Media ArticlesExcerpts of Key Media Articles in Major Media
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.
The U.S. Treasury looks to have overpaid financial institutions to the tune of $78 billion in carrying out capital injections last year, the head of a congressional oversight panel for the government's $700 billion bailout program told lawmakers. Elizabeth Warren, a Harvard law professor, said her group estimated the Treasury paid $254 billion in 2008 in return for stocks and warrants worth about $176 billion under the Troubled Asset Relief Program, or TARP. Warren said the Treasury, under then-Secretary Henry Paulson, misled the public about how it would price them. "Treasury simply did not do what it said it was doing ... They described the program one way, and they priced it another," Warren said at a hearing before the Senate Banking Committee. She added that Paulson "was not entirely candid" in describing TARP's bank capital injection program. Neil Barofsky, another watchdog for the TARP program, told the Senate committee his office is turning to criminal investigations. "That's going to be a large focus of my office," he said. Warren told the banking committee that after three months on the job, her panel is still not getting enough answers from Treasury. She described the bailout as "an opaque process at best." Barofsky raised concerns about potential fraud in one of several programs funded by bailout money -- the Federal Reserve's Term Asset-Backed Loan Facility (TALF).
Note: Was the overpayment by Treasury to Wall Street banks for nearly-worthless assets they created a mistake? Or was it the real, hidden purpose of TARP to pay the banks more for the assets than they are worth? For many revealing reports from reliable sources on the realities behind the Wall Street bailout, click here.
Electronic surveillance and collection of personal data are "pervasive" in British society and threaten to undermine democracy, peers [in the House of Lords] have warned. CCTV cameras and the DNA database were two examples of threats to privacy, the Lords constitution committee said. It called for compensation for people subject to illegal surveillance. Civil liberties campaigners have warned about the risks of a "surveillance society" in which the state acquires ever-greater powers to track people's movements and retain personal data. In its report, the Lords constitution committee said growth in surveillance by both the state and the private sector risked threatening people's right to privacy, which it said was "an essential pre-requisite to the exercise of individual freedom". People were often unaware of the scale of personal information held and exchanged by public bodies, it said. "There can be no justification for this gradual but incessant creep towards every detail about us being recorded and pored over by the state," committee chairman and Tory peer Lord Goodlad said. "The huge rise in surveillance and data collection by the state and other organisations risks undermining the long-standing tradition of privacy and individual freedom which are vital for democracy," Lord Goodlad added. Human rights campaigners Liberty welcomed the report.
Note: For key reports from major media sources on growing threats to privacy from governments and corporations, click here.
Nearly half a century ago, in a very different America, Elwin Wilson and John Lewis met under a veil of violence and race-inspired hate. Wilson, a young, white, Southern man, attacked Lewis, a freedom rider for Martin Luther King, in the "white" waiting room of a South Carolina bus station. The men had not seen each other again until Tuesday when, with "Good Morning America's" help, Wilson approached Lewis again -- this time offering an apology and a chance to relieve a burden he'd carried for more than four decades. "I'm so sorry about what happened back then," Wilson said breathlessly. "It's OK. I forgive you," Lewis responded before a long-awaited hug. For Lewis, who in the intervening years became a U.S. representative from Georgia, the apology was an unexpected symbol of the change in time and hearts. "I never thought this would happen," he told "GMA." "It says something about the power of love, of grace, the power of the people being able to say, 'I'm sorry,' and move on. And I deeply appreciate it. It's very meaningful for me." The change, one Wilson said was a long time coming, was sparked by Barack Obama's presidential victory. "I like Barack Obama," he said. "I didn't vote for him, but I'm glad he's there, and I've prayed for him."
The Pentagon is steadily and dramatically increasing the money it spends to win what it calls "the human terrain" of world public opinion. In the process, it is raising concerns of spreading propaganda at home in violation of federal law. An Associated Press investigation found that over the past five years, the money the military spends on winning hearts and minds at home and abroad has grown by 63 percent, to at least $4.7 billion this year, according to Department of Defense budgets and other documents. That's almost as much as it spent on body armor for troops in Iraq and Afghanistan between 2004 and 2006. This year, the Pentagon will employ 27,000 people just for recruitment, advertising and public relations — almost as many as the total 30,000-person work force in the State Department. The biggest chunk of funds — about $1.6 billion — goes into recruitment and advertising. Another $547 million goes into public affairs, which reaches American audiences. And about $489 million more goes into what is known as psychological operations. Staffing across all these areas costs about $2.1 billion, as calculated by the number of full-time employees and the military's average cost per service member. That's double the staffing costs for 2003. Recruitment and advertising are the only two areas where Congress has authorized the military to influence the American public. Far more controversial is public affairs, because of the prohibition on propaganda to the American public.
Note: For more revealing reports from reliable sources on the realities of the wars in Afghanistan and Iraq, click here.
Will President Obama's new plan to rein in executive compensation at companies receiving taxpayer money be more successful than previous attempts? Not if history is any guide. Since at least 1984, Congress and accounting authorities have enacted measures designed in whole or part to stem runaway pay. Yet compensation for top executives has continued to climb in both dollar terms and as a multiple of average worker pay. In 1992, the average chief executive earned $5 million, or 126 times the average hourly worker. By 2007, the average CEO was earning $12.3 million, or 275 times the average worker. No matter what Congress cooks up, it seems like executives, companies and their consultants find a way over, under or through the rules. "It's like putting up a dam for a river. The water tries very hard to find a way around it," says John Olson, a partner with Gibson Dunn & Crutcher who advises corporate boards on compensation and other matters. Obama's plan will apply only to companies taking bailout money in the future and has escape hatches of its own. "You can try all these different reforms," [says Corey Rosen, executive director of the National Center for Employee Ownership,] but none will be truly effective "unless the board of directors, the media and public stop thinking of executives as superstars and that if we just get the right CEO, everything will be OK."
Note: For many revealing reports from reliable sources on the realities behind the Wall Street bailout, click here.
Executives at Goldman Sachs Group Inc., JPMorgan Chase & Co. and hundreds of financial institutions receiving federal aid aren’t likely to be affected by pay restrictions announced yesterday by President Barack Obama. The rules, created in response to growing public anger about the record bonuses the financial industry doled out last year, will apply only to top executives at companies that need “exceptional” assistance in the future. The limits aren’t retroactive, meaning firms that have already taken government money won’t be subject to the restrictions unless they have to come back for more. Pay caps may provide the political cover the administration needs to deliver additional infusions of capital into the financial sector. Obama ... “is not proposing to go back and get that $18.4 billion in bonuses back,” Laura Thatcher, head of law firm Alston & Bird’s executive compensation practice in Atlanta, said of the cash bonuses New York banks paid last year, the sixth-biggest haul in history. “Right now, we have not clamped down” on pay at banks. In addition, some executives may be compensated for the potential reduced salaries with restricted stock grants, which may result in huge paydays after the bank repays the government assistance with interest. “They’re just allowing companies to defer compensation,” said Graef Crystal, a former compensation consultant. The restrictions are “a joke,” he said, because “if the government is paid pack, you can be sure that the stock will have risen hugely.”
Note: For many revealing reports from reliable sources on the realities behind the Wall Street bailout, click here.
The financial analyst who nine years ago discovered Bernard Madoff's multi-billion dollar ... fraud scheme today lambasted US securities officials who ignored his warnings, calling for a shakeup of the US securities and exchange commission's structure. Harry Markopolos, a Massachusetts financial analyst who since 2000 several times sought to alert the SEC to Madoff's fraud, told a House of Representatives committee that the agency should replace its lawyer-heavy enforcement staff with senior securities professionals who have years of industry experience and can understand cutting-edge financial instruments used by hedge fund traders. He said regulators should give fraud investigators a pay incentive to unearth large fraud, and eliminate the turf wars that he said kept New York-based regulators from heeding tips he fed to the Boston office. Markopolos discovered Madoff's alleged malfeasance in May 2000, after he became suspicious of his years-long record of success in all market conditions. Markopolos said it took him about five minutes perusing Madoff's marketing materials to suspect fraud, and another roughly four hours to develop mathematical models to prove it. He eventually delivered a detailed case to securities regulators in Boston and followed up several times over the next eight years as he continued to gather evidence. He said that important SEC officials in New York and Boston brushed his reports aside. In testimony before members of the House financial services committee, Markopolos described "an abject failure by the regulatory agencies we entrust as our watchdog".
Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.
The Legionaries of Christ, an influential Roman Catholic religious order, have been shaken by new revelations that their founder, who died a year ago, had an affair with a woman and fathered a daughter just as he and his thriving conservative order were winning the acclaim of Pope John Paul II. Before his death, the founder, the Rev. Marcial Maciel Degollado, had been forced to leave public ministry by Pope Benedict XVI because of accusations from more than a dozen men who said he had sexually abused them when they were students. Now the order’s general director, the Rev. Álvaro Corcuera, is quietly visiting its religious communities and seminaries in the United States and informing members that their founder led a double life, current and former Legionaries said. In Catholic religious orders, members are taught to identify with the spirituality and values of the founder. That was taken to an extreme in the Legionaries, said the Rev. Stephen Fichter, a priest in New Jersey who left the order after 14 years. “Father Maciel was this mythical hero who was put on a pedestal and had all the answers,” Father Fichter said.
Note: For more disturbing news on this pattern of sex abuse which runs way deep, click here.
Marcy Kaptur of Ohio is the longest-serving Democratic congresswoman in U.S. history. Her district, stretching along the shore of Lake Erie from west of Cleveland to Toledo, faces an epidemic of home foreclosures and 11.5 percent unemployment. Now, she is recommending a radical foreclosure solution from the floor of the U.S. Congress: "So I say to the American people, you be squatters in your own homes. Don't you leave." She criticizes the bailout's failure to protect homeowners facing foreclosure. These mortgages were made, then bundled into securities and sold and resold repeatedly, by the very Wall Street banks that are now benefiting from [a government bailout]. The banks foreclosing on families very often can't locate the actual loan note that binds the homeowner to the bad loan. "Produce the note," Kaptur recommends [to] those facing foreclosure demands of the banks. "[P]ossession is nine-tenths of the law," Rep. Kaptur [said]. "Therefore, stay in your property. Get proper legal representation ... [if] Wall Street cannot produce the deed nor the mortgage audit trail ... you should stay in your home. It is your castle. It's more than a piece of property. ... If you look at the bad paper, if you look at where there's trouble, 95 to 98 percent of the paper really has moved to five institutions: JPMorgan Chase, Bank of America, Wachovia, Citigroup and HSBC. They have this country held by the neck."
Note: Why is it that with the trillions of dollars given by the U.S. government to prop up banks who used shady loan practices, so few homeowners facing foreclosure have received any assistance? For many revealing reports on the realities of the Wall Street bailout, click here.
BusinessWeek says Paulson/Bush & Co. wasted $350 billion in TARP money ... the Congressional Budget Office and GOP say Obama & Co. will waste another $800 billion on "non-stimulus" programs ... Nobel economist [Joseph Stiglitz] calls [the Bad Bank] plan "cash for trash" ... Warning, you are entering a bizarre space-time continuum ... where Wall Street makes random quantum leaps between metaphoric realities. In the "Lost" television series we're transported into a parallel reality, a perfect metaphor for today's global economic meltdown, which is misunderstood and grossly mismanaged. Wall Street crashed ... on the "Lost Island ... of Manhattan," the former center of world banking. The collateral damage has been enormous: Freddie Mac, Fannie Mae, Lehman Brothers, Bear Stearns, global trade, Iceland. [Wall Street's] clueless leaders ... are "Lost" with no bottom, no recovery, no strategy in sight. A new president, a secretive Fed and an old Congress are throwing around taxpayer trillions like free candy ... on top of Bush's "$10 Trillion Hangover" ...after a clueless Wall Street wrote off trillions in toxic debt, then wasted $350 billion in TARP bailout money, buying $50 million private jets, attending golf outings at exclusive resorts, spending millions on CEO's office renovations and paying $18 billion in year-end bonuses. Hope masks denial: Even President Obama's consultant [Warren] Buffett acknowledges that the proposed stimulus plan "might not work." The stimulus might not work? What if this last bullet is a blank? Should you prepare for the worst-case scenario?
Note: For many revealing reports on the realities of the Wall Street bailout, click here.
A coming episode of the acclaimed FX drama “Rescue Me” will tackle what may sound like a far-fetched plot line: that the attacks of Sept. 11 were an “inside job.” The actor who espouses the theories on camera, it turns out, also subscribes to them in real life. The second episode of “Rescue Me’s” fifth season, starting in April, may represent the first fictional presentation of 9/11 conspiracy theories by a mainstream media company (FX is operated by the News Corporation). “They’re not discussed a lot in the press,” Daniel Sunjata, the actor who plays Franco Rivera on “Rescue Me,” told reporters at a television press tour last month. In the episode, Mr. Sunjata’s character [describes] a “neoconservative government effort” to control the world’s oil, drastically increase military spending and “change the definition of pre-emptive attack.” To put it into action, he continues, “what you need is a new Pearl Harbor. That’s what they said they needed.” Mr. Sunjata surprised some of the TV reporters when he said that he “absolutely, 100 percent” supports the assertion that “9/11 was an inside job.” The alternative theories “seem to me to make a lot more sense than the ones that are popularly espoused,” he said, calling it admirable that the conversation was allowed within “Rescue Me.” Peter Tolan, an executive producer, said Mr. Sunjata is “well read” and has “done a lot of research.” “Look, obviously not all of us buy in,” he told reporters. “But we went: ‘Wow, that’s interesting, and he’s passionate about it. Let’s use that.’ ”
Note: For a powerful two-page summary of key unanswered questions from major media sources about what really happened on 9/11, click here. To read charges by hundreds of professors and top politicians claiming that the U.S. government is lying about 9/11, click here.
The CIA's secret prisons are being shuttered. Harsh interrogation techniques are off-limits. And Guantanamo Bay will eventually go back to being a wind-swept naval base on the southeastern corner of Cuba. But even while dismantling these programs, President Obama left intact an equally controversial counter-terrorism tool. Under executive orders issued by Obama recently, the CIA still has authority to carry out what are known as renditions, secret abductions and transfers of prisoners to countries that cooperate with the United States. Current and former U.S. intelligence officials said that the rendition program might be poised to play an expanded role going forward because it was the main remaining mechanism -- aside from Predator missile strikes -- for taking suspected terrorists off the street. The rendition program became a source of embarrassment for the CIA, and a target of international scorn, as details emerged in recent years of botched captures, mistaken identities and allegations that prisoners were turned over to countries where they were tortured. The European Parliament condemned renditions as "an illegal instrument used by the United States." Prisoners swept up in the program have sued the CIA as well as a Boeing Co. subsidiary accused of working with the agency on dozens of rendition flights. But the Obama administration appears to have determined that the rendition program was one component of the Bush administration's war on terrorism that it could not afford to discard. The decision underscores the fact that the [War on Terror] is far from over.
Note: For key reports from reliable sources on the hidden realities of the War on Terror, click here.
NATO’s senior military commander has proposed that the alliance’s soldiers in Afghanistan shoot drug traffickers without waiting for proof of their involvement with the Taliban insurgency, according to a report in the online edition of Der Spiegel magazine. The commander, Gen. John Craddock of the United States, floated the idea in a confidential letter on Jan. 5 to Gen. Egon Ramms, a German officer who heads the NATO command center responsible for Afghanistan. General Craddock wrote that “it was no longer necessary to produce intelligence or other evidence that each particular drug trafficker or narcotics facility in Afghanistan meets the criteria of being a military objective." A NATO official, speaking on condition of anonymity, confirmed the wording of the letter. The proposal was widely criticized, with politicians [in Berlin] saying that it would flout international law and alter NATO’s mission in Afghanistan. Such an order, they said, would signal a major shift in how the alliance intended to deal with the Afghan insurgency, along with the opium trade that finances the Taliban and other militant groups. Jaap de Hoop Scheffer, NATO’s secretary general, has ordered an investigation into how the general’s letter was obtained by Spiegel Online.
Note: The Times failed to mention the rift this has created in NATO and more. Click here for a revealing article about this in one of Germany's top publications.
Exxon Mobil Corp. ... reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company. The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007. The extraordinary full-year profit wasn't a surprise given crude's triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis. In the fourth quarter alone crude tumbled 60 percent, prompting spending and job cuts in an industry that was reporting robust, often record, profits as recently as last summer. Irving, Texas-based Exxon said net income slid sharply to $7.8 billion, or $1.55 a share, in the October-December period. That compared with $11.7 billion, or $2.13 a share, in the same period a year ago, when Exxon set a U.S. record for quarterly profit. It has since topped that mark twice, first in last year's second quarter and then with earnings of $14.83 billion in the third quarter. Revenue in the most-recent quarter fell 27 percent to $84.7 billion. The industry went into retrenchment toward the end of the year with demand falling. The company, which produces about 3 percent of the world's oil, said overall output fell 3 percent in the most-recent period. For the full year, Exxon Mobil's massive profit amounted to $8.69 a share, versus $7.28 a share a year ago.
Note: How can it be said that this record-breaking profit "wasn't a surprise," when ethically we would all expect the oil companies not to gouge consumers world-wide at the time when oil prices were artificially driven to record highs? Why should the oil companies be allowed to rake in huge profits causing the vast majority of us to suffer even greater losses at the gas pump? This is generally called gross profiteering. Shouldn't these "windfall profits" be taxed away?
Government officials seeking to revamp the U.S. financial bailout have discussed spending another $1 trillion to $2 trillion to help restore banks to health, according to people familiar with the matter. President Barack Obama's new administration is wrestling with how to stem the continuing loss of confidence in the financial system, as it divides up the remaining $350 billion from the $700 billion Troubled Asset Relief Program launched last fall. The potential size of rescue efforts being discussed suggests the administration may need to ask Congress for more funds. The administration is expected to take a series of steps, including relieving banks of bad loans and distressed securities. The so-called "bad bank" that would buy these assets could be seeded with $100 billion to $200 billion from the TARP funds, with the rest of the money -- as much as $1 trillion to $2 trillion -- raised by selling government-backed debt or borrowing from the Federal Reserve. The administration is also seeking more effective ways to pump money into banks, and is considering buying common shares in the banks. Government purchases so far have been of preferred shares, in an effort to both protect taxpayers and avoid diluting existing shareholders' stakes. Given the weakened state of the banking industry, with bank share prices low and their capital needs high, economists say the government probably can't avoid owning at least some banks for a temporary period.
Note: Note that the U.S. government has to borrow from the Federal Reserve, which most people don't realize is privately owned by the richest banks. For more on this, click here. The $2 trillion of taxpayer money for Wall Street's toxic assets revealed here is in addition to over $7 trillion already committed according to CNN and others. Wouldn't government debt of this magnitude threaten a broad range of government services and risk seriously weakening the dollar? For many other revealing reports on the Wall Street bailout, click here.
By almost any measure, 2008 was a complete disaster for Wall Street — except, that is, when the bonuses arrived. Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year. That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller. Some bankers took home millions last year even as their employers lost billions. The comptroller’s estimate, a closely watched guidepost of the annual December-January bonus season, is based largely on personal income tax collections. It excludes stock option awards that could push the figures even higher. The state comptroller, Thomas P. DiNapoli, said it was unclear if banks had used taxpayer money for the bonuses, a possibility that strikes corporate governance experts, and indeed many ordinary Americans, as outrageous. He urged the Obama administration to examine the issue closely. “The issue of transparency is a significant one, and there needs to be an accounting about whether there was any taxpayer money used to pay bonuses or to pay for corporate jets or dividends or anything else,” Mr. DiNapoli said in an interview.
Note: For many reports from reliable sources on the realities of the Wall Street bailout, click here.
Almost half of tested samples of commercial high-fructose corn syrup (HFCS) contained mercury, which was also found in nearly a third of 55 popular brand-name food and beverage products where HFCS is the first- or second-highest labeled ingredient, according to two new U.S. studies. HFCS has replaced sugar as the sweetener in many beverages and foods such as breads, cereals, breakfast bars, lunch meats, yogurts, soups and condiments. On average, Americans consume about 12 teaspoons per day of HFCS, but teens and other high consumers can take in 80 percent more. "Mercury is toxic in all its forms. Given how much high-fructose corn syrup is consumed by children, it could be a significant additional source of mercury never before considered. We are calling for immediate changes by industry and the [U.S. Food and Drug Administration] to help stop this avoidable mercury contamination of the food supply," the Institute for Agriculture and Trade Policy's Dr. David Wallinga, a co-author of both studies, said in a prepared statement.
Note: For a treasure trove of key reports on important health issues, click here.
Ask mothers why babies are constantly picking things up from the floor or ground and putting them in their mouths, and chances are they’ll say that it’s instinctive — that that’s how babies explore the world. But why the mouth, when sight, hearing, touch and even scent are far better at identifying things? Accumulating evidence strongly suggests that eating dirt is good for you. In studies of what is called the hygiene hypothesis, researchers are concluding that organisms like the millions of bacteria, viruses and especially worms that enter the body along with “dirt” spur the development of a healthy immune system. Several continuing studies suggest that worms may help to redirect an immune system that has gone awry and resulted in autoimmune disorders, allergies and asthma. These studies, along with epidemiological observations, seem to explain why immune system disorders like multiple sclerosis, Type 1 diabetes, inflammatory bowel disease, asthma and allergies have risen significantly in the United States and other developed countries. “What a child is doing when he puts things in his mouth is allowing his immune response to explore his environment,” Mary Ruebush, a microbiology and immunology instructor, wrote in her new book, Why Dirt Is Good. “Not only does this allow for ‘practice’ of immune responses, which will be necessary for protection, but it also plays a critical role in teaching the immature immune response what is best ignored.”
Note: For many key reports on new health research from reliable sources, click here.
The United Nations' crime and drug watchdog has indications that money made in illicit drug trade has been used to keep banks afloat in the global financial crisis, its head was quoted as saying on Sunday. Vienna-based UNODC Executive Director Antonio Maria Costa said in an interview released by Austrian weekly Profil that drug money often became the only available capital when the crisis spiralled out of control last year. "In many instances, drug money is currently the only liquid investment capital," Costa was quoted as saying by Profil. "In the second half of 2008, liquidity was the banking system's main problem and hence liquid capital became an important factor." The United Nations Office on Drugs and Crime had found evidence that "interbank loans were funded by money that originated from drug trade and other illegal activities," Costa was quoted as saying. There were "signs that some banks were rescued in that way." Profil said Costa declined to identify countries or banks which may have received drug money and gave no indication how much cash might be involved.
Note:. For powerful evidence that corporations and even rogue elements of government are involved in the huge amounts of cash generated in the drug trade, click here. For lots more on corporate corruption, click here.
The number of in-custody sudden deaths rose dramatically during the first year California law enforcement agencies began using stun guns, raising questions about the safety of the devices, according to a new study at UCSF. "Tasers are not as safe as thought," said Dr. Byron Lee, one of the cardiologists involved in studying the death rate related to Tasers, the most widely used stun gun. "And if they are used, they should be used with caution." The researchers analyzed sudden death data from 50 law enforcement agencies in the state that use Tasers. They compared the death rate pre- and post-Taser deployment - analyzing data for five years before each agency began using Tasers and five years afterward. They found a sixfold increase in sudden deaths during the first year of Taser use - amounting to nearly 6 deaths per 100,000 arrests. California does not have a statewide training standard for stun guns, which have been used in the state for decades. Tasers, known as "conducted energy" devices, send out high-frequency pulses which can cause a very rapid, dangerous heart rhythm, said senior author Dr. Zian H. Tseng, an assistant clinical professor in cardiology. "Maybe a simple change of technique is what is necessary," he said. "The longer you hold the trigger, the higher the danger to the heart. ... The fewer pulses the better." Two years ago, Amnesty International reported 156 stun gun-related deaths of people in the United States during the previous five years.
Note: For more on so-called non-lethal weapons from reliable sources, 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.