Media ArticlesExcerpts of Key Media Articles in Major Media
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Halfway through his first five-year term, U.N. Secretary General António Guterres is becoming defined by his silence on human rights - even as serious rights abuses proliferate. Numerous governments have voiced concerns about China’s detention of 1 million Turkic, mainly Uighur, Muslims for forced indoctrination. Yet Guterres has not said a word about it in public. Instead, he praises China’s development prowess. Guterres has also repeatedly declined to exercise his authority to establish fact-finding missions into egregious rights violations, such as Saudi Arabia’s murder of Post contributing columnist Jamal Khashoggi, the use of chemical weapons in Syria, and the murder of two U.N. sanctions monitors in Congo. Apart from his spokesman’s feeble appeal to the United States to fulfill its legal obligations as host for the United Nations, Guterres has stayed silent on the Trump administration’s revocation of a visa for the International Criminal Court’s chief prosecutor over possible investigations of U.S. torture in Afghanistan. There is no doubt that Guterres is a skilled and conscientious diplomat, but his decision to suppress his voice on human rights, especially as civilians are targeted in armed conflicts, is misguided. For more than two years, Guterres offered excuses for not publicly defending human rights. He wanted to focus on internal reforms. He needed to stabilize relations with Trump. But today’s crises are too acute, the civilian victims too numerous, for Guterres to reduce his job to mediator in chief.
Note: For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.
In 2015, Maryland’s main election system vendor was bought by a parent company with ties to a Russian oligarch. The state’s election officials did not know about the purchase until July 2018, when the FBI notified them of the potential conflict. The FBI investigated and did not find any evidence of tampering or sharing of voter data. But the incident was a giant red flag ... especially as many states have outsourced vote-counting to the private sector. Democracy in the United States is now largely a secretive and privately-run affair conducted out of the public eye with little oversight. The corporations that run every aspect of American elections, from voter registration to casting and counting votes by machine, are subject to limited state and federal regulation. The companies are privately-owned and closely held, making information about ownership and financial stability difficult to obtain. The software source code and hardware design of their systems are kept as trade secrets. A small network of companies ... have near-monopolies on election services, such as building voting machines. Across the spectrum, private vendors have long histories of errors that affected elections, of obstructing politicians and the public from seeking information, of corruption, suspect foreign influence, false statements of security and business dishonesty. The computer security world has been sounding the alarm since voting machines were adopted. Now lawmakers, election officials and national security experts are joining in.
Note: Computer scientists have shown nearly every make and model of electronic voting machine to be vulnerable to hacking. For more along these lines, see concise summaries of deeply revealing elections corruption news articles from reliable major media sources.
In a national first in the fight against the opioid crisis, a major drug distribution company, its former chief executive and another top executive have been criminally charged in New York. Rochester Drug Co-Operative, one of the top 10 largest drug distributors in the United States, was charged Tuesday with conspiracy to violate narcotics laws, conspiracy to defraud the U.S., and willfully failing to file suspicious order reports. Laurence Doud III, the company's former chief executive, and William Pietruszewski, the company’s former chief compliance officer, are individually charged with conspiracy to distribute controlled substances and conspiracy to defraud the U.S.. Pietruszewski is also charged with willfully failing to file suspicious order reports with the Drug Enforcement Administration, or DEA. The U.S. attorney's office also filed a lawsuit against Rochester Drug Co-Operative on Tuesday seeking "penalties and injunctive relief." Between 2012 and 2016, Rochester Drug Co-Operative is accused of distributing tens of millions of doses of oxycodone, fentanyl and other opioids to pharmacies that its own compliance department found had no legitimate need for them. Prosecutors said Rochester Drug Co-Operative went against the DEA and its own policies and distributed drugs to pharmacies that were "filling controlled substances prescriptions issued by practitioners acting outside the scope of their medical practice, under investigation by law enforcement, or on RDC’s 'watch list.'"
Note: Many doctors also profited from excessive prescribing of dangerous opioids. And according to a former DEA agent, Congress helped drug companies fuel the opioid epidemic. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.
For almost 17 years, states and counties around the country have conducted elections on machines that have been repeatedly shown to be vulnerable to hacking, errors and breakdowns, and that leave behind no proof that the votes counted actually match the votes that were cast. Now ... states and counties across the country are working to replace these outdated machines with new ones. The purchases replace machines from the turn of the century that raise serious security concerns. But the same companies that made and sold those machines are behind the new generation of technology, and a history of distrust between election security advocates and voting machine vendors has led to a bitter debate over the viability of the new voting equipment. The draw of the new machines, called ballot-marking devices (BMD), is the promise of a paper ballot. But there are concerns with the integrity of the paper trail a BMD would create at every stage. Many BMD models on the market print a sort of two-in-one ballot with one section to be read by machines and another to be read by humans. Barcodes – or QR codes – that represent a voter’s choices are printed on the ballot along with plain text showing, presumably, the same information in a way people can understand. When the ballot is scanned, it is the barcode that is scanned and counted, not the text that voters can read. If a barcode is printed that represents a different choice, or the scanners were hacked, voters would not know the difference.
Note: Computer scientists have shown nearly every make and model of electronic voting machine to be vulnerable to hacking. For more along these lines, see concise summaries of deeply revealing elections corruption news articles from reliable major media sources.
For Jerry Cooper and the friends he knows as the White House boys, the memories never fade. The brutal beatings, rapes and other physical and psychological abuse they endured at a notorious Florida reform school were more than half a century ago, but there is always something to trigger the flashbacks. This time, it was the discovery of 27 “possible” graves at the site of the Arthur G Dozier School for Boys in Marianna, Florida. It is no surprise that more victims of systemic, decades-long sexual abuse and violence could still be in the ground. A study that ended in 2016 saw University of South Florida (USF) anthropologists uncover human remains in 55 graves, several with gunshot wounds or blunt force trauma. Yet to the White House survivors, named for a whitewashed cottage in the grounds of the state-run school where the worst of the abuse took place, it was confirmation that the final chapters of a dark episode have yet to be written. “I was sure I wasn’t going to survive,” said Cooper, 74, who spent two years at Dozier as a teenager in the early 1960s. “But there were those of us who didn’t ... there’s a lot more boys dead than the 55 they located. We’ve always known this.” Official records, poorly maintained and incomplete, indicated 31 burials from 1914 to 1973. But USF researchers partnered with local and state law enforcement and the University of North Texas science centre set the figure at a minimum of 98.
Note: Read more about the notorious Dozier School for Boys. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and sexual abuse scandals.
Caged for a murder he didn't commit, Valentino Dixon sought solace in art. He loved to draw as a child, and took up sketching again to escape the harsh realities of prison after being handed 39 years to life for the fatal shooting of a man in downtown Buffalo in 1991. Art became Dixon's salvation, and he drew for up to 10 hours a day. His reputation as an artist led the warden at the tough Attica Correctional Facility ... to ask him to draw Augusta National's famous 12th hole from a picture in Golf Digest. In 2012, he sent some of his art work to Golf Digest's editorial director Max Adler. Along with the pictures, he included details of his case. Adler was intrigued and dug deeper. Golf Channel got involved, too. Meanwhile, several appeals against his conviction had failed. But then in January 2018 three undergraduate students and their professors from Georgetown University thoroughly researched Dixon's case as part of their studies. The students re-interviewed witnesses and officials and unearthed new evidence. Another man, LaMarr Scott - already serving a life sentence for his part in an armed robbery in 1993 - confessed again to shooting Jackson, just as he had on the night it happened. Through the work of Adler, the students, his daughter Valentina ... and attorney Donald Thompson, paid for by Dixon's wife Louise - whom he married while in prison - the fresh evidence was presented to the new district attorney of Erie County, John Flynn. Dixon was exonerated on September 19, 2018.
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All of us have had the experience of wandering through a lush garden or a timeless desert, walking by a river or an ocean, or climbing a mountain and finding ourselves simultaneously calmed and reinvigorated. The importance of these physiological states on individual and community health is fundamental and wide-ranging. In 40 years of medical practice, I have found only two types of non-pharmaceutical “therapy” to be vitally important for patients with chronic neurological diseases: music and gardens. I cannot say exactly how nature exerts its calming and organizing effects on our brains, but I have seen in my patients the restorative and healing powers of nature and gardens, even for those who are deeply disabled neurologically. In many cases, gardens and nature are more powerful than any medication. My friend Lowell has moderately severe Tourette’s syndrome. In his usual busy, city environment, he has hundreds of tics and verbal ejaculations each day - grunting, jumping, touching things compulsively. I was therefore amazed one day when we were hiking in a desert to realize that his tics had completely disappeared. The remoteness and uncrowdedness of the scene, combined with some ineffable calming effect of nature, served to defuse his ticcing, to “normalize” his neurological state. The effects of nature’s qualities on health are not only spiritual and emotional but physical and neurological. I have no doubt that they reflect deep changes in the brain’s physiology, and perhaps even its structure.
Note: The above is excerpted from “Everything in Its Place,” a posthumous collection of writings by Dr. Oliver Sacks. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
America’s military budget is set to grow for a fifth consecutive year to near-historic highs in 2020. The Trump administration has proposed $750 billion in defense spending as part of its budget request to Congress for next year, as well as steep cuts to domestic programs in health care and education. House Democrats in their budget proposed increasing defense spending to $733 billion a year ... in exchange for Republican support for an increase in domestic spending that would be twice as large. Under either budget plan, the United States is expected to spend more on its military in 2020 than at any point since World War II, except for a handful of years at the height of the Iraq War, said Todd Harrison, a defense budget expert at the Center for Strategic and International Studies. Overall, military spending has already increased from $586 billion in 2015 to $716 billion in 2019. Earlier this year, the Congressional Budget Office projected the United States would spend more than $7 trillion on defense over the next decade, which is in line with both the White House’s and House Democrats’ budget plans. Some prominent Democrats ... have called for cutting military spending as a way to free up funding for their other projects. At European levels of U.S. military spending, America could fund a universal child-care policy, extend health insurance to the approximately 30 million Americans who lack it or provide substantial investments in repairing the nation’s infrastructure. But cuts to military spending are unlikely.
Note: Read summaries of several major media articles showing the Pentagon's blatant lies and disregard for accounting. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the military.
Afroz Shah, a lawyer in Mumbai, hasn't had a weekend off in four years. But he hasn't spent this time writing briefs or preparing for court. His mission? Saving the world's oceans from plastic pollution. It's a calling he found in 2015 after moving to a community in Mumbai called Versova Beach. "The whole beach was like a carpet of plastic," he said. "It repulsed me." The unsightly mess Shah had stumbled upon is part of a global environmental crisis. More than 8 million tons of plastic ends up in the world's oceans each year - the equivalent of a garbage truck dumped every minute. It's predicted that by 2050, there will be more plastic in the ocean than fish. The results are devastating. More than 1 million seabirds, 100,000 sea mammals and countless fish die from plastic pollution each year. In October 2015, Shah began picking up trash from the beach every Sunday morning. At first, it was just him and a neighbor, and then he began recruiting others to join in. Word spread and ... more volunteers got involved. Shah hasn't stopped since. He's now spent 209 weekends dedicated to this mission, inspiring more than 200,000 volunteers to join him in what's been called the world's biggest beach cleanup. By October 2018, Versova Beach was finally clean and Shah's cleanups expanded to another beach as well as a stretch of the Mithi River and other regions of India. All told, the movement has cleared more than 60 million pounds of garbage - mostly plastic waste - from Mumbai's beaches and waterways.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
You’ve probably heard about microdosing, the “productivity hack” popular among Silicon Valley engineers and business leaders. Microdosers take regular small doses of LSD or magic mushrooms. At these doses, they don’t experience mind-bending, hallucinatory trips, but they say they get a jolt in creativity and focus that can elevate work performance, help relationships, and generally improve a stressful and demanding daily life. Late last year, the first placebo-controlled microdose trial was published. The study concluded that microdoses of LSD appreciably altered subjects’ sense of time, allowing them to more accurately reproduce lapsed spans of time. Does a microdose change brain function? There’s a myriad of ways to test this, but [Devin] Terhune looked specifically at the way the subjects perceive time. When shown a blue dot on a screen for a specific length of time, the subjects were asked to recreate that length of time by pressing a key. Typically, with longer time intervals, people underrepresent time (i.e. hold the key down for a shorter period of time than reality). In the study, those who received microdoses held the key longer, better representing the actual time interval. Does this mean microdosing makes you smarter? Terhune and his co-authors were cautious in overinterpreting their finding. For one, it’s not clear that perceiving time more accurately is preferable. The brain seems to favor underrepresenting time for reasons that are unclear. The finding does show that microdoses changed brain function.
Note: For more along these lines, see concise summaries of deeply revealing news articles on mind-altering drugs from reliable major media sources.
Wikileaks founder Julian Assange was arrested on Thursday at Ecuador's London embassy, where he had been granted asylum since 2012. The United States alleges that he conspired with Chelsea Manning to access classified information on Department of Defense computers. Since it launched in 2006, Wikileaks has become renowned for publishing thousands of classified documents covering everything from the film industry to national security and wars. In 2010, Wikileaks published a video from a US military helicopter showing the killing of civilians in Baghdad, Iraq. A voice on the transmission urged the pilots to "light 'em all up" and the individuals on the street were fired at from the helicopter. When a van arrived on the scene to pick up the wounded, it too was fired at. Reuters photographer Namir Noor-Eldeen and his assistant Saeed Chmagh were both killed in the attack. Wikileaks has published hundreds of thousands of documents leaked by former US Army intelligence analyst Chelsea Manning. Documents relating to the war in Afghanistan revealed how the US military had killed hundreds of civilians in unreported incidents. Further documents from the Iraq war revealed that 66,000 civilians had been killed - more than previously reported. The documents also showed that prisoners had been tortured by Iraqi forces. Among the leaks were more than 250,000 messages sent by US diplomats. They revealed that the US wanted to collect "biographic and biometric" information ... of key officials at the UN.
Note: Read more about Wikileaks' effort to promote openness over secrecy. For more along these lines, see concise summaries of deeply revealing news articles on military corruption from reliable major media sources.
Twice a week, before the sun comes up, Judge Craig Mitchell runs the mile from his office at the county courthouse to The Midnight Mission, a social services organization centered in Downtown's Skid Row - the notorious area where the city's largest homeless population resides. At the mission, he meets a group of 30 to 40 people, and together they run through East L.A. The group includes runners from all walks of life and all levels of athleticism. Some members are homeless or in recovery, and others are lawyers, social workers, students or off-duty LAPD officers. Mitchell developed the program in 2012 after a man he'd once sentenced to prison returned to thank him. "He was paroled to The Midnight Mission and decided to come back and say, 'Thank you, Judge Mitchell, for treating me like a human being.' "The president of the mission at the time asked me if there was something that I could do to contribute to the mission's program, and I thought of starting a running club. That was the inception," Mitchell said. Between 300 and 500 people have since run with the group, now an official nonprofit. Every year, Mitchell takes his most dedicated Skid Row runners on a free trip to participate in an international marathon. In recent years, Mitchell and club members have participated in marathons in Ghana, Rome, Vietnam and Jerusalem. Mitchell says he's seen participants turn their lives around, attending college, securing full-time employment and maintaining sobriety.
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Redactions ... symbolize the ongoing tug-of-war between discretion and truth, between a government that knows what we don’t need to know and a citizenry that desires the whole story. That desire is inflamed after two years of theorizing about the Mueller report. “I think it’s going to be more disappointing than not, and frustrating to many,” says D.C. attorney Mark S. Zaid, who handles cases involving national security and the Freedom of Information Act (FOIA). Zaid once sued the government for records related to the death of Princess Diana and the FBI surrendered reams of material. Zaid was thrilled, until he opened the boxes. Two thousand pages of redactions. Every page, blacked out. In 2003 the Department of Justice released a 186-page report on its hiring practices, and half of it was blacked out. American leaders brag about transparency but their agencies historically have cultivated a “culture of caution.” By the turn of last century at least 1.5 billion documents over 25 years old were kept from the public because of national security concerns. Classification cost the federal government $18.49 billion in fiscal year 2017 alone. Redactions can be cosmetic, or historic [like] the 14 blank pages of a 2002 Pentagon assessment of Iraq’s nuclear-weapons program. [Yet] when 19,045 documents related to the John F. Kennedy assassination were released last year, Nate Jones of the National Security Archive was struck by the banality of the information the government had insisted on keeping secret for years.
Note: Why was so much material around the death of Princess Diana redacted? Explore some of the strangeness around the killing of Princess Diana in this news article. For more along these lines, see concise summaries of deeply revealing news articles on secrecy from reliable major media sources.
Not only is Alexa listening when you speak to an Echo smart speaker, an Amazon employee is potentially listening, too. Amazon (AMZN) employs a global team that transcribes the voice commands captured after the wake word is detected and feeds them back into the software ... Bloomberg reports. Amazon reportedly employs thousands of full-time workers and contractors in several countries, including the United States, Costa Rica and Romania, to listen to as many as 1,000 audio clips in shifts that last up to nine hours. The audio clips they listen to were described as "mundane" and even sometimes "possibly criminal," including listening to a potential sexual assault. In a response to the story, Amazon confirmed to CNN Business that it hires people to listen to what customers say to Alexa. Amazon doesn't "explicitly" tell Alexa users that it employs people to listen to the recordings. Amazon said in its frequently asked question section that it uses "requests to Alexa to train our speech recognition and natural language understanding systems." People can opt out of Amazon using their voice recordings to improve the software in the privacy settings section of the Alexa app. Alexa auditors don't have access to the customers' full name or address, but do have the device's serial number and the Amazon account number associated with the device. Amazon previously has been embroiled in controversy for privacy concerns regarding Alexa.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the disappearance of privacy.
Jahiem Morgan knew he was too young to be living on his own at 15 years old, but he didn't have much of a choice. Morgan found himself among the nearly 1.3 million young people across the United States who are classified as "unaccompanied youths" and can't get foster care because they chose to leave a situation rather than be removed by social services. Some of these young people are runaways; others leave abusive homes; and many identify as LGBTQ. They're out on their own, and many end up in dangerous situations -- living on the streets or in abandoned buildings. "Most people don't even know these kids exist," said Vicki Sokolik, who helps these teens in Tampa, Florida. Sokolik was first introduced to this population in 2006, when her then-teenage son told her about a classmate who was in danger of becoming homeless. Sokolik helped the girl, securing her a place to live and providing the resources she needed. The experience inspired Sokolik to do more. In 2007, she founded "Starting Right, Now," a nonprofit that helps unaccompanied youth ages 15 to 19 get permanent housing, graduate from high school and move on to their next goal. At-risk students in two Florida counties are referred to the program by their school guidance counselors. The program provides two homes where the students can live until they go to college or start their career. They also have access to tutoring, therapy and life skills classes. The organization has helped more than 200 young people, and 97% have graduated high school.
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The Music Memory Box was created as a means of using photographs, objects, and music to help people with dementia to remember their past. The box is programmed to play certain songs that are associated with the various possessions and photos. When one of the objects is placed in the center of the box, a sensor triggers boxs speakers so that it plays the song that corresponds with the object. 28-year-old designer Chloe Meineck says that her great-grandmothers experience with dementia served as the inspiration for the box. Whenever Meineck when to visit the senior at her nursing home, the woman always failed to recognize her. Upon hearing certain songs, however, Meinecks great-grandmother would suddenly begin to recall heartfelt stories from her past. 74-year-old Monica Garrity [said] she and her husband Steve, who has dementia, began using the box in 2017 as a means of helping him to remember events from their marriage and theyve been regularly using the box ever since. We have been able to connect again, it is wonderful, says Monica. He doesnt usually communicate with me but when the music plays, he hums along and even holds out his hand to grab mine. It takes us back to when we got married. In addition to receiving dozens of awards for her design, Meineck recently held a Kickstarter campaign in order to fund the manufacturing of the first batch of Music Memory Boxes. Within two weeks, she was able to raise the necessary funds.
Note: Don't miss a video of the Music Memory Box in action at the link above. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
American shoppers are reaching for healthier, more environmentally and animal-friendly meat products, with 39 percent saying “all-natural” is the most important claim when purchasing red meat. But there’s one problem: The U.S. Department of Agriculture says that when it comes to meat and poultry, the term “natural” means only that the product has no artificial ingredients and has been minimally processed. It doesn’t mean anything when it comes to antibiotics, hormones or preservatives. Companies such as Tyson Foods Inc., Pilgrim’s Pride Corp. and Hormel Foods Corp. have been snapping up smaller, outwardly progressive competitors. At the same time, however, some of the major meat companies have been offering their own products as “natural,” replete with labels featuring blue skies and green fields. On April 8, the Superior Court of the District of Columbia - a jurisdiction with stringent consumer protection laws - dismissed a lawsuit by the Animal Legal Defense Fund (ALDF) alleging Hormel was misleading consumers. The court held that as long as manufacturer labels are approved by the USDA, the advertising can use the “natural” claims. In statements disclosed in the filing, a company executive said the same pigs it uses to make its famous Spam brand meat product are also used in Natural Choice pork products. Those pigs are often given antibiotics and are rarely allowed outdoors. “It’s a massive attempt to manipulate and dupe the consumer,” said David Muraskin, a food project attorney.
Note: For more along these lines, see concise summaries of deeply revealing food system corruption news articles from reliable major media sources.
Better Angels is a citizens' organization that aims to unite red and blue Americans in a working alliance to depolarize America. We try to understand the other side's point of view, even if we don't agree with it. We engage those we disagree with, looking for common ground and ways to work together. We support principles that bring us together rather than divide us. Meetings frequently include five to eight Republican-leaning citizens ("Reds") and five to eight Democratic-leaning citizens ("Blues") who gather together for a half-day or full-day of structured conversations. Independents are also welcome to attend. We only ask that for the purposes of the workshop they identify as leaning either Red or Blue or attend as observers. There are two types of Red/Blue workshops: three-hour workshops that cover two exercises, and six-hour plus lunch workshops that cover all four exercises. Two moderators, trained by Better Angels, lead the workshop, ensuring that ground rules are followed and that everyone is treated respectfully. The stereotypes exercise has red and blue groups generate, discuss, and report back on the most common false stereotypes or misconceptions of their side, why these stereotypes are wrong, what is true instead, and whether there is a kernel of truth in the stereotype. Red/Blue workshops [are held] so that citizens of different political beliefs and different backgrounds can get to know each other as individuals and begin to heal the divisions that are endangering our country.
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It happened 25 years ago - up to 800,000 people in Rwanda killed - mostly from the minority Tutsi community, all of that over the course of just a hundred days. Today the hundreds of thousands of people who carried out those killings live among their victims. Journalist and author Philip Gourevitch has witnessed the unique way Rwandans have defined and navigated forgiveness after the massacre. There was a lot of agency in the local level. And the experience of the genocide was extremely localized. People were killed by neighbors. It was intimate. They knew each other. And to simply ignore that wouldn't work. In order to navigate the aftermath of the genocide, the Rwandan government set up this nationwide reconciliation process. So they set up a system of community courts - without lawyers - to sort of repurpose a system that really had only been used for small claims mitigation in traditional Rwanda, called gacaca, and have open, communal - what we might call a town hall - format for trials. And then the idea was to hold people accountable and have a system of punishment. And this system banked very heavily on encouraging confession and rewarding it. But the confessions were supposed to be also verified by the community. The motto of the gacaca courts was, truth heals. Forgiveness doesn't require trust. Forgiveness simply means letting go of the idea of getting even, forgoing the idea of revenge. Right? Now, even that's a big ask. But it means accepting coexistence. There's never been as comprehensive a reckoning with such communal violence or mass atrocity. It was an ongoing, multi-year confrontation with the past in the communities.
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In his annual letter to shareholders, distributed last week, JPMorgan Chase CEO Jamie Dimon took aim at socialism, warning it would be “a disaster for our country,” because it produces “stagnation, corruption and often worse.” Dimon should know. He was at the helm when JPMorgan received a $25bn socialist-like bailout in 2008, after it and other Wall Street banks almost tanked because of their reckless loans. Dimon subsequently agreed to pay the government $13bn to settle charges that the bank overstated the quality of mortgages it was selling. According to the Justice Department, JPMorgan acknowledged it had regularly and knowingly sold mortgages that should have never been sold. To state it another way, Dimon and other Wall Street CEOs helped trigger the 2008 financial crisis when the dangerous and irresponsible loans their banks were peddling – on which they made big money – finally went bust. But instead of letting the market punish the banks (which is what capitalism is supposed to do) the government bailed them out and eventually levied paltry fines which the banks treated as the cost of doing business. Call it socialism for rich bankers. America’s five biggest banks, including Dimon’s, now control 46% of all deposits, up from 12% in the early 1990s. But, of course, Dimon isn’t really ... concerned about socialism. Dimon’s real concern is that America may end the kind of socialism he and other denizens of the Street depend on – bailouts, regulatory loopholes, and tax breaks.
Note: The above was written by former US secretary of labor Robert Reich. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
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.