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

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


Below are key excerpts of revealing news articles on government 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.


World's media tricked by fake bin Laden photo
2011-05-02, New Zealand Herald (New Zealand's leading newspaper)
http://www.nzherald.co.nz/world/news/article.cfm?c_id=2&objectid=10723030

An image of Osama bin Laden after his death yesterday has been revealed as a fake. The photo, which shows a bloodied bin Laden with a gun wound to the head, is the photo-shopped combination of two images - one of the al Qaeda founder alive in 1998 and another of an unnamed corpse. The image has reportedly been circulating for two years, but that did not stop the image being picked up by media across the world in the wake of the terrorist's death. Britain's Daily Mail, Times of London, Telegraph, Sun and Daily Mirror ... all used the image of their websites' front pages, the Guardian reported, although they were quickly taken down. Associated Press had placed the image on its wires, but soon retracted the photo as it could not verify its authenticity. The picture appears to have first been published by the Middle East online newspaper themedialine.org on April 29, 2009, although the site's editor then said they could not ascertain whether it was genuine. A US official revealed the body was photographed before being buried at sea, although no images have been released by the Obama administration. It is not clear whether photos of bin Laden's body will be released.

Note: How did this photo become accepted by the media? And why was bin Laden's body buried at sea? Could it be that those involved did not want anyone to be able to investigate whether the body was indeed that of bin Laden? For two BBC reports suggesting that bin Laden may already have been dead, click here and here.


Former Miss USA: I was 'molested' by the TSA
2011-04-29, USA Today
http://travel.usatoday.com/flights/post/2011/04/susie-castillo-dallas-fort-wo...

Weeks after generating an uproar for the aggressive screening of a six-year-old child in New Orleans, the TSA is again facing criticism for an enhanced pat-down. Former Miss USA Susie Castillo says she was "molested" by a TSA screener at Dallas/Fort Worth International Airport after declining to go through a body scanner due to radiation concerns. According to a detailed account from the Dallas Morning News, Castillo wrote "My private area was grazed four times!" on a complaint card after the screening. Castillo immediately shot a tearful video recounting the episode more explicitly and posted it on YouTube. The Boston Herald quotes from the video: "That's why I'm crying, that's why I'm so upset. They're making me choose to either get molested, because that's what I feel like, or go through this machine that's completely unhealthy and dangerous." TSA spokesman Luis Casanova defended the screening procedure. "Everything [the screener] did was according to protocol," Casanova said.

Note: For key articles on increasing reductions of civil liberties by governments, click here.


SF Chronicle video prompts White House threat
2011-04-29, San Francisco Chronicle
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/04/28/MNA51J994T.DTL

The White House threatened [on April 28] to exclude The San Francisco Chronicle from pooled coverage of its events in the Bay Area after the paper posted a video of a protest at a San Francisco fundraiser for President Obama last week, Chronicle Editor Ward Bushee said. White House guidelines governing press coverage of such events are too restrictive, Bushee said, and the newspaper was within its rights to film the protest and post the video. Chronicle senior political reporter Carla Marinucci was invited by the White House to cover the Obama fundraiser on April 21. About 200 donors paying $5,000 to $38,500 each attended the event at the St. Regis Hotel in the city, a day after Obama visited Facebook headquarters in Silicon Valley touting the proliferation of "new media" breaking the confines of traditional journalism. At the St. Regis event, a group of protesters who paid collectively $76,000 to attend the fundraiser interrupted Obama with a song complaining about the administration's treatment of Pfc. Bradley Manning, the soldier who allegedly leaked U.S. classified documents to the WikiLeaks website.

Note: This is an excellent example of how politicians can control the press. Top reporters are under threat of losing their connections to top officials if they report anything negative about them.


Are CFL Light Bulbs Eco-Friendly or Human Hazards?
2011-04-28, Yahoo News
http://news.yahoo.com/cfl-light-bulbs-eco-friendly-human-hazards-205800837.html

Via the Clean Energy Act of 2007, the new "go-green" eco-friendly standards are set to thrust mandatory use of CFLs (compact fluorescent light bulbs) upon American citizens by the year 2013 or 2014. Some reports say the mercury-filled CFLs are harmful to humans. Are CFL bulbs eco-friendly but human hazards? What about the economy of cleaning up the the new bulbs, and the erosion of our American "choices"? Information has circulated that CFLs will be dangerous to humans due to mercury content. It seems to have started with a 2007 claim by a family who was gung-ho to "go green." They installed CFLs in their home but broke one, resulting in various illnesses for a child and a $2,000 clean-up process that could only be done by experts. According to EPA guidelines [in 2007] there were 16 steps to cleaning up a broken, mercury-filled CFL bulb and then cleaning up the cleaning materials used. According to the EPA website today, there are only eight steps. The process appears toned down. The EPA claims that breakage of one bulb is not dangerous to occupants. Clean-up doesn't have to cost $2,000. Energy Star, a division of the EPA, ... acknowledges certain health and environmental hazards, stating "we must be responsible in cleaning up." They offer several sheets of directions, including this: Humans must leave the premises for three hours after removing a broken bulb. Livestrong.com is a leading go-to health and wellness website. Its research about CFLs shows that prolonged exposure to fluorescent lighting causes migraines, eye strain and other eye discomfort.

Note: For a CBS affiliate report confirming these hazards, click here.


Storms knock out TVA nuclear units and power lines
2011-04-28, Chicago Tribune/Reuters
http://www.chicagotribune.com/sns-rt-usreport-us-utilititre73r03g-20110428,0,...

Severe storms and tornadoes moving through the U.S. Southeast dealt a severe blow to the Tennessee Valley Authority [on April 27], causing three nuclear reactors in Alabama to shut and knocking out 11 high-voltage power lines, the utility and regulators said. All three units at TVA's 3,274-megawatt Browns Ferry nuclear plant in Alabama tripped about 5:30 EDT after losing outside power to the plant, a spokesman for the U.S. Nuclear Regulatory Commission said. A TVA spokeswoman said the station's backup power systems, including diesel generators, started and operated as designed. External power was restored quickly to the plant but diesel generators remained running Wednesday evening, she said. The Browns Ferry units are among 23 U.S. reactors that are similar in design to the crippled Fukushima Daiichi nuclear plant in Japan where backup generators were swept away in the tsunami that followed the massive earthquake on March 11.

Note: And what might have happened if one of those tornadoes happened to hit a nuclear power plant?


Companies can block customers' class-action lawsuits, Supreme Court rules
2011-04-27, Los Angeles Times
http://www.latimes.com/business/sc-dc-0428-court-class-action-web-20110427,0,...

The Supreme Court gave corporations a major win [on April 27], ruling in a 5-4 decision that companies can block their disgruntled customers from joining together in a class-action lawsuit. The ruling arose from a California lawsuit involving cellphones, but it will have a nationwide impact. In the past, consumers who bought a product or a service had been free to join a class-action lawsuit if they were dissatisfied or felt they had been cheated. By combining these small claims, they could bring a major lawsuit against a corporation. But in [the] decision, the high court said that under the Federal Arbitration Act companies can force these disgruntled customers to arbitrate their complaints individually, not as part of a group. Consumer-rights advocates said this rule would spell the end for small claims involving products or services. Justice Antonin Scalia said companies may require buyers to sign arbitration agreements, and those agreements may preclude class-action claims. But the dissenters said a practical ban on class action would be unfair to cheated consumers. Justice Stephen G. Breyer said the California courts had insisted on permitting class-action claims, despite arbitration clauses that forbade them. Otherwise, he said, it would allow a company to "insulate" itself "from liability for its own frauds by deliberately cheating large numbers of consumers out of individually small sums of money."

Note: For lots more on government corruption from reliable sources, click here.


US doctors 'hid signs of torture' at Guantanamo
2011-04-27, The Independent (One of the UK's leading newspapers)
http://www.independent.co.uk/news/world/americas/us-doctors-hid-signs-of-tort...

US government doctors who cared for the prisoners at Guantanamo Bay deliberately concealed or ignored evidence that their patients were being tortured, the first official study of its kind has found. A detailed review of the medical records and case files of nine Guantanamo inmates has concluded that medical personnel at the US detention centre were complicit in suppressing evidence that would demonstrate systematic torture of the inmates. The review is published in an online scientific journal, PLoS Medicine, and is the first peer-reviewed study analysing the behaviour of the doctors in charge of Guantanamo inmates who were subjected to "enhanced interrogation" techniques that a decade ago had been classed by the US government as torture. [The report] concluded that no doctor could have failed to notice the medical signs and symptoms of the extreme interrogation techniques and unauthorised assaults that other physicians would recognise as torture, such as severe beatings resulting in bone fractures, sexual assaults, mock executions, and simulated drowning by "waterboarding". Many of the prisoners said they were also subjected to unauthorised abuses resulting in severe and prolonged physical and mental pain.

Note: For lots more from major media sources on torture committed by US forces and approved by the highest levels of government, click here.


Guantánamo leaks lift lid on world's most controversial prison
2011-04-25, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/world/2011/apr/25/guantanamo-files-lift-lid-prison

More than 700 leaked secret files on the Guantánamo detainees lay bare the inner workings of America's controversial prison camp in Cuba. The US military dossiers ... reveal how ... many prisoners were flown to the Guantánamo cages and held captive for years on the flimsiest grounds, or on the basis of lurid confessions extracted by maltreatment. The 759 Guantánamo files, classified "secret", cover almost every inmate since the camp was opened in 2002. More than two years after President Obama ordered the closure of the prison, 172 are still held there. The files depict a system often focused less on containing dangerous terrorists or enemy fighters, than on extracting intelligence. Among inmates who proved harmless were an 89-year-old Afghan villager, suffering from senile dementia, and a 14-year-old boy who had been an innocent kidnap victim. The documents also reveal: • US authorities listed the main Pakistani intelligence service, the Inter-Services Intelligence Directorate (ISI), as a terrorist organisation. • Almost 100 of the inmates who passed through Guantánamo are listed by their captors as having had depressive or psychotic illnesses. Many went on hunger strike or attempted suicide. • A number of British nationals and residents were held for years even though US authorities knew they were not Taliban or al-Qaida members.

Note: For many key reports on government secrecy from major media sources, click here.


Wikileaks: Many at Guantanamo 'not dangerous'
2011-04-25, BBC
http://www.bbc.co.uk/news/world-us-canada-13184845

Files obtained by the website Wikileaks have revealed that the US believed many of those held at Guantanamo Bay were innocent or only low-level operatives. The files, published in US and European newspapers, are assessments of all 780 people ever held at the facility. They show that about 220 were classed as dangerous terrorists, but 150 were innocent Afghans and Pakistanis. The Detainee Assessment Briefs (DABs) ... give little information on the allegations of harsh treatment and interrogation techniques at the camp. But the files show that US military analysts considered only 220 of those ever detained at Guantanamo to be dangerous extremists. Another 380 detainees were deemed to be low-ranking guerrillas. At least 150 people were revealed to be innocent Afghans or Pakistanis - including drivers, farmers and chefs - rounded up during intelligence gathering operations in the aftermath of 9/11. The detainees were then held for years owing to mistaken identity or because they were in the wrong place at the wrong time, the memos say. In many cases, US commanders concluded there was "no reason recorded for transfer".

Note: For key reports from reliable sources on the prison at Guantanamo and other black sites where torture and false allegations are the norm, click here.


Secret intelligence files show disarray at Gitmo
2011-04-24, Seattle Times/McClatchy News
http://seattletimes.nwsource.com/html/nationworld/2014867539_gitmo25.html

U.S. officials set up a human-intelligence laboratory at Guantánamo that used interrogation and detention practices they largely made up as they went along. The secret summaries, which were obtained via WikiLeaks, help explain why in May 2009 President Obama, after ordering his own review of wartime intelligence, called ... Guantánamo "quite simply a mess." The documents ... show an intelligence operation that was tremendously dependent on informants — both prison-camp snitches repeating what they'd heard from fellow captives, and self-described, at times self-aggrandizing, former al-Qaida insiders turned government witnesses who Pentagon records show have since been released. Intelligence analysts are at odds with each other over which informants to trust, at times drawing inferences from prisoner exercise habits. They ordered DNA tests, tethered Taliban suspects to polygraphs and strung together tidbits in ways that seemed to defy common sense. The documents also show that in the earliest years of the prison camp's operation, the Pentagon permitted Chinese and Russian interrogators into the camps — information from those sessions are included in some captives' assessments — something American defense lawyers working free for the foreign prisoners have alleged and protested for years.

Note: For key reports from reliable sources on the prison at Guantanamo and other black sites where torture and false allegations are the norm, click here.


U.S. to continue Pakistan strikes despite protests
2011-04-23, San Francisco Chronicle/Los Angeles Times
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2011/04/23/MN921J5V20.DTL

A U.S. missile strike in Pakistan's North Waziristan region killed at least 25 people on [April 22], sending a clear sign that Washington's use of drones against militants along the Afghan border will continue despite rising opposition from Islamabad's top civilian and military leaders. The strike in the village of Spinwam came two days after Adm. Mike Mullen, chairman of the U.S. Joint Chiefs of Staff, held tense talks with Pakistani army chief Gen. Ashfaq Kayani amid a pall of mistrust that has weakened relations between Washington and Islamabad in recent months. Pakistan intensified its criticism of the drone campaign after a March 17 strike killed more than 40 people in the North Waziristan village of Datta Khel. Pakistani military leaders said that missile strike killed civilian tribal elders meeting to discuss a dispute over local mining rights, though the U.S. maintains that the people killed were militants. The Datta Khel strike came a day after the release of Raymond Davis, the CIA contractor whose arrest in connection with the shooting deaths of two Pakistanis brought relations between Washington and Islamabad to one of their lowest points in years. Officials in North Waziristan said [the April 22] strike killed 18 suspected militants, though seven of the dead were civilians - three women and four children. Four missiles were fired, two of which struck a guest house with the suspected militants, the officials said. The other two missiles hit another building where the women and children were.

Note: Imagine if another country were flying unmanned flights in the US and killing US citizens who they suspected were terrorists along with innocent civilians as collateral damage. There would be an uproar. Why isn't anyone talking about the legality of a foreign country killing citizens of another country without any judicial process at all, especially when the government of the invaded country opposes the attacks?


Why Is The U.N. In The War-Making Business?
2011-04-22, Forbes
http://www.forbes.com/2011/04/18/united-nations-libya.html

The strangest aspect of the United Nations' "no-fly zone" war over Libya is the involvement of the United Nations itself. While Congress' approval was all but an afterthought, the Obama administration devoted intense diplomatic energy to winning the approval of the United Nation's Security Council. No one asked why the U.N. is in the business of approving military actions at all. The United Nations, created to end wars, now prolongs and enlarges them. It is time to take a hard look at the U.N.'s war-ending, peace-making record. After all, the promotion of peace is supposed to be its main duty. The U.N. bureaucracy [has] lost its way. The U.N. has sanctioned two wars against Iraqi dictator Saddam Hussein and now has approved the aerial bombardment of Libya. Whatever the merits of these wars, they are wars. And the U.N. approved them, as opposed to stopping them. It has morphed from a war-ending mission to a war-sanctioning vote. The people who are going to pay for or fight in these U.N. approved wars have no way to hold U.N. representatives accountable and too many of the war-making discussions at the U.N. are held in secret.

Note: For a powerful two-page summary of a top US general's words revealing the major corruption behind almost all wars, click here.


Gold price hits record at $1,500 an ounce
2011-04-20, BBC
http://www.bbc.co.uk/news/business-13139996

The gold price has risen above $1,500 an ounce for the first time after concerns about global economic recovery lifted the metal's appeal as a haven. In Hong Kong trade, gold hit a record $1,500.70 an ounce, which traders said was mainly due to Standard & Poor's downgrade of its outlook on US debt. Silver also touched a 31-year high of $44.34 an ounce. But analysts were divided about whether the price could go higher and are waiting to see if trading in Europe and the US continues the momentum seen in Asia. Some market watchers see gold consolidating at its current level as it waits for the next reason to push higher. Silver continued to soar, rising to a 31-year high for the fifth consecutive session. Not only is silver increasingly seen as a haven, but there is also rising demand for industrial consumption.

Note: Gold is one of the most highly manipulated of all commodities. As a glaring example, when gold first broke the $1,000 mark in Feb. 2009, just over two years before this article was published, almost no media reported on this major news. In 2004, gold was around $400 an ounce and has been soaring ever since. For reliable charts showing this, see the bottom of the webpage at this link. Key individuals with inside information on precious metal manipulations, like whistleblower Catherine Austin Fitts (Assistant Secretary of Housing and Urban Development under George H. W. Bush), have been predicting this rise for years.


Architect Richard Gage Explains His 9/11 Theory
2011-04-19, WJBK Fox 2 (Detroit Affiliate of Fox News)
https://web.archive.org/web/20110425021238/http://www.myfoxdetroit.com/dpp/ne...

It is a day of infamy – 9/11. The official investigation concluded that intense heat from the crash and the jet fuel melted the support beams causing the [WTC] towers to collapse. But architect Richard Gage doesn't believe that. He is the founder of Architects and Engineers for 9/11 Truth. [Gage:] There is evidence to suggest that explosive demolitions have brought down all three World Trade Center skyscrapers. We have now 1,500 architects and engineers calling for a new investigation based on this evidence, including the third skyscraper that most people know nothing about. This is a 47-story skyscraper that collapses at free fall acceleration, straight down ... into its own footprint just like a controlled demolition. This is extraordinary evidence, along with the chemical evidence of high-tech nanothermite composite explosives or incendiaries found in the all the World Trade Center dust. The architects and engineers are highlighting the specific evidence in these three skyscrapers, because its so clear that they're explosive demolitions. We have [found] in all of this massive quantity of dust ... iron microspheres the size of the diameter of a human hair. Billions of them ... are found. These contain the evidence of ignited thermite. There is no other explanation for them. What the 1,500 architects and engineers that I represent are calling for is an investigation that is thorough that uses the scientific method [and] analyzes all of the evidence. Once this evidence is all analyzed, we'll let the chips fall where they may. We don't have conspiracy theories. What we want is a real investigation.

Note: The text above is taken from the video news report at the Fox News link above. To watch the symmetrical fall of the third World Trade Center building, click here. For lots more reliable, verifiable information questioning the 9/11 official story, see our 9/11 Information Center.


Secret memos expose link between oil firms and invasion of Iraq
2011-04-18, The Independent (One of the UK's leading newspapers)
http://www.independent.co.uk/news/uk/politics/secret-memos-expose-link-betwee...

Plans to exploit Iraq's oil reserves were discussed by government ministers and the world's largest oil companies the year before Britain took a leading role in invading Iraq, government documents show. The papers ... raise new questions over Britain's involvement in the war, which had divided Tony Blair's cabinet and was voted through only after his claims that Saddam Hussein had weapons of mass destruction. The minutes of a series of meetings between ministers and senior oil executives are at odds with the public denials of self-interest from oil companies and Western governments at the time. In March 2003, just before Britain went to war, Shell denounced reports that it had held talks with Downing Street about Iraqi oil as "highly inaccurate". BP denied that it had any "strategic interest" in Iraq, while Tony Blair described "the oil conspiracy theory" as "the most absurd". But documents from October and November the previous year paint a very different picture. Five months before the March 2003 invasion, Baroness Symons, then the Trade Minister, told BP that the Government believed British energy firms should be given a share of Iraq's enormous oil and gas reserves as a reward for Tony Blair's military commitment to US plans for regime change. The papers show that Lady Symons agreed to lobby the Bush administration on BP's behalf because the oil giant feared it was being "locked out" of deals that Washington was quietly striking with US, French and Russian governments and their energy firms.

Note: The recently completed Chilcot Inquiry found that former UK Prime Minister Tony Blair exaggerated the Iraqi threat and disregarded intelligence which predicted military intervention in Iraq would be disastrous. For more along these lines, see concise summaries of deeply revealing war news articles from reliable major media sources.


The Terminators: drone strikes prompt MoD to ponder ethics of killer robots
2011-04-17, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/world/2011/apr/17/terminators-drone-strikes-mod-ethics

The growing use of unmanned aircraft in combat situations raises huge moral and legal issues, and threatens to make war more likely as armed robots take over from human beings, according to an internal study by the Ministry of Defence. The report warns of the dangers of an "incremental and involuntary journey towards a Terminator-like reality", referring to James Cameron's 1984 movie, in which humans are hunted by robotic killing machines. "It is essential that before unmanned systems become ubiquitous (if it is not already too late) … we ensure that ... we do not risk losing our controlling humanity and make war more likely," warns the report, titled The UK Approach to Unmanned Aircraft Systems. MoD officials have never before grappled so frankly with the ethics of the use of drones. The report was ordered by Britain's defence chiefs, and coincides with continuing controversy about drones' use in Afghanistan, and growing Pakistani anger at CIA drone attacks against suspected insurgents on the Afghan borders. It states that "the recent extensive use of unmanned aircraft over Pakistan and Yemen may already herald a new era". Referring to descriptions of "killer drones" in Afghanistan, it notes that "feelings are likely to run high as armed systems acquire more autonomy".

Note: For an analysis of the expansion of the sphere of killing by drones to the new Libyan theater of operations in the "endless war" triggered by the false-flag of 9/11, click here.


Fukushima and the 'nuclear renaissance' that wasn't
2011-04-15, CNN
http://globalpublicsquare.blogs.cnn.com/2011/04/15/fukushima-and-the-nuclear-...

A month after a devastating earthquake sent a wall of water across the Japanese landscape, the global terrain of the atomic power industry has been forever altered. The ongoing drama at the power plant in Fukushima ... has erased the momentum the nuclear industry has seen in recent years. Before Fukushima, a "nuclear renaissance" - as it was termed in the press - seemed well underway, except for this point: Nuclear power, as a total of world energy supply, has been in steady decline for the past decade. From 2000 to 2008, nuclear energy dropped from 16.7% to 13.5% of global energy production, according to the World Nuclear Industry Status Report 2009. The 2010-11 preliminary report, expected to be released [on April 20], will show the downward trend has continued. Costs of nuclear power plants can be as high as $10 billion. The average construction time is seven years, but with licensing approval new builds often take a decade. Nuclear power reactors are dependent on government subsidies and loan guarantees to be built, cover costs in case of accidents and assume long-term responsibility for storage of spent radioactive fuel, critics say, which artificially lowers the cost of production. Market reaction has been swift against the nuclear industry after the Fukushima disaster. Companies on the Standard & Poor's Clean Energy Index rose on average 17% in the wake of the disaster, while companies on the S&P Nuclear Index fell 8.7%.

Note: For lots more on corporate and government corruption, click here and here.


Senate panel concludes Goldman Sachs profited from financial crisis
2011-04-14, Los Angeles Times
http://www.latimes.com/business/la-fi-crisis-probe-20110414,0,6709903.story

A Senate panel has concluded that Goldman Sachs Group Inc. profited from the financial crisis by betting billions against the subprime mortgage market, then deceived investors and Congress about the firm's conduct. Some of the findings in the report by the Senate's Permanent Subcommittee on Investigations will be referred to the Justice Department and the Securities and Exchange Commission for possible criminal or civil action, said Sen. Carl Levin (D-Mich.), the panel's chairman. The giant investment bank was just one focus of the subcommittee's probe into Wall Street's role in the financial crisis. The 639-page report — based on internal memos, emails and interviews with employees of financial firms and regulators — casts broad blame, saying the crisis was caused by "conflicts of interest, heedless risk-taking and failures of federal oversight." Among the culprits cited by the panel are Washington Mutual, a major mortgage lender that failed in 2008, as well as the Office of Thrift Supervision, a federal bank regulator, and credit rating firms. Asked if he was disappointed that no Wall Street figures had gone to jail in connection with the crisis, Levin responded, "There's still time."

Note: For many key reports from major media sources illuminating how major financial corporations knowingly brought about the global financial crisis and profited from it, click here.


Report: Market share drove faulty credit ratings decisions
2011-04-13, Kansas City Star/McClatchy News
http://www.kansascity.com/2011/04/13/2798570/report-market-share-drove-faulty...

Analysts who reviewed complex mortgage bonds that ultimately collapsed and ruined the U.S. housing market were threatened with firing if they lost lucrative business, prompting faulty ratings on trillions of dollars worth of junk mortgage bonds, a Senate report said [on April 13]. The 639-page report by the Senate Permanent Subcommittee on Investigations confirms much of what McClatchy Newspapers first reported about mismanagement by credit ratings agencies in 2009. Credit rating agencies are supposed to provide independent assessments on the quality of debt being issued by companies or governments. Traditionally, investments rated AAA had a probability of failure of less than 1 percent. But in collusion with Wall Street investment banks, the Senate report concludes, the top two ratings agencies - Moody's Investors Service and Standard & Poor's - effectively cashed in on the housing boom by ignoring mounting evidence of problems in the housing market. Profits at both companies soared, with revenues at market leader Moody's more than tripling in five years. Then the bottom fell out of the housing market, and Moody's stock lost 70 percent of its value; it has yet to fully recover. More than 90 percent of AAA ratings given in 2006 and 2007 to pools of mortgage-backed securities were downgraded to junk status.

Note: For many key reports from major media sources illuminating how major financial corporations knowingly brought about the global financial crisis and profited from it, click here.


Unfair investment practices by wives of business bigs
2011-04-12, New York Daily News
http://articles.nydailynews.com/2011-04-12/gossip/29426543_1_matt-taibbi-stud...

Christy Mack, the wife of Morgan Stanley Chairman John Mack, and Susan Karches, the widow of the company's former investment-banking division president, Peter Karches, are among the chief investors in a company that received $220 million in low-interest loans. The funds came from a federal bailout program that "virtually guaranteed them millions in risk-free income," according to the article ... "The Real Housewives of Wall Street," which appears in [Rolling Stone]. In 2009, Christy Mack and Susan Karches launched Waterfall TALF Opportunity, a company with a Cayman Islands address, although the two women did not seem "to have any experience whatsoever in finance." TALF stands for "Term Asset-Backed Securities Loan Facility." The federal aid they received "falls under a broader category of bailout initiatives designed" by Federal Reserve chief Ben Bernanke and Treasury Secretary Timothy Geithner. With an initial upfront investment of $15 million, Waterfall TALF received $220 million in cash from the Fed, most of which it used to purchase "student loans and commercial mortgages." The loans were set up so that the investors "would keep 100% of any gains on the deal while the Fed and the Treasury (read: the taxpayer) would eat 90% of the losses."

Note: We don't usually quote the New York Daily News, but as they were the only major media to report this important story, we've included it here. Why are the major media silent on this powerful information uncovered by U.S. Senator Bernie Sanders? For the full story on this, click here. For lots more from reliable sources on corruption in the government bailouts of the biggest banks, 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"