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 Special Inspector General for Afghanistan Reconstruction (SIGAR) is asking why a small Department of Defense task force charged with developing the Afghan economy spent nearly $150 million on private villas, security guards and luxury meals. In a letter to Secretary of Defense Ashton Carter ... SIGAR chief John Sopko wrote that members of the Defense Departments Task Force for Business and Stability Operations (TFBSO) could have used accommodations available on local military bases and other U.S. government facilities. Former TFBSO employees told SIGAR investigators that the $150 million ... supported no more than 5 to 10 employees. Triple Canopy is one of the firms that have financially benefited the most from post-9/11 wars in Iraq and Afghanistan, earning roughly $2.2 billion in government contracts since 2003. The company has continued to receive lucrative government contracts despite being at the center of several controversies related to the killing of civilians in Iraq by its employees and providing falsified documents for its private security guards. The decision to hire the contractors is believed to have originated with former deputy undersecretary of defense and TFSBO director Paul Brinkley. In 2007, he was investigated by the military on allegations of financial mismanagement and personal misconduct while based in Iraq, but continued serving in government until 2011.
Note: By mid-2014, the US had spent more money on Afghanistan's "reconstruction" than it spent on the entire Marshall Plan to rebuild Europe following WWII. For more along these lines, see concise summaries of deeply revealing military corruption news articles from reliable major media sources.
The US has overtaken Singapore, Luxembourg and the Cayman Islands as an attractive haven for super-rich individuals and businesses looking to shelter assets behind a veil of secrecy, according to a study by the Tax Justice Network (TJN). The US is ranked third, behind Switzerland and Hong Kong, in the financial secrecy index, produced every two years by TJN. But the study noted that if Britain and its affiliated tax havens such as Jersey were treated as one unit it would top the list. “Though the US has been a pioneer in defending itself from foreign secrecy jurisdictions it provides little information in return to other countries, making it a formidable, harmful and irresponsible secrecy jurisdiction,” the TJN report said. The scale of hidden offshore wealth around the world is difficult to assess. The economist Gabriel Zucman has put it at $7.6tn, while the TJN’s James Henry, a former chief economist at consultancy McKinsey, estimated three years ago it could be more than $21tn. The US states of Delaware, Wyoming and Nevada have for decades been operating as onshore secrecy havens, specialising in setting up shell companies catering to overseas individuals and companies seeking to hide assets. “The US has not seriously addressed its own role in attracting illicit financial flows and supporting tax evasion,” the TJN report found. Like the US, Britain too remains a central player in the vast financial secrecy industry despite championing corporate transparency on the international stage.
Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
President Barack Obama announced new measures to smooth the integration of former criminals into society. "We've got to make sure Americans who have paid their debt to society can earn their second chance," Obama said in a speech at Rutgers University in Newark, a city of about 280,000 that has grappled for decades with poverty and high rates of violent crime. Obama said he was banning "the box" that applicants had to check about their criminal histories when applying for certain federal jobs. He praised companies such as Wal-Mart, Target, Koch Industries, and Home Depot for taking similar measures in the private sector. The president noted that Congress was considering similar measures. The new steps unveiled by the White House included up to $8 million in federal education grants over three years for former inmates as well as new guidance on the use of arrest records in determining eligibility for public and federally assisted housing. Obama in July became the first sitting president to visit a federal prison. He has called on Congress to pass legislation to change sentencing laws to help reduce the number of people serving long sentences for non-violent drug crimes. With only 5 percent of the world’s population, the United States accounts for about 25 percent of the world’s prison population, according to the American Civil Liberties Union.
Note: Read another rich article on ABC News where Obama shares vulnerably about his history and concerns with the justice system.
In a yearlong investigation of sexual misconduct by U.S. law enforcement, The Associated Press uncovered about 1,000 officers who lost their badges in a six-year period for rape, sodomy and other sexual assault; sex crimes that included possession of child pornography; or sexual misconduct such as propositioning citizens. The number is unquestionably an undercount because it represents only those officers whose licenses to work in law enforcement were revoked, and not all states take such action. California and New York ... offered no records because they have no statewide system to decertify officers for misconduct. And even among states that provided records, some reported no officers removed for sexual misdeeds even though cases were identified via news stories or court records. Victims of sexual violence at the hands of officers know the power their attackers have, and so the trauma can carry an especially crippling fear. Jackie Simmons said she found it too daunting to bring her accusation to another police officer after being raped by a cop in 1998 while visiting Kansas for a wedding. So, like most victims of rape, she never filed a report. Diane Wetendorf, a retired counselor who started a support group in Chicago for victims of officers, said most of the women she counseled never reported their crimes - and many who did regretted it. She saw women whose homes came under surveillance and whose children were intimidated by police. Fellow officers, she said, refused to turn on one another when questioned.
Note: For more along these lines, see concise summaries of deeply revealing news articles on police corruption and sexual abuse scandals.
On Page 5 of a credit card contract used by American Express ... is a clause that most customers probably miss. If cardholders have a problem with their account, American Express explains, the company “may elect to resolve any claim by individual arbitration.” Those nine words are at the center of a far-reaching power play orchestrated by American corporations. By inserting individual arbitration clauses into a soaring number of consumer and employment contracts, companies like American Express devised a way to circumvent the courts and bar people from joining together in class-action lawsuits, realistically the only tool citizens have to fight illegal or deceitful business practices. It has become increasingly difficult to apply for a credit card, use a cellphone, get cable or Internet service, or shop online without agreeing to private arbitration. The same applies to getting a job, renting a car or placing a relative in a nursing home. By banning class actions, companies have essentially disabled consumer challenges to ... predatory lending, wage theft and discrimination. “This is among the most profound shifts in our legal history,” William G. Young, a federal judge ... said in an interview. “Ominously, business has a good chance of opting out of the legal system altogether and misbehaving without reproach.” Thousands of cases brought by single plaintiffs over fraud, wrongful death and rape are now being decided behind closed doors. And the rules of arbitration largely favor companies.
Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in financial industry and throughout the corporate world.
Earlier this week, Saudi Prince Abdul Mohsen bin Walid bin Abdul Aziz al-Saud was arrested in Lebanon. According to reports, the prince and four other Saudis were attempting to fly out of the Beirut airport in a private jet - chock full of drugs. "Apparently most of it was called Captagon ... a kind of amphetamine," [said Robert Fisk], Middle East correspondent for the Independent newspaper. He says that a customs guard at Beirut airport became suspicious when the prince showed up with 40 suitcases. Fisk explains, "So he said, 'You put the baggage through the x-ray machine,' and the Saudi said, 'No, no, I have a diplomatic passport,' and he said, 'You have a diplomatic passport but the baggage does not have diplomatic clearance." The prince was immediately detained. "The photographs which have been leaked out, show boxes, very large boxes with the Saudi royal coat of arms on the front which is a bit unfortunate," Fisk quips. "I think what's actually happening is that the Lebanese do not want to embarrass the Saudis." According to Fisk, the story has already disappeared from the papers and it is still unclear where the drugs were intended to be delivered. "This after all, is a state that chops off the heads of drug traffickers usually from poor countries like Pakistan or Sri Lanka," Fisk adds. "They certainly don't want too much publicity when a Prince is suddenly found possessing all this stuff and trying to cheat his way through the airport."
Note: Despite being caught red-handed in what may be Lebanon's biggest drug bust ever, Fisk believes this royal prince will escape punishment. Remember Saudi Arabia is run by the royal family. How many other governments are secretly involved in drug running? Reports from 25-year veteran of the DEA turned best-selling author and journalist Michael Levine point towards a troubling answer.
Over 100 protesters gathered outside of the Centers for Disease Control offices in Atlanta demanding transparency when it comes to vaccines. [They] say that the information being provided to the public about vaccines isn’t honest. On August 27, 2014 [CDC scientist Dr. William Thompson] made an admission that got very little media coverage. But it was a major statement. That statement read in part, “I regret that my co-authors and I omitted statistically significant information in our 2004 article published in the journal Pediatrics. “The omitted data suggested that African American males who received the MMR (mumps, measles and rubella) vaccine before age 36 months were at increased risk for autism. Decisions were made regarding the findings ... and I believe that the final study protocol was not followed.” Thompson ... hired a whistleblower attorney and turned over documents to Congress. As many as 100,000 documents were turned over. Congressman [Bill] Posey brought this information to the floor of Congress and what he read there was stunning - that authors of the study not only hid the actual findings, but also attempted to destroy evidence [by throwing it] into a trash can. What you might not know is that all vaccines in all quantities for all people are not safe. Every year hundreds of children are injured by vaccines, and since 1986 the United States Government has paid out $3 billion to the vaccine injury compensation program. Raise even one question about why that is, and you’ll get pushback.
Note: Strangely, CBS 46 in Atlanta appears to have removed this from their website. You can see a video of the CBS broadcast at this link. Read further commentary on this important topic in an article by Robert F. Kennedy, Jr. For more along these lines, see concise summaries of deeply revealing vaccine controversy news articles from reliable major media sources.
The European Parliament voted Thursday in support of a resolution that calls on member states to protect Edward Snowden from extradition. The vote ... has no legal force. The resolution urges nations to drop criminal charges and "consequently prevent extradition or rendition by third parties, in recognition of his status as whistle-blower and international human rights defender." Snowden called Thursday's vote a "game-changer." "This is not a blow against the US Government, but an open hand extended by friends. It is a chance to move forward," he wrote.The Justice Department has said Snowden would face criminal prosecution if he returns to the United States. He's been charged with three felony counts, including violations of the U.S. Espionage Act. Snowden told the BBC this month that he has offered "many times" to go to prison in the United States as part of a deal to return from exile in Russia, but is still waiting for an answer from the American government. In response to Thursday's vote, U.S. State Department spokesman John Kirby said the U.S. policy on Snowden has not changed. "He needs to come back to the United States and face the due process and the judicial process here in the United States.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
According to the New York Department of Financial Services, a banking regulator, Goldman hired Rohit Bansal from the Federal Reserve Bank of New York in May 2014, "in large part for the regulatory experience and knowledge he had gained while working at the New York Fed." Goldman hired Bansal despite the fact that he had been forced to resign from the Fed for breaking the rules there. Once at Goldman, Bansal was instructed to work on a bank that he had supervised while at the Fed, despite explicit prohibitions against him doing so, NYDFS said. Bansal later used confidential information, some of which he obtained from his prior employment at the NY Fed and some of which he obtained from from a former NY Fed colleague, in his work on the bank. To resolve the matter, Goldman has agreed to pay $50 million and accept a three-year "voluntary abstention" from accepting new consulting engagements of NYDFS regulated entities. Goldman also agreed to admit that a former employee engaged in the criminal theft of confidential information and that Goldman management "failed to effectively supervise its employee to prevent this theft from occurring," NYDFS said. In September 2014, for example, Bansal attended the birthday dinner of a former Fed colleague at Peter Luger's. Immediately after the dinner, Bansal emailed his boss at Goldman "divulging confidential information concerning the regulated entity, specifically, the relevant component of the upcoming examination rating," NYDFS said.
Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
It may seem straight out of "Star Trek," but it's real: Scientists have created a sonic "tractor beam" that can pull, push and pirouette objects that levitate in thin air. The sonic tractor beam relies on a precisely timed sequence of sound waves that create a region of low pressure that traps tiny objects that can then be manipulated solely by sound waves. Though the new demonstration was just a proof of concept, the same technique could be adapted to remotely manipulate cells inside the human body or target the release of medicine locked in acoustically activated drug capsules, said study co-author Bruce Drinkwater. The principle behind the new system is simple: Sound waves, which are waves of high and low pressure that travel through a medium such as air, produce force. "We've all experienced the force of sound," Drinkwater told Live Science. "It's a question of harnessing that force." By tightly orchestrating the release of these sound waves, it should be possible to create a region with low pressure that effectively counteracts gravity. Drinkwater, his Ph.D. student Asier Marzo and other colleagues ... found three different acoustic force fields. One works like tweezers and seems to grab the particles in thin air. Another traps the object in a high-pressure cage. The third type of force field acts a bit like a swirling tornado, with a rotating high-pressure field surrounding a low-pressure, quiet "eye" that holds the object in place.
Note: Watch a video of this incredible tractor beam in action.
Most children want to dress up for Halloween, but for those confined to wheelchairs, it isn’t always that simple. Ryan Weimer understands that concept better than most. When his oldest son, Keaton, was 3 years old, he told his dad he wanted to be a pirate for Halloween. Instead of simply dressing him up, Weimer spent months building Keaton - who lives with muscular dystrophy - a pirate ship made of wood, tablecloth sails and specially-crafted cannons, all fitted to his wheelchair. Keaton was ecstatic - and his dad never forgot the feeling. "When you know that you have few memories to make with your kids, you want to make priceless ones," Weimer told NBC News, "and epic ones." His second son, Bryce, also lives with muscular dystrophy. Over the years, their wheelchair costumes have gotten more elaborate and attracted more attention. And this year, the Weimer family project became a hugely successful non-profit, called Magic Wheelchair. Volunteers from around the country donated their time, talents and resources to create dream costumes for eight lucky children — six from Weimer’s home state of Oregon and two from Georgia. "When we have challenges and trials and hard times, those are the things that define us," Weimer said. "It doesn’t' matter your circumstances, you can still make beautiful things ... and it's great to see other people get behind that."
Note: Don't miss this very touching video on Magic Wheelchairs.
The U.S. federal-prison population swelled from 24,000 prisoners in 1980 to 219,000 in 2013. And federal prisons are just the tip of the iceberg — factor in state prisons and local jails, and there are 2.2 million people locked up in this country. The U.S. Sentencing Commission ... is charged with setting and adjusting the detailed schedule of penalties for those convicted of federal crimes. In April 2014, the commission approved a reduction in sentences for certain drug crimes going forward. In his final months in office, President Obama has focused more on the need for criminal-justice reform. He has used the executive power of clemency to commute some of the most egregiously unfair sentences of 89 federal drug convicts. But a handful of pardons don't amount to much when there are hundreds of thousands of federal prisoners. Nearly half of federal inmates are serving time for drug crimes. Of those, 60 percent were subject to mandatory minimums when they were sentenced. Stephanie George was a 26-year-old mother of three when she was convicted on drug-conspiracy charges because the man she was dating had kept drugs and money in her house. Under the federal three-strikes-and-you're-out law, she was sentenced to life in prison. George was locked up nearly 18 years before Obama commuted her sentence. One of her sons died shortly before her release. She says she doesn't think most politicians consider the costs a mandatory-minimum sentence brings.
Note: For more along these lines, see concise summaries of deeply revealing prison system corruption news articles from reliable major media sources.
A Saudi prince has been detained at Beirut airport in Lebanon after two tons of an amphetamine drug popular with Syrian rebels was found on a private jet. Prince Abdel Mohsen Bin Walid Bin Abdulaziz and four other men were held after what was described as the biggest ever drugs bust at the city’s main Rafik Hariri International Airport. They were allegedly "attempting to smuggle about two tons of Captagon pills and some cocaine", a security source was quoted as saying. Captagon is a brand name for the widely used amphetamine phenethylline. Although this type of amphetamine has been prescribed in the past to treat childhood and other behavioural disorders, it is now used overwhelmingly as a stimulant in the Middle East. It has long been banned in the West. It is the drug of choice for front-line fighters on both sides in the Syrian war. It is unclear where the pills allegedly found in Beirut were ultimately to be sold, although the plane was said to be heading back to Saudi Arabia. That would fit one of the more unexpected side-effects noted of the Syrian war – the country’s growing role as an exporter of illegal drugs. There have been reports that Syrian suppliers to both sides of the conflict have become so successful in manufacturing Captagon that it is now an export product, smuggled through Lebanon to a broader Middle East market. The drugs were stuffed into 40 suitcases, according to reports.
Note: So the Saudi royals are caught red-handed in possibly Lebanon's biggest drug bust ever. Remember Saudi Arabia is run by the royal family. How many other governments are secretly involved in drug running? Reports from 25-year veteran of the DEA turned best-selling author and journalist Michael Levine point towards a troubling answer. Read this report to learn more about how Saudi crimes are covered up by powerful forces and why this prince will be freed.
A former Goldman Sachs banker suspected of taking confidential documents from a source inside the government has agreed to plead guilty, a rare criminal action on Wall Street, where Goldman itself is facing an array of regulatory penalties over the leak. The banker and his source, who at the time of the leak was an employee at the Federal Reserve Bank of New York, one of Goldman’s regulators, will accept a plea deal from federal prosecutors that could send them to prison for up to a year. Under a tentative deal ... Goldman would pay a fine of $50 million. For Goldman and the New York Fed, the case is likely to give new life to an embarrassing episode that illustrated the blurred lines between their institutions. Perhaps more than any other bank, Goldman swaps employees with the government, earning it the nickname “Government Sachs.” While the so-called revolving door is common on Wall Street, the investigation [affirms] the public’s concerns that regulators and bankers, when intermingled, occasionally form unholy alliances. The Goldman banker, Rohit Bansal, previously spent seven years as a regulator at the New York Fed.
Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
The Grant Study ... is now the longest longitudinal study of biosocial human development ever undertaken, and is still on-going. The studys goal was to identify the key factors to a happy and healthy life. In 2009, I delved into the Grant Study data to establish a Decathlon of Flourishing - a set of ten accomplishments that covered many different facets of success. Two of the items in the Decathlon had to do with economic success, four with mental and physical health, and four with social supports and relationships. Then I set out to see how these accomplishments correlated, or didnt, with three gifts of nature and nurture - physical constitution, social and economic advantage, and a loving childhood. The results were as clear-cut as they were startling. In contrast with the weak and scattershot correlations among the biological and socioeconomic variables, a loving childhood - and other factors like empathic capacity and warm relationships as a young adult - predicted later success in all ten categories of the Decathlon. Whats more, success in relationships was very highly correlated with both economic success and strong mental and physical health. In short, it was a history of warm intimate relationships ... that predicted flourishing. The Grant Study finds that nurture trumps nature. And by far the most important influence on a flourishing life is love. Not early love exclusively, and not necessarily romantic love. But love early in life facilitates not only love later on, but also the other trappings of success, such as high income and prestige.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
In a study published in the January edition of the journal Mindfulness, psychologists ... asked 313 adults if they had helped anyone during the previous week. Eighty-five percent said they had — by, say, listening to a friend’s problems, babysitting, donating to charity, or volunteering. This small study reveals a truth that is consistently demonstrated in many domains of research: We care deeply for one other, and ... would rather help our fellow beings than not. Even more, the science shows that refusing to help others can have debilitating, long-term mental and physical consequences for ourselves. Isolation hurts, physically; so does aggression. Every angry word we utter fries neurons and wears out our hearts. Here’s an experiment you can perform right now: Think about something stressful that happened to you during the past week. Now scan your body: How does your chest, stomach, or neck feel? Then think about something good that happened during the same period, however small. Now what happens in your body? Did you feel any difference? The research predicts that the stressful memory caused you physical discomfort. Your tight chest and clenched stomach doesn’t make the world a better place. So what can you do? Science has an answer, and it starts with counting ... the good things in life. That doesn’t mean we ignore the bad. But all too often our negativity bias leads us to see only the bad, in other people as well as in ourselves. By counting the good things, we see reality more clearly.
Note: The new site Greater Good in Action offers concrete, research-tested practices for individuals to cultivate strengths like awe, gratitude, empathy, and compassion.
Amos Kamil, the Horace Mann alum who first exposed the shocking story of sexually abused students at the elite prep school, knew only about half of what happened. In the aftermath of the furor ignited by his 2012 article in The New York Times Magazine, many more victims stepped forward. Only then did the human toll of the abuse become clear. The Bronx school and its powerful backers adopted a ruthless stance with the sex-abuse survivors. While the sexual abuse lasted from the 1960s into the 1990s, the school ignored repeated warnings. One guidance counselor was said to listen sympathetically before putting his own sexual moves on a student. As the survivors emerged, [they formed] support groups to share their stories. One former student, Jon Seiger, [claimed to have been] victimized by eight different teachers, suggesting the predators procured the victims and protected one another. When Kamil called the Bronx district attorney’s office, he was informed that Seiger’s seemingly far-fetched account was credible. As many as 64 students were abused by 22 faculty and staff members. When 25 of the survivors ... agreed to mediation, Horace Mann’s board played hardball. New York State’s strict statute of limitations precluded the victims’ getting their day in court, so a financial settlement was the school’s only opportunity to address the wrong. Horace Mann, its board populated by international hedge fund managers and real estate titans, settled for between $4 million and $5 million.
Note: Amos Kamil has published the book "Great is the Truth: Secrecy, Scandal, and the Quest for Justice at the Horace Mann School" about this horrifying institution. For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.
Two pedals, one leg - the bicycle and Emmanuel Ofosu Yeboah weren’t exactly made for each other. He got on one anyway, and it changed his life. Changed other people’s lives, too. Now the San Diegan wants to do it all again. Yeboah, 38, was born in Ghana without a shinbone in his right leg. The deformity set him up for life as an outcast. His mother believed he could be more than that. Her dream became his dream. After she died, he decided to honor her hopes for him by cycling one-legged across Ghana. He wanted to raise awareness for the plight of the disabled while setting an example for what was possible. He rode a mountain bike almost 400 miles in 10 days, clad in a T-shirt with “The Pozo” - disabled person - printed on the front. “Pozo! Pozo!” people yelled as he rode by, but they weren’t making fun of him. They were cheering. By the time he was done, he’d gone from curiosity to national hero. Government officials, their eyes opened, eventually passed legislation giving the disabled greater rights. In 2005, he was the subject of a documentary, “Emmanuel’s Gift,” narrated by Oprah Winfrey. And then the public’s attention moved on, as it always does, to other dreams, to other dreamers. Except Yeboah isn’t finished with his. He wants to build a school in Ghana for the disabled. So he’s formed a nonprofit organization, Emmanuel’s Dream. But he also knows what got him noticed in the first place. He’s getting back on the bike. The plan is to ride from San Diego to Oregon, 1,082 miles in 21 days.
Note: Watch a great documentary on this most inspiring man. Explore a treasure trove of concise summaries of incredibly inspiring disabled persons news articles which will inspire you to make a difference.
The U.S. closely monitored Israel’s military bases and eavesdropped on secret communications in 2012, fearing its longtime ally might try to carry out a strike on Fordow, Iran’s most heavily fortified nuclear facility. Nerves frayed at the White House after senior officials learned Israeli aircraft had flown in and out of Iran in what some believed was a dry run for a commando raid on the site. Worried that Israel might ignite a regional war, the White House sent a second aircraft carrier to the region and readied attack aircraft, a senior U.S. official said, “in case all hell broke loose.” The two countries, nursing a mutual distrust, each had something to hide. Instead of talking to each other, the allies kept their intentions secret. To figure out what they weren’t being told, they turned to their spy agencies to fill gaps. They employed deception, not only against Iran, but against each other. After working in concert for nearly a decade to keep Iran from an atomic bomb, the U.S. and Israel split over the best means: diplomacy, covert action or military strikes. In 2010, the risk of covert action became clear. A computer virus dubbed Stuxnet, deployed jointly by the U.S. and Israel to destroy Iranian centrifuges ... had inadvertently spread across the Internet. The Israelis wanted to launch cyberattacks against a range of Iranian institutions, according to U.S. officials. But the breach made Mr. Obama more cautious, officials said, for fear of triggering Iranian retaliation, or damaging the global economy if a virus spread uncontrollably.
Note: This article is also available at this link. When the Stuxnet computer virus got loose, it began attacking European companies. For more along these lines, see concise summaries of deeply revealing intelligence agency corruption news articles from reliable major media sources.
While British and American bankers who brought the world's economy to its knees in 2008 have barely faced the consequences for their actions, in Iceland, it's a different story. The Nordic nation, which was one of the worst affected by the 2008 financial crisis, has sentenced 26 bankers to a combined 74 years in prison. In two separate rulings last week, the Supreme Court of Iceland and Reykjavik District Court sentenced six top managers of two national banks for crimes committed in the lead up to the banking sector's collapse, bringing the total number of people who have faced the music for their roles in the crash to 26. At the moment the maximum penalty for white collar crime in Iceland is six years. Iceland deregulated its financial sector in 2001, and manipulation of the markets by bankers led to a system-wide meltdown when the global economy tanked in 2008. Iceland's economy is now in comparatively [good] health since the country was forced to borrow heavily from the International Monetary Fund seven years ago. As Iceland's president Olafur Ragnar Grimsson said when asked how the country recovered so quickly: "We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the poor, and we didn’t introduce austerity measures like you’re seeing in Europe." In the US and the UK, of course, we just bailed them out.
Note: According to the New York Times, the lines between Washington and Wall Street are blurred. Will US officials ever get serious about about financial industry corruption?
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.