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.
Many have become fed up with police violence and a perceived lack of accountability in this country. In addition to the worrying trend of police militarization, many areas of the country have police forces that seem fairly unaccountable for excessive violence or other problems. In Philadelphia, an inquiry was recently completed on 26 cases since 2008 where police officers were fired from charges ranging from domestic violence, to retail theft, to excessive force, to on duty intoxication. Shockingly, the Police Advisory Committee undertaking the investigation found that so far 19 of these fired officers have been reinstated. Why does this occur? The committee blamed the arbitration process. Another implication of police power is political. For example, the Miami-Dade police union recently blocked body cameras for police officers. And when Wisconsin limited collective bargaining rights for public sector workers it exempted police and firefighter unions. When most people mess up at work their bosses don’t need arbitration to determine whether they can be fired. Even if the error was “reasonable” people can be fired just to please the customer. Police should be as accountable to the public as the rest of us our to our employers and customers. The police are extremely powerful in this country. With the public’s trust justifiably falling, it’s time to strip them of job protections and political power that lead to unaccountability and injustice. This is not going to happen while police unions remain intact.
Note: For more along these lines, see concise summaries of deeply revealing police corruption news articles from reliable major media sources.
New York state health officials have stopped a nonprofit group from providing free medical care to thousands of patients lacking health insurance during a four-day dental conference that starts Friday. The nonprofit, Remote Area Medical, had raised $3 million and enlisted hundreds of volunteer doctors and other medical workers to offer a range of health services, including dental care, new eyeglasses and other services. The group had planned to treat about 7,000 patients at the New York Sate event. In September, the New York State Department of Health told the volunteer group, founded in 1985, that it could not treat patients at the conference unless it partnered with an established, state-licensed medical organization. Despite last-minute efforts, the partnership could not be arranged in time, and the nonprofit group said it found out this week that the state would not waive the requirement. “This was incredibly disappointing and will mean that thousands of patients won’t get the care they desperately need,” said Stan Brock, the founder of Remote Area Medical. Brock said state health officials told him during negotiations that the free health services his organization provides were not needed. But Brock said there are tens of thousands of New Yorkers, including homeless people, who are in need of free healthcare.
Note: For more along these lines, see concise summaries of deeply revealing health corruption news articles from reliable major media sources.
More than 300 international companies including Pepsi, Ikea, FedEx, AIG, Deutsche Bank and Abbott Laboratories allegedly secured secret deals from Luxembourg to drastically reduce their global tax bills. The International Consortium of Investigative Journalists (ICIJ), citing leaked documents, reported that the companies appear to have channelled hundreds of billions of dollars through the European duchy, and saved billions of dollars in taxes. PricewaterhouseCoopers is alleged to have helped multinational companies obtain at least 548 tax rulings in Luxembourg from 2002 to 2010. These legal secret deals allegedly feature complex financial structures designed to create drastic tax reductions. The rulings provide written assurance that companies' tax-saving plans will be viewed favourably by Luxembourg authorities. Some firms have allegedly enjoyed effective tax rates of less than 1% on the profits they've shuffled into Luxembourg. The ICIJ claims to have reviewed 28,000 pages of confidential documents before reaching its conclusion. The documents include hundreds of private tax rulings, known as "comfort letters", that Luxembourg provides to corporations seeking favourable tax treatment. Earlier, the European Union (EU) initiated a probe on Luxembourg over its tax treatment of big companies such as Amazon and Fiat Finance, which apparently violated European law. Luxembourg officials have supplied some information to the EU in connection with the investigation but have refused to provide a larger set of documents relating to its tax rulings.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
Goldman Sachs and HSBC are among four platinum and palladium dealers to be sued in New York for allegedly fixing the price of the metals. The four companies are said to have rigged prices for eight years. BASF and Standard bank were also sued in the first lawsuit of its kind in the US. The four defendants declined to comment. Modern Settings, a Florida-based maker of jewellery and police badges, said purchasers lost millions of dollars. The Florida company filed the complaint in Manhattan federal court. The companies were accused of having conspired since 2007 to rig the twice-daily platinum and palladium fixings. It is alleged that the companies illegally shared customer data and then used that information to engage in front running ... a form of market manipulation in which traders profit by using information about their clients' trading intentions. Traders will often know how a particular client order will affect the market and can place their own trades ahead of that order to benefit. The four companies in this case are also accused of manufacturing "spoof" orders. Goldman, HSBC and Standard Bank declined to comment. International regulators have tightened scrutiny of pricing benchmarks in recent years. The tighter regulation comes after a currency trading scandal and the Libor scandal, which fixed a benchmark interest rate.
Note: For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in banking and finance. For additional information, see the excellent, reliable resources provided in our Banking Corruption Information Center.
A millionaire Chinese businessman has bulldozed the wooden huts and muddy roads where he grew up - and built luxury homes for the people who lived there. Xiong Shuihua was born in Xiongkeng village in the city of Xinyu, southern China and said that his family had always been well looked after and supported by residents in his childhood. So when the 54-year-old ended up making millions in the steel industry he decided to repay the favour. The business tycoon decided to return to the village and give everybody a place of their own to live - for free. Five years ago, the area was run down and many lived in basic homes. But the area has been transformed in recent years and now 72 families are enjoying life in luxury new flats. Meanwhile, 18 families, who were particularly kind to the businessman, were given villas of their own in a project costing close to Ł4 million. After moving in, he even promised three meals a day to the older residents and people on a low income to make sure they could get by. The multimillionaire made his money first of all in the construction industry and later by getting involved in the steel trade. He said: 'I earned more money than I knew what to do with, and I didn't want to forget my roots. 'I always pay my debts, and wanted to make sure the people who helped me when I was younger and my family were paid back.' Elderly local Qiong Chu, 75, said: 'I remember his parents. They were kind-hearted people who cared very much for others, and it's great that their son has inherited that kindness.'
Note: See pictures of the neighborhood Shuihua built at the link above. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
James Risen, who won the Pulitzer Prize in 2005 for exposing the NSA warrantless eavesdropping program, has [been] threatened with prison by the Obama Justice Department. [This] is almost certainly the vindictive by-product of the U.S. government’s anger over his NSA reporting. He has published a new book on the War on Terror entitled Pay Any Price: Greed, Power and Endless War. Risen's [critique] is one of the first to offer large amounts of original reporting on ... a particular part of the War on Terror, namely the way in which economic motives, what [he] calls the Homeland Security Industrial Complex, has driven a huge part of the war. GLENN GREENWALD: How much of this economic motive is the cause of the fact that we’ve now been at war for 13 years? RISEN: It plays a really central role. After so many years there’s ... a post-9/11 mercenary class that’s developed that have invested. Not just people who are making money, but people who are in the government. Their status and their power within the government are invested in continuing the war. There’s very little debate about whether to continue the war. When Dick Cheney said, “the gloves come off,” ... that really meant, “We’re going to deregulate national security, and we’re going to take off all the rules that were imposed in the ’70s after Watergate.” That was just a dramatic change. It’s been extended to this whole new homeland security apparatus. People think that terrorism is an existential threat, even though it’s not, and so they’re willing to go along with all this.
Note: The complete interview at the link above provides details of James Risen's fight to preserve journalistic integrity against a corrupted government's attempts to manipulate the news. For more on Risen's deeply revealing investigation of the Homeland Security Industrial Complex, see this recent NPR interview.
A new analysis of the data available to the public about drone strikes, conducted by the human-rights group Reprieve, indicates that even when operators target specific individuals the most focused effort of what Barack Obama calls targeted killing they kill vastly more people than their targets, often needing to strike multiple times. Attempts to kill 41 men resulted in the deaths of an estimated 1,147 people, as of 24 November. Reprieve [focused on] cases in which specific people were targeted by drones multiple times. Their data, shared with the Guardian, raises questions about the accuracy of US intelligence. The analysis is a partial estimate. Drone strikes ... are only as precise as the intelligence that feeds them. There is nothing precise about intelligence that results in the deaths of 28 unknown people, including women and children, for every bad guy the US goes after, said Reprieves Jennifer Gibson. The data cohort is only a fraction of those killed by US drones. Neither Reprieve nor the Guardian examined ... the so-called signature strikes that attack people based on a pattern of behavior considered suspicious, rather than intelligence tying their targets to terrorist activity. An analytically conservative Council on Foreign Relations tally assesses that 500 drone strikes outside of Iraq and Afghanistan have killed 3,674 people. Like all weapons, drones will inevitably miss their targets. But the secrecy surrounding them obscures how often misses occur and the reasons for them.
Note: For more along these lines, see concise summaries of deeply revealing military corruption news articles from reliable major media sources, including this NPR article that reports on the possibility of future drone strikes taking place within the US.
For the solar and wind industries in the United States, it has been a long-held dream: to produce energy at a cost equal to conventional sources like coal and natural gas. That day appears to be dawning. In some markets renewable generation is now cheaper than coal or natural gas. Utility executives say the trend has accelerated this year, with several companies signing contracts, known as power purchase agreements, for solar or wind at prices below that of natural gas, especially in the Great Plains and Southwest, where wind and sunlight are abundant. Those prices were made possible by generous subsidies that could soon diminish or expire, but recent analyses show that even without those subsidies, alternative energies can often compete with traditional sources. According to a study by the investment banking firm Lazard, the cost of utility-scale solar energy is as low as 5.6 cents a kilowatt-hour, and wind is as low as 1.4 cents. In comparison, natural gas comes at 6.1 cents a kilowatt-hour on the low end and coal at 6.6 cents. Without subsidies, the firm’s analysis shows, solar costs about 7.2 cents a kilowatt-hour at the low end, with wind at 3.7 cents. “It is really quite notable, when compared to where we were just five years ago, to see the decline in the cost of these technologies,” said Jonathan Mir, a managing director at Lazard, which has been comparing the economics of power generation technologies since 2008.
Note: For more along these lines, see concise summaries of energy news articles from reliable major media sources. To learn about new energy technologies, see the excellent, reliable resources provided in our New Energy Information Center.
Hours before he opened fire at the Florida State University library, lawyer Myron May left a desperate voicemail for an acquaintance with this plea: "I do not want to die in vain." The former prosecutor ... believed government "stalkers" were harassing him and using a "direct[ed] energy weapon" to hurt him. Police have said that May ... showed up to the library with a .380 semiautomatic pistol, shot three people and was then killed by cops when he would not drop the weapon. He believed he was a "targeted individual," the term used by people who think the government and shadowy gangs are attacking them with mind control and invisible, remote weapons. Renee Pittman Mitchell, who ... has a website devoted to those claims, said May reached out to her through Facebook. "He told me he just didn't want to go on living like this," Mitchell said. It is unclear when May’s mental distress began. He practiced law in Texas and New Mexico, where he worked as a prosecutor for the Dona Ana district attorney’s office until he abruptly quit Oct. 6. He made several posts on a Facebook page for “Targeted Individuals International,” including one that asked, “Has anyone here ever been encouraged by your handler to kill with a promise of freedom?” An email he sent Mitchell hours before the library shootings outlined 10 packages he had sent to her and other friends around the country, with photos of certified mail receipts and tracking information. Mitchell said she had not yet received the package, but had been told it contained videos and writing.
Note: There is undeniable evidence that many mass murderers commit their crimes as a result of advanced mind control technologies. For more on this, see this important webpage and this one. Then explore the excellent, reliable resources provided in our Mind Control Information Center.
The security services are facing questions over the cover-up of a Westminster paedophile ring as it emerged that files relating to official requests for media blackouts in the early 1980s were destroyed. Two newspaper executives have told the Observer that their publications were issued with D-notices – warnings not to publish intelligence that might damage national security – when they sought to report on allegations of a powerful group of men engaging in child sex abuse in 1984. One executive said he had been accosted in his office by 15 uniformed and two non-uniformed police over a dossier on Westminster paedophiles passed to him by the former Labour cabinet minister Barbara Castle. The other said that his newspaper had received a D-notice when a reporter sought to write about a police investigation into Elm Guest House, in southwest London, where a group of high-profile paedophiles was said to have operated. Theresa May, home secretary, this month told the Commons that an official review into whether there had been a cover-up of the Home Office’s handling of child-abuse allegations in the 1980s ... was prompted by the discovery that 114 Home Office files related to child abuse in the 1980s had gone missing. The two journalists, Don Hale, the former editor of the Bury Messenger, and Hilton Tims, news editor of the Surrey Comet between 1980 and 1988, both recall their publications being issued with D-notices around 1984.
Note: Explore powerful evidence from a suppressed Discovery Channel documentary showing that child sexual abuse scandals also reach to the highest levels of government in the US. For more along these lines, see these concise summaries of deeply revealing government corruption and sex abuse scandal news articles from reliable sources.
Two Ohio men wrongly accused of murder experienced freedom for the first time in nearly four decades on Friday morning, but said they don’t harbor bitterness over their unjust imprisonment. A Cleveland judge on Wednesday had dropped all charges against Ricky Jackson, 57, and Wiley Bridgeman, 60, allowing for the pair’s release. Jackson was 19 when he was convicted along with Bridgeman and Bridgeman’s brother, Ronnie, in the 1975 shooting death and robbery of Harold Franks, a Cleveland-area money order salesman. Testimony from a 12-year-old witness helped point to Jackson as the triggerman and led a jury to convict. The witness, Edward Vernon, now 53, recanted his testimony last year, saying he was coerced by detectives, according to Cuyahoga County court documents. Vernon wrote in a 2013 affidavit that he never saw the murder take place, but he was told by detectives that if he didn’t testify against Jackson, his parents would be arrested. The Ohio Innocence Project, which took up the case, said Jackson had been the longest-held U.S. prisoner to be exonerated. Jackson was originally sentenced to death, but that sentence was vacated because of a paperwork error. The Bridgeman brothers remained on death row until Ohio declared the death penalty unconstitutional in 1978. “One of them came within 20 days of execution before Ohio ruled the death penalty unconstitutional” said Mark Godsey, director of the Ohio Innocence Project.
Note: Watch an inspiring five-minute video of this beautiful man who was originally sentenced to death based largely on the testimony of a 12 year old, who it turns out was coerced by police to blame him. And how many have been wrongly executed that we will never know about? For more along these lines, see concise summaries of deeply revealing civil liberties articles from reliable major media sources.
15-year-old Patrick Otema, from Kampala in Uganda, found his voice for the very first time. Patrick, who was born deaf, was unable to even express himself to his family and, had things not changed, would have been condemned to a life of silence. But thanks to a pioneering new programme, he has finally been taught to communicate using sign language. But Patrick has been lucky. His teacher is Raymond Okkelo who is deaf himself - and who is one of the few Ugandans to use sign language. 'In the past I was also like him,' he explains. 'I couldn’t use sign language, the only thing I could do was hide in fear.' Raymond became deaf as a child after a bout of malaria. Six months ago, he travelled to the Ugandan capital Kampala for intensive training in sign language. Now able to communicate with the outside world, Raymond is determined to change the lives deaf people in sub-Saharan Africa, many of whom have never been taught sign language. Raymond ... has also opened the very first sign language school in the country - which Patrick now attends. But nothing is as heart-warming as the moment that Patrick finally realises he can communicate, with joy spreading across his face as he grasps the significance of what he has learned. Patrick's transformation is nothing short of breathtaking. But Patrick won't be the only deaf child to benefit. Buoyed by the success of his first cohort of students, Raymond hopes to take his school on tour and help many more children on the way.
Note: Don't miss the incredibly moving video of his first words and a great follow-up video about this inspiring story.
This month more than 300 LED lights were illuminated by the Dutch company Plant-e in a new energy project called “Starry Sky.” Although the bulbs were ordinary, the electricity running through them derived from a new process that harnesses the power of living plants. “Starry Sky” and a similar project an hour’s drive away, near Plant-e’s Wageningen headquarters, are the two first commercial installations of the company’s emerging technology ... fueled by the byproducts of living plants. Plant-e’s co-founder and CEO, Marjolein Helder, believes that this technology could be revolutionary. For decades, middle schoolers have been engineering clocks made from potatoes, which run on a similar principle. Plant-e’s technology is the first to produce electricity from plants without damaging them. Both projects that lit up the Netherlands this month involved native aquatic plants that were supplied by local greenhouses. The process involves plants growing in modules—two-square-foot plastic containers connected to other modules—where they undergo the process of photosynthesis and convert sunlight, air, and water into sugars. The plants use some of the sugars to grow, but they also discharge a lot of it back into the soil as waste. As the waste breaks down, it releases protons and electrons. Plant-e conducts electricity by placing electrodes into the soil.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Denmark, a tiny country on the northern fringe of Europe, is pursuing the world’s most ambitious policy against climate change. It aims to end the burning of fossil fuels in any form by 2050 — not just in electricity production, as some other countries hope to do, but in transportation as well. Lest anyone consider such a sweeping transition to be impossible in principle, the Danes beg to differ. They essentially invented the modern wind-power industry, and have pursued it more avidly than any country. They are above 40 percent renewable power on their electric grid, aiming toward 50 percent by 2020. The political consensus here to keep pushing is all but unanimous. The trouble, if it can be called that, is that renewable power sources like wind and solar cost nothing to run, once installed. That is potentially a huge benefit in the long run. But [it] can render conventional power plants, operating on gas or coal or uranium, uneconomical to run. Yet those plants are needed to supply backup power for times when the wind is not blowing and the sun is not shining. So the trick now is to get the market redesign right. If Denmark can figure out a proper design for the electric market, it has another big task to meet its 2050 goal: squeezing the fossil fuels out of transportation.
Note: Denmark is consistently setting world records for wind power, which is now cheaper than fossil fuels there.
http://www.sfgate.com/opinion/openforum/article/7-year-sentence-for-teen-who-set-agender...
Last Friday, Richard Thomas was sentenced to seven years in prison for lighting the skirt of Sasha Fleischman on fire on an Oakland AC Transit bus. Thomas, who is 17 years old, was tried as an adult for his crime, and many, including Fleischman’s parents, Debbie Crandall and Karl Fleischman, have said the sentence was too harsh. The case represents a clear missed opportunity for a restorative justice solution. Restorative justice provides an effective alternative to the punishment focused model that dominates our criminal justice system. Instead of focusing on what laws have been broken, restorative justice brings the victim and the offender together to determine how to repair harm to the survivor and the community, hold the offender accountable, and reduce future harm. Crandall was supportive of the restorative-justice process, and after Thomas accepted a plea deal, she told KQED: “I wish there had been another way for this to be resolved that did not involve adult court — a place where Richard would really have the chance for rehabilitation.” Juveniles who serve time in adult prisons have significantly higher recidivism rates than those who remain in juvenile facilities. Placing juveniles in community-based centers can help to further decrease recidivism rates. Restorative-justice provider Community Works West’s Restorative Community Conferencing Program illustrates [this]. There is a 15 percent recidivism rate for youth six months after completing Community Works West’s program, compared with 45 percent to 75 percent recidivism rates for youth in and out of the Alameda County Juvenile Justice system.
Note: This teen was sent to prison for seven years despite objections from his victim and his victim's parents. How does that happen? See these excellent, concise summaries of prison corruption news stories from major media sources.
Massachusetts Sen. Elizabeth Warren -- not Hillary Clinton -- is the top progressive choice for president in 2016, according to a new poll. Forty two percent of respondents favor Warren, and Vermont Independent Senator Bernie Sanders also edges out Clinton with 24% compared to her 23%, according to results from the 2016 Presidential Pulse Poll commissioned by progressive grassroots organization Democracy for America. These results come amid a groundswell of activism from the Democratic party's more liberal wing, which has called for a contested 2016 primary and has often questioned Clinton's financial ties to Wall Street. "Elizabeth Warren won by a large margin because she inspires Democrats by valiantly fighting for populist progressive policies to address income inequality in the face of Wall Street resistance -- and because she regularly engages with the grassroots base of her party," said Charles Chamberlain, the group's executive director, in a release of the poll. He noted, however, that the poll's biggest finding is not that support for Warren among liberal voters is widespread, but that progressives want to make sure that the Democratic nomination process is a "contest, not a coronation." Warren repeatedly told CNN's Gloria Borger in an interview that she has no intention of running for president.
Note: Watch a great video of Warren at the link above. For more along these lines, see concise summaries of deeply revealing election process news articles from reliable major media sources.
The former chief executive of Landsbanki of Iceland was sentenced to prison on Wednesday, the third of the top executives of the country’s three largest banks that the government has successfully prosecuted and jailed for misconduct during the financial crisis. Iceland was one of the countries hardest hit by the financial crisis and was forced to nationalize its three largest lenders in 2008. Mr. Arnason is the third former chief executive of an Icelandic bank to be ordered jailed for misdeeds in the run-up to the nationalization of Landsbanki and two other of the island nation’s biggest lenders. Kaputhing, at one time Iceland’s largest lender, saw its chief executive, Hreidar Mar Sigurdsson, and its chairman, Sigurdur Einarsson, convicted of market manipulation last year. Mr. Sigurdsson was sentenced to five and a half years in prison, while Mr. Einarsson was sentenced to five years in prison. Larus Welding, the former chief executive of Glitnir, the first of the banks to be nationalized, was convicted of fraud in 2012. The Icelandic lenders expanded beyond their borders during the boom years, only to collapse under a mountain of debt as financial conditions worsened in 2008. After the banks were nationalized, Iceland’s government restructured them, purging their management and refusing to bail out foreign bondholders who held tens of billions of dollars of the banks’ debt. A special prosecutor, Olafur Hauksson, was appointed to investigate the actions of bank executives in the run-up to the financial crisis.
Note: So the one nation that jailed its big bankers and let banks go bust is doing very well. Why are so exceedingly few bankers in other countries being jailed for crimes involving trillions of dollars and bankrupting millions of citizens? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
Leana Wen created the “Who’s My Doctor” campaign last year. The effort ... goes a step further than the federal government’s mandate requiring physicians to disclose all money they receive from drug companies. Last month, the Centers for Medicare & Medicaid Services released data that outlined the $3.5 billion that companies paid to the nation’s doctors. The Open Payments database ... was heavily opposed by physician groups and pharmaceutical companies. “Incentives matter,” said Wen in a recent TED talk, “If you go to your doctor because of back pain, you might want to know he’s getting paid $5,000 to perform spine surgery versus $25 to refer you to see a physical therapist.” As part of the “Who’s My Doctor” effort, each physician voluntarily publishes a “Total Transparency Manifesto,” which ... flows into a searchable database that prospective patients can use. One year after starting the project, only 34 “transparent doctors” are listed on the website. There are many more who were less than pleased. “I thought some doctors would sign on and others wouldn’t, but I had no idea of the backlash that would ensue,” she said in her TED talk. The criticism quickly went beyond online comments. Soon, people were asking Wen’s employer to fire her, and sending mail to her home address with threats.
Note: Don't miss the inspiring TED talk of Dr. Wen. And check out her website "Who's My Doctor" at http://www.whosmydoctor.com.
Police are investigating possible murders linked to Elm Guest House in south-west London after claims of a cover-up. A number of allegations have been made. So far the only politician to have been implicated is the Liberal MP Cyril Smith, who died in 2010, but other unnamed politicians were also alleged to have been involved in a Westminster paedophile ring. Smith is alleged to have abused boys at Knowl View residential school in Rochdale and at Elm Guest House, in Barnes in south-west London, in the 1970s and 80s. Greater Manchester police are investigating allegations of abuse by Smith at Knowl View, where Smith was a governor. Other MPs were said to have attended the Elm Guest House. After claims made by the Labour MP Tom Watson in 2012, the Metropolitan police launched Operation Fairbank into child abuse at the guesthouse. Watson said there was “clear intelligence suggesting a powerful paedophile network linked to parliament and No 10”. A dossier of evidence of an alleged paedophile ring, involving several MPs, including Smith, and other public figures, was handed to the Home Office in 1983, by the Conservative MP Geoffrey Dickens, who died in 1995. The 40-page dossier has since been destroyed or lost, according to a Home Office review. At least three MPs were reported to have been questioned in 1982 after a police raid on the guesthouse. It was reported at the time that it was being used as a brothel where children as young as 10 were abused. Two children living in the house were taken into care.
Note: Explore powerful evidence from a suppressed Discovery Channel documentary showing that child sexual abuse scandals also reach to the highest levels of government in the US. And read an abundance of major media news articles showing rampant child sexual abuse at high levels in many prominent organizations.
The Federal Reserve's Board of Governors and the New York Fed have been responsible for supervising Wall Street banks. After the 2008 crisis and the regulatory lapses it revealed, Congress gave the Fed even more oversight authority. Two recent reports highlight that the Fed isn’t very good at supervising certain banks. In September, Carmen Segarra, a former bank examiner at the Federal Reserve Bank of New York, released secret recordings she had made of meetings at the New York Fed in 2012. The recordings revealed that New York Fed employees had identified concerns with a proposed Goldman Sachs deal. The New York Fed didn’t attempt to make Goldman address these concerns. The recordings also showed Ms. Segarra’s superiors pressuring her to soften her finding that Goldman did not comply with federal regulations on conflicts of interest. An October report from the Fed’s Office of Inspector General provided additional confirmation that the Fed is failing to oversee the big banks. The report found that the New York Fed had failed to examine J.P. Morgan Chase’s Chief Investment Office despite a recommendation to do so in 2009. The report concluded that the New York Fed needed to improve its supervision of the biggest, most complex banks. We’re all counting on the Fed to monitor the big banks and stop them from taking on too much risk, but evidence is mounting that this faith in the Fed is misplaced.
Note: If the above link fails, click here. For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in government and banking and finance. For additional information, see the excellent, reliable resources provided in our Banking Corruption Information Center.
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.