Please donate here to support this vital work.
Revealing News For a Better World

Media Articles
Excerpts of Key Media Articles in Major Media


Below are key excerpts of highly revealing media articles from the major media. Links are provided to the full articles on their media websites. If any link fails to function, read this webpage. These media articles are listed in reverse date order. You can also explore the articles listed by order of importance or by date posted. By choosing to educate ourselves and to spread the word, we can build a brighter future.

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.


India's rice revolution
2013-02-16, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/global-development/2013/feb/16/india-rice-farmers-r...

Sumant Kumar was overjoyed when he harvested his rice last year. Every stalk he cut on his paddy field near the bank of the Sakri river seemed to weigh heavier than usual, every grain of rice was bigger and when his crop was weighed on the old village scales, even Kumar was shocked. A shy young farmer in Nalanda district of India's poorest state Bihar, [Kumar] had – using only farmyard manure and without any herbicides – grown an astonishing 22.4 tonnes of rice on one hectare of land. This was a world record and with rice the staple food of more than half the world's population of seven billion, big news. It beat not just the 19.4 tonnes achieved by the "father of rice", the Chinese agricultural scientist Yuan Longping, but the World Bank-funded scientists at the International Rice Research Institute in the Philippines, and anything achieved by the biggest European and American seed and GM companies. And it was not just Sumant Kumar. Krishna, Nitish, Sanjay and Bijay, his friends and rivals in Darveshpura, all recorded over 17 tonnes, and many others in the villages around claimed to have more than doubled their usual yields. But the Bihar state agricultural universities didn't believe them at first, while India's leading rice scientists muttered about freak results. The Nalanda farmers were accused of cheating. Only when the state's head of agriculture, a rice farmer himself, came to the village with his own men and personally verified Sumant's crop, was the record confirmed.

Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.


Incomes Flat in Recovery, but Not for the 1%
2013-02-16, New York Times
http://www.nytimes.com/2013/02/16/business/economy/income-gains-after-recessi...

Incomes rose more than 11 percent for the top 1 percent of earners during the economic recovery, but not at all for everybody else. The numbers, produced by Emmanuel Saez, an economist at the University of California, Berkeley, show overall income growing by just 1.7 percent over the period. But there was a wide gap between the top 1 percent, whose earnings rose by 11.2 percent, and the other 99 percent, whose earnings declined by 0.4 percent. Mr. Saez, a winner of the John Bates Clark Medal, an economic laurel considered second only to the Nobel, concluded that “the Great Recession has only depressed top income shares temporarily and will not undo any of the dramatic increase in top income shares that has taken place since the 1970s.” Excluding earnings from investment gains, the top 10 percent of earners took 46.5 percent of all income in 2011, the highest proportion since 1917, Mr. Saez said, citing a large body of work on earnings distribution over the last century that he has produced with the economist Thomas Piketty of the Paris School of Economics.

Note: For deeply revealing reports from reliable major media sources on income inequality, click here.


Equal Opportunity, Our National Myth
2013-02-16, New York Times
http://opinionator.blogs.nytimes.com/2013/02/16/equal-opportunity-our-nationa...

Today, the United States has less equality of opportunity than almost any other advanced industrial country. Study after study has exposed the myth that America is a land of opportunity. This is especially tragic: While Americans may differ on the desirability of equality of outcomes, there is near-universal consensus that inequality of opportunity is indefensible. The Pew Research Center has found that some 90 percent of Americans believe that the government should do everything it can to ensure equality of opportunity. The upwardly mobile American is becoming a statistical oddity. Economic mobility in the United States is lower than in most of Europe and lower than in all of Scandinavia. The life prospects of an American are more dependent on the income and education of his parents than in almost any other advanced country for which there is data. Latinos and African-Americans still get paid less than whites, and women still get paid less than men, even though they recently surpassed men in the number of advanced degrees they obtain. Discrimination, however, is only a small part of the picture. Probably the most important reason for lack of equality of opportunity is education: both its quantity and quality. After 1980, the poor grew poorer, the middle stagnated, and the top did better and better. A result was a widening gap in educational performance — the achievement gap between rich and poor kids born in 2001 was 30 to 40 percent larger than it was for those born 25 years earlier, the Stanford sociologist Sean F. Reardon found.

Note: The author of this article, Joseph E. Stiglitz, a Nobel laureate in economics, a professor at Columbia and a former chairman of the Council of Economic Advisers and chief economist for the World Bank, is the author of The Price of Inequality. For deeply revealing reports from reliable major media sources on income inequality, click here.


The ‘One Billion Rising’ on the Streets of Delhi
2013-02-15, New York Times
http://india.blogs.nytimes.com/2013/02/15/the-one-billion-rising-on-the-stree...

On Valentine’s Day in Delhi, the pink band was ubiquitous, tied around arms, on wrists and foreheads, around necks and backpacks. Printed on it were the words “Enough! No More Violence Against Women.” 'On Thursday evening, as many set out for the customary Valentine’s Day dinner in the nation’s capital, several hundred men, women and children gathered at Parliament Street for an unorthodox celebration: a movement using music and dance to oppose violence against women. “We don’t want violence; we want love,” said Kamla Bhasin, the movement’s South Asia coordinator, to a cheering crowd of about 500 people. “We want a just love, a love based on equality.” In nearly 200 countries around the world, people took to the streets Thursday with a carnival spirit as part of One Billion Rising, a campaign initiated by Eve Ensler, the author of The Vagina Monologues, to highlight violence against women. In India, the message mirrored widespread public sentiment that has swelled after the gang rape and death of a 23-year-old physiotherapy student in Delhi in December, bringing women’s rights and safety to the center stage of civic and political discourse. The campaign Thursday was a continuation of that fight. In recent months, young Indians have poured out in angry protests, condemning a police force that often exists for the preservation of power rather than the protection of people, and a political class that has routinely displayed apathy.

Note: For a powerful three-minute video on women breaking free, click here. To join the "One Billion Rising" movement, see their inspiring website here.


Pope will have security, immunity by remaining in the Vatican
2013-02-15, Reuters
http://www.reuters.com/article/2013/02/15/us-pope-resignation-immunity-idUSBR...

Pope Benedict's decision to live in the Vatican after he resigns will provide him with security and privacy. It will also offer legal protection from any attempt to prosecute him in connection with sexual abuse cases around the world, Church sources and legal experts say. "His continued presence in the Vatican is necessary, otherwise he might be defenseless. He wouldn't have his immunity, his prerogatives, his security, if he is anywhere else," said one Vatican official, speaking on condition of anonymity. Vatican police, who already know the pope and his habits, will be able to guarantee his privacy and security and not have to entrust it to a foreign police force, which would be necessary if he moved to another country. The pope's potential exposure to legal claims over the Catholic Church's sexual abuse scandals [is a key factor here]. In 2010, for example, Benedict was named as a defendant in a law suit alleging that he failed to take action as a cardinal in 1995 when he was allegedly told about a priest who had abused boys at a U.S. school for the deaf decades earlier. The lawyers withdrew the case last year. Benedict is currently not named specifically in any other case. The Vatican does not expect any more but is not ruling out the possibility. "(If he lived anywhere else) then we might have those crazies who are filing lawsuits, or some magistrate might arrest him like other (former) heads of state have been for alleged acts while he was head of state," one source said.

Note: To learn how child sex-abuse rings lead to top levels of leadership around the world, watch the powerful Discovery Channel documentary "Conspiracy of Silence" at this link.


RI Records Show Inner Workings of Legion of Christ
2013-02-15, ABC News/Associated Press
http://abcnews.go.com/US/wireStory/ri-ruling-means-release-legion-christ-docs...

Documents detailing the dubious fundraising practices of a disgraced Roman Catholic religious order called the Legion of Christ were released to the public [on Feb. 15], showing how the organization took control of an elderly woman's finances and persuaded her to bequeath it $60 million. They shed light on the inner workings of a secretive congregation placed under Vatican receivership after the Holy See determined that its founder was a spiritual fraud who sexually abused his seminarians and fathered three children with two women. A Rhode Island Superior Court judge said last year that the documents raised a red flag because a steadfastly spiritual elderly woman transferred millions to "clandestinely dubious religious leaders." Pope Benedict XVI took over the Legion in 2010 after a Vatican investigation determined that its founder, the late Rev. Marcial Maciel, had lived a double life. The pope ordered a wholesale reform of the order and named a papal delegate to oversee it. The Legion scandal is significant because it shows how the Holy See willfully ignored credible allegations of abuse against Maciel for decades, all while holding him up as a model of sainthood for the faithful because he brought in money and vocations to the priesthood. The scandal, which has tarnished the legacy of Pope John Paul II, is the most egregious example of how the Vatican ignored decades of reports about sexually abusive priests because church leaders put the interests of the institution above those of the victims.

Note: For deeply revealing reports from reliable major media sources on sex abuse scandals, click here.


Secret funding helped build vast network of climate denial thinktanks
2013-02-14, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/environment/2013/feb/14/funding-climate-change-deni...

Conservative billionaires used a secretive funding route to channel nearly $120m (Ł77m) to more than 100 groups casting doubt about the science behind climate change. The funds, doled out between 2002 and 2010, helped build a vast network of thinktanks and activist groups working to a single purpose: to redefine climate change from neutral scientific fact to a highly polarising "wedge issue" for hardcore conservatives. The millions were routed through two trusts, Donors Trust and the Donors Capital Fund. Donors Capital caters to those making donations of $1m or more. By 2010, the dark money amounted to $118m distributed to 102 thinktanks or action groups which have a record of denying the existence of a human factor in climate change, or opposing environmental regulations. The money flowed to Washington thinktanks embedded in Republican party politics, obscure policy forums in Alaska and Tennessee, contrarian scientists at Harvard and lesser institutions. And it was all done with a guarantee of complete anonymity for the donors who wished to remain hidden. "The funding of the denial machine is becoming increasingly invisible to public scrutiny. It's also growing. Budgets for all these different groups are growing," said Kert Davies, research director of Greenpeace, which compiled the data on funding of the anti-climate groups using tax records. "These groups are increasingly getting money from sources that are anonymous or untraceable. There is no transparency, no accountability for the money. There is no way to tell who is funding them," Davies said.

Note: For deeply revealing reports from reliable major media sources on scientific corruption and climate change, click here and here.


Ensler's Billion Rising Movement Spans The Globe
2013-02-14, NPR/Associated Press
http://www.npr.org/templates/story/story.php?storyId=172025304

Organizers say [there are] thousands of events taking place in 205 countries [on Valentine's Day] as part of One Billion Rising, an international call led by Eve Ensler's V-Day organization to end violence against women and girls. Ensler, author of The Vagina Monologues, announced the campaign last year, urging women and men around the world to walk out of work or school on Feb. 14, 2013, and dance to raise awareness of the troubling U.N. statistic that one in three women worldwide will be raped or beaten in her lifetime. "It's happening, and what we're seeing is really huge uprisings," Ensler said ... in a telephone interview from Congo. "It's amazing because it goes from huge events like in Collins Square in London to six girls in a living room in Iran. That's what's so beautiful about it, like the whole world's doing it in the way they can do it." "The UN has officially endorsed it, and I think unprecedentedly they, at 12:30 today, stopped their work and had a rising at the UN," Ensler said. "The pressure of One Billion Rising is forcing these people to have to say they're going to do something about it," she said. Scheduled stateside events included flash mobs in San Francisco, a Zumba dance party with Jane Fonda in Los Angeles, a special program at New York's Hammerstein Ballroom featuring Rosario Dawson and Glenn Close, and a rally led by Martin Luther King Jr.'s daughter Bernice A. King on the sunny streets of Atlanta. The outpouring of participation surpassed even Ensler's hopeful dreams.

Note: For a powerful three-minute video on women breaking free, click here. To join the "One Billion Rising" movement, see their inspiring website here.


Senator Elizabeth Warren grills regulators, ending quiet first month in office
2013-02-14, Boston Globe
http://www.boston.com/politicalintelligence/2013/02/14/senator-elizabeth-warr...

After campaigning last year as an outspoken consumer advocate and Wall Street critic, Senator Elizabeth Warren was surprisingly quiet during her first month on Capitol Hill. But that changed on [Feb. 14] at the Massachusetts senior senator’s first hearing, when she rebuked federal regulators for settling civil cases with big banks instead of taking them to trial. Looking at the seven regulators arrayed before the Senate Banking Committee, and noting that she had often sat at the same witness table before becoming a senator, she used her new power to question why the federal government has not been more aggressive. “The question I really want to ask is about how tough you are — about how much leverage you really have,” Warren said. “Tell me a little bit about the last few times you’ve taken the biggest financial institutions on Wall Street all the way to trial.” None of the witnesses — representing the Securities and Exchange Commission, the Commodity Futures Trading Commission and others — offered a response. Warren seized the hearing to chide regulators for not taking legal stands against Wall Street, saying that the threat of trial is an important tool in keeping big banks in line, despite the vast resources required to do so. “If a party is unwilling to go to trial — either because they’re too timid or they lack resources — the consequence is they have a lot less leverage,” Warren said. “If [banks] can break the law and drag in billions in profits and then turn around and settle paying out of those profits, they don’t have that much incentive to follow the law.”

Note: For deeply revealing reports from reliable major media sources on the corrupt regulation of financial activities, click here.


Raytheon software trolls social networks
2013-02-12, San Francisco Chronicle (SF's leading newspaper)
http://www.sfgate.com/technology/article/Raytheon-software-trolls-social-netw...

Raytheon, a Massachusetts defense contractor, has built tracking software that pulls information from social networks, according to a video obtained by the Guardian newspaper in London. "[Raytheon] has acknowledged the technology was shared with U.S. government and industry as part of a joint research and development effort, in 2010, to help build a national security system capable of analyzing 'trillions of entities' from cyberspace." Using public data from Facebook, Twitter, Gowalla and Foursquare, the software - called RIOT, or Rapid Information Overlay Technology - apparently gathers uploaded information and forms a profile of a person's every move that was registered with one of the websites. The video obtained by the newspaper starts with a demonstration by Raytheon's "principal investigator," Brian Urch, showing how easy it is to track an employee named Nick - a real person - based on all the places he has checked in using his smartphone. "When people take pictures and post them on the Internet using their smartphones, the phone will actually embed the latitude and longitude in the header data - so we're going to take advantage of that," Urch says. "So now we know where Nick's gone ... and now we'll predict where he'll be in the future." Urch goes on to analyze - using graphs and calendars - where Nick likes to spend his personal time and make predictions about his behavior. "If you ever wanted to get a hold of his laptop, you might want to visit the gym at 6 a.m. on Monday," Urch says with alarming casualness.

Note: To read the full Guardian article, click here.


Pope Benedict's Legacy Marred by Sex Abuse Scandal
2013-02-11, ABC News
http://abcnews.go.com/Blotter/pope-benedicts-legacy-marred-sex-abuse-scandal/...

When Pope Benedict XVI resigns at the end of this month, he leaves behind a Church grappling with a global fallout from sex abuse and a personal legacy marred by allegations that he was instrumental in covering up that abuse. For 25 years, Benedict, then known as Cardinal Joseph Ratzinger, headed the Vatican office responsible for investigating claims of sex abuse, but he did not act until he received an explicit order from Pope John Paul II. In 1980, as Archbishop of Munich, Ratzinger approved plans for a priest to move to a different German parish and return to pastoral work only days after the priest began therapy for pedophilia. In 1981, Cardinal Ratzinger became head of the Vatican's Congregation for the Doctrine of the Faith – the office once known as the Inquisition -- making him responsible for upholding church doctrine, and for investigating claims of sexual abuse against clergy. Thousands of letters detailing allegations of abuse were forwarded to Ratzinger's office. A lawsuit filed by the Center for Constitutional Rights on behalf of the Survivors' Network of Those Abused by Priests (SNAP), a victims' rights group, charges that as head of the church body Ratzinger participated in a cover-up of abuse. The suit alleges that investigators of sex abuse cases in several countries found "intentional cover-ups and affirmative steps taken that serve to perpetuate the violence and exacerbate the harm." "Ratzinger, now Pope Benedict XVI, either knew and/or [in] some cases consciously disregarded information that showed subordinates were committing or about to commit such crimes," the complaint says.

Note: This is one of the few media stories to reveal what may be the real reason for the Pope's resignation - his direct involvement in protecting priests who were known child sexual abusers. To learn how child sex-abuse rings lead to top levels of leadership around the world, watch the powerful Discovery Channel documentary "Conspiracy of Silence" at this link.


Wild hospital cost disparities revealed
2013-02-11, San Francisco Chronicle/New York Times
ttp://www.sfgate.com/nation/article/Wild-hospital-cost-disparities-revealed-4...

Jaime Rosenthal, a senior at Washington University in St. Louis, called more than 100 hospitals in every state last summer, seeking prices for a hip replacement for a 62-year-old grandmother who was uninsured but had the means to pay herself. Only about half of the hospitals, including top-ranked orthopedic centers and community hospitals, could provide any sort of price estimate, despite repeated calls. Those that could gave quotes that varied by a factor of more than 10, from $11,100 to $125,798. Rosenthal's grandmother was fictitious, created for a summer research project on health care costs. But the findings, which form the basis of a paper released Monday by JAMA Internal Medicine, [highlight] the unsustainable growth of U.S. health care costs and an opaque medical system in which prices are often hidden from consumers. Although many experts have said that Americans must become more discerning consumers to help rein in health care costs, the study illustrates how hard that can be. Researchers emphasized that studies have found little consistent correlation between higher prices and better quality in U.S. health care. Cram said there was no data that "Mercedes" hip implants were better than cheaper options, for example. Jamie Court, the president of Consumer Watchdog in Santa Monica, said: "If one hospital can put in a hip for $12,000, then every hospital should be able to do it." With such immense variation in prices, he said, "There is no real price. It's about profit."

Note: For deeply revealing reports from reliable major media sources on corruption in the health care industry, click here.


Bhutan set to plough lone furrow as world's first wholly organic country
2013-02-11, The Guardian (One of the UK's leading newspapers)
http://www.theguardian.com/global-development/poverty-matters/2013/feb/11/bhu...

Bhutan plans to become the first country in the world to turn its agriculture completely organic, banning the sales of pesticides and herbicides and relying on its own animals and farm waste for fertilisers. But rather than accept that this will mean farmers of the small Himalayan kingdom of around 1.2m people ... will be able to grow less food, the government expects them to be able to grow more – and to export increasing amounts of high quality niche foods to neighbouring India, China and other countries. The decision to go organic was both practical and philosophical, said [Pema Gyamtsho, Bhutan's minister of agriculture and forests]. "Ours is a mountainous terrain. When we use chemicals they don't stay where we use them, they impact the water and plants. We say that we need to consider all the environment. Most of our farm practices are traditional farming, so we are largely organic anyway. But we are Buddhists, too, and we believe in living in harmony with nature. Animals have the right to live, we like to to see plants happy and insects happy," he said. Gyamtsho, like most members of the cabinet, is a farmer himself, coming from Bumthang in central Bhutan but studying western farming methods in New Zealand and Switzerland. "Going organic will take time," he said. "We have set no deadline. We cannot do it tomorrow. Instead we will achieve it region by region and crop by crop." Gyamtsho [says] Bhutan's future depends largely on how it responds to interlinked development challenges like climate change, and food and energy security.

Note: Bhutan is also the country which has pioneered Gross National Happiness (GNH) as a more appropriate measure of economic growth than GNP. For more on this, click here. For a treasure trove of great news articles which will inspire you to make a difference, click here.


Lessons not learned on abuse therapy
2013-02-11, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/society/2013/feb/11/lesssons-not-learned-abuse-therapy

In 1995 a 13-year-old boy committed suicide having been told he could not have counselling in the long run-up to his abuser's trial. His mother said: "He was desperate to talk to someone. But social workers said there was no possibility of discussing the abuse before the trial. They did not want to contaminate the evidence." His abuser was later jailed for four years for offences against other boys. Nearly two decades on, we do not appear to have learned the lesson from his unnecessary death, with another victim killing herself. Frances Andrade was held back from therapy as she was forced to relive her abuse in constant pre-trial interviews over two years and was then brutally humiliated in court. Malign attacks in the 1990s on psychotherapists by those accused of abuse in an effort to discredit their adult children's stories have left a false impression. The purpose of therapy is to provide a container for patients' often unbearable feelings and help them to move on. It leads to a more not less coherent witnessing of the past. Perhaps that is why it arouses such hostility in those who are desperate to bury what happened – accused abusers and their defence teams.

Note: For deeply revealing reports from reliable major media sources on sexual abuse, click here.


Food, drink industries undermine health policy, study finds
2013-02-11, Chicago Tribune/Reuters
http://articles.chicagotribune.com/2013-02-11/lifestyle/sns-rt-us-chronic-dis...

Multinational food, drink and alcohol companies are using strategies similar to those employed by the tobacco industry to undermine public health policies, health experts said. In an international analysis of involvement by so-called "unhealthy commodity" companies in health policy-making, researchers from Australia, Britain, Brazil and elsewhere said self-regulation was failing and it was time the industry was regulated more stringently from outside. The researchers said that through the aggressive marketing of ultra-processed food and drink, multinational companies were now major drivers of the world's growing epidemic of chronic diseases such as heart disease, cancer and diabetes. Writing in The Lancet medical journal, the researchers cited industry documents they said revealed how companies seek to shape health legislation and avoid regulation. This is done by "building financial and institutional relations" with health professionals, non-governmental organizations and health agencies, distorting research findings, and lobbying politicians to oppose health reforms, they said. The researchers [added] that their evidence showed [the] collaborative approach had failed. They recommended that, in the future, food, drinks and tobacco firms should have no role in national or international policies on chronic diseases. Instead, they proposed a system of "public regulation" which they said would focus on directly pressuring industry by "raising awareness of their shady practices and maintaining active public pressure".

Note: For deeply revealing reports from reliable major media sources on corporate corruption, click here.


U.S. hemp crop zero despite strong sales
2013-02-08, San Francisco Chronicle (SF's leading newspaper)
http://www.sfgate.com/business/article/U-S-hemp-crop-zero-despite-strong-sale...

$452 million: That's the value of retail products containing imported hemp that were sold in the United States in 2011. While a cousin of marijuana, the plant can't get you high. Instead, it can be used to make clothes, horse bedding, auto parts, soap and even concrete. But thanks to it being classified like all cannabis plants as a Schedule I substance - the same as heroin - the U.S. hemp crop is precisely zero. If you want to grow hemp and avoid a jail sentence, you need a permit from the Drug Enforcement Administration.

Note: Many have suspected that hemp was outlawed along with marijuana to block competition with lumber and other industries. To see a 1938 Popular Mechanics article touting hemp as the "new billion dollar crop," click here.


Saudi Arabia’s Child-Rape Case: Female Activists Fight to Prevent Abuse
2013-02-08, The Daily Beast/Newsweek
http://www.thedailybeast.com/articles/2013/02/08/saudi-arabia-s-child-rape-ca...

The torture and murder of 5-year-old Lama Al Ghamdi could hardly have been more horrific. But the fact that this story of one little girl’s death and one father’s monstrosity went public is also a sign of just how hard women in Saudi Arabia are working to fight the cruel misogyny embedded in the kingdom’s version of Islamic law. Fayhan Al Ghamdi ... was arrested last year and charged with murder. He told authorities that he had suspected his 5-year old daughter was not a virgin. He had even taken her to a doctor to check. But apparently that had not satisfied him. He admitted he’d used a cane and electrical cables on the child. Saudi law claims to follow a clear path (sharia) laid out in the Quran, but in practice it’s based on a maze of sayings and traditions (hadith) with as many baffling contradictions as the codes used by lawyers anywhere. According to one reading, a father cannot be held fully accountable for the death of his children; their loss is a punishment for him. So the question arose in the proceedings whether Al Ghamdi could simply pay the mother “blood money” for the loss of her daughter and walk free. The mother has said she will not accept payment. Before the middle of the last decade, domestic violence and child abuse in Saudi Arabia were treated mainly as family affairs. Nobody wanted to talk about them, and if police did bother to investigate suspected crimes, which was rare, they found proof very hard to come by.

Note: As a strong ally of the U.S., the monarchy of Saudi Arabia is very rarely criticized by politicians or the media for it's highly oppressive government and practices. For deeply revealing reports from reliable major media sources on child abuse, click here.


'Bank of Bob' finances $25 startups
2013-02-07, San Francisco Chronicle (SF's leading newspaper)
http://www.sfgate.com/business/article/Bank-of-Bob-finances-25-startups-42610...

For years, writer Bob Harris enjoyed a unique opportunity - traveling to some of the most luxurious hotels in the world on behalf of ForbesTraveler.com. But, as he bounced from one five-star palace to another, he felt uneasy about the inequality of the industry: The people who build these places don't get to see or experience them. He decided he would somehow give back his salary from the decadent escapes he'd had. That's when he discovered Kiva, the San Francisco crowdfunding site that enables individuals to offer $25 loans to entrepreneurs in the developing world. Harris began lending via Kiva.org. Then, some friends joined in, building a community of lenders they called, aptly, Friends of Bob Harris. Over the last three years, they've collectively lent more than $3 million. In 2011, Harris decided to go meet some of the entrepreneurs and write about his travels, microfinance and Kiva's impact. That took him to a dozen countries - Bosnia, Nepal, Cambodia, Kenya and more - and resulted in a book: The International Bank of Bob: Connecting Our Worlds One $25 Loan at a Time. Recently, he spoke with The Chronicle about his travels and what he learned. Q: Did you ask the entrepreneurs point blank about ... what did they think of the lending criteria? A: I did get feedback on what ... changes they wanted. They wanted longer grace periods; a longer length of time between getting the loan and their first payment so that they could think more about long-term investments; they wanted a version of "revolving credit." I never once heard [complaints] about the interest rate.


'Who knew' mortgage defense falling apart
2013-02-07, San Francisco Chronicle (SF's leading newspaper)
http://www.sfgate.com/business/bottomline/article/Who-knew-mortgage-defense-f...

The "who knew?" defense [was] thrown down by financial institutions and their senior executives to ward off accusations that they were somehow responsible for the disaster that befell the country. That defense is now crumbling by the day, thanks in part to their own employees' admissions. Citing internal e-mails, California joined the federal government and 15 other states this week in filing multibillion-dollar civil fraud lawsuits against the nation's leading credit ratings agency, Standard & Poor's, for allegedly deliberately "downplaying and disregarding the true extent of the credit risks" of the financial instruments it had rated as rock-solid. S&P says the charges are "without factual or legal merit," while adding that it, "like everyone else, did not predict the speed and severity of the coming crisis and how credit quality would ultimately be affected." Stack that up against an S&P executive who warned in an internal memo in December 2006, "This market is a wildly spinning top which is going to end badly." Or the 2007 e-mail from an analyst that read, "Job's going great, aside from the fact that the MBS (residential mortgage-backed securities) is crashing." Foreknowledge seemed to be apparent at JPMorgan Chase and Morgan Stanley as well. Internal documents in a lawsuit filed by Dexia SA, a French-Belgian bank, alleging "egregious fraud" by JPMorgan in the sale of $1.7 billion of mortgage-backed bonds, suggested executives at JPMorgan, Bear Stearns and Washington Mutual ... intentionally covered up the unworthiness of the securities they were selling.

Note: For deeply revealing reports from reliable major media sources on the criminal practices of the financial industry, click here.


Rate-Rigging Investigation Rolls On
2013-02-07, New York Times
http://dealbook.nytimes.com/2013/02/07/rate-rigging-investigation-rolls-on/

The global investigation into interest-rate manipulation has emboldened prosecutors to crack down on banks, and the settlement with the Royal Bank of Scotland on [Feb. 6] underscored that strategy. As part of the $612 million deal that American and British authorities reached with R.B.S., the bank’s Japanese unit was required to plead guilty to criminal wrongdoing, echoing an earlier action taken against a subsidiary of UBS. The cases announced so far give other banks some idea of what to expect. Three questions come into play: how much it will cost, whether a guilty plea will be required and whether embarrassing e-mails will be released. The winners in all this may be the lawyers and other advisers. The trove of internal e-mails and employee interviews, filed as part of a lawsuit by one of the investors in the securities, offers a fresh glimpse into Wall Street’s mortgage machine, which churned out billions of dollars of securities that later imploded. The documents reveal that JPMorgan, as well as two firms the bank acquired during the credit crisis, Washington Mutual and Bear Stearns, flouted quality controls and ignored problems, sometimes hiding them entirely, in a quest for profit.

Note: For deeply revealing reports from reliable major media sources on the criminal practices of the financial industry, 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.

Kindly donate here to support this inspiring work.

Subscribe to our free email list of underreported news.

newsarticles.media is a PEERS empowerment website

"Dedicated to the greatest good of all who share our beautiful world"