Corporate Corruption News Articles

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In a medical system notorious for opaque finances and inflated bills, nothing is more convoluted than hospital pricing, economists say. Hospital charges represent about a third of the $2.7 trillion annual United States health care bill, the biggest single segment, according to government statistics, and are the largest driver of medical inflation, a new study in The Journal of the American Medical Association found. A day spent as an inpatient at an American hospital costs on average more than $4,000, five times the charge in many other developed countries, according to the International Federation of Health Plans, a global network of health insurance industries. The most expensive hospitals charge more than $12,500 a day. And at many of them ... emergency rooms are profit centers. That is why one of the simplest and oldest medical procedures — closing a wound with a needle and thread — typically leads to bills of at least $1,500 and often much more. At Lenox Hill Hospital in New York City, Daniel Diaz, 29, a public relations executive, was billed $3,355.96 for five stitches on his finger after cutting himself while peeling an avocado. At a hospital in Jacksonville, Fla., Arch Roberts Jr., 56, a former government employee, was charged more than $2,000 for three stitches after being bitten by a dog. Insurers and patients negotiated lower prices, but those charges were a starting point. The main reason for high hospital costs in the United States, economists say, is fiscal, not medical: Hospitals are the most powerful players in a health care system that has little or no price regulation in the private market.

Note: For more on corruption in the health industry, see the deeply revealing reports from reliable major media sources available here.

[The European Commission's] plans to create a single market incorporating Europe and the United States, progressing so nicely when hardly anyone knew, have been blown wide open. All over Europe people are asking why this is happening; why we were not consulted; for whom it is being done. The Commission insists that its Transatlantic Trade and Investment Partnership should include a toxic mechanism called investor-state dispute settlement. Where this has been forced into other trade agreements, it has allowed big corporations to sue governments before secretive arbitration panels composed of corporate lawyers, which bypass domestic courts and override the will of parliaments. This mechanism could threaten almost any means by which governments might seek to defend their citizens or protect the natural world. Already it is being used by mining companies to sue governments trying to keep them out of protected areas; by banks fighting financial regulation; by a nuclear company contesting Germany's decision to switch off atomic power. No longer able to keep this process quiet, the European commission has instead devised a strategy for lying to us. The message is that the trade deal is about "delivering growth and jobs" and will not "undermine regulation and existing levels of protection in areas like health, safety and the environment". Just one problem: it's not true. From the outset, the transatlantic partnership has been driven by corporations and their lobby groups, who boast of being able to "co-write" it.

Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.

When the fires from the 2007-08 financial crisis were still being fought, JPMorgan Chase looked like a winner. Not only was JPMorgan Chase able to scoop up former rivals Washington Mutual and Bear Stearns for bargain basement prices, but its stock value shot up by nearly 31 percent over the past 4 1/2 years. But this year has been a little less kind to JPMorgan Chase. On [November 20) JPMorgan Chase agreed to a $13 billion settlement with the federal government over selling toxic mortgage investments. It also admitted to wrongdoing in knowingly peddling the instruments. Both settlements are for the "incomplete information" JPMorgan Chase gave to the pension funds for their purchases of toxic securities during the years 2004 to 2008. Even for a colossus such as JPMorgan Chase, $13 billion is a lot of money - about half of its annual profit. Forcing JPMorgan to admit wrongdoing - a rare concession - may open the door to more headaches for the company, especially because the government is continuing a criminal probe into its mortgage prices. The scale of the devastation is still so enormous that the only question left for the Justice Department to answer is why no one from any of the big banks has yet to go to jail. Wall Street's wrongdoing was about more than a dollar cost - it was about the widespread human suffering that remains with us today. Jail time would be more than appropriate, but so far the banks have been able to pay their way out of it.

Note: Because JP Morgan Chase can write off $11 billion of the fine as tax deductible, the real fine is actually reduced by $4 billion to about $7 billion, just one-third of Chase's $21 billion profit in the year 2012. For more on financial fraud, see the deeply revealing reports from reliable major media sources available here.

"CCA" has become a dirty word. Kanye West cited it when rapping about America's class of "New Slaves." Anonymous invoked it to describe a bad financial investment that undermines justice. And for state after state, the word represents a failed approach to public safety. Profiting off mass incarceration is a dirty business. Private prison company Corrections Corporation of America [CCA] squanders taxpayer money and runs facilities rife with human rights abuses. All private prison companies have corrupting incentives. One is to save money by cutting corners. Another is to promote their bottom line. Although CCA isn't the only company with these incentives, it has done more than any other corporation to [make] the private prison industry into a behemoth plagued by abuse and neglect and profiting off our nation's over-reliance on incarceration. CCA routinely shirks its responsibility to comply with basic standards. In Idaho, CCA employees falsified nearly 4,800 hours of staffing records. In Ohio, auditors found outrageous violations like prison without running water for toilets, in which prisoners had no choice but to use plastic bags for defecation and cups for urination. And yet, CCA made $1.7 billion in just the last year -- more than any other private prison company. The company pours money into both lobbying and campaign contributions. From 2002 to 2012, CCA devoted more than $19 million to lobbying Congress, and its PAC shelled out over $1.4 million to candidates for federal office during the same time period.

Note: CCA is just one of the many powerful entities getting rich off mass incarceration. Meet the other Prison Profiteers and take action to fight their abuses at PrisonProfiteers.org. For a video exposing this craziness, click here. For more on corruption in the government-prison-industrial complex, see the deeply revealing reports from reliable major media sources available here.

Limitless growth is the fantasy of economists, businesses and politicians. It is seen as a measure of progress. As a result, gross domestic product (GDP), which is supposed to measure the wealth of nations, has emerged as both the most powerful number and dominant concept in our times. However, economic growth hides the poverty it creates through the destruction of nature, which in turn leads to communities lacking the capacity to provide for themselves. In effect, “growth” measures the conversion of nature into cash, and commons into commodities. Today, economics is separated from and opposed to both ecological processes and basic needs. While the destruction of nature has been justified on grounds of creating growth, poverty and dispossession [have] increased. While being non-sustainable, it is also economically unjust. The dominant model of economic development has in fact become anti-life. Nobel-prize winning economists Joseph Stiglitz and Amartya Sen have admitted that GDP does not capture the human condition and urged the creation of different tools to gauge the wellbeing of nations. This is why countries like Bhutan have adopted the gross national happiness in place of gross domestic product to calculate progress. We need to create measures beyond GDP, and economies beyond the global supermarket, to rejuvenate real wealth. We need to remember that the real currency of life is life itself.

Want to ensure that miracle drugs can no longer perform miracles? Then do what some physicians and industrial livestock farmers have done for years: Overprescribe antibiotics to people, and use them cavalierly in farm animals to promote growth or prevent infections before they even occur. Last month, federal officials quantified that danger: At least 23,000 people die from antibiotic-resistant bacteria each year, according to the Centers for Disease Control and Prevention (CDC), which said that's a conservative figure. For more than four decades, scientists and government health agencies have warned about the danger this poses for development of drug-resistant bugs. Yet last week, the Johns Hopkins Center for a Livable Future reported that little progress has been made on limiting the use of antibiotics on farms. The agriculture industry maintains that the connection is murky between antibiotic use in animals and drug resistance in people. On the other side of the debate is a long list of scientists, public health officials and veterinarians whose views carry more sense and less self-interest. In 2011 alone, 1.9 million pounds of penicillins and 12.3 million pounds of tetracyclines were sold for use in food animals. It's hard to believe that wouldn't have an effect. According to the CDC, humans can pick up drug-resistant bugs through contact with animals or by eating contaminated food. But neither Congress nor the FDA has acted to curtail the broad dangers. The well-financed agriculture industry has won most rounds. And regulators have dragged their feet.

Note: For more on important health issues, see the deeply revealing reports from reliable major media sources available here.

Federal grants of $7 million, initially intended to help thwart terror attacks at the port in Oakland, Calif., are instead going to a police initiative that will collect and analyze reams of surveillance data. The new system ... is the latest example of how cities are compiling and processing large amounts of information, known as big data, for routine law enforcement. And the system underscores how technology has enabled the tracking of people in many aspects of life. Like the Oakland effort, other pushes to use new surveillance tools in law enforcement are supported with federal dollars. The New York Police Department, aided by federal financing, has a big data system that links 3,000 surveillance cameras with license plate readers, radiation sensors, criminal databases and terror suspect lists. Police in Massachusetts have used federal money to buy automated license plate scanners. And police in Texas have bought a drone with homeland security money. [Critics] of the Oakland initiative, formally known as the Domain Awareness Center, [say] the program, which will create a central repository of surveillance information, will also gather data about the everyday movements and habits of law-abiding residents. Oakland has a contract with the Science Applications International Corporation, or SAIC, to build its system. That company has earned the bulk of its $12 billion in annual revenue from military contracts.

Note: For more on government privacy invasions, see the deeply revealing reports from reliable major media sources available here.

Tax the rich and better target the multinationals: The IMF has set off shockwaves this week in Washington by suggesting countries fight budget deficits by raising taxes. Guardian of financial orthodoxy, the International Monetary Fund, which is holding its annual meetings with the World Bank this week in the US capital, typically calls for nations in difficulty to slash public spending to reduce their deficits. But in its Fiscal Monitor report, subtitled "Taxing Times", the Fund advanced the idea of taxing the highest-income people and their assets to reinforce the legitimacy of spending cuts and fight against growing income inequalities. "Scope seems to exist in many advanced economies to raise more revenue from the top of the income distribution," the IMF wrote, noting "steep cuts" in top rates since the early 1980s. According to IMF estimates, taxing the rich even at the same rates during the 1980s would reap fiscal revenues equal to 0.25 percent of economic output in the developed countries. "The gain could in some cases, such as that of the United States, be more significant," around 1.5 percent of gross domestic product, said the IMF report, which also singled out deficient taxation of multinational companies. In the US alone, legal loopholes deprive the Treasury of roughly $60 billion in receipts, the global lender said. The IMF managing director, Christine Lagarde, kept up the sales pitch for a more just fiscal policy. "It's clearly something finance ministers are interested in, it's something that is necessary for the right balance of public finances," said Lagarde, a former French finance minister.

Note: Yahoo! was the only major media in the US to pick up this eye-opening news, with the possible exception of a Forbes article which shows how afraid they are of this development. For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.

The healthcare provider Corizon makes an estimated $1.4 billion off sick prisoners every year. With profits like those, you would think it was actually treating prisoners. But in states that are using Corizon to provide healthcare in their prisons—and right now twenty-nine are—medical neglect and abuse run rampant. Corizon’s attitude toward the debilitating virus Hepatitis C is especially alarming: They just don’t treat it. Last year alone, no fewer than seven sick prisoners died at Metro Corrections, a jail in Louisville, Kentucky, while on Corizon’s watch. The company made headlines when six employees quit their jobs, according to local press, “amid an investigation by the jail that found that the workers ‘may’ have contributed” to two of the deaths. This summer, it was announced that the contract between Corizon and the city would not be renewed. The Nation’s Liliana Segura gives an overview of the massive scope of the crisis of companies profiting off mass incarceration: “With 2.3 million people incarcerated in the United States,” she writes, “prisons are big business.”

Note: For a video exposing this craziness, click here. Corizon is just one of the many powerful entities getting rich off mass incarceration. Meet the other Prison Profiteers and take action to fight their abuses at PrisonProfiteers.org. For more on corruption in the government-prison-industrial complex, see the deeply revealing reports from reliable major media sources available here.

Investigative journalist Greg Palast has obtained a secret memo authored by then deputy Treasury secretary Larry Summers and his protégé Timothy Geithner detailing their plans to roll back financial regulation. In the piece, titled "The Confidential Memo at the Heart of the Global Financial Crisis", [Palast] writes: "The Memo confirmed every conspiracy freak's fantasy: that in the late 1990s, the top U.S. Treasury officials secretly conspired with a small cabal of banker big-shots to rip apart financial regulation across the planet. When you see 26.3 percent unemployment in Spain, desperation and hunger in Greece, riots in Indonesia and Detroit in bankruptcy, go back to this End Game memo, the genesis of the blood and tears." [Palast:] This is really important right now because Larry Summers is President Obama's top choice to become head of a Federal Reserve Board. He would take Ben Bernanke's place. And what this memo is--they call it the "end game memo". Geithner calls it the "end game". And what's the game being played? The memo asks Summers to get back to the five biggest, most powerful bankers in the United States to act on and determine what our policy should be for world governance of the banking system. Basically, there were secret calls going between Larry Summers and the head of Bank of America, the head of Goldman Sachs, the head of Citibank and Merrill, the five big boys, to find out what should happen to the world financial policing order. And the answer was: smash it. Summers was holding secret meetings with the big bankers to come up with a scheme to eliminate financial regulation across the planet.

Note: Greg Palast is a New York Times-bestselling author and a freelance journalist for the British Broadcasting Corporation as well as the British newspaper The Observer. He is one of the few journalists uncovering the deepest layers of secrecy in our world. For a key past report of his on elections corruption, click here.

It is one of the most common components of emergency medicine: an intravenous bag of sterile saltwater. Luckily for anyone who has ever needed an IV bag to replenish lost fluids or to receive medication, it is also one of the least expensive. The average manufacturer’s price, according to government data, has fluctuated in recent years from 44 cents to $1. Yet there is nothing either cheap or simple about its ultimate cost, as [revealed by] the commercial path of IV bags from the factory to the veins of more than 100 patients struck by a May 2012 outbreak of food poisoning in upstate New York. Some of the patients’ bills would later include markups of 100 to 200 times the manufacturer’s price, not counting separate charges for “IV administration.” And on other bills, a bundled charge for “IV therapy” was almost 1,000 times the official cost of the solution. At every step from manufacturer to patient, there are confidential deals among the major players, including drug companies, purchasing organizations and distributors, and insurers. These deals so obscure prices and profits that even participants cannot say what the simplest component of care actually costs, let alone what it should cost. And that leaves taxpayers and patients alike with an inflated bottom line and little or no way to challenge it. The real cost of a bag of normal saline, like the true cost of medical supplies from gauze to heart implants, disappears into an opaque realm of byzantine contracts, confidential rebates and fees that would be considered illegal kickbacks in many other industries.

Note: For more on this, see concise summaries of deeply revealing medical corruption news articles from reliable major media sources.

JPMorgan Chase & Co. has agreed to pay federal regulators $410 million to settle allegations that the giant bank manipulated energy markets in California and Michigan. About $285 million of the settlement will go to the U.S. Treasury for civil penalties, and about $124 million will be refunded to California ratepayers. The remainder will be refunded to Michigan ratepayers. If this story sounds familiar, that's because it is. Californians who remember the Enron energy debacle of 2000-01 won't be surprised to learn that JPMorgan's traders have been accused of fraudulent behavior. Once again, the fraud was performed by manipulating the auction system that was developed by a quasi-state agency, the California Independent System Operator, to handle California's electricity needs. The Federal Energy Regulatory Commission found that JPMorgan engaged in 12 manipulative bidding strategies, which wound up forcing ratepayers to pay higher amounts than they should have - all because the bank wanted to find a cheap way to profit off of aging power plants in Southern California. JPMorgan used a variety of bait-and-switch strategies - duping Cal-ISO into paying exorbitant fees for running the plants at a low level, for instance, or manipulating the bidding system so that Cal-ISO was forced to pay rates that were many times higher than market rate. The fact that this kind of manipulation is still happening is upsetting. And while $410 million is a record settlement for the FERC, it's a drop in the bucket to JPMorgan, which reported $6.5 billion in quarterly profits this month.

Note: Remember Enron, which scammed millions and then went bankrupt, wiping out pensions of its many employees? To read CBS reports on how Enron purposely shut down power plants so they could cause and then cash in on the energy crisis, click here.

Computers and networks inherently produce data, and our constant interactions with them allow corporations to collect an enormous amount of intensely personal data about us as we go about our daily lives. Sometimes we produce this data inadvertently simply by using our phones, credit cards, computers and other devices. Sometimes we give corporations this data directly on Google, Facebook, [or] Apple’s iCloud ... in exchange for whatever free or cheap service we receive from the Internet in return. The NSA is also in the business of spying on everyone, and it has realized it’s far easier to collect all the data from these corporations rather than from us directly. The result is a corporate-government surveillance partnership, one that allows both the government and corporations to get away with things they couldn’t otherwise. There are two types of laws in the U.S., each designed to constrain a different type of power: constitutional law, which places limitations on government, and regulatory law, which constrains corporations. Historically, these two areas have largely remained separate, but today each group has learned how to use the other’s laws to bypass their own restrictions. The government uses corporations to get around its limits, and corporations use the government to get around their limits. This partnership manifests itself in various ways. The government uses corporations to circumvent its prohibitions against eavesdropping domestically on its citizens. Corporations rely on the government to ensure that they have unfettered use of the data they collect.

Note: For more on government and corporate privacy invasions, see the deeply revealing reports from reliable major media sources available here.

CNBC’s BRIAN SULLIVAN: Is there anyone else in the Senate that is a professor? ELIZABETH WARREN: I don't think so. ... We had the big crash in 2008. What does everyone say about it? They say too much concentration in financial services creates too big to fail. It puts us at bigger risk. And what's happened since 2008? The four biggest financial institutions are now 30% bigger than they were in 2008. The central premise behind a 21st century Glass-Steagall is to say if you want to get out there and take risks, go ahead and do it. But ... you can't get access to FDIC insured deposits when you do. That way ... at least one portion of our banking sector stays safe. From 1797 to 1933, the American banking system crashed about every 15 years. In 1933, we put good reforms in place, for which Glass-Steagall was the centerpiece, and from 1933 to the early 1980s, that’s a 50 year period, we didn’t have any of that – none. We kept the system steady and secure. And it was only as we started deregulating, [you hit] the S&L crisis, and what did we do? We deregulated some more. And then you hit long-term capital management at the end of the 90s, and what did we do as a country? This country continued to deregulate more. And then we hit the big crash in 2008. You are not going to defend the proposition that regulation can never work, it did work. SULLIVAN: I didn’t say regulation never worked, Senator. By far and away, and I agree, there were fewer bank failures in that time after Glass-Steagall. ELIZABETH WARREN: “Fewer,” as in, of the big ones, zero.

Note: Sen. Warren is one of the few bright lights in Congress. Watch this interview to see why. To read about later censorship of this interview by NBC, click here.

HSBC Holdings Plcs $1.9 billion agreement with the U.S. to resolve charges it enabled Latin American drug cartels to launder billions of dollars was approved by a federal judge. U.S. District Judge John Gleeson in Brooklyn, New York, signed off yesterday on a deferred-prosecution agreement. HSBC was accused of failing to monitor more than $670 billion in wire transfers and more than $9.4 billion in purchases of U.S. currency from HSBC Mexico, allowing for money laundering, prosecutors said. The bank also violated U.S. economic sanctions against Iran, Libya, Sudan, Burma and Cuba, according to a criminal information filed in the case. The bank, Europes largest, agreed to pay a $1.25 billion forfeiture and $665 million in civil penalties under the settlement, prosecutors announced in December. At a hearing the same month, Gleeson told prosecutors there had been publicized criticism of the agreement, which lets the bank and management avoid further criminal proceedings over the charges. Lack of proper controls allowed the Sinaloa drug cartel in Mexico and the Norte del Valle cartel in Colombia to move more than $881 million through HSBCs U.S. unit from 2006 to 2010, the government alleged in the case. The bank also cut resources for its anti-money-laundering programs to cut costs and increase profits, the government said in court filings. Under a deferred prosecution agreement, the U.S. allows a target to avoid charges.

Note: HSBC was founded to service the international drug trade, and is considered too big to criminally prosecute. Big bank settlements often amount to "cash for secrecy" deals that are ultimately profitable for banks. For more along these lines, see concise summaries of deeply revealing news articles about financial industry corruption.

The probe of Libor manipulation is proving to be the tip of the iceberg as inquiries into assets from derivatives to foreign exchange show that if there’s a chance to rig benchmark rates in world markets, someone is usually willing to try. Singapore’s monetary authority last week censured 20 banks for attempting to fix interest rate levels in the island state and ordered them to set aside as much as $9.6 billion. Britain’s markets regulator is looking into the $4.7 trillion-a-day currency market after Bloomberg News reported that traders have manipulated key rates for more than a decade, citing five dealers. “It’s happened time and again: all of these markets have been influenced by major market-makers, which is a polite way of saying they’ve been rigged,” Charles Geisst, a finance professor at Manhattan College in Riverdale, New York, said. While the indexes under scrutiny are little known to the public, their influence extends to trillions of dollars in securities and derivatives. Barclays, UBS and Royal Bank of Scotland have been fined about $2.5 billion in the past year for distorting the London interbank offered rate, which is tied to $300 trillion worth of securities. Regulators are also probing ISDAfix, a measure used in the $370 trillion interest-rate swaps market, as well as how some oil products prices are set. Inquiries are broadening into the transparency of benchmarks whose levels can be determined by the same people whose income they affect. In the case of Libor, traders who stood to profit worked with bank employees responsible for submissions for the benchmark to rig the price.

Note: To read highly revealing major media articles showing just how crazy and unregulated the derivatives market is, click here. For deeply revealing reports from reliable major media sources on financial corruption, click here.

You've given them more than $1 billion. They've given almost nothing to the needy. The 50 worst charities in America devote less than 4 percent of donations raised to direct cash aid. Some charities give even less. Over a decade, one diabetes charity raised nearly $14 million and gave about $10,000 to patients. The worst charity in America operates from a metal warehouse behind a gas station. Every year, Kids Wish Network raises millions of dollars in donations in the name of dying children and their families. Every year, it spends less than 3 cents on the dollar helping kids. Most of the rest gets diverted to enrich the charity's operators and the for-profit companies Kids Wish hires to drum up donations. In the past decade alone, Kids Wish has channeled nearly $110 million donated for sick children to its corporate solicitors. An additional $4.8 million has gone to pay the charity's founder and his own consulting firms. But Kids Wish is not an isolated case, a yearlong investigation by the Tampa Bay Times and The Center for Investigative Reporting has found. These nonprofits adopt popular causes or mimic well-known charity names that fool donors. Then they rake in cash, year after year. Even as they plead for financial support, operators at many of the 50 worst charities have lied to donors about where their money goes, taken multiple salaries, secretly paid themselves consulting fees or arranged fundraising contracts with friends. One cancer charity paid a company owned by the president's son nearly $18 million over eight years to solicit funds.

Note: For lots more excellent reporting on this important subject, click here. For a webpage which shows that many of those who call asking you for donations (including Firefighters Charitable Foundation, International Union of Police Associations, and National Veterans Service Fund) are not using your money for the causes they claim to represent, click here.

On [June 6], a heady mix of politicians, bank bosses, billionaires, chief executives and European royalty will swoop up the elegant drive of the Grove hotel, north of Watford, to begin the annual Bilderberg conference. The CEO of Royal Dutch Shell will hop from his limo, delighted to be spending three solid days in policy talks with the head of HSBC, the president of Dow Chemical, his favourite European finance ministers and US intelligence chiefs. The conference is the highlight of every plutocrat's year and has been since 1954. The only time Bilderberg skipped a year was 1976, after the group's founding chairman, Prince Bernhard of the Netherlands, was caught taking bribes from Lockheed Martin. It may seem odd, as our own lobbying scandal unfolds, amid calls for a statutory register of lobbyists, that a bunch of our senior politicians will be holed up for three days in luxurious privacy with the chairmen and CEOs of hedge funds, tech corporations and vast multinational holding companies, with zero press oversight. Michael Meacher, MP ... describes the conference as "an anti-democratic cabal of the leaders of western market capitalism meeting in private to maintain their own power and influence outside the reach of public scrutiny". The Bilderberg conference is paid for, in the UK, by an officially registered charity: the Bilderberg Association (charity number 272706). The charity receives regular five-figure sums from two kindly supporters of its benevolent aims: Goldman Sachs and BP. The most recent documentary proof of this is from 2008, since when the charity has omitted its donors' names from its accounts.

Note: For a list of this year's Bilderberg participants, which include 90-year-old Henry Kissinger, click here. For lots more on secret societies from reliable sources, click here.

The movement demanding that public interest institutions divest their holdings from fossil fuels is on a serious roll. Chapters have opened up in more than 100 US cities and states as well as on more than 300 campuses, where students are holding protests, debates and sit-ins to pressure their [universities] to rid their endowments of oil, gas and coal holdings. Some schools [in the UK], including University College London, ... already have active divestment campaigns. Four US colleges have announced their intention to divest their endowments from fossil fuel stocks and bonds and, in late April, 10 US cities made similar commitments, including San Francisco [and Seattle]. To quote the mission statement of the Fossil Free movement: "If it is wrong to wreck the climate, then it is wrong to profit from that wreckage. We believe that educational and religious institutions, city and state governments, and other institutions that serve the public good should divest from fossil fuels." An important target is missing from the list: the environmental organisations themselves. Some of the most powerful and wealthiest environmental organisations have long behaved as if they had a stake in the oil and gas industry. They led the climate movement down various dead ends: carbon trading, carbon offsets, natural gas as a "bridge fuel" – what these policies all held in common is that they created the illusion of progress while allowing the fossil fuel companies to keep mining, drilling and fracking with abandon.

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

One of the world's most respected economists has said Wall St is full of "crooks" and hasn't reformed its "pathological" culture since the financial crash. Professor Jeffrey Sachs told a high-powered audience at the Philadelphia Federal Reserve earlier this month that the lack of reform was down to “a docile president, a docile White House and a docile regulatory system that absolutely can’t find its voice.” Sachs, from Columbia University, has twice been named one of Time magazine’s 100 Most Influential People in the World, and is an adviser to the World Bank and IMF. “What has been revealed, in my view, is prima facie criminal behavior,” he said. “It’s financial fraud on a very large extent. There’s also a tremendous amount of insider trading. We have a corrupt politics to the core, I am afraid to say, and . . . both parties are up to their neck in this. This has nothing to do with Democrats or Republicans." Sachs described an environment of Wall Street influencing politicians with growing campaign contributions. In the 2012 election cycle, political contributions by the securities and investment sector hit $271.5 million, compared with $176 million in 2008, according to the Center for Responsive Politics. “I am going to put it very bluntly: I regard the moral environment as pathological. They have no responsibility to pay taxes; they have no responsibility to their clients; they have no responsibility to people, to counterparties in transactions,” he said. “They are tough, greedy, aggressive and feel absolutely out of control in a quite literal sense, and they have gamed the system to a remarkable extent.”

Note: For deeply revealing reports from reliable major media sources on criminal practices of Wall Street corporations, click here.

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