News StoriesExcerpts of Key News Stories in Major Media
Note: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
A revolutionary device that can harness energy from slow-moving rivers and ocean currents could provide enough power for the entire world, scientists claim. The technology can generate electricity in water flowing at a rate of less than one knot - about one mile an hour - meaning it could operate on most waterways and sea beds around the globe. Existing technologies which use water power, relying on the action of waves, tides or faster currents created by dams, are far more limited in where they can be used, and also cause greater obstructions when they are built in rivers or the sea. Turbines and water mills need an average current of five or six knots to operate efficiently, while most of the earth's currents are slower than three knots. The new device, which has been inspired by the way fish swim, consists of a system of cylinders positioned [horizontally] to the water flow and attached to springs. As water flows past, the cylinder creates vortices, which push and pull the cylinder up and down. The mechanical energy in the vibrations is then converted into electricity. The scientists behind the technology, which has been developed in research funded by the US government, say ... the technology would require up to 50 times less ocean acreage than wave power generation. The system, conceived by scientists at the University of Michigan, is called Vivace, or "vortex-induced vibrations for aquatic clean energy".
Note: For lots more on new energy technology developments, click here.
Vitamin D-binding protein-derived macrophage activating factor (GcMAF) appears to be an effective immunotherapeutic agent in patients with metastatic breast cancer, according to US and Japanese researchers. "Serum vitamin D-binding protein -- known as Gc protein -- is the precursor of the principal macrophage activating factor," lead investigator Dr. Nobuto Yamamoto told Reuters Health. "Treatment of purified Gc protein with beta-galactosidase and sialidase generates GcMAF," he added, "the most potent macrophage activating factor ever discovered, which produces no side effect in humans." Dr. Yamamoto of the Socrates Institute for Therapeutic Immunology, Philadelphia and colleagues note that in vitro studies show that macrophages treated with GcMAF have a highly tumoricidal effect in mammary adenocarcinomas. To investigate whether the approach can be effective in humans, the researchers studied 16 non-anemic breast cancer patients who were given "a minute amount -- 100 nanograms per week -- of GcMAF," Dr. Yamamoto said. The researchers found that after 16 to 22 GcMAF doses, initially elevated nagalase levels, which reflect the tumor burden, fell to those found in healthy controls. Follow-up over 4 years showed that the level remained low and that there was no tumor recurrence, they report in the January 15th issue of The International Journal of Cancer. The findings, the team concludes, clearly demonstrate "the importance of focusing cancer immunotherapy on macrophage activation."
Note: Another article from the National Institutes of Health website covers an experiment with colorectal cancer patients using this amazing discovery. It states that "all colorectal cancer patients exhibited healthy control levels of the serum Nagalase activity, indicating eradication of metastatic tumor cells." Why isn't this getting more major press coverage?
A Dutchman who is able to withstand freezing temperatures that would kill most people will submerge himself in icy water for almost two hours in a world record bid. Wim Hof, known as "The Ice Man", has spent the last 20 years testing his talent in the most extreme conditions from scaling mountain tops wearing nothing but a pair of shorts to swimming under sheets of ice [at] the north pole. Now he is set to break his own world record by submerging himself in a Plexiglas container filled with ice at temperatures as low as -20 degrees for more than 1 hour 45 minutes. Mr Hof discovered his unusual talent over 20 years ago during a stroll in the park in his native Holland. "I was really attracted to it. I went in, got rid of my clothes. Thirty seconds I was in and a tremendous good feeling when I came out and since then, I repeated it every day." It was the moment that Mr Hof knew that his body was different somehow: he was able to withstand fatally freezing temperatures. Mr Hof began a lifelong quest to see just how far his abilities would take him. In 2000, dressed only in a swimsuit, he dove under the ice at the North Pole and earned a Guinness World Record for the longest amount of time swimming under the ice. Whilst many scientists around the world find Mr Hof's ability an anomaly, Mr Hof says it is merely a case of mind over matter. Practising an ancient Himalayan meditation called "Tummo," or Inner Fire, Mr Hof says he can generate his own heat. Mr Hof now travels the world teaching the technique through his record attempts, lectures and talks.
The male [sex] is in danger, with incalculable consequences for both humans and wildlife, startling scientific research from around the world reveals. The research ... shows that a host of common chemicals is feminising males of every class of vertebrate animals, from fish to mammals, including people. Backed by some of the world's leading scientists, who say that it "waves a red flag" for humanity and shows that evolution itself is being disrupted, the report comes out at a particularly sensitive time for ministers. It also follows hard on the heels of new American research which shows that baby boys born to women exposed to widespread chemicals in pregnancy are born with smaller penises and feminised genitals. "This research shows that the basic male tool kit is under threat," says Gwynne Lyons, a former government adviser on the health effects of chemicals, who wrote the report. Wildlife and people have been exposed to more than 100,000 new chemicals in recent years, and the European Commission has admitted that 99 per cent of them are not adequately regulated. There is not even proper safety information on 85 per cent of them. Many have been identified as "endocrine disrupters" – or gender-benders – because they interfere with hormones. These include phthalates, used in food wrapping, cosmetics and baby powders among other applications; flame retardants in furniture and electrical goods; PCBs, a now banned group of substances still widespread in food and the environment; and many pesticides.
Note: For many key reports on health issues from reliable sources, click here.
To friends in the protest movement, Lucy was an eager 20-something who attended their events and sent encouraging e-mails to support their causes. Only one thing seemed strange. "At one demonstration, I remember her showing up with a laptop computer and typing away," said Mike Stark, who helped lead the anti-death-penalty march in Baltimore that day. "We all thought that was odd." Not really. The woman was an undercover Maryland State Police trooper who between 2005 and 2007 infiltrated more than two dozen rallies and meetings of nonviolent groups. Maryland officials now concede that, based on information gathered by "Lucy" and others, state police wrongly listed at least 53 Americans as terrorists in a criminal intelligence database -- and shared some information about them with half a dozen state and federal agencies, including the National Security Agency. Among those labeled as terrorists: two Catholic nuns, a former Democratic congressional candidate, a lifelong pacifist and a registered lobbyist. One suspect's file warned that she was "involved in puppet making and allows anarchists to utilize her property for meetings." "There wasn't a scintilla of illegal activity" going on, said David Rocah, an attorney for the American Civil Liberties Union, which filed a lawsuit and in July obtained the first surveillance files. State police have released other heavily redacted documents. Investigators, the files show, targeted groups that advocated against abortion, global warming, nuclear arms, military recruiting in high schools and biodefense research, among other issues.
Note: For lots more on increasing threats to civil liberties, click here.
Outraged and determined Chicago factory workers who were abruptly laid off this week have occupied their former workplace and say they won't leave until they get the severance and vacation pay they say they're owed. The employees say they received three days notice their plant was closing. In the second day of a sit-in on the factory floor Saturday, about 250 union workers occupied the building in shifts while union leaders outside criticized a Wall Street bailout they say is leaving laborers behind. Leah Fried, an organizer with the United Electrical Workers, said the Chicago-based vinyl window manufacturer failed to give its 300 employees the 60 days' notice required by law before shutting. She said the company can't pay employees because its creditor, Charlotte, N.C.-based Bank of America, won't let them. Bank of America received $25 billion from the government's financial bailout package. The company said in a statement to news outlets Saturday that it isn't responsible for Republic's financial obligations to its employees. "Across cultures, religions, union and nonunion, we all say this bailout was a shame," said Richard Berg, president of Teamsters Local 743. "If this bailout should go to anything, it should go to the workers of this country." Outside the plant, protesters wore stickers and carried signs that said, "You got bailed out, we got sold out."
Note: For many revealing reports on the Wall Street bailout from major media sources, click here.
I spent Sunday afternoon brooding over a [New York Times] front-page article, entitled ["Citigroup Saw No Red Flags Even as It Made Bolder Bets”]. In searing detail it exposed ... how some of our country’s best-paid bankers were overrated dopes who had no idea what they were selling, or greedy cynics who did know and turned a blind eye. But it wasn’t only the bankers. This financial meltdown involved a broad national breakdown in personal responsibility, government regulation and financial ethics. So many people were in on it: People who had no business buying a home, with nothing down and nothing to pay for two years; people who had no business pushing such mortgages, but made fortunes doing so; people who had no business bundling those loans into securities and selling them to third parties, as if they were AAA bonds, but made fortunes doing so; people who had no business rating those loans as AAA, but made fortunes doing so; and people who had no business buying those bonds and putting them on their balance sheets so they could earn a little better yield, but made fortunes doing so. Citigroup was involved in, and made money from, almost every link in that chain. And the bank’s executives, including ...the former Treasury Secretary Robert Rubin, were ... so ensnared by the cronyism between the bank’s risk managers and risk takers (and so bought off by their bonuses) that they had no interest in stopping it. These are the people whom taxpayers bailed out on Monday to the tune of what could be more than $300 billion.
Note: For many revealing reports on the Wall Street bailout from major media sources, click here.
The songs that whales and dolphins use to communicate, orient themselves and find mates are being drowned out by human-made noises in the world's oceans. That sound pollution -- everything from increasing commercial shipping and seismic surveys to a new generation of military sonar -- is not only confounding the mammals, it also is further threatening the survival of these endangered animals. Studies show that these cetaceans, which once communicated over thousands of miles to forage and mate, are losing touch with each other, ... experts said at a U.N. wildlife conference in Rome. "Call it a cocktail-party effect," said Mark Simmonds, director of the Whale and Dolphin Conservation Society, a Britain-based NGO. "You have to speak louder and louder until no one can hear each other anymore." Environmental groups also are increasingly finding cases of beached whales and dolphins that can be linked to sound pollution, Simmonds said. Marine mammals are turning up on the world's beaches with tissue damage similar to that found in divers suffering from decompression sickness. Scientists say the use of military sonar or seismic testing may have scared the animals into diving and surfacing beyond their physical limits. Several species of cetaceans are already listed as endangered or critically endangered from other causes, including hunting, chemical pollution, collisions with boats and entanglements with fishing equipment. Though it is not yet known precisely how many animals are affected, sound pollution is increasingly being recognized as a serious factor, the experts said.
Note: For many reports on threats to marine mammals from reliable, verifiable sources, click here.
Neuroscientists have shown that they can [create] a “body swapping” illusion that could have a profound effect on a range of therapeutic techniques. At the annual meeting of the Society for Neuroscience last month, Swedish researchers presented evidence that the brain, when tricked by optical and sensory illusions, can quickly adopt any other human form, no matter how different, as its own. “You can see the possibilities, putting a male in a female body, young in old, white in black and vice versa,” said Dr. Henrik Ehrsson of the Karolinska Institute in Stockholm. The technique is simple. A subject stands or sits opposite the scientist, as if engaged in an interview. Both are wearing headsets, with special goggles, the scientist’s containing small film cameras. The goggles are rigged so the subject sees what the scientist sees: to the right and left are the scientist’s arms, and below is the scientist’s body. To add a physical element, the researchers have each person squeeze the other’s hand, as if in a handshake. Now the subject can see and “feel” the new body. In a matter of seconds, the illusion is complete. In a series of studies, using mannequins and stroking both bodies’ bellies simultaneously, the Karolinska researchers have found that men and women say they not only feel they have taken on the new body, but also unconsciously cringe when it is poked or threatened. In previous work, neuroscientists have induced various kinds of out-of-body experiences using similar techniques. The brain is so easily tricked, they say, precisely because it has spent a lifetime in its own body.
UFO enthusiasts are pressing Barack Obama to release classified documents about sightings of alien spacecraft, encouraged by support from within the President-Elect's own White House team. Desperate to see the US emulate the British Government and disclose reported "contact" with UFOs, the enthusiasts have written to Mr Obama to ask that his administration [come] clean about the contents of America's "X-Files". They believe they have good prospects of success after public statements of support from both John Podesta, who is running Mr Obama's White House transition team, and Bill Richardson, the Governor of New Mexico ... who is expected to secure a cabinet post. When he was the White House chief of staff under Bill Clinton, Mr Podesta led a project to declassify 800 million pages of intelligence documents. Gov Richardson, a former presidential candidate and fellow UFO aficionado, has written a forward to a book on the so-called Roswell Incident in New Mexico. He has called for full disclosure by the Pentagon of what really occurred. Only last week a US Air Force pilot, Milton Torres, whose testimony was released from the British archives, appeared on US television explaining how he was ordered to shoot down a large UFO over the UK in 1957 and then silenced by military officials, who told him never to speak of the incident.
Note: Podesta has also publicly called for a release of UFO records for years, alleging a cover-up. See the CNN article reporting this available here. For a concise summary of evidence on UFO sightings presented by highly-respected former military and government professionals, click here.
Stefan Lyon has many titles: Author, humanitarian, international philanthropist. And seventh-grader. Stefan has just finished his third book about his San Francisco adventures with his pet rats. As with his first two books, all proceeds go to build schools in Africa. "I want to help the less fortunate," said Stefan, 13, at a recent book signing at a law firm in a downtown high-rise. "There are a lot of AIDS orphans in Africa." For $5,000, he financed the conversion of an abandoned cowshed in Kakamega, Kenya, into a two-room school. He's now halfway through construction of an eight-room school for 100 children ... in the neighboring village of Bungoma. Stefan is on a book promotion tour for the holidays, hoping to raise the last $30,000 to finish the school. Stefan, who has his own nonprofit, the Stefan Lyon Foundation, knows that he's not a typical 13-year-old, but he also doesn't know what all the fuss is about. Stefan was always a compassionate child. "He'd sit with the kids who got bullied at school until they felt better," [his mother] said. By elementary school, Stefan passed out cookies and blankets to the homeless at the Civic Center from his red wagon. He'd insert notes in the cookie bags: "I'm thinking of you." "God loves you." In the third grade at St. Brendan School, he was inspired by his teacher, Renée McHugh, who gave a lesson on Africa and explained how little money was needed to build schools for orphans. He wanted to sell cookies from his wagon to finance an African school. A supermarket gave him free cookie dough, and he got to work.
Happiness is contagious. The more happy people you know, the more likely you are yourself to be happy. And getting connected to happy people improves a person's own happiness, [a research team] reported in the British Medical Journal. "What we are dealing with is an emotional stampede," Nicholas Christakis, a professor of medical sociology at Harvard Medical School in Boston, said. Christakis and James Fowler, a political scientist at the University of California, San Diego, have been using data from 4,700 children of volunteers in the Framingham Heart Study, a giant health study begun in Framingham, Massachusetts in 1948. They have been analyzing a trove of facts from tracking sheets dating back to 1971, following births, marriages, death, and divorces. Volunteers also listed contact information for their closest friends, co-workers, and neighbors. They assessed happiness using a simple, four-question test. "People are asked how often during the past week, one, I enjoyed life, two, I was happy, three, I felt hopeful about the future, and four, I felt that I was just as good as other people," Fowler said. The 60 percent of people who scored highly on all four questions were rated as happy, while the rest were designated unhappy. People with the most social connections -- friends, spouses, neighbors, relatives -- were also the happiest, the data showed. "Each additional happy person makes you happier," Christakis said. "It is not just happy people connecting with happy people, which they do. Above and beyond, there is this contagious process going on." And happiness is more contagious than unhappiness, they discovered.
There has never been a more important time to invest in green technologies, yet many of us believe these efforts are doomed to failure. What nonsense. Myth 1: solar power is too expensive to be of much use. In reality, today's bulky and expensive solar panels capture only 10% or so of the sun's energy, but rapid innovation in the US means that the next generation of panels will be much thinner, capture far more of the energy in the sun's light and cost a fraction of what they do today. Myth 2: wind power is too unreliable. Actually, during some periods earlier this year the wind provided almost 40% of Spanish power. Parts of northern Germany generate more electricity from wind than they actually need. Northern Scotland, blessed with some of the best wind speeds in Europe, could easily generate 10% or even 15% of the UK's electricity needs at a cost that would comfortably match today's fossil fuel prices. Myth 3: marine energy is a dead-end. This year we have seen the installation of the first tidal turbine to be successfully connected to the UK electricity grid in Strangford Lough, Northern Ireland, and the first group of large-scale wave power generators 5km off the coast of Portugal, constructed by a Scottish company.
Note: The remaining energy myths treated in this article are: Myth 4: nuclear power is cheaper than other low-carbon sources of electricity. Myth 5: electric cars are slow and ugly. Myth 6: biofuels are always destructive to the environment. Myth 7: climate change means we need more organic agriculture. Myth 8: zero carbon homes are the best way of dealing with greenhouse gas emissions from buildings. Myth 9: the most efficient power stations are big. Myth 10: all proposed solutions to climate change need to be hi-tech. For lots more on exciting new energy technology developments from reliable sources, click here.
As a plastic surgeon, [Geoff] Williams could live in a sprawling house, cruise in a snazzy sports car and wear custom-made shoes instead of the $5 pair he snagged at the thrift store a few years back. Instead he spends his money on hundreds of strangers, half a world away. Grown men with rope-like tumors engulfing their eyes, nose, lips. Teenage girls with heads cocked permanently to one side because of burn-tightened skin. But mostly children — with faces split up the middle like a half-open zipper. Williams invests in faces. As he worked and taught in wealthy hospitals, his mind was preoccupied with thoughts of the hundreds of desperate mothers in Vietnam who had swarmed him during a volunteer training trip, thrusting their deformed babies at him and begging for help. Only 20 babies were treated that trip; about 180 were sent away. "Leaving, looking down at those lights, I knew these mothers were going home with total disappointment," Williams recalls. "I remember making a promise to myself then, to those mothers: I may not be able to find you, but I'll find someone like you. I'll come back. I'll do more." Several months later, he took another volunteer trip, this time to India. "I thought I'd do it a couple of times and get it out of my system. After about a year, it just hit me — it would not be easy to stop doing it." He took a leave of absence from the University of Texas in 2003 to immerse himself in treating the forgotten patients in developing countries. He never went back.
The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents. "Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job. Bowing to aggressive lobbying - along with assurances from banks that the troubled mortgages were OK - regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way. The administration's blind eye to the impending crisis is emblematic of its governing philosophy, which trusted market forces and discounted the value of government intervention in the economy. Its belief ironically has ushered in the most massive government intervention since the 1930s. Many of the banks that fought to undermine the proposals by some regulators are now either out of business or accepting billions in federal aid to recover from a mortgage crisis they insisted would never come. In 2005, faced with ominous signs the housing market was in jeopardy, bank regulators proposed new guidelines for banks writing risky loans. Those proposals all were stripped from the final rules.
Note: For many revealing reports on the Wall Street bailout from reliable sources, click here.
The U.S. military expects to have 20,000 uniformed troops inside the United States by 2011 trained to help state and local officials respond to a nuclear terrorist attack or other domestic catastrophe, according to Pentagon officials. Critics of the change, in the military and among civil liberties groups and libertarians ... express concern that the new homeland emphasis threatens to ... undermine the Posse Comitatus Act, a 130-year-old federal law restricting the military's role in domestic law enforcement. The Pentagon's plan calls for three rapid-reaction forces to be ready for emergency response by September 2011. The first 4,700-person unit, built around an active-duty combat brigade based at Fort Stewart, Ga., was available as of Oct. 1, said Gen. Victor E. Renuart Jr., commander of the U.S. Northern Command. Two additional teams will join nearly 80 smaller National Guard and reserve units made up of about 6,000 troops in supporting local and state officials nationwide. All would be trained to respond to a domestic chemical, biological, radiological, nuclear, or high-yield explosive attack, or CBRNE event, as the military calls it. In 2005, a new Pentagon homeland defense strategy emphasized "preparing for multiple, simultaneous mass casualty incidents." In late 2007, Deputy Defense Secretary Gordon England signed a directive approving more than $556 million over five years to set up the three response teams, known as CBRNE Consequence Management Response Forces [CCMRF].
Note: For many reports from major media sources of increasing threats to civil liberties, click here.
The Bush administration has failed to adequately oversee its $700 billion bailout program and must move rapidly to guarantee that banks are complying with the plan's limits on conflicts of interest and lavish executive compensation, congressional investigators said yesterday. The new report by the Government Accountability Office, the nonpartisan investigative arm of Congress, said the Treasury Department has yet to impose necessary safeguards or decide how to determine whether the program is achieving its goals. The auditors said it was too soon for them to tell whether the bailout was working. "The rapid pace of implementation and evolving nature of the program have hampered efforts to put a comprehensive system of internal control in place," the report said. "Until such a system is fully developed and implemented, there is heightened risk that the interests of the government and taxpayers may not be adequately protected and that the program objectives may not be achieved in an efficient and effective manner." So far, the rescue package has provided at least $150 billion in capital infusions to 52 financial institutions, the auditors said. They added that no applications for funding were denied by the Treasury. The congressional auditors urged Treasury officials to determine how each bank receiving bailout money is using the money and whether they are using it in a way consistent with the intent of the law. Several congressional leaders have criticized financial firms for hoarding the money instead of using it to lend to borrowers.
Note: For many revealing reports on the Wall Street bailout from reliable sources, click here.
With its decision last week to pump an additional $1 trillion into the financial crisis, the government eliminated any doubt that [it has] no hesitation in pledging to spend previously almost unimaginable sums of money and running up federal budget deficits on a scale not seen since World War II. Indeed, analysts warn that the nation's next financial crisis could come from the staggering cost of battling the current one. Just last week, new initiatives added $600 billion to lower mortgage rates, $200 billion to stimulate consumer loans and nearly $300 billion to steady Citigroup, the banking conglomerate. That pushed the potential long-term cost of the government's varied economic rescue initiatives, including direct loans and loan guarantees, to an estimated total of $8.5 trillion -- half of the entire economic output of the U.S. this year. The spending already has had a dramatic effect on the federal budget deficit, which soared to a record $455 billion last year and began the 2009 fiscal year with an amazing $237-billion deficit for October alone. Analysts say next year's budget deficit could easily bust the $1-trillion barrier. "I didn't think we'd see that for a long time," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. "There's a huge risk of another economic crisis, a debt crisis, once we get on the other side of this one." Once the financial crisis eases, higher interest rates and soaring inflation will be risks.
Note: For many revealing reports on the Wall Street bailout from reliable sources, click here.
The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said. The credit card is the second key source of consumer liquidity, the first being jobs, the Oppenheimer & Co analyst noted. "In other words, we expect available consumer liquidity in the form of credit-card lines to decline by 45 percent." Closing millions of accounts, cutting credit lines and raising interest rates are just some of the moves credit card issuers are using to try to inoculate themselves from a tsunami of expected consumer defaults. A consolidated U.S. lending market that is pulling back on credit is also posing a risk to the overall consumer liquidity, Whitney said. Mortgages and credit cards are now dominated by five players who are all pulling back liquidity, making reductions in consumer liquidity seem unavoidable, she said. "We are now beginning to see evidence of broad-based declines in overall consumer liquidity. Already, we have witnessed the entire mortgage market hit a wall, and we believe it will, for the first time ever, show actual shrinkage over the next few months," she wrote. "In a country that offers hundreds of cereal and soda pop choices, the banking industry has become one that offers very few choices", Whitney wrote in a note dated November 30. "Pulling credit when job losses are increasing by over 50 percent year-over-year in most key states is a dangerous and unprecedented combination, in our view," the analyst said.
Note: This article, in pointing out that the banking industry offers few choices for consumers, fails to mention that the industry is rapidly becoming extremely concentrated, with major bank failures and takeovers accelerating due to the financial crisis on Wall Street. And the bailout from the Fed and Treasury has encouraged this concentration through huge tax breaks and risk protections. For many revealing reports on the Wall Street bailout from reliable sources, click here.
The credit bubble has burst. The economy is tanking. Investors in the U.S. stock market have lost more than $9 trillion since its peak a year ago. But in industries at the center of the crisis, plenty of top officials managed to emerge with substantial fortunes. Fifteen corporate chieftains of large home-building and financial-services firms each reaped more than $100 million in cash compensation and proceeds from stock sales during the past five years, according to a Wall Street Journal analysis. Four of those executives, including the heads of Lehman Brothers Holdings Inc. and Bear Stearns Cos., ran companies that have filed for bankruptcy protection or seen their share prices fall more than 90% from their peak. The study ... showed that top executives and directors of the firms cashed out a total of more than $21 billion during the period. The issue of compensation and other rewards for corporate executives is front-and-center in the wake of the financial meltdown. In the tech bubble of the late 1990s, more than 50 individuals each made more than $100 million from selling shares just prior to the crash. Many had just founded companies that had never turned a profit. "The system tends to reward people for participating in bubbles," says Roy C. Smith, a finance professor at New York University's business school.
Note: For many revealing reports on the Wall Street bailout from reliable sources, click here.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.