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.
"An Open Secret" is an unsettling look at pedophilia in Hollywood. The film's distillation of firsthand testimony and archival material has haunting implications. Amid the sickening recollections of victims and the even more sickening justifications of abusers, alleged and convicted, a picture emerges of a business devoid of oversight, where starry-eyed kids and trusting parents are easy prey. The [documentary by Amy Berg] advocates for transparency and an active watchdog apparatus, and it points to instances where convicted child molesters continue to work with children in the industry. Mainly, the film explores the shadows where managers, agents, producers and other power players take their predatory bonding with boys to criminal extremes. Five young men step forward to share their accusations of abuse. One of them, Michael Egan, filed headline-making allegations against Hollywood figures in 2014 — claims that he later dropped, an outcome that changed the trajectory of the film. However, an ongoing dispute between Berg and performers' union SAG-AFTRA, which threatened legal action over references to it, doesn't appear to have affected the finished product. With a healthy sense of outrage, it illuminates a long-standing culture in which lines of moral responsibility are blurred and accountability is all but nil.
Note: Don't miss this incredible film which follows five boys and their families who were gradually ensnared by a secret Hollywood pedophile ring which ruins their lives. It is available for free viewing on this webpage. For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.
Elijah Wood called out child exploitation in Hollywood earlier this week. He later made it clear that he was not speaking from personal experience. But Corey Feldman wants people to know that he knows about Hollywood's child abuse problem firsthand. In an interview with the Hollywood Reporter, Feldman said he was molested as a child actor, and that his best friend Corey Haim was raped at the age of 11. He said that he has had to go through "a lot of therapy" to cope with his traumatic childhood; the actor said his molestations came "from several hands." "Ask anybody in our group of kids at that time: They were passing us back and forth to each other," said Feldman, adding that grown men in Hollywood would host parties and invite mostly kids aged 10 to 16 with just a few adults in the mix. "[Alison Arngrim] from 'Little House on the Prairie' said [in an interview], 'Everybody knew that the two Coreys were just being passed around.' Like it was something people joked about on studio lots." Feldman added that he still can't imagine what it was like for Haim to have been raped. "My son is 11 now, and I can't even begin to fathom the idea of something like that happening to him," he said. Feldman said that while he would love to name names, he was afraid to do so because of the legal conundrum it would inflict on him, but he said he has bumped into one of his molesters several times and has never confronted him.
Note: Don't miss the incredible film "An Open Secret" which follows five boys and their families who were gradually ensnared by a secret Hollywood pedophile ring which ruins their lives. It is available for free viewing on this webpage. The entire "Secret Societies in Hollywood" series is available here. For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.
British police investigating allegations of historical child sex abuse said more than 1,400 people had been named as suspects including 261 described as "people of public prominence" including dozens of politicians and TV stars. Child abuse scandals over the last few years have prompted the government to launch a major public inquiry. Chief Constable Simon Bailey, the officer leading that inquiry named "Operation Hydrant", said 1,433 people were being investigated of whom 216 were now dead. The suspects included 135 figures from TV, film or radio, 76 politicians involved in both local and national politics, 43 from the music industry and seven from the sporting world. "This investigation is massive and a testimony to how the attitude to victims is changing," said Sheila Taylor, chief executive of the National Working Group Network, a charity which tackles child sexual exploitation. The issue of child abuse came to widespread prominence in 2012 when the late BBC TV presenter Jimmy Savile was shown to have abused hundreds of victims for decades. Since then, other household names have been convicted, allegations have been made against a number of former or deceased politicians, while detectives are also looking into claims powerful figures forced police to drop inquiries into paedophile rings involving high-profile people. Bailey said that 666 of the offenders being investigated were alleged to have carried out abuse at institutions including schools, children's homes and religious institutions.
Note: In 1984, UK security services raided major newspapers to prevent the publication of articles on paedophile rings run by prominent politicians. Watch an excellent segment by Australia's "60-Minutes" team "Spies, Lords and Predators" on a pedophile ring in the UK which leads directly to the highest levels of government. A second suppressed documentary, "Conspiracy of Silence," goes even deeper into this topic in the US. For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.
Officials with the New Jersey attorney general’s office said on Monday that the state had agreed to a $400,000 settlement in a lawsuit filed by a former state trooper who said that he was beaten and harassed by members of a secret group of rogue officers within the State Police. The former trooper, Justin Hopson, filed the lawsuit in 2003. In it, he described a series of beatings, threats and acts of vandalism that he said occurred after he refused to support an arrest by another trooper in 2002. Mr. Hopson said that he was attacked by members of a loose-knit group within the State Police known as the Lords of Discipline. For years, minority and female troopers have complained that they have been harassed by members of the group. In 2005, the state attorney general’s office issued a report that found seven troopers guilty of harassing their colleagues. The troopers received punishments ranging from reprimands to 45-day suspensions. Mr. Hopson, 33, filed suit after the March 2002 arrest of a woman for drunken driving, which he said was improper because the woman had not been behind the wheel. When Mr. Hopson refused to endorse fellow troopers’ versions of events surrounding the arrest, court papers said, a campaign to silence him began. First, there were threatening notes left around his station house. Then, Mr. Hopson said, his car was vandalized. By the time he sued the state in December 2003, Mr. Hopson said that he had been the victim of a series of beatings at the hands of another trooper.
Note: Read a follow-up article on how this good man is calling for all of us to step up. For more along these lines, see concise summaries of deeply revealing police corruption news articles from reliable major media sources.
Maybe it's the 17 freezers he keeps running in his apartment, or his nodding eyes from lack of sleep. Spend a few hours with Allan Law and you start to realize a little crazy comes with his kindness. "It's stupid," Law agrees. "Last night I got no sleep out in the streets, but I slept two hours today." Next week, the Minnesotan known as the "Sandwich Man" will be honored by Minneapolis Rotary for his efforts on behalf of homeless people. Law started serving disadvantaged Minnesotans while still a teacher for Minneapolis Public Schools. His efforts hit high gear when he retired 16 years ago. Working out of the van he drives through the night, last year Law handed out more than 700,000 sandwiches, 7,000 pair of socks and 75,000 bus tokens. Some of his work is funded by his teaching pension, the rest is covered by donations to his non-profit organization, Minneapolis Recreation Development. Those 17 freezers in his apartment store sandwiches made by 800 church, business, and civic groups each year. Law delivers some of the sandwiches for distribution by shelters, others he hands out by himself. "I bring sandwiches so not only will they have something to eat, but when they leave in the morning they can take a couple sandwiches with them." He also makes the rounds to gas stations during the night, collecting food that would otherwise go into dumpsters, for quick distribution to the homeless. "Sometimes I get emotional," Law says. "Somebody has to care."
Note: Watch a great, five-minute video on this caring man who makes a big difference.
It was around 7:15 on a recent Tuesday morning. We were in the middle of a partner yoga session at one of the San Francisco editions of Daybreaker, an early-morning dance party that descends, every month, on an increasing number of cities around the world. There wasnt much time for reflection. A massage train was forming in the center of the increasingly brightening Yerba Buena Center for the Arts. People rubbed shoulders and had their shoulders rubbed. Soon, revelers were thronging the coat check. House music thumped from the main room. Near the D.J., Teresa Young ... formed a circle with 10 of her friends. Its hard to motivate people ... to go out to anything these days, but surprisingly the amount of people that will wake up at the crack of dawn to do yoga and dance - massive! she exclaimed, beaming. She works in digital marketing and planned to go from the party to her office. This, its founders say, is why Daybreaker was created: to give people who genuinely enjoy dancing an outlet to do so without alcohol, drugs, cover fees, bottle service or all of the usual accouterments of night life. The emphasis at the San Francisco party was on consciousness, mindfulness, purposefulness and othernesses that generally necessitate being neither drunk nor high. By 9:30, things were winding down. Lana Baumgartner, 28, contemplated how many calories she had burned: Id much rather be dancing with all these people than in a gym.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Theres a recycling revolution happening in Sweden. Less than one per cent of Sweden's household garbage ends up in landfills today. By Swedish law, producers are responsible for handling all costs related to collection and recycling or disposal of their products. If a beverage company sells bottles of pop at stores, the financial onus is on them to pay for bottle collection as well as related recycling or disposal costs. Rules introduced in the 1990s incentivized companies to take a more proactive, eco-conscious role about what products they take to market. It was also a clever way to alleviate taxpayers of full waste management costs. According to data collected from Swedish recycling company Returpack, Swedes collectively return 1.5 billion bottles and cans annually. What can't be reused or recycled usually heads to WTE incineration plants. WTE plants work by loading furnaces with garbage, burning it to generate steam which is used to spin generator turbines used to produce electricity. That electricity is then transferred to transmission lines and a grid distributes it across the country. In Helsingborg (population: 132,989), one plant produces enough power to satisfy 40 per cent of the citys heating needs. Across Sweden, power produced via WTE provides approximately 950,000 homes with heating and 260,000 with electricity. Recycling and incineration have evolved into efficient garbage-management processes to help the Scandinavian country dramatically cut down the amount of household waste that ends up in landfills.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
With 165.5m individual ticket sales [in the UK], film remains a medium with the capability to reach a large and wide-ranging audience. Here, we take a look at ... documentaries which thrust sustainability issues into the spotlight. Food Inc provides an in-depth focus on the 21st century food industry, contending that the major corporation 'factory-model' has scant regard for either animal welfare or consumer well-being in the pursuit of profit. The documentary investigates the meat and grain industries, highlighting the lack of transparency between major food businesses and their customers. Gasland focuses on the process of hydraulic fracturing, better known as fracking - the controversial method used to extract natural gas from the ground. The film looks at the major energy industry's attempts to take advantage of the potential resources of a small town, and the apparently disastrous impact on the local environment, particularly the water supply. Who Killed the Electric Car? While documenting the development of the electric car, the film brings to account the corporations and government officials responsible for undermining and legislating against this innovation. Blue Gold: World Water Wars ... looks at the corporate and political machinations surrounding the world water supply and the increasing demand for it. As well as a rebuke for those attempting to stockpile and over-charge for what is an essential to human existence, it provides stories of those fighting for more open access to water supplies.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Before Elijah Wood starred as Frodo Baggins in the "Lord of the Rings" trilogy, he was a child actor - and now he's making some explosive allegations. The actor ... is accusing [Hollywood] of having a pedophilia problem. "Clearly something major was going on in Hollywood. It was all organized. There are a lot of vipers in this industry, people who only have their own interests in mind," he said. "There is darkness in the underbelly. What bums me about these situations is that the victims can't speak as loudly as the people in power. That's the tragedy of attempting to reveal what is happening to innocent people: they can be squashed, but their lives have been irreparably damaged. "If you're innocent, you have very little knowledge of the world and you want to succeed," he went on. "People with parasitic interests will see you as their prey." As a child, Wood starred alongside Macaulay Culkin in "The Good Son" and appeared in a remake of "Flipper." He said his mother, Debra, protected him from the dangers of Hollywood as a child, and he "never went to parties where that kind of thing was going on." He added that he's been "led down dark paths to realize that these things probably are still happening." Wood's comments come after allegations against Woody Allen resurfaced in the past month.
Note: Actor Corey Feldman said that pedophilia is Hollywood's "No. 1 problem" in a story that appeared on ABC's Nightline in 2012. Watch an excellent segment by Australia's "60-Minutes" team "Spies, Lords and Predators" on a pedophile ring in the UK which leads directly to the highest levels of government. A second suppressed documentary, "Conspiracy of Silence," goes even deeper into this topic in the US. For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.
June 6 will be the third anniversary of The Guardian’s publication of top-secret documents provided by [Edward] Snowden that showed that the National Security Agency was collecting the telephone records of tens of millions of Americans. Mr. Snowden [has been] denounced ... as a traitor. [Former Secretary of State Hillary] Clinton said in a Democratic presidential debate [that], “He could have gotten all of the protections of being a whistle-blower.” Thomas Drake would disagree. Mr. Drake was a senior N.S.A. official who had also complained, 12 years earlier, about warrantless surveillance. He went up the chain of command [to] the Defense Department’s Office of Inspector General. Things did not go well. F.B.I. agents raided his house. He was forced to resign and was indicted on 10 felony charges arising from an alleged “scheme” to improperly “retain and disclose classified information.” He ultimately pleaded guilty to a misdemeanor for “exceeding authorized use of a government computer” in exchange for the government’s dropping the other charges. He now works at an Apple store. Mr. Snowden followed the Drake case closely in the news media and drew the obvious conclusion: Going through [official] channels was worse than a dead end. [John] Crane, a former assistant inspector general in the Defense Department who oversaw the whistle-blower program, has now come forward alleging that Mr. Drake was persecuted by the very officials in his office who were supposed to protect him.
Note: John Crane was forced out of the Pentagon in 2013. His story is told in a new book, titled, Bravehearts: Whistle Blowing In The Age of Snowden by Mark Hertsgaard. For more along these lines, see concise summaries of deeply revealing news articles about intelligence agency corruption and the disappearance of privacy.
Edward Snowden has called for a complete overhaul of US whistleblower protections after a new source from deep inside the Pentagon came forward with a startling account of how the system became a “trap” for those seeking to expose wrongdoing. The account of John Crane ... appears to undermine Barack Obama, Hillary Clinton and [others] who argue that there were established routes for Snowden other than leaking to the media. Crane, a longtime assistant inspector general at the Pentagon, has accused his old office of retaliating against a major surveillance whistleblower, Thomas Drake. Not only did Pentagon officials provide Drake’s name to criminal investigators, Crane told the Guardian, they destroyed documents relevant to his defence. Thomas Drake’s legal ordeal ruined him financially. His case served as a prologue to Snowden’s. In 2002, Drake and NSA colleagues contacted the Pentagon inspector general to blow the whistle on [a] tool, Trailblazer, for mass-data analysis. Crane, head of the office’s whistleblower unit, assigned investigators. For over two years, with Drake as a major source, they ... prepared a lengthy secret report [that] eventually [helped] to kill the program. As far as Crane was concerned, the whistleblower system was working. But after an aspect of the NSA’s warrantless mass surveillance leaked to the New York Times, Drake himself came under investigation and eventually indictment [for] hoarding documentation – exactly what inspector-general investigators tell their whistleblowers to do.
Note: John Crane was forced out of the Pentagon in 2013. His story is told in a new book, titled, Bravehearts: Whistle Blowing In The Age of Snowden by Mark Hertsgaard. For more along these lines, see concise summaries of deeply revealing news articles about intelligence agency corruption and the disappearance of privacy.
As the Obama administration prepares to publish a long-delayed accounting of how many militants and noncombatant civilians it has killed since 2009, its statistics may be defined as much by what is left out as by what is included. Release of the information was first envisioned ... as part of strict new guidelines President Obama announced for the United States’ controversial use of drones and other forms of lethal force to battle terrorism abroad. Such operations, Obama said ... would also be subject to new transparency and oversight. The death tolls, like the guidelines, will cover places where the United States conducts airstrikes but does not consider itself officially at war. They are likely to exclude Pakistan, where the CIA has conducted hundreds of drone strikes. The United States still does not publicly acknowledge CIA attacks inside Pakistan, although the Pentagon announced Saturday that it had targeted Taliban leader Akhtar Mohammad Mansour in Pakistan. Not all strikes in the included countries are considered counterterrorism actions. The totals will almost inevitably be challenged by independent groups that keep their own tallies and for years have charged that the administration undercounts civilian deaths caused by drone strikes. In emailed responses to written questions, the Defense Department said it keeps no central list of strikes “outside areas of active hostilities.” Some are announced by the Pentagon, some by Central Command in charge of Yemen, and others by the Africa Command. Some are not made public at all.
Note: Watch this video which shows how governments promote war in order to pad the pockets of mega-corporations which profit greatly from arms sales. Drone strikes almost always miss their intended targets and reportedly create more terrorists than they kill. Casualties of war whose identities are unknown are frequently mis-reported to be "militants". For more along these lines, see concise summaries of deeply revealing war news articles from reliable major media sources.
“When the guilt of our roles in facilitating this systematic loss of innocent life became too much, all of us succumbed to PTSD,” [said] an open letter to the Obama administration, crafted by four former Air Force servicemen, each of whom played a role in the nation’s targeted killing program. The moral pang of the letter reflects a very basic ethical tenet. Concluding the letter, the former soldiers write that after suffering from post-traumatic stress disorder, “We were cut loose by the same government we gave so much to - sent out in the world without adequate medical care, reliable health services, or necessary benefits. Some of us are now homeless. Others of us barely make it.” Several years ago now, The New York Times published an op-ed by one of the authors titled “Drones, Ethics, and the Armchair Soldier,” which argued that the physical remove of drone warfare would give pilots the space to engage in moral reflection ... that the urgency and danger of traditional warfare often preclude. In the United States, conscientious objection to engaging in war is permitted on secular and moral ground - but only if the individual objects to war on the whole. Members of the US armed forces are not allowed to [refuse] to engage in particular wars or ... military assignments on the basis of a moral objection. Drones [open] up both moral dilemma and moral opportunity. Every soldier is in fact required to disobey illegal orders (to deliberately kill civilians, for example). But this is different from conscientious objection.
Note: Drone strikes almost always miss their intended targets and reportedly create more terrorists than they kill. Casualties of war whose identities are unknown are frequently mis-reported to be "militants". For more along these lines, see concise summaries of deeply revealing war news articles from reliable major media sources.
Democratic presidential front-runner Hillary Clinton is ramping up her fundraising schedule, attending a number of fundraisers this week that cost donors six-figures to attend. The former secretary of state attended a pair of small, intimate gatherings in New York City on Thursday evening that cost donors a minimum of $100,000 to attend. On Wednesday, she attended two $100,000-a-head events in Englewood, N.J., and New York City. [The] Thursday event was at the home of Lynn Forester de Rothschild, a prominent New York businesswoman and supporter of Mrs. Clinton and Democratic candidates. Six-figure fundraisers are a new frontier in presidential politics, made possible by a 2014 Supreme Court case that tossed a key contribution limit governing how much donors could give across the board in a single election cycle. As a result, campaigns and parties can now fundraise in tandem with each other. Mrs. Clinton’s events on Thursday [were] not the campaign’s first foray into high-dollar fundraising. In April, the campaign held an event at the home of actor George Clooney. The event cost $33,400 to attend, though donors who contributed $353,400 could sit at the head table.
Note: Read about Hillary's direct connections with the Rothschild family, as revealed through Wikileaks data. Read also a recent Washington Post article stating that control over US politics by the financial elites has ushered the country into a "new Gilded Age". For more along these lines, see concise summaries of deeply revealing elections corruption news articles from reliable major media sources.
Morley Safer, who was a correspondent on CBS’s 60 Minutes from 1970 until just last week, died Thursday at age 84. In 1965, Safer was sent to Vietnam by CBS. That August he filed a famous report showing American soldiers burning down a Vietnamese village. The next year, he wrote a newspaper column about a visit to Saigon by Arthur Sylvester, the ... head of all the U.S. military’s PR. Sylvester, [who] had arranged to speak with reporters for U.S. outlets, [said] that American correspondents had a patriotic duty to disseminate only information that made the United States look good. A network television correspondent said, “Surely, Arthur, you don’t expect the American press to be the handmaidens of government.” “That’s exactly what I expect,” came the reply. An agency man raised the problem [of] the credibility of American officials. [Sylvester], the Assistant Secretary of Defense for Public Affairs, [responded]: “Look, if you think any American official is going to tell you the truth, then you’re stupid. Did you hear that? Stupid.” A Democratic senator from Indiana, entered Safer’s article into the Congressional Record, and ... a Republican representative from Missouri called for Sylvester to resign. For its part, the Pentagon told CBS executives: “Unless you get Safer out of there, he’s liable to end up with a bullet in his back.” Moreover, Sylvester absolutely meant what he said [to] the journalists in Saigon. [By that time], he’d already told some of the key U.S. government lies about the Cuban missile crisis.
Note: For more along these lines, see concise summaries of deeply revealing news articles about military corruption and the manipulation of public opinion.
Would you read a story if this was the headline: "New study raises questions about an experimental treatment that might not work and won't be ready for a long time." That description would apply to most medical studies that make the news but would be unlikely to generate the clicks, taps, likes and shares that propel a story through cyberspace and social media. What gets clicks? Words like "breakthrough," "groundbreaking," "game changer" and "lifesaver." Since the 1970s, the use of positive words in scientific abstracts increased by 880 per cent, according to a study last December in the British Medical Journal. And now, the world's stem cell scientists have been told to stop the hype. The International Society for Stem Cell Research (ISSCR) issued new guidelines last week that urge scientists to dial back their enthusiasm when talking publicly about their research. Because people are getting hurt. Last December, the Food and Drug Administration in the U.S. issued a warning letter to a U.S.-based company offering stem cell therapies for a range of diseases, including autism, multiple sclerosis and Parkinson's disease. And a U.K. newspaper claims its undercover investigation lead to the closure of a controversial clinic in Germany where a child died after having stem cells injected into his brain. "There is ... an industry already out there that is marketing unproven therapies directly to patients," said George Daley, a member of the ISSCR and a professor at Harvard Medical School. "It is part of the concern that has raised the alarm."
Note: According to Richard Horton, chief editor of The Lancet, up to half of all science journal claims may be untrue. Read also the revealing comments of Marcia Angell, former editor-in-chief of the New England Journal of Medicine, on the massive corruption she found in the health industry. For more along these lines, see concise summaries of deeply revealing science corruption news articles from reliable major media sources.
When the price of the blood-pressure drug Nitropress leaped from $215 to $881 last year, an increase of 300%, it triggered public outrage. [Drug maker] Valeant Pharmaceuticals International ... would buy patents for unique, lifesaving drugs, hike their prices and then watch the profits roll in. In the wake of the Valeant pricing scandal ... congressional and media investigations have revealed that the embattled company’s business model is hardly unique. In a memo from Oct. 16, 2015 ... the global investment bank Canaccord Genuity wrote that the price increases were not out of the ordinary. In a report from the same day, BMO Capital Markets reiterated that Valeant’s tactics were a “common industry practice” and that “at least 14 different pharmaceutical companies, excluding Valeant,” had made similar price hikes in recent years. The drug industry boasts some of the biggest profits of any industry. Wall Street investors have swooned over the sector. From 2012 to the middle of 2015, more than $50 billion in new capital poured into the industry. That influx of cash shifted the character of the industry. Instead of focusing on time-consuming R&D, drug companies began worrying more about delivering short-term gains to shareholders. For 20 of the biggest drug companies, 80% of shareholder earnings in 2014 were the result of price hikes. [The] industry ... spends more on lobbying than any other industry in the country.
Note: For more along these lines, see concise summaries of deeply revealing big Pharma profiteering news articles from reliable major media sources.
Brazil’s suspended president has described the impeachment campaign as "more clearly than ever" a "coup" after leaked tapes suggested that her opponents were trying to remove her simply to halt a corruption probe. In only her second public appearance since being removed from office pending a trial, Dilma Rousseff responded to new evidence suggesting that the aim of the impeachment process is stifle a massive corruption inquiry, known as the “Car Wash” probe. Leaked tapes appear to show Romero Jucá, the planning minister in the new government, discussing the impeachment process as a way of stopping the “Car Wash” inquiry into corruption at Petrobras, the state oil company ... which has implicated dozens of politicians. In the conversation, Mr Jucá appears to agree that “there has to be an impeachment” to halt the probe. Mr Jucá has also been suspended from office. The revelations boosted Ms Rousseff’s Workers’ Party, or “PT”, which has repeatedly described the campaign to oust her as a “coup”. Ricardo Berzoini, a senior member of Ms Rousseff’s cabinet, said the “revelation” of the tapes “demonstrates the real reason for the coup against democracy.” Mr Berzoini added: “The goal is to stop the Car Wash investigation and sweep the investigation under the rug. The Brazilian people have a right to know everything about these recordings. We cannot allow a dialogue like this to not be investigated thoroughly.”
Note: This coup is reportedly handing literal control of Brazil's economy to Goldman Sachs and bank industry lobbyists. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
Say the name Bernie Madoff, and chances are everyone will immediately remember the Ponzi scheme that bilked investors of $64 billion. What likely won’t spring to mind is JPMorgan Chase’s role in the more than decadelong fraud. And the link is all the more egregious, Helen Davis Chaitman, an attorney who represents 1,600 of Madoff’s victims, and Lance Gotthoffer write in “JPMadoff: The Unholy Alliance Between America’s Biggest Bank and America’s Biggest Crook,” because the federal government has failed to prosecute any of the bankers involved. Madoff trustee Irving Picard laid out JPMorgan’s involvement in a complaint, which was turned into a list of stipulations the government entered as part of a deferred prosecution agreement with JPMorgan. The stipulations outline two violations of the Bank Secrecy Act, under which banks are responsible for alerting authorities to suspected illegal activity by customers. JPMorgan, the world’s sixth-largest bank by total assets, pleaded ignorance of wrongdoing but accepted the stipulations and paid a $1.7 billion fine. [When] Madoff began kiting checks ... Bankers Trust Co. spotted the illegal activity and closed Madoff’s account. That’s when Madoff moved his business to JPMorgan, depositing $150 billion from 1986 through 2008. JPMorgan handled only Madoff’s illegal investment advisory business, not the successful stock trading business that employed 190 of Madoff’s 200 employees. And though the bank was prosecuted, none of the bankers involved with Madoff’s account were.
Note: JP Morgan Chase's role in the Madoff scandal is outrageous, but it is relatively minor in comparison to the massive securities fraud and cover-up perpetrated by this and other corrupt financial institutions.
Helen Davis Chaitman, the lead attorney for Madoff’s victims and the author of The Law of Lender Liability, and Lance Gotthoffer, one of our nation’s premier litigators, are blowing the whistle on JPMorgan Chase big time. Their explosive ... book [is titled], “JPMadoff: The Unholy Alliance Between America’s Biggest Bank and America’s Biggest Crook.” This book is ... about the incestuous relationship between so-called U.S. federal prosecutors, politicians for whom they worked, and the flow of Wall Street money to those politicians. JPMC knew, for 20 years, that Madoff was conducting illegal transactions in his account at the Bank. JPMC had a unique window into Madoff’s crimes. And they said nothing to federal authorities ... in clear violation of our banking laws. In 1994 a JPMC officer wrote a memo analyzing the check kiting and calling it “outrageous.” But what he thought was outrageous was not that Madoff [was] violating the law, but that [he was] being paid interest by the Bank on uncleared funds. As a result, JPMC allowed the transactions to continue but required Levy and Madoff to pay back the interest the Bank had paid them on uncleared funds. In January 2014, JPMC paid over $3 billion to settle civil and criminal charges that it violated the law in its dealings with Madoff. They [had] waited until after Madoff confessed and was arrested to report to United States law enforcement that Madoff might have been operating illegally.
Note: JP Morgan Chase's role in the Madoff scandal is outrageous, but it is relatively minor in comparison to the massive securities fraud and cover-up perpetrated by this and other big banks in cooperation with corrupt government officials. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
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.