CIA operatives were working in the city during the attack last September on the US consulate that resulted in the death of Ambassador Chris Stevens and three other Americans, according to CNN. The television network said that a CIA team was working in an annex near the consulate on a project to supply missiles from Libyan armouries to Syrian rebels. Sources said that more Americans were hurt in the assault ... than had been previously reported. CIA chiefs were actively working to ensure the real nature of its operations in the city did not get out. So only the losses suffered by the State Department in the city had been reported to Congress. Frank Wolf, a US congressman who represents the district that contains CIA headquarters in Langley, Virginia, is one of 150 members of Congress for a new investigation into the failures in Benghazi. "I think it is a form of a cover-up, and I think it's an attempt to push it under the rug," he said. "We should have the people who were on the scene come in, testify under oath, do it publicly, and lay it out. And there really isn't any national security issue involved with regards to that."
Note: For more on the hidden realities of intelligence agency operations, see the deeply revealing reports from reliable major media sources available here.
JPMorgan Chase & Co. has agreed to pay federal regulators $410 million to settle allegations that the giant bank manipulated energy markets in California and Michigan. About $285 million of the settlement will go to the U.S. Treasury for civil penalties, and about $124 million will be refunded to California ratepayers. The remainder will be refunded to Michigan ratepayers. If this story sounds familiar, that's because it is. Californians who remember the Enron energy debacle of 2000-01 won't be surprised to learn that JPMorgan's traders have been accused of fraudulent behavior. Once again, the fraud was performed by manipulating the auction system that was developed by a quasi-state agency, the California Independent System Operator, to handle California's electricity needs. The Federal Energy Regulatory Commission found that JPMorgan engaged in 12 manipulative bidding strategies, which wound up forcing ratepayers to pay higher amounts than they should have - all because the bank wanted to find a cheap way to profit off of aging power plants in Southern California. JPMorgan used a variety of bait-and-switch strategies - duping Cal-ISO into paying exorbitant fees for running the plants at a low level, for instance, or manipulating the bidding system so that Cal-ISO was forced to pay rates that were many times higher than market rate. The fact that this kind of manipulation is still happening is upsetting. And while $410 million is a record settlement for the FERC, it's a drop in the bucket to JPMorgan, which reported $6.5 billion in quarterly profits this month.
Note: Remember Enron, which scammed millions and then went bankrupt, wiping out pensions of its many employees? To read CBS reports on how Enron purposely shut down power plants so they could cause and then cash in on the energy crisis, click here.
Computers and networks inherently produce data, and our constant interactions with them allow corporations to collect an enormous amount of intensely personal data about us as we go about our daily lives. Sometimes we produce this data inadvertently simply by using our phones, credit cards, computers and other devices. Sometimes we give corporations this data directly on Google, Facebook, [or] Apple’s iCloud ... in exchange for whatever free or cheap service we receive from the Internet in return. The NSA is also in the business of spying on everyone, and it has realized it’s far easier to collect all the data from these corporations rather than from us directly. The result is a corporate-government surveillance partnership, one that allows both the government and corporations to get away with things they couldn’t otherwise. There are two types of laws in the U.S., each designed to constrain a different type of power: constitutional law, which places limitations on government, and regulatory law, which constrains corporations. Historically, these two areas have largely remained separate, but today each group has learned how to use the other’s laws to bypass their own restrictions. The government uses corporations to get around its limits, and corporations use the government to get around their limits. This partnership manifests itself in various ways. The government uses corporations to circumvent its prohibitions against eavesdropping domestically on its citizens. Corporations rely on the government to ensure that they have unfettered use of the data they collect.
Note: For more on government and corporate privacy invasions, see the deeply revealing reports from reliable major media sources available here.
A group of experts advising the nation’s premier cancer research institution has recommended changing the definition of cancer and eliminating the word from some common diagnoses as part of sweeping changes in the nation’s approach to cancer detection and treatment. The recommendations, from a working group of the National Cancer Institute, were published [in] The Journal of the American Medical Association. They say, for instance, that some premalignant conditions, like one that affects the breast called ductal carcinoma in situ, which many doctors agree is not cancer, should be renamed to exclude the word carcinoma so that patients are less frightened and less likely to seek what may be unneeded and potentially harmful treatments that can include the surgical removal of the breast. The group, which includes some of the top scientists in cancer research, also suggested that many lesions detected during breast, prostate, thyroid, lung and other cancer screenings should not be called cancer at all but should instead be reclassified as IDLE conditions, which stands for “indolent lesions of epithelial origin.” The impetus behind the call for change is a growing concern among doctors, scientists and patient advocates that hundreds of thousands of men and women are undergoing needless and sometimes disfiguring and harmful treatments for premalignant and cancerous lesions that are so slow growing they are unlikely to ever cause harm. Once doctors and patients are aware a lesion exists, they typically feel compelled to biopsy, treat and remove it, often at great physical and psychological pain and risk to the patient.
Note: Isn't it interesting that a diagnosis which might not even be accurate can so change a person's life? For more on promising cancer cures which are being suppressed by the medical-industrial complex, see the deeply revealing reports from reliable major media sources available here.
Last year when American Paradigm Schools took over Philadelphia's infamous, failing John Paul Jones Middle School, they did something a lot of people would find inconceivable. The school was known as "Jones Jail" for its reputation of violence and disorder, and because the building physically resembled a youth correctional facility. Situated in the Kensington section of the city, it drew students from the heart of a desperately poor hub of injection drug users and street level prostitution where gun violence rates are off the charts. But rather than beef up the already heavy security to ensure safety and restore order, American Paradigm stripped it away. During renovations, they removed the metal detectors and barred windows. The police predicted chaos. But instead, new numbers seem to show that in a single year, the number of serious incidents fell by 90%. The school says it wasn't just the humanizing physical makeover of the facility that helped. Memphis Street Academy also credits the Alternatives to Violence Project (AVP), a noncoercive, nonviolent conflict resolution regimen originally used in prison settings that was later adapted to violent schools. AVP, when tailored to school settings, emphasizes student empowerment, relationship building and anger management over institutional control and surveillance. There are no aggressive security guards in schools using the AVP model; instead they have engagement coaches, who provide support, encouragement, and a sense of safety.
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
On Feb. 5, 1971, Edgar Mitchell became the sixth of only 12 men to step on the moon. Of that elite dozen, ... Mitchell is the only one to go on record about his controversial belief in extraterrestrial UFOs -- and of a possible government cover-up. While on active duty as a test pilot for the U.S. Navy, he completed an M.S. in aeronautical engineering at the U.S. Naval Postgraduate School and a doctorate in aeronautics at the Massachusetts Institute of Technology. Mitchell also served in combat during the Korean War as a fighter pilot. In 1970, he was awarded the Presidential Medal of Freedom. After retiring from NASA in 1972, he founded the Institute of Noetic Sciences. [Q]: You’re ... known for your views on UFOs. What’s your experience regarding the Roswell, New Mexico, incident of 1947? Mitchell: After my space flight, I was contacted by descendants of the original Roswell observers, including the person who delivered the child-sized coffins to the Air Force [alleged] to contain alien bodies. They all seemed credible with their stories that the bodies found were alien. [Q.]: If that’s the case, why has it been hushed up? Mitchell: Initially I think there was justification in that leadership officials thought people weren’t ready to handle it. But we are well past that now. But it’s not just military. It’s a cabal of organizations primarily for a profit motive. Think of what that could mean in terms of space travel with control of UFO machinery, technology. There’s a lot of money involved.
Note: For Mercury and Gemini astronaut Gordon Cooper on his personal experience with UFOs, click here. Edgar Mitchell wrote The Way of the Explorer to document his experiences with mysticism and space. For a more detailed description of his thoughts on UFOs, click here and here. For other reliable information on UFOs and the related cover-up, see our UFO Information Center available here.
Seventeen years ago, a nervous-sounding woman rang and asked me to publicise a top-secret report. She was not the whistleblower, she explained, but a go-between. She would not give me her name: “It’s safer if you don’t know.” That secret report revealed the extensive rape and savage beating of countless children in North Wales children’s homes. It was titled “Child Abuse: An independent investigation commissioned by Clwyd County Council, period 1974-1995”. Last week, John Jillings’ report on the Clwyd scandal was finally published. But Flintshire county council – successor to Clwyd – has heavily censored it. I dug out the original and discovered, unsurprisingly, that the cover-up continues. At least one paper and a news channel independently acquired the report: clearly, others whistle-blew. The coverage was widespread, and the whistleblowers’ drip-feed strategy worked: no one was arrested or sued. Clamour mounted, and the Government announced a public inquiry. The late judge, Sir Ronald Waterhouse, took evidence over three years, and in 2000 produced a report, “Lost in Care”. His tribunal had cost millions and ultimately achieved little, other than fat fees for lawyers. It amplified the horrors described by Jillings but it did not lead to arrests or managers being disciplined or struck off. The authorities had issued such stern libel threats to Jillings’s panel that it only named a few of the accused staff who were allowed to resign unpunished. But he exposed the excuses of the jobsworths who allowed sadists to control these terrible homes. This is the real censored dynamite in the report.
Note: For more on sex abuse scandals, see the deeply revealing reports from reliable major media sources available here.
Pop quiz: Name a state residential school where children were enrolled in medical experiments over an almost 20-year period, in which they were unknowingly fed a steady diet of radioactive isotopes, subjected to regular blood draws, and placed in solitary confinement if they refused to cooperate. Answer: the Walter E. Fernald State School in Waltham [Mass.} during the mid 20th century. Unfortunately, as Allen Hornblum, Judith Newman, and Gregory Dober painfully describe in their chilling new book, Against Their Will: The Secret History of Medical Experimentation on Children in Cold War America, Fernald was not the only institution in the country, or even in the state, where children were conscripted into sometimes deadly medical experiments. These were conducted by ambitious physicians and scientists whose belief in what they were trying to accomplish often blinded them to the potentially horrific consequences of their actions. “Against Their Will’’ opens with an overview of the eugenics movement in the United States, which found sympathizers among many luminaries of American medicine in the 19th and early 20th centuries. With its disdain for the disabled, who were considered genetically inferior, the movement paved the way for use of “defective’’ children in research. The book then provides multiple examples of medical experiments perpetrated on developmentally delayed and physically disabled children at multiple institutions across the country over the course of decades, often reading like case studies straight out of the 1947 Nazi doctors’ trial.
Note: For a long list of verifiable incidents where unknowing citizens were used as guinea pigs on a massive scale, click here.
The top U.S. special operations commander, Adm. William McRaven, ordered military files about the Navy SEAL raid on Osama bin Laden's hideout to be purged from Defense Department computers and sent to the CIA, where they could be more easily shielded from ever being made public. The secret move, described briefly in a draft report by the Pentagon's inspector general, set off no alarms within the Obama administration even though it appears to have sidestepped federal rules and perhaps also the U.S. Freedom of Information Act. The CIA, noting that the bin Laden mission was overseen by then-CIA Director Leon Panetta before he became defense secretary, said that the SEALs were effectively assigned to work temporarily for the CIA, which has presidential authority to conduct covert operations. The records transfer was part of an effort by McRaven to protect the names of the personnel involved in the raid, according to the inspector general's draft report. But secretly moving the records allowed the Pentagon to tell The Associated Press that it couldn't find any documents inside the Defense Department that AP had requested more than two years ago, and would represent a new strategy for the U.S. government to shield even its most sensitive activities from public scrutiny. "Welcome to the shell game in place of open government," said Thomas Blanton, director of the National Security Archive, a private research institute at George Washington University. "Guess which shell the records are under. If you guess the right shell, we might show them to you. It's ridiculous."
Note: For a powerful analysis of the strong evidence that Osama bin Laden most likely died in Afghanistan in December 2001, long before he was "killed" by the SEALs raid in Pakistan, read David Ray Griffin's Osama bin Laden: Dead or Alive? For more on government secrecy, see the deeply revealing reports from reliable major media sources available here.
CNBC’s BRIAN SULLIVAN: Is there anyone else in the Senate that is a professor? ELIZABETH WARREN: I don't think so. ... We had the big crash in 2008. What does everyone say about it? They say too much concentration in financial services creates too big to fail. It puts us at bigger risk. And what's happened since 2008? The four biggest financial institutions are now 30% bigger than they were in 2008. The central premise behind a 21st century Glass-Steagall is to say if you want to get out there and take risks, go ahead and do it. But ... you can't get access to FDIC insured deposits when you do. That way ... at least one portion of our banking sector stays safe. From 1797 to 1933, the American banking system crashed about every 15 years. In 1933, we put good reforms in place, for which Glass-Steagall was the centerpiece, and from 1933 to the early 1980s, that’s a 50 year period, we didn’t have any of that – none. We kept the system steady and secure. And it was only as we started deregulating, [you hit] the S&L crisis, and what did we do? We deregulated some more. And then you hit long-term capital management at the end of the 90s, and what did we do as a country? This country continued to deregulate more. And then we hit the big crash in 2008. You are not going to defend the proposition that regulation can never work, it did work. SULLIVAN: I didn’t say regulation never worked, Senator. By far and away, and I agree, there were fewer bank failures in that time after Glass-Steagall. ELIZABETH WARREN: “Fewer,” as in, of the big ones, zero.
Note: Sen. Warren is one of the few bright lights in Congress. Watch this interview to see why. To read about later censorship of this interview by NBC, click here.
In more than a dozen classified rulings, the nation’s surveillance court has created a secret body of law giving the National Security Agency the power to amass vast collections of data on Americans. The rulings, some nearly 100 pages long, reveal that the court has taken on a much more expansive role by regularly assessing broad constitutional questions and establishing important judicial precedents, with almost no public scrutiny. The 11-member Foreign Intelligence Surveillance Court, known as the FISA court, was once mostly focused on approving case-by-case wiretapping orders. But since major changes in legislation and greater judicial oversight of intelligence operations were instituted six years ago, it has quietly become almost a parallel Supreme Court, serving as the ultimate arbiter on surveillance issues and delivering opinions that will most likely shape intelligence practices for years to come. In one of the court’s most important decisions, the judges have expanded the use in terrorism cases of a legal principle known as the “special needs” doctrine and carved out an exception to the Fourth Amendment’s requirement of a warrant for searches and seizures. Unlike the Supreme Court, the FISA court hears from only one side in the case — the government — and its findings are almost never made public.
Note: For more on government secrecy, see the deeply revealing reports from reliable major media sources available here.
Leslie James Pickering noticed something odd in his mail last September: a handwritten card, apparently delivered by mistake, with instructions for postal workers to pay special attention to the letters and packages sent to his home. “Show all mail to supv” — supervisor — “for copying prior to going out on the street,” read the card. It included Mr. Pickering’s name, address and the type of mail that needed to be monitored. The word “confidential” was highlighted in green. “It was a bit of a shock to see it,” said Mr. Pickering, who with his wife owns a small bookstore in Buffalo. More than a decade ago, he was a spokesman for the Earth Liberation Front, a radical environmental group labeled eco-terrorists by the Federal Bureau of Investigation. As the world focuses on the high-tech spying of the National Security Agency, the misplaced card offers a rare glimpse inside the seemingly low-tech but prevalent snooping of the United States Postal Service. Mr. Pickering was targeted by a longtime surveillance system called mail covers, a forerunner of a vastly more expansive effort, the Mail Isolation Control and Tracking program, in which Postal Service computers photograph the exterior of every piece of paper mail that is processed in the United States — about 160 billion pieces last year. It is not known how long the government saves the images. The Mail Isolation Control and Tracking program was created after the anthrax attacks in late 2001. It enables the Postal Service to retrace the path of mail at the request of law enforcement. No one disputes that it is sweeping.
Note: The exposure by whistleblower Edward Snowden of the NSA's massive domestic and global spying operations seems to have triggered a series of other revelations about surveillance of the US population, like this report on the US Postal Service's photographing all mail. Hardly a week goes by without another major revelation, such as a new digital photo-ID database utilized by the FBI and police forces, and the development by US police of a national DNA database on all "potential suspects". Since very few US citizens are terrorists, what is the real purpose behind this total surveillance?
HSBC Holdings Plcs $1.9 billion agreement with the U.S. to resolve charges it enabled Latin American drug cartels to launder billions of dollars was approved by a federal judge. U.S. District Judge John Gleeson in Brooklyn, New York, signed off yesterday on a deferred-prosecution agreement. HSBC was accused of failing to monitor more than $670 billion in wire transfers and more than $9.4 billion in purchases of U.S. currency from HSBC Mexico, allowing for money laundering, prosecutors said. The bank also violated U.S. economic sanctions against Iran, Libya, Sudan, Burma and Cuba, according to a criminal information filed in the case. The bank, Europes largest, agreed to pay a $1.25 billion forfeiture and $665 million in civil penalties under the settlement, prosecutors announced in December. At a hearing the same month, Gleeson told prosecutors there had been publicized criticism of the agreement, which lets the bank and management avoid further criminal proceedings over the charges. Lack of proper controls allowed the Sinaloa drug cartel in Mexico and the Norte del Valle cartel in Colombia to move more than $881 million through HSBCs U.S. unit from 2006 to 2010, the government alleged in the case. The bank also cut resources for its anti-money-laundering programs to cut costs and increase profits, the government said in court filings. Under a deferred prosecution agreement, the U.S. allows a target to avoid charges.
Note: HSBC was founded to service the international drug trade, and is considered too big to criminally prosecute. 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 financial industry corruption.
The Army is blocking all access to The Guardian newspaper's reports about the National Security Agency's sweeping collection of data about Americans' email and phone communications, an Army spokesman said Thursday. The Monterey (Calif.) Herald reported that employees at the Presidio of Monterey, an Army public affairs base about 100 miles south of San Francisco, were unable to gain access to The Guardian's articles on former NSA contractor Edward Snowden and his professed leaks of classified information about the intelligence programs. Late Thursday, an Army spokesman told The Herald by email that the newspaper's NSA reports were, in fact, being blocked across the entire Army. He wrote that it's routine for the Defense Department to take "network hygiene" action to prevent disclosure of classified information, The Herald reported. "We make every effort to balance the need to preserve information access with operational security," the newspaper quoted the spokesman as saying. "However there are strict policies and directives in place regarding protecting and handling classified information."
Note: To read the full story in the Monterey Herald, click here. For the Guardian's coverage of this, click here. Does the military have the right to censor its members' access to information?
A cadre of six government and non-government experts who served the National Transportation Safety Board when that independent federal agency investigated the explosion of a Boeing 747 off the coast of Long Island in July 1996 ... are the protagonists of a new documentary, "TWA Flight 800". After four years of investigation, the NTSB claimed the cause of Flight 800's explosion was a mechanical defect, but the new documentary, written and directed by journalist Kristina Borjesson, claims the FBI, NTSB and other government agencies may have covered up that the plane was brought down by a missile strike. Participants in the film have called on the NTSB to reopen the case based on altered physical evidence, suppressed data, and unexamined testimony from hundreds of eyewitnesses. [The] book Attention All Passengers: The Airlines’ Dangerous Descent—and How to Reclaim Our Skies ... published last year ... thanked “the brave men and women who are Federal Aviation Administration, Transportation Security Administration, and airline whistleblowers.” These whistleblowers confirmed such problems as defective airline maintenance outsourcing, FAA oversight failures, TSA waste, and many other important findings. After watching the documentary, I believe there are enough smoking guns to warrant an unbiased reexamination. Last week one major news site was in near hysterics about the documentary, employing the term “conspiracy” ten times. Kristina Borjesson ... wasn’t surprised, noting that reexamining hot topics “discredits previous reporting.”
Note: Kristina Borjesson is a long-time supporter of WantToKnow.info who has written a great piece on Flight 800, which we have posted at this link. She's also the editor of what may be the best book ever on media corruption and manipulation, Into the Buzzsaw. You can find an excellent two-page summary of the book at this link. For the engaging trailer to this film, click here.
Russ Tice, a former intelligence analyst and Bush-era NSA whistleblower, claimed Wednesday that the intelligence community has ordered surveillance on a wide range of groups and individuals, including high-ranking military officials, lawmakers and diplomats. “They went after – and I know this because I had my hands literally on the paperwork for these sort of things – they went after high-ranking military officers. They went after members of Congress, both Senate and the House, especially on the intelligence committees and on the armed services committees," [said] Tice. “But they went after other ones, too. They went after lawyers and law firms. They went after judges. One of the judges is now sitting on the Supreme Court. Two are former FISA court judges. They went after State Department officials. They went after people in the executive service that were part of the White House.” Then Tice dropped the bombshell about Obama. "In summer of 2004, one of the papers that I held in my hand was to wiretap a bunch of numbers associated with a 40-something-year-old wannabe senator for Illinois ... that’s the president of the United States now.” FBI whistleblower Sibel Edmonds and Tice agreed that such wide-ranging surveillance of officials could provide the intelligence agencies with unthinkable power to blackmail their opponents. “I was worried that the intelligence community now has sway over what is going on,” Tice said. Tice first blew the whistle on ... domestic spying across multiple agencies in 2005.
Note: Listen to Tice's shocking revelations in this interview. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and throughout intelligence agencies.
The probe of Libor manipulation is proving to be the tip of the iceberg as inquiries into assets from derivatives to foreign exchange show that if there’s a chance to rig benchmark rates in world markets, someone is usually willing to try. Singapore’s monetary authority last week censured 20 banks for attempting to fix interest rate levels in the island state and ordered them to set aside as much as $9.6 billion. Britain’s markets regulator is looking into the $4.7 trillion-a-day currency market after Bloomberg News reported that traders have manipulated key rates for more than a decade, citing five dealers. “It’s happened time and again: all of these markets have been influenced by major market-makers, which is a polite way of saying they’ve been rigged,” Charles Geisst, a finance professor at Manhattan College in Riverdale, New York, said. While the indexes under scrutiny are little known to the public, their influence extends to trillions of dollars in securities and derivatives. Barclays, UBS and Royal Bank of Scotland have been fined about $2.5 billion in the past year for distorting the London interbank offered rate, which is tied to $300 trillion worth of securities. Regulators are also probing ISDAfix, a measure used in the $370 trillion interest-rate swaps market, as well as how some oil products prices are set. Inquiries are broadening into the transparency of benchmarks whose levels can be determined by the same people whose income they affect. In the case of Libor, traders who stood to profit worked with bank employees responsible for submissions for the benchmark to rig the price.
Note: To read highly revealing major media articles showing just how crazy and unregulated the derivatives market is, click here. For deeply revealing reports from reliable major media sources on financial corruption, click here.
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.