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.
Some rich countries are more unequal than others - and the United States more so than most. America has a higher degree of income inequality than almost any other developed country. Only three of the 34 members of the Organization for Economic Cooperation and Development rank higher - Chile, Mexico and Turkey. So why is the U.S. so much more unequal than its peers? The U.S. Congressional Research Service cited several potential reasons in a report earlier this year. One is that most other rich countries spend a bigger share of their national output on social programs, which tend to lessen income inequality. In Germany, public social spending accounted for 27.8 percent of gross domestic product in 2009, compared with 19.2 percent in the United States. A second factor is tax systems. A 2012 study by economists at the OECD found that, in general, the more a country spends on social programs, and the more progressive its tax-and-transfer system is, the more it can reduce income inequality. The U.S. is less effective at reducing inequality through taxes and benefits than the OECD average. Attitudes toward the poor may make a difference, some researchers say. A 2008 OECD study found that respondents in the United States and Korea were far more likely to say poor people were poor because they are lazy than did respondents in Nordic and Continental European countries. Recent studies ... have shown that Americans are now less likely to move into a class above their parents than are people in other rich countries.
Note: For deeply revealing reports from reliable major media sources on income inequality, click here.
The US Department of Justice released a report this week showing that 26 states have recorded decreases in their prison populations during 2011. California boasted the biggest decline of over 15,000 prisoners and several other states including New York and Michigan reported drops of around 1,000 prisoners each. This is the third consecutive year that the population has declined, and as a result, at least six states have closed or are attempting to close approximately 20 prisons. But sadly, because incarceration has become a virtual jobs program in many states and because certain corporations are profiting handsomely from the incarceration binge that has been in place for the past few decades, the reduction in prison populations and prison closures is being met with huge resistance. According to a recent report by the Sentencing Project called On the Chopping Block (pdf), which detailed all the prison closures and attempted closures in the past year, several state governors have been dragged into legal battles with state employees and unions who want the prisons to stay open. The private prisons, which are funded by the taxpayer ... need to generate revenue to keep their shareholders happy. For them, the bottom line is keeping their prisons full, regardless of need or cost. Last year, the Corrections Corporation of America (CCA) came under fire when it emerged that they sent a letter to 48 states offering to take over any prisons going spare – with the small caveat that they be guaranteed 90% occupancy for the next 20 years.
Note: For deeply revealing reports from reliable major media sources on corruption in the prison/industrial complex, click here.
Numerous commentators have lamented the vastly different reactions in the US to the heinous shooting of children in Newtown, Connecticut ... compared to the continuous killing of (far more) children and innocent adults by the US government in Pakistan and Yemen, among other places. It is well worth asking what accounts for this radically different reaction to the killing of children and other innocents. There are ... two key issues highlighted by the intense grief for the Newtown victims compared to the utter indifference to the victims of Obama's militarism. The first is that it underscores how potent and effective the last decade's anti-Muslim dehumanization campaign has been. Every war - particularly protracted ones like the "War on Terror" - demands sustained dehumanization campaigns against the targets of the violence. Few populations will tolerate continuous killings if they have to confront the humanity of those who are being killed. That's what dehumanization is: their humanity is disappeared so that we don't have to face it. [The] other issue highlighted by this disparate reaction: the question of agency and culpability. It's easy to express rage over the Newtown shooting because so few of us bear any responsibility for it. Exactly the opposite is true for the violence that continuously kills children and other innocent people in the Muslim world. US citizens pay for it, enable it, and now under Obama, most at the very least acquiesce to it if not support it. It's always much more difficult to acknowledge the deaths that we play a role in causing than it is to protest those to which we believe we have no connection.
Note: For deeply revealing reports from reliable major media sources on war crimes committed in the US wars of aggression in the Middle East, Asia and Africa, click here. For a key article raising serious questions about the official story of the Newtown shooting, click here.
After years of study, [San Juan Teotihuacán]’s elected leaders had just approved a new zoning map. The leaders wanted to limit growth near the pyramids, and they considered the town’s main entrance too congested already. As a result, the 2003 zoning map prohibited commercial development [there]. But 30 miles away in Mexico City, at the headquarters of Wal-Mart de Mexico, executives were not about to be thwarted by an unfavorable zoning decision. Instead, records and interviews show, they decided to undo the damage with one well-placed $52,000 bribe. The plan was simple. The zoning map would not become law until it was published in a government newspaper. So Wal-Mart de Mexico arranged to bribe an official to change the map before it was sent to the newspaper. Sure enough, when the map was published, the zoning ... was redrawn to allow Wal-Mart’s store. Problem solved. Wal-Mart de Mexico broke ground months later, provoking fierce opposition. The Times’s examination reveals that ... Wal-Mart de Mexico was an aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited. It used bribes to subvert democratic governance — public votes, open debates, transparent procedures. It used bribes to circumvent regulatory safeguards that protect Mexican citizens from unsafe construction. It used bribes to outflank rivals. Through confidential Wal-Mart documents, The Times identified 19 store sites across Mexico that were the target of Wal-Mart de Mexico’s bribes.
Note: For deeply revealing reports from reliable major media sources on corporate corruption, click here.
A mercury-containing preservative should not be banned as an ingredient in vaccines, U.S. pediatricians said [on December 17], in a move that may be controversial. In its statement, the American Academy of Pediatrics (AAP) endorsed calls from a World Health Organization (WHO) committee that the preservative, thimerosal, not be considered a hazardous source of mercury that could be banned by the United Nations. Back in 1999, a concern that kids receiving multiple shots containing thimerosal might get too much mercury - and develop autism or other neurodevelopmental problems as a result - led the AAP to call for its removal, despite the lack of hard evidence at the time. In a 2004 safety review ... the independent U.S. Institute of Medicine concluded there was no evidence thimerosal-containing vaccines could cause autism. A study from the Centers for Disease Control and Prevention came to the same conclusion in 2010. Thimerosal contains a type of mercury called ethyl mercury. Toxic effects have been tied to its cousin, methyl mercury, which stays in the body for much longer. Earlier this year, the WHO said replacing thimerosal with an alternative preservative could affect vaccine safety and might cause some vaccines to become unavailable. Mercury, however, is still on the list of global health hazards to be banned in a draft treaty from the United Nations Environment Program - which would mean a ban on thimerosal.
Note: Can you believe that a group of doctors is advocating for continued use of mercury in vaccines? For two informative articles raising serious questions about vaccines in general and thimerosal in particular, click here and here. For deeply revealing reports from reliable major media sources on the risks of vaccines, click here.
The sounds of a classical guitar come from two big jelly cans. Used X-rays serve as the skins of a thumping drum set. A battered aluminum salad bowl and strings tuned with forks from what must have been an elegant table make a violin. Bottle caps work perfectly well as keys for a saxophone. A chamber orchestra of 20 children uses these and other instruments fashioned out of recycled materials from a landfill where their parents eke out livings as trash-pickers, regularly performing the music of Beethoven and Mozart, Henry Mancini and the Beatles. Word is spreading about these kids from Cateura, a vast landfill outside Paraguay's capital where some 25,000 families live alongside reeking garbage in abject poverty. The youngsters of "The Orchestra of Instruments Recycled From Cateura" performed in Brazil, Panama and Colombia this year, and hope to play at an exhibit opening next year in their honor at the Musical Instrument Museum in Phoenix, Ariz. "We want to provide a way out of the landfill for these kids and their families. So we're doing the impossible so that they can travel outside Paraguay, to become renowned and admired," said Favio Chavez, a social worker and music teacher who started the orchestra. Paraguayan documentary filmmaker, Alejandra Amarilla Nash ... and film producer Juliana Penaranda-Loftus have followed the orchestra for years, joining Chavez in his social work while making their film "Landfill Harmonic" on a shoestring budget. The documentary is far from complete. But last month, the filmmakers created a Facebook page and posted a short trailer on YouTube and Vimeo that has gone viral, quickly getting more than a million views altogether.
Note: For an inspiring 12-minute video of the amazing landfill harmonic orchestra, click here. For a treasure trove of great news articles which will inspire you to make a difference, click here.
A group of journalists, activists and celebrities has formed the Freedom of the Press Foundation, a nonprofit that will crowdsource funding for journalism that exposes secrecy and corruption in government and corporations. The impetus for the group dates to 2010, when whistle-blowing outfit WikiLeaks released thousands of pages of cables sent to and from U.S. State Department officials. Soon after, at the urging of the federal government, companies such as Bank of America, PayPal and Visa blocked donations to WikiLeaks, strangling the organization's finances. Freedom of the Press Foundation co-founder Daniel Ellsberg - who released the infamous 1971 Pentagon Papers - said the foundation's goal is to give organizations like WikiLeaks financial independence. "We don't think that what the public needs to know should be determined by the executive branch of the government," Ellsberg says. "We hope that it will be impossible for the government to bring pressure to bear to close down important journalistic institutions. That's a threat to all of journalism." Not only will the organization function as a financial lifeline to WikiLeaks, it will bring publicity to other organizations investigating government activities. The group has started by providing tools to fund four groups: WikiLeaks, government transparency advocates MuckRock News, military investigators the National Security Archive, and general investigative journalism outfit the UpTake. Supporters can go to its website (www.pressfreedomfoundation.org) and donate - anonymously - to any of the organizations.
Note: For deeply revealing reports from reliable major media sources on government secrecy, click here.
Eva Walusimbi knows well how it is to live in darkness. As a community leader in the small town of Mityana, central Uganda, she's been witnessing the health hazards and financial strains that a shortage of electricity can bring to people living in energy poor, rural areas. In Uganda, some 90% of the population lives without access to electricity, according to World Bank figures. Apart from the health risks, Walusimbi, 50, says that lack of electricity is also preventing people from escaping poverty. "People that are living without electricity, their day ends up so quickly -- they can do less work compared to the people with full light," she says. But for Walusimbi, there is light at the end of the tunnel. She has joined Solar Sister, a group aiming to eradicate energy poverty while creating economic opportunities for women. Solar Sister trains, recruits and supports female entrepreneurs in East Africa to sell affordable solar lighting and other green products such as solar lamps and mobile phone chargers. The women use their community networks of family and neighbors to build their own businesses, earning a commission on each sale. Solar Sister founder Katherine Lucey, a former investment banker with expertise in the energy sector, says this model is creating access to safe, affordable and clean energy while helping women to earn a steady income to support their families.
Note: For deeply inspiring reports from major media sources, click here.
Packed into hand luggage and tucked into jacket pockets, roughly hewed bars of gold are being flown out of Kabul with increasing regularity, confounding Afghan and American officials who fear money launderers have found a new way to spirit funds from the country. Most of the gold is being carried on commercial flights destined for Dubai. One courier, for instance, carried nearly 60 pounds of gold bars, each about the size of an iPhone, aboard an early morning flight in mid-October, according to an airport security report. The load was worth more than $1.5 million. The gold is fully declared and legal to fly. Some, if not most, is legitimately being sent by gold dealers seeking to have old and damaged jewelry refashioned into new pieces by skilled craftsmen in the Persian Gulf, said Afghan officials and gold dealers. But gold dealers in Kabul and current and former Kabul airport officials say there has been a surge in shipments since early summer. The talk of a growing exodus of gold from Afghanistan has been spreading among the business community here, and in recent weeks has caught the attention of Afghan and American officials. The officials are now puzzling over the origin of the gold — very little is mined in Afghanistan, although larger mines are planned — and why so much appears to be heading for Dubai. As a European official who tracks the Afghan economy put it, “new mysteries abound”. There is reason to be suspicious: the gold shipments track with the far larger problem of cash smuggling.
Note: Remember that under US supervision Afghanistan regained its status as the #1 opium and heroin producer in the world. Could this gold somehow be linked to the drug trade which evidence suggests is being monitored if not facilitated by rogue elements of the US government?
In Strasbourg, France, a 17-judge panel of the European Court of Human Rights ruled unanimously on Thursday that U.S. intelligence did in fact kidnap a German citizen in Macedonia. The court said he was locked in a hotel room for 23 days, then handed over to a C.I.A. rendition team at an airport, where he was “severely beaten, sodomized, shackled and hooded.” Later he was sent to Afghanistan and illegally detained for months. The German citizen, Khaled el-Masri, had no connection to terrorism, unless you count the fact that U.S. officials were seeking an Al Qaeda operative with a similar name. The court ordered Macedonia to pay Mr. Masri $78,000 in damages. He has been refused a day in American courts on flimsy claims of national secrets (that the names of the men who broke the law brutalizing him might be revealed). No official has been held accountable for his illegal detention and torture – or for that matter for the similar beastly treatment of other prisoners. The detention camp in Guantanamo Bay remains open, an indelible stain on the American justice system. There is no plausible reason to keep the prison open. There has been no official accounting of the Bush administration’s detention policies, and perhaps there never will be – because in 2009, when he took office, President Obama decided to sweep that whole period of lawlessness and brutality under the rug. Disclosure did not suit his political agenda. He wanted, we were all told ad nauseam, to “look forward and not back.” The torturers, and the men who gave orders to torture, have been absolved of responsibility.
Note: For deeply revealing reports from reliable major media sources on illegal activities of intelligence agencies, click here.
As if the images of this MSV Explorer prototype amphibious vehicle weren’t arresting enough, Cornish inventor Chris Garner claims to have solved the centuries-old conundrum of perpetual motion – which could lead to electric cars that never have to be recharged. Garner ... is utterly convinced that what he’s come up with will work, saying he’s spent “35,000 hours of science” on the project so far. It’s called the “hyper performance gyro generator”, and he doesn’t just want us to take his word for it – instead he’s having it tested ... at the University of Plymouth next week. Garner prefers to call it “self-sustaining energy”. He explained that the “gyro gen” functions on the principle that it can go from 1rpm to 6,000rpm with very little in the way of friction or drag. Once spinning it won’t stop until it wears out. If the resulting ampage ... is higher than that required to power an electric motor then you’ve got free fuel for travel. In the example currently under development, the gyro gen produces 1,600 amps, far more than the 400 amps required to drive a pair of motors. The remaining electrical energy could then be used to power ancilliaries, such as air conditioning, lights and so forth. Whether it all works in reality remains to be seen – we’ll have a better idea after the tests next week – but it could mean a future free from electric vehicle range anxiety for all of us.
Note: To get the full story on this, click on the MSN link above and then click through the 14 slides of the vehicle there. For lots more great information on this exciting new technology, click here.
Four years after the country let its debt-ridden banks fail, and as the country's growth looks set to far outpace the eurozone, [Iceland's president Olafur Ragnar Grimsson] said the decision not to save the banks was "the most difficult I ever had to make," but maintained it was the right one. "Allowing the banks to fail is one of the fundamental reasons Iceland is now in a strong recovery with respect to other European countries," he said. Now, according to Grimsson, "Iceland is better placed to benefit by maintaining our present position, rather than to let the EU speak on our behalf." The 69-year-old president pointed to Norway and Greenland -- two other Arctic economies and non-European Union members -- as role models. However, Grimsson said he was not sure whether Iceland's strategy with its banks could have been replicated by other countries with similar problems, such as Ireland. "Being part of the eurozone, they couldn't devalue their currency. But they could have adopted our policy with respect to the banks," he said. The Icelandic krona fell sharply as a result of the financial collapse, helping the country recover by increasing demand for exports. "There are still scars," Grimsson said, "but on the whole, the will of the Icelandic people has enabled us to recover and move confidently towards the future."
Note: Watch a great video interview of Iceland's president discussing this matter. Iceland has gone through tremendous transformation that has greatly supported both the people and the economy of this nation. Why is this getting so little press coverage?
Syracuse University art professor Thomas Gokey earned his Master of Fine Arts degree five years ago, but remains chained to his alma mater by $49,983 of debt. Soon after he graduated, the grim prospect of indefinite payments inspired its own art piece. Gokey put his debt up for sale in reconstituted squares of shredded money from the Federal Reserve. This year, together with the activist group Strike Debt, he helped organize a bold "People's Bailout" called the Rolling Jubilee, which has raised over $465,000. Bringing that money to the marketplace where collections companies buy and sell debt for pennies on the dollar, Strike Debt intends to purchase about $9 million of Americans' medical and educational debt—and then cancel it. Strike Debt, which grew out of Occupy Wall Street, wants to foment conversation about the debt we rack up in pursuit of basic needs, and the industries that profit from that debt. Gokey is currently on a year-long unpaid leave from teaching to help organize the Rolling Jubilee and upcoming Strike Debt projects. Thomas Gokey: Since I'm an educator, I'm thinking about the ways in which my students and I seem to be getting taken advantage of. We look at how much it's costing each one of my students to take one of my classes, and how much I'm getting paid to teach the class. And we look at each other and think, why don't we just go hold our classes at the public library? Somebody's obviously making money off both of us, so can't we cut out that middleman and focus on education?
Note: For deeply revealing reports from reliable major media sources on income inequality, click here.
CIA agents tortured a German citizen, sodomising, shackling, and beating him, as Macedonian state police looked on, the European court of human rights said in a historic judgment released on [December 13]. In a unanimous ruling, it also found Macedonia guilty of torturing, abusing, and secretly imprisoning Khaled el-Masri, a German of Lebanese origin allegedly linked to terrorist organisations. Masri was seized in Macedonia in December 2003 and handed over to a CIA "rendition team" at Skopje airport and secretly flown to Afghanistan. It is the first time the court has described CIA treatment meted out to terror suspects as torture. "The grand chamber of the European court of human rights unanimously found that Mr el-Masri was subjected to forced disappearance, unlawful detention, extraordinary rendition outside any judicial process, and inhuman and degrading treatment," said James Goldston, executive director of the Open Society Justice Initiative. He described the judgment as "an authoritative condemnation of some of the most objectionable tactics employed in the post-9/11 war on terror". Jamil Dakwar, of the American Civil Liberties Union, described the ruling as "a huge victory for justice and the rule of law". The Strasbourg court said it found Masri's account of what happened to him "to be established beyond reasonable doubt".
Note: For deeply revealing reports from reliable major media sources on illegal acts by US intelligence agencies, click here.
The Senate intelligence committee approved a long-awaited report ... concluding that harsh interrogation measures used by the CIA did not produce significant intelligence breakthroughs. The 6,000-page document ... is the most detailed independent examination to date of the agency’s efforts to “break” dozens of detainees through physical and psychological duress. Officials familiar with the report said it makes a detailed case that subjecting prisoners to “enhanced” interrogation techniques did not help the CIA find Osama bin Laden and often [was] counterproductive in the broader campaign against al-Qaeda. It could be months, if not years, before the public gets even a partial glimpse of the report or its 20 findings and conclusions. When that is completed, the committee will need to vote again on whether to release even a portion of the report, a move likely to face opposition from the CIA, which has fought to keep details of the interrogation program classified. Earlier this year, the Justice Department closed investigations of alleged abuses, eliminating the prospect that CIA operatives who had gone beyond the approved methods would face criminal charges. Civil liberties groups praised the report.
Note: For deeply revealing reports from reliable major media sources on illegal activities of intelligence agencies, click here.
To land a high-profile ambassadorship, it helps to have raised a ton of money for a successful presidential candidate and know how to throw a good party. That’s one reason why President Obama is considering Vogue editor-in-chief Anna Wintour as the next U.S. ambassador to the Court of St. James’s in the U.K. Wintour raised more than $500,000 for Obama and inspired the “Runway to Win” fashion line that brought in upwards of $40 million for his campaign. But that’s just the price of admission. The funds embassies receive from the U.S. Department of State don’t begin to cover the high costs of the frequent parties and dinners ambassadors are expected to host. Some wind up paying more than $1 million a year out of their own pockets, according to one of the president’s top donors who requested anonymity. This is why the high-profile postings to places like France and Italy typically go to wealthy donors, rather than career diplomats. The current ambassador to the U.K., Louis Susman, a former Chicago investment banker, holds three to four social events a week, says an embassy spokeswoman, who declined to give a cost estimate for these soirees. In exchange, appointees get perks—beginning with the sought-after title of “ambassador.” In some Western European countries, they live in sprawling estates such as London’s Winfield House. Its 12-and-a-half acres of private gardens are exceeded only by those of Buckingham Palace. The ambassador to Italy can avail himself of a three-story, 5,000-bottle wine cellar at the Villa Taverna in Rome.
Note: For deeply revealing reports from reliable major media sources on government corruption, click here.
The prime minister says a public inquiry into the state's involvement in the assassination of solicitor Pat Finucane would not produce a fuller picture "of what happened and what went wrong" than the review he commissioned from Sir Desmond de Silva QC. But by publishing on Thursday the review containing hundreds of secret and confidential documents, Mr Cameron seems unwittingly to have strengthened the campaign by the Finucane family and others for a public inquiry. The scale of collusion is quite shocking: · 85% of intelligence that the [Ulster Defence Association] used to target people for murder originated from army and police sources · 270 separate instances of security force leaks to the UDA between January 1987 and September 1989 · Agents working for MI5, [Royal Ulster Constabulary] Special Branch and Military Intelligence were participating in criminality, presumably including murder. · Neither a proper legal framework nor even guidelines to control the criminality of what are known as these "participating agents". · The Northern Ireland Office was "not overly enthusiastic" about attempts by senior RUC and MI5 officers to introduce guidelines "despite representations at the highest levels." · This issue was also considered extensively at cabinet level and ministers were clearly aware that the agents were being run without guidelines. The director general of the MI5 raised it with the Prime Minister Margaret Thatcher in 1988. All this was a "wilful and abject failure by successive Governments" to run agents lawfully.
Note: Patrick Finucane (1949 – 12 February 1989) was a Belfast solicitor killed by UDA loyalist paramilitaries. Two public investigations concluded that elements of the British security forces colluded in Finucane's murder and there have been high-profile calls for a public inquiry. A review, led by Desmond Lorenz de Silva, released a report in December 2012 acknowledging that the case entailed "a wilful and abject failure by successive Governments"; however, Finucane's family called the De Silva report a "sham."
Police have confirmed that the number of alleged sex abuse victims of the late Jimmy Savile has reached 450. 589 alleged victims have come forward during their investigation of offences committed by Savile and others. Of the alleged victims, 82% were female and 80% were children or young people. The level of allegations against Savile - 450 in total - is unprecedented - never before have police received that number of allegations against a single person. Meanwhile, police have set up Operation Fairbank to investigate allegations by Labour MP Tom Watson of a paedophile ring in high places. Mr Watson said in October that police should investigate claims of a "powerful paedophile ring" linked to a previous prime minister's "senior adviser" and Parliament. Police have a total of 20 suspects whom they wish to interview. They have interviewed seven people in total - six of whom were arrested. Police are looking at three strands within their inquiry - claims against Savile, those against Savile and others, and those against others only. High-profile names arrested in connection with the investigation are PR consultant Max Clifford, comedian Freddie Starr, DJ Dave Lee Travis and former TV producer Wilfred De'Ath, who all deny any wrongdoing. Gary Glitter, who was also arrested, has not yet made a statement.
Note: WantToKnow.info has presented evidence of "a paedophile ring in high places" for years. If you want to know how pervasive this is, you must watch the banned Discovery Channel documentary "Conspiracy of Silence" at this link. Thankfully the word is slowly getting out. For deeply revealing reports from reliable major media sources on sexual abuse scandals, click here.
The US is the world's largest prison state, imprisoning more of its citizens than any nation on earth, both in absolute numbers and proportionally. It imprisons people for longer periods of time, more mercilessly, and for more trivial transgressions than any nation in the west. This sprawling penal state has been constructed over decades, by both political parties, and it punishes the poor and racial minorities at overwhelmingly disproportionate rates. But not everyone is subjected to that system of penal harshness. It all changes radically when the nation's most powerful actors are caught breaking the law. With few exceptions, they are gifted not merely with leniency, but full-scale immunity from criminal punishment. Thus have the most egregious crimes of the last decade been fully shielded from prosecution when committed by those with the greatest political and economic power: the construction of a worldwide torture regime, spying on Americans' communications without the warrants required by criminal law by government agencies and the telecom industry, an aggressive war launched on false pretenses, and massive, systemic financial fraud in the banking and credit industry that triggered the 2008 financial crisis. This two-tiered justice system was the subject of [the] book, With Liberty and Justice for Some. On Tuesday, not only did the US Justice Department announce that HSBC would not be criminally prosecuted, but outright claimed that the reason is that they are too important, too instrumental to subject them to such disruptions.
Note: For deeply revealing reports from reliable major media sources on government corruption, click here.
It is a dark day for the rule of law. Federal and state authorities have chosen not to indict HSBC, the London-based bank, on charges of vast and prolonged money laundering, for fear that criminal prosecution would topple the bank and, in the process, endanger the financial system. They also have not charged any top HSBC banker in the case, though it boggles the mind that a bank could launder money as HSBC did without anyone in a position of authority making culpable decisions. Clearly, the government has bought into the notion that too big to fail is too big to jail. When prosecutors choose not to prosecute to the full extent of the law in a case as egregious as this, the law itself is diminished. The deterrence that comes from the threat of criminal prosecution is weakened, if not lost. In the HSBC case, prosecutors may want the public to focus on the $1.92 billion settlement. But even large financial settlements are small compared with the size of international major banks. More important, once criminal sanctions are considered off limits, penalties and forfeitures become just another cost of doing business, a risk factor to consider on the road to profits. If banks operating at the center of the global economy cannot be held fully accountable, the solution is to reduce their size by breaking them up and restricting their activities — not shield them and their leaders from prosecution for illegal activities.
Note: For deeply revealing reports from reliable major media sources on government collusion with financial corruption, click here.
Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.