Government Corruption News Stories

Excerpts of Key Government Corruption News Stories 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: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.

The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said. The credit card is the second key source of consumer liquidity, the first being jobs, the Oppenheimer & Co analyst noted. "In other words, we expect available consumer liquidity in the form of credit-card lines to decline by 45 percent." Closing millions of accounts, cutting credit lines and raising interest rates are just some of the moves credit card issuers are using to try to inoculate themselves from a tsunami of expected consumer defaults. A consolidated U.S. lending market that is pulling back on credit is also posing a risk to the overall consumer liquidity, Whitney said. Mortgages and credit cards are now dominated by five players who are all pulling back liquidity, making reductions in consumer liquidity seem unavoidable, she said. "We are now beginning to see evidence of broad-based declines in overall consumer liquidity. Already, we have witnessed the entire mortgage market hit a wall, and we believe it will, for the first time ever, show actual shrinkage over the next few months," she wrote. "In a country that offers hundreds of cereal and soda pop choices, the banking industry has become one that offers very few choices", Whitney wrote in a note dated November 30. "Pulling credit when job losses are increasing by over 50 percent year-over-year in most key states is a dangerous and unprecedented combination, in our view," the analyst said.

Note: This article, in pointing out that the banking industry offers few choices for consumers, fails to mention that the industry is rapidly becoming extremely concentrated, with major bank failures and takeovers accelerating due to the financial crisis on Wall Street. And the bailout from the Fed and Treasury has encouraged this concentration through huge tax breaks and risk protections. For many revealing reports on the Wall Street bailout from reliable sources, click here.

Through seven years of war an exclusive club has quietly flourished at the intersection of network news and wartime commerce. Its members, mostly retired generals, have had a foot in both camps as influential network military analysts and defense industry rainmakers. It is a deeply opaque world, a place of privileged access to senior government officials, where war commentary can fit hand in glove with undisclosed commercial interests and network executives are sometimes oblivious to possible conflicts of interest. Few illustrate the submerged complexities of this world better than Barry McCaffrey. General McCaffrey, 66, has long been a force in Washington’s power elite. A consummate networker, he cultivated politicians and journalists of all stripes as drug czar in the Clinton cabinet, and his ties run deep to a new generation of generals, some of whom he taught at West Point or commanded in the Persian Gulf war. But it was 9/11 that thrust General McCaffrey to the forefront of the national security debate. In the years since he has made nearly 1,000 appearances on NBC and its cable sisters, delivering crisp sound bites in a blunt, hyperbolic style. He commands up to $25,000 for speeches, his commentary regularly turns up in The Wall Street Journal, and he has been quoted or cited in thousands of news articles, including dozens in The New York Times. His influence is such that President Bush and Congressional leaders from both parties have invited him for war consultations. At the same time, General McCaffrey has immersed himself in businesses that have grown with the fight against terrorism.

Note: This in-depth article on the "military-industrial-media complex" is worth reading in its entirety. For lots more on war profiteering from reliable sources, click here.

Public health groups, consumer advocates and members of Congress blasted the Food and Drug Administration yesterday for failing to act after discovering trace amounts of the industrial chemical melamine in baby formula sold in the United States. "This FDA, this Bush administration, instead of protecting the public health, is protecting industry," said Rep. Rosa DeLauro (D-Conn.), who chairs the Appropriations subcommittee that oversees the FDA budget. "We're talking about babies, about the most vulnerable. This really makes me angry." The FDA found melamine and cyanuric acid, a related chemical, in samples of baby formula made by major U.S. manufacturers. Melamine can cause kidney and bladder stones and, in worst cases, kidney failure and death. If melamine and cyanuric acid combine, they can form round yellow crystals that can also damage kidneys and destroy renal function. Melamine was found in Good Start Supreme Infant Formula With Iron made by Nestle, and cyanuric acid was detected in Enfamil Lipil With Iron infant formula powder made by Mead Johnson. The FDA has been testing hundreds of food products for melamine in the aftermath of a scandal this year involving Chinese infant formula tainted with melamine. Chinese manufacturers deliberately added the chemical to watered-down formula to make it appear to contain higher levels of protein. More than 50,000 Asian infants were hospitalized, and at least four died.

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

The government's financial bailout will be the most expensive single expenditure in American history, potentially costing around $7.5 trillion -- or half the value of all the goods and services produced in the United States last year. In comparison, the total U.S. cost of World War II adjusted for inflation was $3.6 trillion. The bailout will cost more than the total combined costs in today's dollars of the Marshall Plan, the Louisiana Purchase, the Korean War, the Vietnam War and the entire historical budget of NASA, including the moon landing, according to data compiled by Bianco Research. It remains to be seen whether the government's multipronged approach to bail out banks, stimulate spending and buy up mortgages will revive the economy, but as the tab continues to grow so does concern over where the government will find the money. Monday the government guaranteed an additional $306 billion to bail out Citigroup, and today Treasury Secretary Henry Paulson pledged $800 billion to make credit more available to consumers and small businesses, and to buy up mortgages from Fannie Mae and Freddie Mac. Congress last month allocated $700 billion for an emergency bailout of some of Wall Street's most storied firms by purchasing their troubled assets. The funds allocated through the Troubled Assets Relief Program are but a small part of the government's overall bailout spending. Bailout programs also include a Federal Reserve plan to buy as much as $2.4 trillion in short-term notes called commercial paper that began Oct. 27, and an FDIC plan to spend $1.4 trillion to guarantee bank-to-bank loans that commenced Oct. 14, according to Bloomberg News, which first compiled the total cost of the bailout.

Note: $7.5 trillion amounts to about $25,000 for every person in the U.S. What's going on here? For many revealing reports on the realities of the Wall Street bailout, click here.

The bailouts keep coming, and they seem to be getting worse for taxpayers. The deal worked out over the weekend to prevent the collapse of Citigroup "is a terrible deal for taxpayers," says Campbell Harvey, a Duke University global finance professor. "Some intervention was necessary. But the terms of the intervention basically shafted the U.S. taxpayer." Under the deal, the U.S. government will invest $20 billion in Citigroup preferred stock (on top of its previous $25 billion capital injection from the Troubled Asset Relief Program) and guarantee up to $306 billion in mortgage and other assets. Citigroup would absorb the first $29 billion in losses on that asset pool. Losses exceeding $29 billion would be shared 90 percent by the government and 10 percent by Citigroup. What do taxpayers get for taking on this risk? Citigroup will pay an 8 percent dividend on the preferred stock or $560 million a year. By comparison, when Warren Buffett's Berkshire Hathaway recently invested $5 billion in Goldman Sachs and $3 billion in General Electric, it got preferred stock that pays a 10 percent dividend. The government also gets warrants to purchase about $2.7 billion worth of Citigroup common stock at $10.61 per share. Citigroup's shares closed at $5.95 per share Monday, up $2.18 from Friday. For the warrants to become profitable, the common shares would have to nearly double.

Note: The answer to the question of what taxpayers get should be essentially nothing. Only Citigroup shareholders will see the benefits mentioned, and very few taxpayers are shareholders. Money is being thrown around like never before. For many revealing reports on the realities of the Wall Street bailout, click here.

The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis. When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in. “Whether it’s lending or spending, it’s tax dollars that are going out the window and we end up holding collateral we don’t know anything about,” said Congressman Scott Garrett, a New Jersey Republican who serves on the House Financial Services Committee. “The time has come that we consider what sort of limitations we should be placing on the Fed so that authority returns to elected officials as opposed to appointed ones.”

Note: How is it possible that trillions of taxpayer dollars are being thrown around, yet Congress is not being told where the money is going? For revealing information on how the Fed manipulates government, click here.

Henry Paulson's speech Wednesday made it pretty clear: The Treasury secretary has seized control of the financial system. "He is absolutely the most powerful person in the country. Maybe the world," says Wall Street accounting expert Robert Willens. The most telling line in his speech came when Paulson was explaining why he did a 180-degree turn with money approved by Congress under the $700 billion bailout bill. Instead of using it to buy troubled mortgage assets from banks, as clearly envisioned, he scrapped that idea and used it to make equity investments in banks. "In consultation with the Federal Reserve, I determined that the most timely, effective step to improve credit market conditions was to strengthen bank balance sheets quickly through direct purchases of equity in banks," he said. If Paulson bothered consulting with President Bush, he didn't mention it. In fact, he didn't even mention the president until the tail end of his speech, when he talked about the global summit Bush is hosting this weekend. I can understand why Paulson wants to distance himself from an unpopular president, especially one who has little facility for complex financial matters. But Bush is [the] president and even President-elect Barack Obama knows there can be only one president at a time. And his last name is not Paulson. In September, when Paulson asked for a $700 billion blank check from Congress to fix the financial markets, he got a lot of blowback. By the time Congress was done with his proposal, it had grown from 2 1/2 pages to more than 450. Yet it now appears that Paulson got the blank check he wanted.

Note: Why doesn't Congress have some say in what is done with this $700 billion? That's over $3,000 for every taxpayer in the U.S. which is being spent with practically no accountability. Is this what democracy looks like? For many key articles revealing the hidden realities of the bailout, click here.

So you thought Barack Obama's victory signaled the death of Reaganomics? Wrong, wrong: Reaganomics is very much alive. In a subtle, bloodless coup, the Reaganomics ideology magically pulled victory out of the jaws of defeat in the meltdown. The magic happened fast and quietly, in the shadows, while you were in a trance, distracted by the election drama. Recently Naomi Klein, author of The Shock Doctrine: The Rise of Disaster Capitalism, framed the issue perfectly: "Has the Treasury partially nationalized the private banks, as we have been told? Or is it the other way around?" The question was rhetorical, the answer painfully clear. In a few weeks Wall Street did the old bait and switch, emerging from an economic and market disaster with new powers, in total control of America. And thanks to Treasury Secretary Henry Paulson's brilliant bailout coup, Reaganomics is now the new "sleeper cell" quietly hidden inside the Obama White House and America's Treasury, where it will be for a long time to come. Listen closely folks: You and your government are and will continue being conned out of trillions. Klein further exposed this insanity in a recent Rolling Stone article, "The New Trough: The Wall Street bailout looks a lot like Iraq, a 'free-fraud zone' where private contractors cash in on the mess they helped create." Paulson's privatization, outsourcing and management of the $700 billion bailout has the exact same Reaganomics ideological, strategic and deceptive footprints that President George W. Bush and former Defense Secretary Donald Rumsfeld used to privatize, outsource and mismanage the costly Iraq War blunder.

Note: For the powerfully revealing article by Naomi Klein mentioned in the article above, click here. Speaking on Tulsa Oklahoma’s 1170 KFAQ, Senator James Inhofe of Oklahoma (Republican) has revealed that Treasury Secretary Henry Paulson was the source of the threat of martial law in the US if the $700 billion bailout bill was not passed that was exposed on the House floor by Rep. Brad Sherman. For many key articles revealing the hidden realities of the bailout, click here.

Given the speed at which the federal government is throwing money at the financial crisis, the average taxpayer, never mind member of Congress, might not be faulted for losing track. CNBC, however, has been paying very close attention and keeping a running tally of actual spending as well as the commitments involved. Try $4.28 trillion dollars. That's $4,284,500,000,000 and more than what was spent on WW II, if adjusted for inflation, based on our computations from a variety of estimates and sources. Not only is it an astronomical amount of money, it's a complicated cocktail of budgeted dollars, actual spending, guarantees, loans, swaps and other market mechanisms by the Federal Reserve, the Treasury and other offices of government taken over roughly the last year, based on government data and news releases. Strictly speaking, not every cent is a direct result of what's called the financial crisis, but it is arguably related to it. Some 68-percent of the sum falls under the Federal Reserve's umbrella, while another 16 percent is the under the Troubled Asset Relief Program, TARP, as defined under the Emergency Economic Stabilization Act, signed into law in early October. The TARP alone is bigger than virtually any other US government endeavor dating back to the Louisiana Purchase.

Note: That's over $10,000 per man, woman, and child in the U.S. Click on the link above to view a highly informative slideshow, the "Biggest Budget Items in US History," comparing the Wall Street bailout to famous historic government expenditures, and a chart, the "Financial Crisis Balance Sheet," detailing the many components of the bailout. For many key articles revealing the hidden realities of the bailout, click here.

Mark Cuban, the Internet entrepreneur turned owner of the Dallas Mavericks basketball team, has never shied from a fight. But now the pugnacious billionaire is squaring off against his biggest adversary yet: the federal government. On Monday, the Securities and Exchange Commission filed a civil suit charging Mr. Cuban with insider trading for selling shares of a small Internet search company in 2004, just before its share price fell. [Allegedly] Mr. Cuban saved himself a $750,000 loss. Scott W. Friestad, the S.E.C.’s deputy director of enforcement, said the investigation of Mr. Cuban’s trading began in early 2007, but declined to say what had set off the inquiry. A person close to Mr. Cuban provided what he said was one of a series of e-mail messages from Jeffrey B. Norris, an S.E.C. lawyer in Fort Worth, who accused the billionaire of being unpatriotic for helping to finance a movie named “Loose Change.” In the e-mail message, Mr. Norris described the movie as a “vicious and absurd documentary” that “posits that President Bush planned the demolition of the World Trade Center as a pretext for going to war against Iraq.” In the e-mail message, sent from his S.E.C. e-mail address, Mr. Norris said he was informing Christopher Cox, the chairman of the S.E.C., of Mr. Cuban’s actions. “If this upsets you, I wonder how George Bush feels,” Mr. Norris wrote. “I assume that Mr. Cox would view your involvement with ‘Loose Change’ much as I do. After all, he served his country as a Republican congressman from Orange County for nearly 20 years and was appointed by President Bush.”

Note: This New York Times report clearly suggests that Cuban is being pursued by the SEC because of his support for the 9/11-truth documentary Loose Change Final Cut, for which WantToKnow team member David Ray Griffin acted as script consultant. To read the full text of the email from Norris to Cuban, click here. Another project Mark Cuban supports is the highly useful website for tracking the Wall Street bailout, bailoutsleuth.com, which has recently estimated the bailout to date at over $2.5 trillion!

President-elect Barack Obama is unlikely to radically overhaul controversial Bush administration intelligence policies, advisers say, an approach that is almost certain to create tension within the Democratic Party. Mr. Obama is being advised largely by a group of intelligence professionals ... who have supported Republicans. The intelligence-transition team is led by former National Counterterrorism Center chief John Brennan and former CIA intelligence-analysis director Jami Miscik, say officials close to the matter. Mr. Brennan is viewed as a potential candidate for a top intelligence post. Ms. Miscik left amid a slew of departures from the CIA under then-Director Porter Goss. Mr. Brennan is a leading contender for one of the two jobs, say some advisers. He declined to comment. Gen. James L. Jones, a former North Atlantic Treaty Organization commander; Thomas Fingar, the chief of analysis for the intelligence director; Joan A. Dempsey, who served in top intelligence and Pentagon posts; former Rep. Tim Roemer of Indiana, who served on the 9/11 Commission; and [Rep. Jane] Harman have also been mentioned. Ms. Harman has also been cited as a potential secretary of homeland security.

Note: According to the New York Times, John O. Brennan, president-elect Obama's intelligence-transition leader and a top candidate for director of national intelligence or the CIA in the Obama administration, "[was] a senior adviser to [CIA Director George] Tenet in 2002 [and] was present at the creation of the C.I.A.’s controversial detention and interrogation program." Jane Harman has been the principal Congressional proponent of the Violent Radicalization and Homegrown Terrorism Prevention Act, with its McCarthyesque provisions for criminalizing political thought. For more on increasing threats to civil liberties from reliable sources, click here.

The more details emerge, the clearer it becomes that Washington's handling of the Wall Street bail-out is not merely incompetent: it is borderline criminal. In a moment of high panic in September, the US treasury pushed through a radical change in how bank mergers are taxed - a change long sought by the industry. Despite the fact that this move will deprive the government of as much as $140bn in tax revenue, legislators found out only after the fact. According to the Washington Post, more than a dozen tax attorneys agree that "[the] treasury had no authority to issue the [tax change] notice". Of equally dubious legality are the equity deals the treasury has negotiated with many of the banks. According to Congressman Barney Frank, one of the architects of the legislation that enables the deals: "Any use of these funds for any purpose other than lending - for bonuses, for severance pay, for dividends, for acquisitions of other institutions ... is a violation of the act." Yet this is exactly how the funds are being used. Then there is the nearly $2 trillion that America's central bank, the Federal Reserve, has handed out in emergency loans. Incredibly, the Fed will not reveal which corporations have received these loans or what it has accepted as collateral. Bloomberg news service believes this secrecy violates the law and has filed a federal suit demanding full disclosure. Yet the Democrats are either openly defending the administration or refusing to intervene. Obama owes it to the people who elected him to call this what it is: an attempt to undermine the electoral process by stealth.

Note: For many key articles revealing the hidden realities of the bailout, click here.

President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations. Notice of the development came in a brief entry in the Federal Register, dated May 5, 2006, that was opaque to the untrained eye. Unbeknownst to almost all of Washington and the financial world, Bush and every other President since Jimmy Carter have had the authority to exempt companies working on certain top-secret defense projects from portions of the 1934 Securities Exchange Act. Administration officials told BusinessWeek that they believe this is the first time a President has ever delegated the authority to someone outside the Oval Office. It couldn't be immediately determined whether any company has received a waiver under this provision. The timing of Bush's move is intriguing. On the same day the President signed the memo, Porter Goss resigned as director of the Central Intelligence Agency. Only six days later ... USA Today reported that the National Security Agency had obtained millions of calling records of ordinary citizens provided by three major U.S. phone companies. Negroponte oversees both the CIA and NSA in his role as the administration's top intelligence official. In addition to refusing to explain why Bush decided to delegate this authority to Negroponte, the White House declined to say whether Bush or any other President has ever exercised the authority and allowed a company to avoid standard securities disclosure and accounting requirements.

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

Some of the nation's biggest banks are in for a windfall – on top of the $700 billion government bailout – thanks to a new tax policy quietly issued by the Treasury Department. The notice gives big tax breaks to companies that acquire struggling banks hit hard by the mortgage crisis. In some cases, the tax breaks could exceed the cost of acquiring the banks, according to analyses by private tax experts. The change could cost the Treasury as much as $140 billion by enabling firms that acquire struggling banks to use more losses incurred by those banks to offset their own taxable profits. San Francisco's Wells Fargo & Co., which made a bid to acquire Wachovia Corp. just days after the notice was issued, stands to reap about $20 billion in additional tax savings because of the change, according to the analyses. Wells Fargo paid $14.8 billion in a stock deal to buy Wachovia. The notice was issued Sept. 30 as Congress debated the $700 billion bailout plan. Some members of Congress are upset that such a sweeping tax change was issued with no public hearings or congressional input. "I am concerned that the notice, which was never debated by Congress, could end up costing taxpayers tens of billions of more dollars on top of the hundreds of billions of dollars already approved by Congress in the financial rescue plan," Sen. Chuck Schumer, D-N.Y., said in a letter last week to Treasury Secretary Henry Paulson. Some tax lawyers questioned the legality of the notice. Before the notice was issued, the merged bank could write off only a limited amount of the losses. The notice removed those restrictions, enabling the acquiring banks to make huge reductions in their tax liabilities.

Note: With no limitations placed on the nine biggest banks receiving many billions of dollars in bailout money, they are free to buy up smaller banks. And they will likely receive huge tax breaks, sometimes even greater than the purchase price, for doing so! For many revealing, reliable reports on the Wall Street bailout, click here.

After weeks of sometimes frenzied efforts by the federal government to rescue the financial system ... critics say there are many questions but few answers about the work performed by the Treasury Department and the Federal Reserve. "The bailout, the Treasury, the Federal Reserve -- it's like a three-card monte game, you don't know where the money's coming from, you don't know who it's going to, and I think the public has every right to be outraged by this," said Bill Allison, a senior fellow at the Sunlight Foundation, a government transparency watchdog group. Gerald O'Driscoll, a former vice president at the Federal Reserve Bank of Dallas ... said he worried that the failure of the government to provide more information about its rescue spending could signal corruption. "Nontransparency in government programs is always associated with corruption in other countries, so I don't see why it wouldn't be here," he said. Questions about transparency at the Federal Reserve, in particular, have prompted a lawsuit: Bloomberg L.P., which operates the news agency Bloomberg News, is suing the Fed for the release of information on its lending to private financial institutions. "We really don't know anything," Matthew Winkler, the editor-in-chief of Bloomberg News, told ABCNews.com. "All we know is something close to 2 trillion is being used and that money is the taxpayers'. ... We don't know whom it's being lent to and for what purpose because we can't see it because it isn't disclosed."

Note: For many revealing and reliable reports on the Wall Street bailout, click here.

The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return. Bloomberg News has requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure. The Fed made the loans under terms of 11 programs, eight of them created in the past 15 months. The Fed's lending is significant because the central bank has stepped into a rescue role that was also the purpose of the $700 billion Troubled Asset Relief Program, or TARP, bailout plan -- without safeguards put into the TARP legislation by Congress. Total Fed lending topped $2 trillion for the first time last week and has risen by 140 percent, or $1.172 trillion, in the seven weeks since Fed governors relaxed the collateral standards on Sept. 14. The nation's biggest banks, Citigroup, Bank of America Corp., JPMorgan Chase, Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan Stanley, declined to comment on whether they have borrowed money from the Fed. They received $120 billion in capital from the TARP, which was signed into law Oct. 3.

Note: For many revealing and reliable reports on the Wall Street bailout, click here.

Having been handed vast authority and almost no restrictions in the bailout law that Congress passed ... a committee of five little-known government officials, aided by a bare-bones staff of 40, is picking winners and losers among thousands of banks, savings and loans, insurers and other institutions. It is new and unfamiliar terrain for the officials, who are making monumental decisions — a form of industrial policy, some critics say — that contradict the free market philosophy they usually espouse. Predictably, the process is stirring alarm from Capitol Hill to Wall Street. Among the problems, critics say, is that despite earlier promises of transparency, the process is shrouded in secrecy, its precise goals opaque. Treasury officials have refused to disclose their criteria for deciding which banks ... get money. And officials have yet to say they even have a broader strategy, though banking executives are convinced the government wants to encourage acquisitions. Already, critics from Capitol Hill to Wall Street are lashing out at the program, saying the banks are misusing the capital infusions by hoarding the money rather than lending it. The government, the critics say, is wrongly steering funds to banks to take over weaker rivals. All this comes after Mr. Paulson abruptly shifted the focus of the program to injecting capital rather than buying distressed mortgage-related assets from the banks. This meant that Congress had never debated the details of how the government ought to carry out a recapitalization.

Note: With the intense secrecy and all of the lobbyist and big guns for banking fighting for hundreds of billions of dollars given practically free by the government, do you really think these "five little-known government officials" will be impartial in their decisions? For many revealing, reliable reports on the Wall Street bailout, click here.

California officials recently ordered two "personal genomics" firms to cease and desist operations within the state. The companies eventually were allowed to continue operations - with a few more regulatory conditions - but why did the state demand that they shut down in the first place? Why would a state that regards itself as progressive and high-tech act to censor what we can know about ourselves? Though regulators may shut down unscrupulous firms, the services offered by Navigenics and 23andMe meet the highest standards of accuracy, validity and reliability. The laboratories employed by both companies are fully licensed and trusted by researchers around the world. These companies give individuals the ability to take a "snapshot" of their DNA. The state objected, determining that doctors are gatekeepers of the human body, and Californians need a prescription to access their genetic blueprint. Doctors have a powerful lobby in Sacramento, and these technologies directly threaten their profits. Personal genomics aims to empower the individual, not line the pockets of an elite medical establishment. This establishment believes that individuals cannot be trusted with their own genetic information. The genome is vast, complicated and poorly understood, the argument goes, and therefore customers could be inundated with raw information of little or no practical use. Forbidding us from looking at our genes because we don't yet understand them, however, is contrary to science, innovation and human nature.

Note: For revealing reports of government corruption from reliable, verifiable sources, click here.

Secretary Paulson [has been] described as playing the role of the Godfather, making the banks [a bailout] offer they could not refuse. But in one important respect, he was more Santa Claus than Vito Corleone: the agreement allowed the banks to continue paying dividends to common shareholders. These dividends, if they are paid at current levels, will redirect more than $25 billion of the $125 billion to shareholders in the next year alone. A significant fraction of [the bailout] money will wind up in shareholders’ pockets — and thus be unavailable to plug the large capital hole on the banks’ balance sheets. The officers and directors of the nine banks will be among the leading beneficiaries of the dividend payout. Their personal take of the dividends will amount to approximately $250 million in the first year. Why would the banks want to maintain large dividend payouts when they’ve had such a hard time borrowing, are starved of cash, and the credit markets believe that they run a significant risk of defaulting? Shouldn’t these distressed banks be marshalling all of the financial resources available to them to ensure their viability? Here’s why: Each dollar paid out as a dividend today is a dollar that cannot be seized by creditors in the event of bankruptcy. For a distressed company, dividends are not in the interest of the enterprise as a whole (shareholders and lenders taken together), but only in the interest of shareholders. They are an attempt by shareholders to beat creditors out the door. The government should close the door by putting an immediate stop to the dividend payouts of any banks receiving direct federal support.

Note: Is the fox guarding the hen house? For many revealing, reliable reports on the banking bailout, click here.

They do not seem the most likely classical music patrons: Northrop Grumman, General Dynamics, Boeing and Lockheed Martin. But together, these defense contractors are donating hundreds of thousands of dollars to the symphony orchestra in Johnstown, Pa., underwriting performances of Mozart and Wagner in this struggling former steel town. A defense lobbying firm, the PMA Group, even sprang for a champagne reception at the symphony’s opera festival last month. Company representatives say they are being generous corporate citizens. But the orchestra is also a beloved charity of Representative John P. Murtha, Democrat of Pennsylvania, whose Congressional committee hands out lucrative defense contracts, and whose wife, Joyce, is a major booster of the symphony. For the first time, corporations and their lobbyists are being required to disclose donations they make to the favorite causes of House and Senate members, and a review of thousands of pages of records shows the extent — and lavishness — of this once hidden practice. During the first six months of 2008, lobbyists, corporations and interest groups gave approximately $13 million to charities and nonprofit organizations in honor of more than 200 members of the House and Senate. The donations came from firms with numerous interests before the Congress, such as Wal-Mart, the Ford Motor Company, Kraft Foods and Pfizer, and were received by charities ... as well as local groups controlled by members of Congress or those close to them.

Note: For revelations of corporate corruption from major media sources, click here.

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