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Revealing News For a Better World

News Stories
Excerpts of Key News Stories in Major Media


Below are highly revealing excerpts of key news stories from the major media that suggest major cover-ups and corruption. Links are provided to the full stories on their media websites. If any link fails to function, read this webpage. These news stories are listed by date posted. You can explore the same list by order of importance or by date of news story. By choosing to educate ourselves and to spread the word, we can and will build a brighter future.

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.


Jose Padilla lawsuit against Pentagon thrown out in US
2011-02-17, BBC
Posted: 2011-02-21 16:38:30
http://www.bbc.co.uk/news/world-us-canada-12501627

A US judge has quashed a lawsuit by an American who said he was illegally detained and repeatedly tortured for three years in a US navy jail. Jose Padilla was seeking to sue current US Defence Secretary Robert Gates and his predecessor, Donald Rumsfeld, for violating the constitution. Judge Richard Gergel ruled that US laws did not offer clear guidelines on the detention of enemy combatants. Any trial, he wrote, would be "an international spectacle with Padilla, a convicted terrorist, summoning America's present and former leaders to a federal courthouse to answer his charges". Ben Wizner, the litigation director at the American Civil Liberties Union, called Thursday's ruling "troubling". "The court today held that Donald Rumsfeld is above the law and Jose Padilla is beneath it," he said in a statement. "But if the law does not protect Jose Padilla, it protects none of us, and the executive branch can simply label citizens enemies of the state and strip them of all rights, including the absolute right not to be tortured."

Note: For lots more from reliable sources on government threats to civil liberties, click here.


Iraqi Says He Made Up Tale of Biological Weapons Before War
2011-02-16, New York Times
Posted: 2011-02-21 16:37:06
http://www.nytimes.com/2011/02/16/world/middleeast/16curveball.html

The Iraqi defector whose claims that Saddam Hussein’s government had biological weapons became part of the Bush administration’s justification for the 2003 invasion of Iraq has admitted that he fabricated his story. The defector, Rafid Ahmed Alwan al-Janabi, who was code-named “Curveball” by the Central Intelligence Agency and German intelligence officials, told the British newspaper The Guardian on [February 15] that he had concocted his tale that Iraq was hiding mobile bioweapons laboratories. The strange case of “Curveball” has become one of the most infamous episodes in the Bush administration’s case for war. Mr. Janabi’s claim about the mobile laboratories was featured prominently in Secretary of State Colin L. Powell’s address to the United Nations in February 2003, when he laid out the administration’s case that Mr. Hussein was hiding weapons of mass destruction. The United States invaded Iraq in March 2003, and eventually determined that Iraq did not have any such weapons. It later became clear that the Bush administration had relied heavily on bogus information from unreliable exiles like Mr. Janabi.

Note: For background information on "Curveball" in the runup to the Iraq war, click here.


WikiLeaks: U.S. Spied on NATO's Top Official
2011-02-11, CBS News/Associated Press
Posted: 2011-02-21 16:35:31
http://www.cbsnews.com/stories/2011/02/11/501364/main20031493.shtml

Leaked U.S. diplomatic cables appear to show that the United States has been snooping on NATO's top official using secret sources on his own staff. Confidential cables from the U.S. mission to NATO released [on February 11] by WikiLeaks, ... said American diplomats received information on the private conversations of Secretary-General Anders Fogh Rasmussen from "a member of the NATO international staff." Instead of the staffer's name, the phrase "strictly protect" was inserted in a cable dated Sept. 10, 2009. The cable dealt with Fogh Rasmussen's proposal to improve ties with Russia by establishing contacts with the Collective Security Treaty Organization, a Russia-dominated security alliance. The cable was signed off by U.S. ambassador Ivo Daalder. There has been no known [previous] case in the past of a nation spying on the secretary-general.


War veteran, 71, dragged out for staging silent protest during Hilary Clinton address... on freedom of speech
2011-02-19, Daily Mail (One of the UK's largest-circulation newspapers)
Posted: 2011-02-21 16:33:59
http://www.dailymail.co.uk/news/article-1358475/Protest-Egypt-America-message...

A 71-year-old war veteran today claimed he was left 'bruised and bloodied' after being violently dragged out of a speech by Hilary Clinton. Ray McGovern, who was a CIA analyst for 27 years, staged a 'silent protest' during the Secretary of State's talk on the importance of freedom of speech in the internet age yesterday. In it she referred to the uprising in Egypt and commented on how people should be allowed to protest in peace without fear of threat or violence. She also condemned governments who arrest protesters and do not allow free expression. But during the speech at George Washington university, Mr McGovern claims his silent protest was met with just that - threats and violence. Wearing a 'Veterans for Peace' t-shirt, the 71-year-old stood up and turned around to face the back of the room, when two men grabbed him and dragged him out of the room. He said he was 'roughed up' by police for his actions and needed medical attention. The veteran said he was protesting the ongoing wars in Iraq and Afghanistan and the fact that 'these people are pursuing policies which make people suffer and die, particularly in the Middle East'. As well as a former CIA analyst, Mr McGovern also carried out the daily intelligence briefing for Presidents Ronald Reagan and George H. W. Bush.

Note: We don't usually consider the UK's Daily Mail a reliable source, but as they were the only media source we could find which covered this sad occurence, we've used them here. See the link above for photos of bruises Mr. McGovern suffered at the hands of police. For more on the courageous Mr. McGovern, click here.


It's a bird! It's a spy! It's both
2011-02-17, Los Angeles Times
Posted: 2011-02-21 16:32:29
http://articles.latimes.com/2011/feb/17/business/la-fi-hummingbird-drone-2011...

A pocket-size drone dubbed the Nano Hummingbird for the way it flaps its tiny robotic wings has been developed for the Pentagon by a Monrovia company as a mini-spy plane capable of maneuvering on the battlefield and in urban areas. The battery-powered drone was built by AeroVironment Inc. for [DARPA, the Defense Advanced Research Projects Agency,] the Pentagon's research arm, as part of a series of experiments in nanotechnology. The little flying machine is built to look like a bird for potential use in spy missions. Equipped with a camera, the drone can fly at speeds of up to 11 miles per hour. It can hover and fly sideways, backward and forward, as well as go clockwise and counterclockwise. It also demonstrates the promise of fielding mini-spy planes. Industry insiders see the technology eventually being capable of flying through open windows or sitting on power lines, capturing audio and video while enemies would be none the wiser. With a wingspan of 6.5 inches, the mini-drone weighs 19 grams, or less than a AA battery. The Hummingbird's guts are made up of motors, communications systems and a video camera. It is slightly larger than the average hummingbird.

Note: Remember that secret government research is usually at least 10 years in advance of anything that has been announced publicly. For more on the hummingbird drone, click here.


Inside Job: how bankers caused the financial crisis
2011-02-17, The Guardian (One of the UK's leading newspapers)
Posted: 2011-02-21 16:28:41
http://www.guardian.co.uk/film/2011/feb/17/inside-job-financial-crisis-banker...

Charles Ferguson's film Inside Job ... explains why so little has been done to reform the financial world or bring criminal prosecutions against the main protagonists [of the financial crash that began in 2008]. His villainous lineup includes bankers, politicians (many of whom were previously bankers), regulators, the credit ratings agencies and academics. In Inside Job, the name that keeps cropping up is Larry Summers, a friend of President Bill Clinton and more recently Barack Obama. Summers exemplifies the links between cheerleaders in academia, Wall Street, supine regulators and an ignorant Capitol Hill that Ferguson stresses were at the root of the problem. Still, no matter how much it is explained, the general public is not going to understand. How does one go into battle yelling slogans about credit default swaps? The bankers know ignorance is their trump card. Maybe Inside Job will make us more savvy in time for the next crash.

Note: For a treasure trove of reports from reliable souces on the criminality of the major financial firms, regulatory agencies and politicians which led to the global financial crisis and Greater Depression, click here.


Doctors, nurses, execs among record number charged with Medicare fraud
2011-02-17, CNN
Posted: 2011-02-21 16:27:34
http://www.cnn.com/2011/US/02/17/medicare.arrests/index.html

Federal authorities indicted and arrested more than 100 doctors, nurses and health care executives nationwide [on February 17] in what officials said was the biggest crackdown ever in a single day in connection with Medicare fraud. The arrests occurred in nine cities. Thirty-two defendants including two doctors and eight nurses were charged in Miami with various fraud schemes. Another 21 defendants were charged in Detroit, along with 11 in Chicago; 10 in Brooklyn, New York; 10 in Tampa, Florida; nine in Houston; seven in Dallas; six in Baton Rouge, Louisiana; and five in Los Angeles. Officials from the Justice Department and the Department of Health and Human Services said the cost of enforcing health care fraud laws is proving to be a good financial investment. Last year, federal agencies recovered a record $4 billion from fraudsters. "From 2008 to 2010, every dollar the federal government spent under its health care fraud and abuse control programs averaged a return on investment (of) $6.80," Health and Human Services Secretary Kathleen Sebelius said.

Note: For powerful information from a top MD exposing how many in the health care industry put profits above public health and put us all at risk, click here.


Military Veterans File Suit Over Rape Claims
2011-02-15, CBS News/Associated Press
Posted: 2011-02-21 16:25:38
http://www.cbsnews.com/stories/2011/02/15/national/main20031948.shtml

More than a dozen U.S. veterans who say they were raped or assaulted by comrades filed a class-action suit in federal court [on February 15] attempting to force the Pentagon to change how it handles such cases. The current and former service members - 15 women and two men - describe circumstances in which servicemen allegedly got away with rape and other sexual abuse while their victims were ordered to continue to serve with them. The alleged attackers in the lawsuit include an Army criminal investigator and an Army National Guard commander. The abuse alleged ranges from obscene verbal abuse to gang rape. "The problem of rape in the military is not only service members getting raped, but it's the entire way that the military as a whole is dealing with it," said Panayiota Bertzikis, who is a plaintiff in the lawsuit and claims she was raped in 2006. "From survivors having to be involuntarily discharged from service, the constant verbal abuse, once a survivor does come forward your entire unit is known to turn their back on you. The entire culture needs to be changed."


Google Comes Under Fire for 'Secret' Relationship with NSA
2011-01-25, Yahoo News/PC World
Posted: 2011-02-21 16:24:08
http://news.yahoo.com/s/pcworld/20110125/tc_pcworld/googlecomesunderfireforse...

Consumer Watchdog, an advocacy group largely focused in recent years on Google's privacy practices, has called [for] a congressional investigation into the Internet giant's "cozy" relationship with U.S. President Barack Obama's administration. In a letter sent [on January 24], Consumer Watchdog asked Representative Darrell Issa, the new chairman of the House Oversight and Government Reform Committee, to investigate the relationship between Google and several government agencies. "We believe Google has inappropriately benefited from close ties to the administration," the letter said. "It should not get special treatment and access because of a special relationship with the administration." Consumer Watchdog's latest complaints about the relationship of Google and the Obama administration are outlined in a 32-page report [which] questions Google's relationship with the U.S. National Security Agency and calls for the company to be more open about what consumer information it shares with the spy agency.


CIA Director Leon Panetta Warns of Possible Cyber-Pearl Harbor
2011-02-11, ABC News
Posted: 2011-02-21 16:20:10
http://abcnews.go.com/News/cia-director-leon-panetta-warns-cyber-pearl-harbor...

Top U.S. intelligence officials have raised concerns about the growing vulnerability the United States faces from cyberwarfare threats and malicious computer activity that CIA Director Leon Panetta said "represents the battleground for the future." "The potential for the next Pearl Harbor could very well be a cyber-attack," he testified on Capitol Hill [on February 10] before the House Permanent Select Committee on Intelligence. Panetta provided a stark assessment for the intelligence committee. "If you have a cyber-attack that brings down our power-grid system, brings down our financial system, brings down our government systems, you could paralyze this country," he said. U.S officials from the National Security Agency, Department of Homeland Security and the FBI have actively been working the emerging cybersecurity threats. The military activated U.S. Cyber Command last year to coordinate the military's cyberspace resources.

Note: For more articles from reliable sources on the construction of a total surveillance state, click here.


Study: Many defibrillator implants went to marginal candidates
2011-01-05, CNN
Posted: 2011-02-21 16:18:28
http://www.cnn.com/2011/HEALTH/01/04/defibrillator.implants.study/index.html

More than 20% of patients who received an implantable cardioverter-defibrillator -- a high-tech device that produces electrical impulses to regulate heartbeats and prevent life-threatening arrhythmias -- in recent years were not good candidates to receive the device, a new study suggests. Researchers at Duke University looked at more than 111,000 patients who received ICD implants between 2006 and 2009. More than 25,000 of those patients did not meet evidence-based criteria for receiving the device, according to the study. The risk of dying in the hospital was significantly higher for patients who received the ICD but did not meet the criteria, and 1 out of 121 patients in this category experienced complications following the implant, the study found. Dr. Robert Michler, chairman of Cardiovascular and Thoracic Surgery at Montefiore-Einstein Heart Center, said the data should act as a "wake-up call" for physicians, surgeons and patients. "Doctors are well-intentioned, but not all doctors should be determining the use of what is a very sophisticated therapy," Michler says. He says that in this case electophysiologists should be making the final determination if the patient needs the device.

Note: For powerful information from a top MD on how the profit motive corrupts the medical industry and endangers our health, click here.


Give Something Back plans to give even more
2011-02-14, San Francisco Chronicle (San Francisco's leading newspaper)
Posted: 2011-02-21 16:17:02
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/02/14/BUC81HKHJA.DTL

Give Something Back is celebrating 20 years in business by seeking to triple its size within five years (from $28 million in sales to $100 million) and expand into new categories such as break-room supplies (coffee and snacks), managed print services (toner, paper, repairs and networking), office furniture and janitorial and sanitation products. In most respects, Give Something Back, which says it is the largest privately owned office supply firm on the West Coast, is a regular company. But its underlying premise sets it apart. Inspired by the example of Newman's Own food products, Mike Hannigan and Sean Marx started Give Something Back in Hannigan's living room in 1991 to "use the marketplace to create wealth on behalf of the community," as Hannigan put it. "I loved the idea of being able to combine what I do for work with improving the quality of life in the world I live in," said Marx. Since inception, Give Something Back has donated more than $5 million to a diverse array of nonprofits. Last year, for the first time, its annual donations topped $500,000. It helped pioneer the concept of B (for beneficial) corporations, companies that incorporate social or environmental missions into their charters. About 371 companies nationwide have signed up as B corporations.


Has someone been sitting on the FBI?
2001-11-06, BBC
Posted: 2011-02-21 16:14:19
http://news.bbc.co.uk/2/hi/events/newsnight/1645527.stm

GREG PALAST: The CIA and Saudi Arabia, the Bushes and the Bin Ladens. Did their connections cause America to turn a blind eye to terrorism? UNNAMED MAN: There is a hidden agenda at the very highest levels of our government. PETER ELSNER: How can it be that the former President of the US and the current President of the US have business dealings with characters that need to be investigated? PALAST: In the eight weeks since the attacks, over 1,000 suspects and potential witnesses have been detained. Yet, just days after the hijackers took off from Boston aiming for the Twin Towers, a special charter flight out of the same airport whisked 11 members of Osama Bin Laden's family off to Saudi Arabia. That did not concern the White House. Their official line is that the Bin Ladens are above suspicion - apart from Osama, the black sheep, who they say hijacked the family name. That's fortunate for the Bush family and the Saudi royal household, whose links with the Bin Ladens could otherwise prove embarrassing. But Newsnight has obtained evidence that the FBI was on the trail of other members of the Bin Laden family for links to terrorist organisations before and after September 11th. This document is marked "Secret". Case ID - 199-Eye WF 213 589. 199 is FBI code for case type. 9 would be murder. 65 would be espionage. 199 means national security. WF indicates Washington field office special agents were investigating ABL. ABL is Abdullah Bin Laden.

Note: For a Washington Post article showing that former President George H.W. Bush was meeting with a brother of Osama bin Laden the day before 9/11, click here. For lots more on the unanswered questions about the official account of 9/11, click here and here.


Why Almost Everything You Hear About Medicine Is Wrong
2011-01-24, Newsweek
Posted: 2011-02-13 00:34:46
http://www.newsweek.com/2011/01/23/why-almost-everything-you-hear-about-medic...

If you follow the news about health research, you risk whiplash. First garlic lowers bad cholesterol, then—after more study—it doesn’t. Hormone replacement reduces the risk of heart disease in postmenopausal women, until a huge study finds that it doesn’t. But what if wrong answers aren’t the exception but the rule? More and more scholars who scrutinize health research are now making that claim. It isn’t just an individual study here and there that’s flawed, they charge. Instead, the very framework of medical investigation may be off-kilter, leading time and again to findings that are at best unproved and at worst dangerously wrong. The result is a system that leads patients and physicians astray—spurring often costly regimens that won’t help and may even harm you. Even a cursory glance at medical journals shows that once heralded studies keep falling by the wayside. A major study concluded there’s no good evidence that statins (drugs like Lipitor and Crestor) help people with no history of heart disease. The study ... was based on an evaluation of 14 individual trials with 34,272 patients. Cost of statins: more than $20 billion per year. “Positive” drug trials, which find that a treatment is effective, and “negative” trials, in which a drug fails, take the same amount of time to conduct. But negative trials took an extra two to four years to be published. With billions of dollars on the line, companies are loath to declare a new drug ineffective. As a result of the lag in publishing negative studies, patients receive a treatment that is actually ineffective. From clinical trials of new drugs to cutting-edge genetics, biomedical research is riddled with incorrect findings.

Note: For the good of your health, the entire article at the link above is well worth reading. For lots more on how the profit-oriented health profession puts public health at risk, click here and here.


At CIA, Grave Mistakes, Then Promotions
2011-02-11, ABC News/AP
Posted: 2011-02-13 00:32:00
http://abcnews.go.com/Politics/wireStory?id=12874101

In December 2003, security forces boarded a bus in Macedonia and snatched a German citizen named Khaled el-Masri. For the next five months, el-Masri was a ghost. Only a select group of CIA officers knew he had been whisked to a secret prison for interrogation in Afghanistan. But he was the wrong guy. In the years since the Sept. 11, 2001, terrorist attacks, officers who committed serious mistakes that left people wrongly imprisoned or even dead have received only minor admonishments or no punishment at all. Many officers who made significant missteps are now the senior managers fighting the president's spy wars. The AP investigation of the CIA's actions revealed a disciplinary system that takes years to make decisions, hands down reprimands inconsistently and is viewed inside the agency as prone to favoritism and manipulation. When people are disciplined, the punishment seems to roll downhill, sparing senior managers even when they were directly involved in operations that go awry. Two officers involved in the death of a prisoner in Afghanistan, for instance, received no discipline and have advanced into Middle East leadership positions. Other officers were punished after participating in a mock execution in Poland and playing a role in the death of a prisoner in Iraq. Those officers retired, then rejoined the intelligence community as contractors. Since 9/11, retired CIA officers have published a variety of books opining on what ails the CIA. Their conclusions differ, but they are in nearly unanimous agreement that the system of accountability is broken.

Note: It is great news that the media is now revealing some of the craziness at the CIA, a topic that was almost taboo for the press in the past.


IMF calls for dollar alternative
2011-02-10, CNN
Posted: 2011-02-13 00:29:26
http://money.cnn.com/2011/02/10/markets/dollar/index.htm

The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency. The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system. SDRs represent potential claims on the currencies of IMF members. They were created by the IMF in 1969 and can be converted into whatever currency a borrower requires at exchange rates based on a weighted basket of international currencies. The IMF typically lends countries funds denominated in SDRs While they are not a tangible currency, some economists argue that SDRs could be used as a less volatile alternative to the U.S. dollar. The goal is to have a reserve asset for central banks that better reflects the global economy since the dollar is vulnerable to swings in the domestic economy and changes in U.S. policy. In addition to serving as a reserve currency, the IMF also proposed creating SDR-denominated bonds, which could reduce central banks' dependence on U.S. Treasuries. The Fund also suggested that certain assets, such as oil and gold, which are traded in U.S. dollars, could be priced using SDRs. Fred Bergsten, director of the Peterson Institute for International Economics, said at a conference in Washington that IMF member nations should agree to create $2 trillion worth of SDRs over the next few years.


Critics question billions in aid routed back to US contractors
2011-02-03, Boston Globe
Posted: 2011-02-13 00:26:53
http://www.boston.com/news/nation/articles/2011/02/03/critics_question_billio...

United States taxpayers have funneled more than $60 billion of aid into Egypt since President Hosni Mubarak came to power in 1981, but more than half of the money has been spent supplying weapons to the country’s military. About $34 billion of the aid to Egypt has come in the form of grants that Congress requires Egypt to spend on American military hardware. In recent years the large amount of aid earmarked for the military, and the relatively low sums supporting civilian aid, have attracted scathing criticism from Egyptians, some of whom argue that US aid has gone to entrench a military dictator at the expense of the fledgling democracy activists. During the early turmoil, protesters were the target of tear gas canisters that read "made in the USA," fueling debate about the aid. Last year, Egypt was the fifth-largest recipient of US aid, getting $1.6 billion. Congress ... authorized major aid packages to both [Egypt and Israel in 1979], using an informal formula — not enshrined in the peace treaty — that gave Egypt $2 for every $3 that Israel received. Israel quickly became the largest recipient of US aid, and Egypt the second-largest — rankings that were only recently overtaken by wars in Afghanistan and Iraq, and last year, the disaster in Haiti. The strong interest of US companies could help explain why US military assistance to Egypt has remained at $1.3 billion a year, while its civilian economic assistance has steadily shrunk, from $815 million a decade ago to $250 million requested for 2011. The decline began in 1998, when Israel arranged for a reduction in economic support and an increase military aid. As Israeli’s economic aid shrunk, so too did Egypt’s.

Note: Israel receives about $3 billion a year from the US, yet the population of the country is 8 million. If you do the math, the US is providing the equivalent of nearly $4,000 in aid per year to every man, woman and child in Israel, with $3,000 of that to buy US military hardware. For lots more reliable information on how the military/industrial complex manipulates world politics to support the war machine, click here and here.


George W Bush cancels trip to Switzerland over torture claims
2011-02-07, The Telegraph (One of the UK's leading newspapers)
Posted: 2011-02-13 00:23:16
http://www.telegraph.co.uk/news/worldnews/europe/switzerland/8307733/George-W...

Mr Bush was the keynote speaker at Keren Hayesod's annual dinner on Feb 12 in Geneva. But pressure has been building on the Swiss government to arrest him and open a criminal investigation into the torture allegations if he enters the country. Criminal complaints against Mr Bush have been lodged in Geneva and several human rights groups signalled that they are poised to take further legal action this week. Swiss officials have said that Mr Bush would still enjoy a certain diplomatic immunity as a former head of state. But Keren Hayesod organisers felt the atmosphere had become too threatening, fearing that protests organised to coincide with his visit could descend into riots.


Deregulation of derivatives set stage for collapse
2011-01-30, San Francisco Chronicle (San Francisco's leading newspaper)
Posted: 2011-02-13 00:21:00
http://articles.sfgate.com/2011-01-30/business/27091349_1_otc-derivatives-otc...

"We certainly applaud the efforts of the commission," said White House press secretary Robert Gibbs, referring to the Financial Crisis Inquiry Report. "Frankly, I'm not sure much has changed," said one of commissioners, Byron Georgiou. "The concentration of assets in the nation's 10 biggest banks is bigger now than it was five years ago, from 58 percent in 2006 to 63 percent now." Referring to executives who remain at the head of those banks that almost ran aground, Georgiou said ... "Either they knew and didn't want to tell us, or they really didn't know. Either way, they put their institutions at risk." And have yet to be held accountable. Commissioner Brooksley Born can enjoy a certain sense of vindication. Not only had "over-the-counter derivatives contributed significantly to this crisis," ... but the enactment of legislation in 2000 to ban their regulation "was a key turning point in the march toward the financial crisis." As head of the Commodity Futures Trading Commission in the 1990s, Born was aware of the damage the largely unregulated instruments had already caused. Born suggested some more regulation. [She] was squashed like a bug by Clinton administration heavyweights, including Lawrence Summers and Robert Rubin, [and] Federal Reserve Chairman Alan Greenspan. One of the results: The Commodity Futures Modernization Act of 2000 eliminated government oversight of the OTC market. As the report documents, the use of such derivatives ... helped bring the entire financial system to its knees. Born hasn't seen much change in terms of accountability. One thing the report makes clear ... is just how preposterous were the "Who knew?" and "Who could have predicted?" statements offered up by chief executives and top government officials.

Note: So the 10 biggest banks now control 63% of total U.S. bank assets. The total for these banking assets as of the second quarter of 2010 were calculated at $13.22 trillion. Yet four of these megabanks also control an astounding 95% of the $574 trillion derivatives market, a sum over 40 times the amount of bank assets! Do you think there might be a problem with a derivatives bubble?


ConsumerWatch: Zero Percent Financing May Prove Costly
2011-02-03, KCBS (CBS San Francisco Affiliate)
Posted: 2011-02-13 00:18:08
http://sanfrancisco.cbslocal.com/2011/02/03/consumerwatch-zero-percent-financ...

Zero-percent financing deals sound tempting when you are making a big purchase. But they can have costly consequences. Justin Miller financed a new Tempur-Pedic bed through Citibank. Miller said the deal was a credit plan offering 12 months interest free. Even though he had the cash, he decided to finance $5,600. But after Miller made the last payment, he received a bill from Citibank for $1,332.70. A year’s worth of interest Citibank calculated at 25 percent. “I thought this is crazy, either this is some kind of joke or some kind of scam,” Miller said. But according to the statement, the plan expired December 2nd. Miller’s payment was due four days later, after the interest free deal expired on December 6th. “The statement due date was different from what they call the plan due date,” Miller said. In fact Miller believes the due date was intentional to fool customers into making their last payment after the interest rate expires. Jose Quinonez with Mission Asset Fund said it’s a common practice. Quinonez adds banks rarely go out of their way to tell customers about expiration dates on interest-free deals. “My recommendation to people is to make sure to pay off the whole balance completely in full by the 11th month, not wait till the 12th month to pay it off,” he said. Citibank refused to discuss the specifics of Miller’s case, but it told CBS 5 ConsumerWatch the terms of the deal are clearly explained in the seven page contract.


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.

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