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“We have called our report Betrayal of Trust,” said [Victoria, Australia MP] Georgie Crozier as she presented the findings of the parliamentary inquiry into the handling of child abuse by religious and other non-government organisations. “Children were betrayed by trusted figures in organisations of high standing and suffered unimaginable harm,” she said. “Parents of these children experienced a betrayal beyond comprehension. And the community was betrayed by the failure of organisations to protect children in their care.” The report’s criticism of the Catholic church is unsparing. Its recommendations are radical. If adopted they would strip the Catholic church of its virtual immunity in the courts and compel religious leaders of all faiths to report child abuse to the police. The committee has recommended that priests and other religious leaders face imprisonment if they fail to report or if they conceal criminal child abuse; or if they knowingly put a child at risk of abuse or fail to remove children to safety. Even more radical are recommendations that would open the courts to victims of abuse by clergy. All faiths would be exposed by legal changes that gave victims more time to take action and clarified the legal responsibility to protect children from offenders. But the particular legal protection now enjoyed by the Catholic church may be swept away if the Victorian government accepts the recommendation that the church – like other churches – becomes a legal entity under Australian law.
Note: For more on child abuse by trusted institutions, see the deeply revealing reports from reliable major media sources available here. For an in-depth report showing how even police assigned to investigate child abuse were intimately involved in the cover-up, click here.
WikiLeaks has released the draft text of a chapter of the Trans-Pacific Partnership (TPP) agreement, a multilateral free-trade treaty currently being negotiated in secret by 12 Pacific Rim nations. Negotiations for the TPP have ... been conducted behind closed doors. Even members of the US Congress were only allowed to view selected portions of the documents under supervision. The 30,000 word intellectual property chapter contains proposals to increase the term of patents, including medical patents, beyond 20 years, and lower global standards for patentability. It also pushes for aggressive measures to prevent hackers breaking copyright protection, although that comes with some exceptions: protection can be broken in the course of "lawfully authorised activities carried out by government employees, agents, or contractors for the purpose of law enforcement, intelligence, essential security, or similar governmental purposes". WikiLeaks claims that the text shows America attempting to enforce its highly restrictive vision of intellectual property on the world – and on itself. "The US administration is aggressively pushing the TPP through the US legislative process on the sly," says Julian Assange, the founder and editor-in-chief of WikiLeaks. "If instituted," Assange continues, "the TPP’s intellectual property regime would trample over individual rights and free expression, as well as ride roughshod over the intellectual and creative commons. If you read, write, publish, think, listen, dance, sing or invent; if you farm or consume food; if you’re ill now or might one day be ill, the TPP has you in its crosshairs."
Note: To read the Wikileaks release of the secret agreements from the TPP, click here. For further critical analysis of the TPP text, click here.
Twelve years ago, on 13 November 2001, President George W Bush signed an order authorizing the detention of suspected al-Qaida members and supporters, and the creation of military commissions. A total of seven detainees out of the 779 men ever held at Guantánamo have been convicted and sentenced. Five of the seven are no longer at Guantánamo creating a paradox: you have to lose to win. Those lucky enough to get charged and convicted of a war crime have good odds of getting out of Guantánamo, but those who are never charged could spend the rest of their lives in prison. Since nearly all of the men held at Guantánamo have been there since long before 2006 and most were at best low-level flunkies, the government's inability to charge them with providing material support for terrorism means they likely will never face a military commission for a trial that might have enabled them to find a way out of Guantánamo. In September 2006, 14 high-value detainees held in CIA black sites were transferred to military custody at Guantánamo. Only one has been tried and convicted. The law that has evolved from Guantánamo has been a black eye for the country: from the Supreme Court ruling that President Bush's military commissions were illegal to the Washington DC circuit ruling [that] all of the men convicted in military commissions were charged with an offense that was not a legitimate war crime. America's enemies and allies alike, in their criticism of US war on terrorism practices, cite Guantánamo as an example of failed leadership.
Note: For more on military corruption, see the deeply revealing reports from reliable major media sources available here.
Officially, the Trans-Pacific Partnership is a trade treaty that will ease the flow of goods and services among the United States ... and other nations along the Pacific Rim. But it has attracted criticism for its secrecy, and for the inclusion of controversial provisions related to copyright, patent, and trademark protections. Wikileaks released an August draft of the "intellectual property" chapter of the treaty. The United States has been using the treaty as a vehicle to pressure its negotiating partners to make their laws more favorable to the interests of U.S. filmmakers, drug companies, and other large holders of copyright and patent rights. Several proposed items are drawn from Hollywood's wish list. The United States has also pushed for a wide variety of provisions that would benefit the U.S. pharmaceutical and medical device industries. The Obama administration wants to require the extension of patent protection to plants, animals, and medical procedures. It wants to require countries to offer longer terms of patent protection to compensate for delays in the patent application process. The United States also wants to bar the manufacturers of generic drugs from relying on safety and efficacy information that was previously submitted by a brand-name drug maker — a step that would make it harder for generic manufacturers to enter the pharmaceutical market and could raise drug prices.
Note: Why was this vitally important, yet little-reported news relegated to a blog? Read an October, 2014 update on the secret trade deal in The Guardian (One of the UK's leading newspapers). The Environment Chapter of the TPP has also been leaked. For more along these lines, see these concise summaries of deeply revealing articles about government secrecy.
A group of Occupy Wall Street activists has bought almost $15m of Americans' personal debt over the last year as part of the Rolling Jubilee project to help people pay off their outstanding credit. Rolling Jubilee, set up by Occupy's Strike Debt group following the street protests that swept the world in 2011, launched on 15 November 2012. The group purchases personal debt cheaply from banks before "abolishing" it, freeing individuals from their bills. By purchasing the debt at knockdown prices the group has managed to free $14,734,569.87 of personal debt, mainly medical debt, spending only $400,000. "We thought that the ratio would be about 20 to 1," said Andrew Ross, a member of Strike Debt and professor of social and cultural analysis at New York University. "In fact we've been able to buy debt a lot more cheaply than that." The Rolling Jubilee project was mostly conceived as a "public education project", Ross said. "Our purpose in doing this, aside from helping some people along the way – there's certainly many, many people who are very thankful that their debts are abolished – our primary purpose was to spread information about the workings of this secondary debt market." The group has ... acquired the $14.7m in three separate purchases, most recently purchasing the value of $13.5m on medical debt owed by 2,693 people across 45 states and Puerto Rico, Rolling Jubilee said in a press release. “No one should have to go into debt or bankruptcy because they get sick,” said Laura Hanna, an organiser with the group. Hanna said 62% of all personal bankruptcies have medical debt as a contributing factor.
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
Japan's flagging anti-nuclear movement is getting a boost from two former prime ministers who are calling for atomic power to be phased out following the Fukushima disaster. Former Prime Minister Junichiro Koizumi said [on November 12] that the current prime minister, Shinzo Abe, ... "should use the power given to him to do what the majority of the people want," Koizumi said in a speech at the Japan Press Club. "It can be achieved. Why miss this chance?" Koizumi, who supported nuclear power during his 2001-2006 term in office, said that with Japan's nuclear plants all offline for safety checks it would be easiest to begin the phase-out soon. Polls have shown the majority of the public ... prefers to shift away from the nuclear plants that provided nearly a third of Japan's power generation capacity before the accident at the Fukushima Dai-Ichi nuclear plant. Three [former prime ministers], including Koizumi, have said they support ending use of nuclear power. Their support could help reinvigorate the anti-nuclear movement, which has lost some of its vitality nearly three years after the Fukushima accident. Another former prime minister, Morihiro Hosokawa, said in an interview ... that he also favors an end to reliance on nuclear power. "I can't understand why they want restarts of the nuclear plants when there is no place to discard the nuclear waste," said Hosokawa, who served as prime minister for eight months in 1993-94. "It would be a crime against future generations for our generation to restart nuclear plants without resolving this issue," he said. Experts have questioned whether earthquake-prone Japan can safely store nuclear waste under any scenario.
Note: For more on the risks of nuclear power, see the deeply revealing reports from reliable major media sources available here.
A handful of anonymous computer experts who say they can employ their technical skills to wage war on the mob have made headlines and raised eyebrows in equal measure. One of the founders of the anonymous whistle-blowing Mafialeaks site, which aims to take on Italy’s feared mafia groups, [who] identified himself as Bobby, [said] that the site, which was inspired by Wikileaks, had already received and passed on important evidence to investigators and journalists. He added that Mafialeaks aimed to significantly expand contacts with law enforcement agencies and media outlets by December. The central strategy is, of course, to shatter the thing that has shielded the mafia for decades – omerta or the code of silence. Mafialeaks is supposed to allow witnesses, and particularly victims of the mob, such as shopkeepers or businessmen forced to pay protection money, to report organised crime and send information to the site, which is accessed through the untraceable Tor anonymity network. This high security site protects the identity of both witnesses and Mafialeaks staff, who are thought to number less than 10. “We want Mafiosi to understand that in any given moment, even right now, someone’s aware of their trade and sooner or later it’s going to come out into the open. Our message is: ‘If you’re a Mafioso and participating in organised crime, desist or someone will denounce you and you’ll never know who it is.’ The mafia cannot function without doctors to treat them, electricians and builders to make their hideouts and lawyers and accountants to hide their money. All these people have the evidence in hand.”
Note: For more on secret societies, see the deeply revealing reports from reliable major media sources available here.
A few years ago Americ Azevedo sat in a college classroom with about 15 students. It was a meditation class and he was the instructor. This past fall, that same class enrolled 603 students and took place in one of the largest lecture halls on the UC Berkeley campus. Richard Whittaker: You told me your early experiences in school were difficult. Americ Azevedo: It wasn’t until I hit first grade that I was exposed to English—and to other children. Kids punched me. I threw up all the time. I felt like I lost the light. RW: It’s interesting that you describe losing something. AA: I lost something. I feel that most people lose it at some point in their lives. But losing at that stage is so dramatic. I think school knocks it out of us. School is so artificial, so industrial. All of the sudden it’s a totally different experience from that matrix of love and all the things that make a human being comfortable. And it takes a long time to recover that feeling. There were bullies. There was one boy who beat me up and somewhere along the way I was able to communicate with him and he became my friend. Then he protected me from the other bullies. Later on I realized that the biggest protection we have as human beings is communication. Now I understand it’s a form of love—even for the bully, but it’s become twisted. But that’s how it is for so many people. Somehow the psyche has become twisted and the good has become bad and the bad has become good.
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The fifty years since the assassination of John F. Kennedy have done little to quell the public's interest or skepticism about who killed the president. In 1978 ... the House of Representatives Select Committee on Assassinations found that in addition to Oswald, there likely was a second gunman who fired at the president's motorcade. The commission concluded that the gunmen were part of a "conspiracy," without determining exactly who was behind it, opening the door to five decades and a cottage industry of theories. According to a 2003 ABC News Poll, 70 percent of Americans believe Kennedy's death was "the result of a plot, not the act of a lone killer." Fifty-one percent believe Oswald did not act alone, and 7 percent believe Oswald was not involved at all in the assassination. In the years since Kennedy's death more than 2,000 books have been written about the assassination, many of which espouse one or more conspiracy theories. In nearly every theory that involves American conspirators, be they wealthy industrialists or tough-as-nails mafiosi, one group is routinely represented – the CIA. One theory suggests that Oswald was a CIA operative and agents tampered with his FBI file before and after the investigation to make it appear he was a communist and lone wolf. [Another theory claims President Lyndon] Johnson was aided in the plot by another man who would become president, George H.W. Bush, a burgeoning CIA official who happened to be in Dallas on the day of the assassination.
Note: On the 50th anniversary of the Kennedy assassination see our powerful JFK assassination information center and the best videos and news articles on the topic. For an astonishing History Channel Video in which the attorney for Lyndon Johnson states he has no doubt Johnson was involved in the assassination, click here.
I can only say: I'm sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed's first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I've come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time. Where are we today? The Fed keeps buying roughly $85 billion in bonds a month, chronically delaying so much as a minor QE taper. Over five years, its bond purchases have come to more than $4 trillion. Amazingly, in a supposedly free-market nation, QE has become the largest financial-markets intervention by any government in world history. And the impact? Even by the Fed's sunniest calculations, aggressive QE over five years has generated only a few percentage points of U.S. growth. By contrast, experts outside the Fed, such as Mohammed El Erian at the Pimco investment firm, suggest that the Fed may have created and spent over $4 trillion for a total return of as little as 0.25% of GDP (i.e., a mere $40 billion bump in U.S. economic output). Both of those estimates indicate that QE isn't really working. Unless you're Wall Street. Having racked up hundreds of billions of dollars in opaque Fed subsidies, U.S. banks have seen their collective stock price triple since March 2009. The biggest ones have only become more of a cartel: 0.2% of them now control more than 70% of the U.S. bank assets. As for the rest of America, good luck.
Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.
It was the part of the Fukushima Daiichi nuclear power plant that spooked American officials the most, as the complex spiraled out of control two and a half years ago: the spent fuel pool at Reactor No. 4, with more than 1,500 radioactive fuel assemblies left exposed when a hydrogen explosion blew the roof off the building. In the next 10 days, the plant’s operator, the Tokyo Electric Power Company, is set to start the delicate and risky task of using a crane to remove the fuel assemblies from the pool, a critical step in a long decommissioning process that has already had serious setbacks. The operation addresses a threat that has hung over the plant since the crisis started. It is still dangerous to have the fuel high up in a damaged structure that could collapse in another quake, experts warn. But removing it poses dangers, too. The fuel rods must remain immersed in water to block the gamma radiation they emit and allow workers to be in the area, and to prevent the rods from overheating. An accident could expose the rods and — in a worst-case scenario, some experts say — allow them to release radioactive materials beyond the plant. “There are potentially very big risks involved,” Shunichi Tanaka, the head of Japan’s nuclear regulator, said last week. “Each assembly must be handled very carefully.” “All I can do is pray that nothing goes wrong,” said Yasuro Kawai, a former plant engineer who now heads a group that is independently monitoring the decommissioning process.
Note: For further assessment of the risks associated with any attempt to remove the rods from the damaged Fukushima Reactor #4 fuel pool, click here. For more on the risks of nuclear power, see the deeply revealing reports from reliable major media sources available here.
U.S. Senator Elizabeth Warren said the political system is still “rigged” by lobbyists and special interests who work to keep the public “in the dark.” “I’ve been in the Senate for nearly a year and believe as strongly as ever that the system is rigged for powerful interests and against working families,” Warren said. Warren, a critic of Wall Street, rose to prominence by highlighting “tricks and traps” of credit-card disclosures and creating [the Consumer Financial Protection Bureau (CFPB)] as part of the 2010 Dodd-Frank Act. Warren said despite progress by the consumer bureau and confirmation of its director after a two-year delay, lobbyists for the financial industry continue to fight it and consumer groups shouldn’t let down their guard. “We all know that the fight isn’t over and that the lobbyists are still working to undercut the agency’s work,” Warren said. She compared the CFPB to government agencies that test the safety of physical products like cribs and paint, and said the bureau’s work on the safety of financial products will become just as valued by the public. “You tell me: When was the last time you heard someone call for regulators to go easier on companies that want to use lead paint on our children’s toys or leave the safety switches off toasters?” Warren asked. “The CFPB was designed from the very beginning to cut out tricks and traps in consumer finance and add transparency to the marketplace.”
Note: For an excellent video showing the courage and forthrightness of Elizabeth Warren, click here. For more on government corruption, see the deeply revealing reports from reliable major media sources available here.
The question in the background of Noam Scheiber's exploration of whether Elizabeth Warren could challenge Hillary Clinton in 2016 is whether, come 2015, Democrats will care very much about cracking down harder on Wall Street. An issue-based challenger needs two things to pose a serious threat to a front-runner. One is an issue that differentiates them from the front-runner. The other is for that issue to be foremost in the minds of voters. Scheiber points out that Warren's background isn't just Wall Street reform. It's protecting the middle class. The Two-Income Trap was a seminal book in defining the mounting pressures on working Americans. And Warren has long tried to protect that dimension of her work from being eclipsed by her unexpected turn as a finreg rockstar. But concern for the middle class doesn't, by and large, differentiate her from Clinton. Clinton, like Warren, believes in higher taxes on the rich and universal health care and higher-education costs and universal pre-k and so on. The danger for Clinton is if Warren is able to persuade Democrats that cracking down on Wall Street reform is the key to helping the middle class or -- perhaps more plausibly -- opposing inequality. On a policy level, that's a harder case to make. But on an emotional, who's-on-your-side level, it might work.
Note: For an excellent video showing the courage and forthrightness of Elizabeth Warren, click here. For more on government corruption, see the deeply revealing reports from reliable major media sources available here.
About 140 million girls and women worldwide have been affected by female genital mutilation, also known as female circumcision. But when [Kakenya] Ntaiya endured the painful ritual in 1993, she had a plan. She negotiated a deal with her father, threatening to run away unless he promised she could finish high school after the ceremony. Ntaiya's bold move paid off. She excelled in high school and earned a college scholarship in the United States. Her community held a fundraiser to raise money for her airfare, and in exchange, she promised to return and help the village. Over the next decade, Ntaiya would earn her degree, a job at the United Nations and eventually a doctorate in education. But she never forgot the vow she made to village elders. In 2009, she opened the first primary school for girls in her village, the Kakenya Center for Excellence. Today, Ntaiya is helping more than 150 girls receive the education and opportunities that she had to sacrifice so much to attain. The Kakenya Center for Excellence started as a traditional day school, but now the students, who range from fourth to eighth grade, live at the school. This spares the girls from having to walk miles back and forth, which puts them at risk of being sexually assaulted, a common problem in rural African communities. It also ensures the girls don't spend all their free time doing household chores. "Now, they can focus on their studies -- and on being kids," Ntaiya said. "It's the only way you can give a girl child a chance to excel." Students receive three meals a day as well as uniforms, books and tutoring.
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“The Brothers” is a riveting chronicle of government-sanctioned murder, casual elimination of “inconvenient” regimes, relentless prioritization of American corporate interests and cynical arrogance on the part of two men. John Foster Dulles and his brother, Allen, were ... lawyers, partners in the immensely powerful firm of Sullivan & Cromwell. John Foster Dulles served as secretary of state from 1953 to 1959; his brother ran the C.I.A. from 1953 to 1961. In his detailed, wellconstructed and highly readable book, Stephen Kinzer ... shows how the brothers drove America’s interventionist foreign policy. Kinzer highlights John Foster Dulles’s central role in channeling funds from the United States to Nazi Germany in the 1930s. Sullivan & Cromwell floated bonds for Krupp A. G., the arms manufacturer, and also worked for I. G. Farben, the chemicals conglomerate that later manufactured Zyklon B, the gas used to murder millions of Jews. For the Dulles brothers, and for much of the American government, threats to corporate interests were categorized as support for communism. There are also reminders in Kinzer’s book of dark events in the history of American intelligence. Sixty years ago, Frank Olson, a C.I.A. officer, was reported to have jumped to his death during mind-control experiments “in which psychoactive drugs were administered to unknowing victims.” But last year, Kinzer reports, Olson’s family filed suit, claiming he had actually been murdered after visiting secret C.I.A. prisons in Europe.
Note: For more along these lines, see concise summaries of deeply revealing intelligence agency corruption news articles from reliable major media sources.
With the world's population at 7 billion and still growing we often look at the future with dread. In Don't Panic - The Truth About Population, world famous Swedish statistical showman Professor Hans Rosling presents a different view. We face huge challenges in terms of food, resources and climate change but at the heart of Rosling's statistical tour-de-force is the message that the world of tomorrow is a much better place than we might imagine. Professor Rosling reveals that the global challenge of rapid population growth, the so-called population explosion, has already been overcome. In just 50 years the average number of children born per woman has plummeted from 5 to just 2.5 and is still falling fast. This means that in a few generations' time, world population growth will level off completely. In Bangladesh ... families of two children are now the norm. We meet Taslima Khan who travels through rural villages dispensing contraceptives and advice on how to deal with difficult husbands. Deep in rural Mozambique – one of the poorest countries in the world – we meet subsistence farmers Andre and Olivia who've been saving for two years to buy a piece of life-transforming technology – a bicycle. Even in these countries, economic growth, investment in healthcare and infrastructure are paving the way to huge improvements in living standards. Globally, the proportion of people in extreme poverty is at its lowest ever, and now the United Nations is setting itself the goal of eradicating extreme poverty completely.
Note: Don't miss this awesome 5-minute video by author Hans Rosling showing the detailed statistics in a most entertaining way. For more see the many TED talks he gave.
The concept of a celebrity statistician might sound as though it must be - and should forever remain - an oxymoron. But watch Prof Hans Rosling ... and you may change your mind. After showcasing his unique approach at a conference organised by TED, [he] garnered a reputation as the Jedi master of data visualisation and the man in whose hands data sings. What Rosling does, in a nutshell, is animate graphs. One dot showing, for example, life expectancy in Britain, is quite unremarkable, but apply Roslings software, and, at the click of a mouse, that dot will move, showing ... how it has changed every year. Add other dots, representing other countries, from France to China, and suddenly you have a moving stream ... that puts each countrys life expectancy into perspective and shows how the figures have changed over the last 65 years. Combine all this with the professors hyperactive presentation style ... and a potentially dry subject suddenly has a [compelling] narrative. Not that Rosling would ever describe statistics as dry. No! he says. Statistics take up four pages in most daily newspapers. People dont find these boring at all, but they dont think of them as statistics. If you support Man United or Arsenal, or if your stock falling means you cant go on holiday, you are interested. Its only boring if you get data you didnt ask for, or if you dont realise its link with the real world.
Note: Rosling has some incredibly hopeful and inspiring data, including that the global population of humans is leveling off. Don't miss his incredibly inspiring TED talk titled "The Best Stats You've Ever Seen."
The Fukushima nuclear power plant continues to spew radiation. It's 5,300 miles from Los Angeles -- and still not far enough. Fukushima is an enormous problem that's getting bigger. Nuclear Engineer Dr. Arjun Makhijani, president of the Institute for Energy and Environmental Research, confirmed that ocean currents are carrying the radioactive water to the West Coast. "There are several hundred tons of radioactive water that are pouring into the ocean at the site every day," Makhijani said. According to a study published in the journal Deep Sea Research 1, it will begin arriving this March [2014]. But Makhijani says there's no need to panic. The radiation will be diluted, and levels found on the West Coast are very low and not considered dangerous so far. But the question is, will we really know? "I think we should be doing a better monitoring of food. I don't think the EPA and FDA are doing a good enough job," Makhijani said. The scariest part of Fukushima is not what has already happened; it's what could still happen. Every day is a desperate effort to keep the plant from melting down. Fukushima is potentially the biggest ticking time bomb in human history. The damaged plant is in no condition to withstand another massive earthquake or tsunami. Just last week, Dr. David Suzuki, one of Canada's top environmental scientists, stunned the audience when he described what will happen if a massive quake did hit today. "It's bye bye Japan, and everybody on the West Coast of North America should evacuate," Suzuki said.
Note: For more on the Fukushima meltdowns and the dangers of nuclear power, see the deeply revealing reports from reliable major media sources available here.
The federal government paid $11.3 million in taxpayer-funded farm subsidies from 1995 to 2012 to 50 billionaires or businesses in which they have some form of ownership, according to a report released [on November 7] by the Environmental Working Group, a Washington-based research organization. The billionaires who received the subsidies or owned companies that did include the Microsoft co-founder Paul G. Allen; the investment titan Charles Schwab; and S. Truett Cathy, owner of Chick-fil-A. The billionaires who got the subsidies have a collective net worth of $316 billion, according to Forbes magazine. The Working Group said its findings were likely to underestimate the total farm subsidies that went to the billionaires on the Forbes 400 list because many of them also received crop insurance subsidies. The authors of the report said it is timely, given that lawmakers are debating a House proposal that would cut nearly $40 billion over 10 years from the food stamp program, which helps provide food for nearly 47 million people. A Senate provision would cut $4.5 billion over the same period. A report released [on November 6] by the Center for American Progress ... found that food stamps kept about five million people above the poverty line last year. The food stamp program was cut by about $5 billion on Nov. 1 when a provision in the 2009 stimulus bill that added funding for the program expired. “The irony is that farm subsidies are going to billionaires at the same time that there are proposals to kick three to five million people off of food stamps,” said Scott Faber, vice president for government affairs at the Environmental Working Group.
Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.
Federal Reserve Bank of New York President William Dudley said [that] any effort to reduce the threat to financial stability posed by massive financial firms also must include compelling banking executives to have more respect for the law and the broader impact on society of their actions. “There is evidence of deep-seated cultural and ethical failures at many large financial institutions,” Mr. Dudley said. “Whether this is due to size and complexity, bad incentives or some other issues is difficult to judge, but it is another critical problem that needs to be addressed” as regulators seek to deal with the problem of banks that are considered too big to fail, the official said. Mr. Dudley [added] that “ending too big to fail and shifting the emphasis to longer-term sustainability will encourage the needed cultural shift necessary to restore public trust in the industry.” His comments on banking issues come in the wake of last week’s decision by the Fed to stay the course on its $85-billion-a-month bond-buying program. Mr. Dudley has been a steadfast supporter of the aggressively easy-money policies pursued by the central bank.
Note: For more on the banking bailout, see the deeply revealing reports from reliable major media sources available here.
Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.