Please donate here to support this vital work.
Revealing News For a Better World

Corporate Corruption Media Articles
Excerpts of Key Corporate Corruption Media Articles in Major Media


Below are key excerpts of revealing news articles on corporate corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.


Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.


Justice Department sues S&P over mortgage bond ratings
2013-02-04, Los Angeles Times
http://www.latimes.com/business/la-fi-sandp-justice-20130205,0,1104883.story

The federal government is ... going after Wall Street's biggest credit rating firm for its role in pumping up the housing bubble. The Justice Department filed a lawsuit [on Feb. 4] against Standard & Poor's Corp. The suit accuses the company's analysts of issuing glowing reviews on troubled mortgage securities whose subsequent failure helped cause the worst financial crisis since the Great Depression. The action marks the first federal crackdown against a major credit rater, and it signals an untested legal tack after limited success in holding the nation's banks accountable for the part they played in the crisis. The government selected Los Angeles as the venue to file the lawsuit in part because it was one of the regions hardest hit when the bottom fell out of the housing market. Hundreds of thousands of California residents lost their homes to foreclosure, and others saw their wealth evaporate as properties plummeted in value. In addition to the Justice Department, several state attorneys general are investigating the ratings agency. States such as California and New York are expected to pursue their own investigations and legal action, people familiar with the matter said. The federal action does not involve any criminal allegations. Critics have complained that the government has yet to send any senior bankers or Wall Street executives to jail for potential illegal behavior that led to the crisis. But civil actions typically require a much lower burden of proof.

Note: For deeply revealing reports from reliable major media sources on the criminal practices of the financial industry, click here.


Doubt Is Cast on Firms Hired to Help Banks
2013-01-31, New York Times
http://dealbook.nytimes.com/2013/01/31/doubt-is-cast-on-firms-hired-to-help-b...

Federal authorities are scrutinizing private consultants hired to clean up financial misdeeds like money laundering and foreclosure abuses, taking aim at an industry that is paid billions of dollars by the same banks it is expected to police. The consultants operate with scant supervision and produce mixed results, according to government documents and interviews with prosecutors and regulators. In one case, the consulting firms enabled the wrongdoing. The deficiencies, officials say, can leave consumers vulnerable and allow tainted money to flow through the financial system. The pitfalls were exposed last month when federal regulators halted a broad effort to help millions of homeowners in foreclosure. The regulators reached an $8.5 billion settlement with banks, scuttling a flawed foreclosure review run by eight consulting firms. In the end, borrowers hurt by shoddy practices are likely to receive less money than they deserve, regulators said. Critics concede that regulators have little choice but to hire outsiders for certain responsibilities after they find problems at the banks. The government does not have the resources to ensure that banks follow the rules. Some banks that work with consultants continue to run afoul of the law. At other times, consultants underestimate the extent of the misdeeds or facilitate them, preventing regulators from holding institutions accountable.

Note: For deeply revealing reports from reliable major media sources on the criminal practices of the financial industry, click here.


Oil supply grows, but so does price
2013-01-25, San Francisco Chronicle (SF's leading newspaper)
http://www.sfgate.com/business/article/Oil-supply-grows-but-so-does-price-422...

Since 2008, oil production in the United States has surged ... 28 percent as the controversial practice of fracking unlocks new supplies in North Dakota and Texas. At the same time, use of oil and petroleum products has fallen 4 percent, as Americans switch to more efficient cars. In theory at least, both of those factors should have pushed the price of crude down. Instead, it's gone up. Since bottoming out during the financial crisis, oil futures traded on the New York Mercantile Exchange have nearly tripled in value, climbing from $33.87 per barrel in December 2008 to roughly $95 this month. Oil still costs substantially more now than it did in 2007, before the recession began. The high price illustrates a brutal truth of today's interconnected world - oil is a global commodity, bought and sold in a global marketplace. Even while demand falls in the United States, it's growing in countries such as China and India. Critics say the price paradox undercuts the oil industry's efforts to drill in more of America's public lands and coastal waters. "It really debunks the myth of 'Drill, baby, drill,' that if we just produce more oil, prices will stay low or go lower," said Michael Marx, director of the Sierra Club's Beyond Oil campaign. Will all that extra petroleum finally mean lower prices? "It's a difficult question to answer, because there's not a one-for-one (relationship) between an increase in production and a decrease in prices," said Doug MacIntyre, director of the Energy Information Administration's office of petroleum statistics. "There are so many other factors."

Note: Though the author refers to "so many other factors," he doesn't even mention greed and corruption which almost everyone knows are rampant. When will the media focus their attention on these fundamental challenges of our world?


The Untouchables: How the Obama administration protected Wall Street from prosecutions
2013-01-23, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/commentisfree/2013/jan/23/untouchables-wall-street-...

PBS' Frontline program on [January 22] broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable. What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Worst of all, Obama justice officials both shielded and feted these Wall Street oligarchs ... as they simultaneously prosecuted and imprisoned powerless Americans for far more trivial transgressions. As Harvard law professor Larry Lessig put it two weeks ago when expressing anger over the DOJ's persecution of Aaron Swartz: "we live in a world where the architects of the financial crisis regularly dine at the White House." As [documented in the] 2011 book on America's two-tiered justice system, With Liberty and Justice for Some: How the Law Is Used to Destroy Equality and Protect the Powerful, the evidence that felonies were committed by Wall Street is overwhelming.

Note: To watch this highly revealing PBS documentary, click here or here. For deeply revealing reports from reliable major media sources on the collusion between government 'regulators' and the financial powers they 'regulate', click here.


11 EU nations to plan tax on financial transactions
2013-01-22, Los Angeles Times
http://www.latimes.com/news/world/worldnow/la-fg-wn-11-eu-tax-financial-trans...

Pressing ahead where others have balked, 11 European countries received the green light ... to plan a financial transaction tax that could generate billions of dollars in revenue for cash-strapped governments. Led by Germany and France, the European Union’s two heavyweights, the nations will now work out how to introduce a levy on the buying and selling of stocks and bonds and on the use of complex financial instruments known as derivatives. Advocates say such a tax is not only necessary to help discourage risky transactions like those that precipitated the 2008 global financial meltdown but also a fair way to make financial institutions pay to help clean up the leftover mess. The U.S., at the urging of Wall Street, has opposed a financial transaction tax; so has Britain, which is home to Europe’s largest financial trading hub. Hesitation in London as well as some other European capitals stalled a proposal, made in September 2011, to charge a unified financial transaction tax across the 27-nation EU. The 11 countries, all of which share the euro as their currency, decided to forge ahead on their own, deepening integration among a subset of EU members that together account for more than half of the region’s economic output. EU-wide, officials had estimated that a levy of just 0.1% on trades of stocks and bonds and 0.01% on derivatives could bring in $75 billion a year.

Note: For deeply revealing reports from reliable major media sources on the profiteering of an unregulated financial industry, click here.


MoveOn founder, Tea Party figure meet
2013-01-17, San Francisco Chronicle (SF's leading newspaper)
http://www.sfgate.com/politics/joegarofoli/article/MoveOn-founder-Tea-Party-f...

It was a mind-blowing political tableau: a co-founder of liberal bulwark MoveOn sitting in her Berkeley living room, laughing, sharing homemade blueberry scones and occasionally agreeing with a national Tea Party figure. MoveOn's Joan Blades ... and Mark Meckler, ... have been talking online and over the phone for a few years now. Quietly, until now. "Transpartisanship" is the genteel word for what they're doing. Blades has been involved in similar types of projects for about a decade, but this is a fairly new school of political thought, which posits that people can come together to find some common ground without abandoning their core beliefs. The occasion was the latest installment of Living Room Conversations, Blades' latest national transpartisan project that she co-founded with former GOP operative Amanda Kathryn Roman [of] New Jersey. It involves one or two co-hosts pulling together an intimate gathering of folks who might believe they agree on little politically - until they sit down together to listen to one another's perspective. Civilly. Eventually, they find places they agree. That's what happened between Blades and Meckler, and it should give hope to a nation locked in scrums over guns and immigration and taxes. The day's assigned topic was "crony capitalism." It was conservative commentator Ralph Benko who introduced Meckler and Blades online. As Meckler recalled Benko saying, "If MoveOn and the Tea Party ever agree on anything, all politicians should watch out."

Note: What would happen if we focus less on what separates us and more on what brings us together?


Chuck Hagel's Chevron tie not criticized
2013-01-15, San Francisco Chronicle (SF's leading newspaper)
http://www.sfgate.com/business/article/Chuck-Hagel-s-Chevron-tie-not-criticiz...

In his bid to become Secretary of Defense, former Sen. Chuck Hagel has come under fire from both the left and right for his comments on Iraq, Israel and gays. His membership on the board of one of America's largest oil companies, however, has caused barely a stir. Since 2010, Hagel has served on the board of Chevron Corp., a position he would have to leave if he wins Senate confirmation as defense secretary. He received $301,199 in compensation from the San Ramon company in 2011, including $184,000 in stock. Chevron is a major federal contractor, with more than $501 million in sales to the U.S. government in the last fiscal year. But critics of the "revolving door" between the federal government and the private sector haven't raised any complaints about Hagel. That's largely due to the nature of Chevron's federal contracts. Almost all the money Chevron made from the U.S. government in fiscal year 2012 came from selling fuel to the Pentagon, according to a government website that tracks federal spending. Chevron, the nation's second-largest oil company, has a history of politically connected board members. Condoleezza Rice served on the company's board before becoming national security adviser for President George W. Bush. The practice of former federal officials landing jobs with government contractors - and vice versa - has long angered many government watchdogs. They were appalled when Obama, early in his first term, nominated a lobbyist for the Raytheon Corp. to serve as deputy secretary of defense.

Note: US Defense Secretary nominee Chuck Hagel has also been implicated in serious elections manipulations by none other than the New York Times. For more, see this link.


Court case draws Monsanto protesters to White House
2013-01-10, St. Louis Post-Dispatch
http://www.stltoday.com/news/local/govt-and-politics/political-fix/court-case...

An appeal by organic farmers [of] a court ruling last year turned into a wide-ranging protest this morning with speakers skewering Monsanto Co. for its policies and demanding labeling of genetically modified food. About 200 people, many from organic seed companies, rallied in a park directly across from the White House. The protest suggested an uptick in efforts to demand labeling, which was defeated in a California ballot initiative in November. Monsanto spent at least $8 million in an industry-wide effort to sink the California proposition. Organic farmers, who are pressing a lawsuit against Monsanto, often complain that their products are threatened by wind-blown pollen from genetically altered crops. "We want and demand the right of clean seed not contaminated by a massive biotech company that's in it for the profit," Carol Koury, who operates Sow True Seeds in Asheville, N.C., said at the rally. The gathering was held in conjunction with an appeal heard today before a three-judge U.S. Court of Appeals panel in Washington. The suit questions the legality of Monsanto's seed patents and seeks protection from patent-infringement suits against farmers in the event their fields are found to contain genetically modified seed. Last February, U.S. District Judge Naomi Buchwald in the Southern District of New York dismissed the suit.

Note: For deeply revealing reports from reliable major media sources on the risks from genetically modified organisms, click here.


Why Americans are dying earlier than their international peers
2013-01-09, CNN
http://www.cnn.com/2013/01/09/health/international-health-report/index.html

Despite spending more per person on health care than any other country, Americans are getting sicker and dying younger than our international peers -- a problem persisting across all ages and both genders. [The National Research Council and Institute Of Medicine] panel released its report, titled "U.S. Health in International Perspective: Shorter Lives, Poorer Health," on [January 9]. "Our panel was unprepared for the gravity of the finding we uncovered," chair Steven Woolf wrote in the report's preface. Data from 2007 show Americans' life expectancy is 3.7 years shorter for men and 5.2 years shorter for women than in the leading nations -- Switzerland for men and Japan for women. As of 2011, 27 countries had higher life expectancies at birth than the United States. "The tragedy is not that the United States is losing a contest with other countries," the report states, "but that Americans are dying and suffering from illness and injury at rates that are demonstrably unnecessary." The report outlines nine health areas where the United States lags behind other rich nations, including infant mortality, homicides, teen pregnancy, drug-related deaths, obesity and disabilities. And our children are less likely than children in peer countries to reach their fifth birthday. "Many of these conditions have a particularly profound effect on young people, reducing the odds that Americans will live to age 50," the report states.

Note: For a much deeper analysis of the reasons behind this, see Dr. Mercola's insightful comments at this link.


Abu Ghraib torture lawsuit settled
2013-01-08, San Francisco Chronicle/Associated Press
http://www.sfgate.com/world/article/Abu-Ghraib-torture-lawsuit-settled-417799...

A defense contractor whose subsidiary was accused in a lawsuit of conspiring to torture detainees at the infamous Abu Ghraib prison in Iraq has paid $5.28 million to 71 former inmates held there and at other U.S.-run detention sites between 2003 and 2007. The settlement in the case involving Engility Holdings Inc. of Chantilly, Va., marks the first successful effort by lawyers for former prisoners at Abu Ghraib and other detention centers to collect money from a U.S. defense contractor in lawsuits alleging torture. Another contractor, CACI, is expected to go to trial over similar allegations this summer. The defendant in the lawsuit, L-3 Services Inc., now an Engility subsidiary, provided translators to the U.S. military in Iraq. The former detainees filed the lawsuit in federal court in Greenbelt, Md., in 2008. L-3 Services "permitted scores of its employees to participate in torturing and abusing prisoners over an extended period of time throughout Iraq," the lawsuit stated. The company "willfully failed to report L-3 employees' repeated assaults and other criminal conduct by its employees to the United States or Iraq authorities." A military investigation in 2004 identified 44 alleged incidents of detainee abuse at Abu Ghraib. No employee from L-3 Services was charged with a crime in investigations by the U.S. Justice Department.

Note: For deeply revealing reports from reliable major media sources on corporate corruption, click here.


The four business gangs that run the US
2012-12-31, Sydney Morning Herald
http://www.smh.com.au/business/the-four-business-gangs-that-run-the-us-201212...

If you've ever suspected politics is increasingly being run in the interests of big business, ... Jeffrey Sachs, a highly respected economist from Columbia University, agrees with you - at least in respect of the United States. In his book, The Price of Civilization: Reawakening American Virtue and Prosperity, he says the US economy is caught in a feedback loop. ''Corporate wealth translates into political power through campaign financing, corporate lobbying and the revolving door of jobs between government and industry; and political power translates into further wealth through tax cuts, deregulation and sweetheart contracts between government and industry. Wealth begets power, and power begets wealth,'' he says. Sachs says four key sectors of US business exemplify this feedback loop and the takeover of political power in America by the ''corporatocracy''. First is the well-known military-industrial complex. Second is the Wall Street-Washington complex, which has steered the financial system towards control by a few politically powerful Wall Street firms, notably Goldman Sachs, JPMorgan Chase, Citigroup, Morgan Stanley and a handful of other financial firms. Third is the Big Oil-transport-military complex, which has put the US on the trajectory of heavy oil-imports dependence and a deepening military trap in the Middle East, he says. Fourth is the healthcare industry, America's largest industry, absorbing no less than 17 per cent of US gross domestic product.

Note: For deeply revealing reports from reliable major media sources on corporate and government corruption, click here and here.


Revealed: how the FBI coordinated the crackdown on Occupy
2012-12-29, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/commentisfree/2012/dec/29/fbi-coordinated-crackdown...

New documents prove what was once dismissed as paranoid fantasy: totally integrated corporate-state repression of dissent. It was more sophisticated than we had imagined: new documents show that the violent crackdown on Occupy last fall – so mystifying at the time – was not just coordinated at the level of the FBI, the Department of Homeland Security, and local police. The crackdown, which involved, as you may recall, violent arrests, group disruption, canister missiles to the skulls of protesters, people held in handcuffs so tight they were injured, people held in bondage till they were forced to wet or soil themselves – was coordinated with the big banks themselves. The Partnership for Civil Justice Fund, in a groundbreaking scoop that should once more shame major US media outlets (why are nonprofits now some of the only entities in America left breaking major civil liberties news?), filed this request. The document – reproduced here in an easily searchable format – shows a terrifying network of coordinated DHS, FBI, police, regional fusion center, and private-sector activity so completely merged into one another that the monstrous whole is, in fact, one entity: in some cases, bearing a single name, the Domestic Security Alliance Council. And it reveals this merged entity to have one centrally planned, locally executed mission. The documents, in short, show the cops and DHS working for and with banks to target, arrest, and politically disable peaceful American citizens.

Note: For analysis of these amazing documents revealing the use of joint government and corporate counterterrorism structures against peaceful protestors of financial corruption, click here and here. For a Democracy Now! video segment on this, click here.


F.B.I. Counterterrorism Agents Monitored Occupy Movement
2012-12-25, New York Times
http://www.nytimes.com/2012/12/25/nyregion/occupy-movement-was-investigated-b...

The Federal Bureau of Investigation used counterterrorism agents to investigate the Occupy Wall Street movement, including its communications and planning, according to newly disclosed agency records. The F.B.I. records show that as early as September 2011, an agent from a counterterrorism task force in New York notified officials of two landmarks in Lower Manhattan — Federal Hall and the Museum of American Finance — “that their building was identified as a point of interest for the Occupy Wall Street.” In the following months, F.B.I. personnel around the country were routinely involved in exchanging information about the movement with businesses, local law-enforcement agencies and universities. An October 2011 memo from the bureau’s Jacksonville, Fla., field office was titled Domain Program Management Domestic Terrorist. The memo said agents discussed “past and upcoming meetings” of the movement, and its spread. It said agents should contact Occupy Wall Street activists to ascertain whether people who attended their events had “violent tendencies.” Since the Sept. 11, 2001, attacks, the F.B.I. has come under criticism for deploying counterterrorism agents to conduct surveillance and gather intelligence on organizations active in environmental, animal-cruelty and poverty issues. The records were obtained by the Partnership for Civil Justice Fund, a civil-rights organization in Washington, through a Freedom of Information request to the F.B.I.

Note: For analysis of these amazing documents revealing the use of joint government and corporate counterterrorism structures against peaceful protestors of financial corruption, click here and here. For a Democracy Now! video segment on this, click here.


The coming drone attack on America
2012-12-21, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/commentisfree/2012/dec/21/coming-drone-attack-america

With the importation of what will be tens of thousands of drones, by both US military and by commercial interests, into US airspace, with a specific mandate to engage in surveillance and with the capacity for weaponization – which is due to begin in earnest at the start of the new year – it means that the police state is now officially here. In February of this year, Congress passed the FAA Reauthorization Act, with its provision to deploy fleets of drones domestically. Jennifer Lynch, an attorney at the Electronic Frontier Foundation, notes that this followed a major lobbying effort, "a huge push by … the defense sector" to promote the use of drones in American skies: 30,000 of them are expected to be in use by 2020, some as small as hummingbirds. Others will be as big as passenger planes. Business-friendly media stress their planned abundant use by corporations: police in Seattle have already deployed them. An unclassified US Air Force document reported by CBS News expands on this unprecedented and unconstitutional step – one that formally brings the military into the role of controlling domestic populations on US soil. This document accompanies a major federal push for drone deployment this year in the United States, accompanied by federal policies to encourage law enforcement agencies to obtain and use them locally, as well as by federal support for their commercial deployment. That is to say: now HSBC, Chase, Halliburton etc can have their very own fleets of domestic surveillance drones.

Note: For deeply revealing reports from reliable major media sources on civil liberties, click here.


The Bribery Aisle: How Wal-Mart Got Its Way in Mexico
2012-12-18, New York Times
http://www.nytimes.com/2012/12/18/business/walmart-bribes-teotihuacan.html?pa...

After years of study, [San Juan Teotihuacán]’s elected leaders had just approved a new zoning map. The leaders wanted to limit growth near the pyramids, and they considered the town’s main entrance too congested already. As a result, the 2003 zoning map prohibited commercial development [there]. But 30 miles away in Mexico City, at the headquarters of Wal-Mart de Mexico, executives were not about to be thwarted by an unfavorable zoning decision. Instead, records and interviews show, they decided to undo the damage with one well-placed $52,000 bribe. The plan was simple. The zoning map would not become law until it was published in a government newspaper. So Wal-Mart de Mexico arranged to bribe an official to change the map before it was sent to the newspaper. Sure enough, when the map was published, the zoning ... was redrawn to allow Wal-Mart’s store. Problem solved. Wal-Mart de Mexico broke ground months later, provoking fierce opposition. The Times’s examination reveals that ... Wal-Mart de Mexico was an aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited. It used bribes to subvert democratic governance — public votes, open debates, transparent procedures. It used bribes to circumvent regulatory safeguards that protect Mexican citizens from unsafe construction. It used bribes to outflank rivals. Through confidential Wal-Mart documents, The Times identified 19 store sites across Mexico that were the target of Wal-Mart de Mexico’s bribes.

Note: For deeply revealing reports from reliable major media sources on corporate corruption, click here.


The “People’s Bailout” Was Just the Beginning: What’s Next for Strike Debt?
2012-12-13, Yes! Magazine
http://www.yesmagazine.org/new-economy/peoples-bailout-just-the-beginning-wha...

Syracuse University art professor Thomas Gokey earned his Master of Fine Arts degree five years ago, but remains chained to his alma mater by $49,983 of debt. Soon after he graduated, the grim prospect of indefinite payments inspired its own art piece. Gokey put his debt up for sale in reconstituted squares of shredded money from the Federal Reserve. This year, together with the activist group Strike Debt, he helped organize a bold "People's Bailout" called the Rolling Jubilee, which has raised over $465,000. Bringing that money to the marketplace where collections companies buy and sell debt for pennies on the dollar, Strike Debt intends to purchase about $9 million of Americans' medical and educational debt—and then cancel it. Strike Debt, which grew out of Occupy Wall Street, wants to foment conversation about the debt we rack up in pursuit of basic needs, and the industries that profit from that debt. Gokey is currently on a year-long unpaid leave from teaching to help organize the Rolling Jubilee and upcoming Strike Debt projects. Thomas Gokey: Since I'm an educator, I'm thinking about the ways in which my students and I seem to be getting taken advantage of. We look at how much it's costing each one of my students to take one of my classes, and how much I'm getting paid to teach the class. And we look at each other and think, why don't we just go hold our classes at the public library? Somebody's obviously making money off both of us, so can't we cut out that middleman and focus on education?

Note: For deeply revealing reports from reliable major media sources on income inequality, click here.


HSBC, too big to jail, is the new poster child for US two-tiered justice system
2012-12-12, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/commentisfree/2012/dec/12/hsbc-prosecution-fine-mon...

The US is the world's largest prison state, imprisoning more of its citizens than any nation on earth, both in absolute numbers and proportionally. It imprisons people for longer periods of time, more mercilessly, and for more trivial transgressions than any nation in the west. This sprawling penal state has been constructed over decades, by both political parties, and it punishes the poor and racial minorities at overwhelmingly disproportionate rates. But not everyone is subjected to that system of penal harshness. It all changes radically when the nation's most powerful actors are caught breaking the law. With few exceptions, they are gifted not merely with leniency, but full-scale immunity from criminal punishment. Thus have the most egregious crimes of the last decade been fully shielded from prosecution when committed by those with the greatest political and economic power: the construction of a worldwide torture regime, spying on Americans' communications without the warrants required by criminal law by government agencies and the telecom industry, an aggressive war launched on false pretenses, and massive, systemic financial fraud in the banking and credit industry that triggered the 2008 financial crisis. This two-tiered justice system was the subject of [the] book, With Liberty and Justice for Some. On Tuesday, not only did the US Justice Department announce that HSBC would not be criminally prosecuted, but outright claimed that the reason is that they are too important, too instrumental to subject them to such disruptions.

Note: For deeply revealing reports from reliable major media sources on government corruption, click here.


Too Big to Indict
2012-12-12, New York Times
http://www.nytimes.com/2012/12/12/opinion/hsbc-too-big-to-indict.html

It is a dark day for the rule of law. Federal and state authorities have chosen not to indict HSBC, the London-based bank, on charges of vast and prolonged money laundering, for fear that criminal prosecution would topple the bank and, in the process, endanger the financial system. They also have not charged any top HSBC banker in the case, though it boggles the mind that a bank could launder money as HSBC did without anyone in a position of authority making culpable decisions. Clearly, the government has bought into the notion that too big to fail is too big to jail. When prosecutors choose not to prosecute to the full extent of the law in a case as egregious as this, the law itself is diminished. The deterrence that comes from the threat of criminal prosecution is weakened, if not lost. In the HSBC case, prosecutors may want the public to focus on the $1.92 billion settlement. But even large financial settlements are small compared with the size of international major banks. More important, once criminal sanctions are considered off limits, penalties and forfeitures become just another cost of doing business, a risk factor to consider on the road to profits. If banks operating at the center of the global economy cannot be held fully accountable, the solution is to reduce their size by breaking them up and restricting their activities — not shield them and their leaders from prosecution for illegal activities.

Note: For deeply revealing reports from reliable major media sources on government collusion with financial corruption, click here.


HSBC to Pay $1.92 Billion to Settle Charges of Money Laundering
2012-12-10, New York Times
http://dealbook.nytimes.com/2012/12/10/hsbc-said-to-near-1-9-billion-settleme...

State and federal authorities decided against indicting HSBC in a money-laundering case over concerns that criminal charges could jeopardize one of the world’s largest banks and ultimately destabilize the global financial system. Instead, HSBC announced ... that it had agreed to a record $1.92 billion settlement with authorities. The bank, which is based in Britain, faces accusations that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to move money illegally through its American subsidiaries. The case, officials say, will claim violations of the Bank Secrecy Act and Trading with the Enemy Act. While the settlement with HSBC is a major victory for the government, the case raises questions about whether certain financial institutions, having grown so large and interconnected, are too big to indict. Four years after the failure of Lehman Brothers nearly toppled the financial system, regulators are still wary that a single institution could undermine the recovery of the industry and the economy. But the threat of criminal prosecution acts as a powerful deterrent. If authorities signal such actions are remote for big banks, the threat could lose its sting.

Note: For deeply revealing reports from reliable major media sources on government collusion with financial corruption, click here.


United States of ALEC
2012-12-03, Truthout
http://truth-out.org/news/item/13108-united-states-of-alec

BILL MOYERS: ALEC [The American Legislative Exchange Council] is a nationwide consortium of elected state legislators working side by side with some of America's most powerful corporations. They have an agenda you should know about, a mission to remake America, changing the country by changing its laws, one state at a time. ALEC creates what it calls "model legislation," pro-corporate laws its members push in statehouses across the nation. ALEC says close to a thousand bills, based at least in part on its models, are introduced each year. And an average of 200 pass. This has been going on for decades. Lisa Graves, a former Justice Department attorney, runs the Center for Media and Democracy, a nonprofit investigative reporting group in Madison, Wisconsin. In 2011 by way of an ALEC insider, Graves got her hands on a virtual library of internal ALEC documents. She was amazed by its contents. LISA GRAVES: Bills to change the law to make it harder for American citizens to vote, those were ALEC bills. Bills to dramatically change the rights of Americans who were killed or injured by corporations, those were ALEC bills. Bills to make it harder for unions to do their work were ALEC bills. Bills to basically block climate change agreements, those were ALEC bills. BILL MOYERS: She and her team ... found hundreds of corporations [involved], from Coca-Cola and Koch Industries to Exxon Mobil, Pfizer, and Wal-Mart. There were more than ... 850 boilerplate laws that ALEC legislators could introduce as their own in any state in the union.

Note: For deeply revealing reports from reliable major media sources on government corruption, click here.


Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.

Kindly donate here to support this inspiring work.

Subscribe to our free email list of underreported news.

newsarticles.media is a PEERS empowerment website

"Dedicated to the greatest good of all who share our beautiful world"