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In the early 14th century, Venice was one of the richest cities in Europe. By 1500, Venice’s population was smaller than it had been in 1330. In the 17th and 18th centuries, as the rest of Europe grew, the city continued to shrink. The story of Venice’s rise and fall is told by the scholars Daron Acemoglu and James A. Robinson, in their book Why Nations Fail: The Origins of Power, Prosperity, and Poverty, as an illustration of their thesis that what separates successful states from failed ones is whether their governing institutions are inclusive or extractive. Extractive states are controlled by ruling elites whose objective is to extract as much wealth as they can from the rest of society. Inclusive states give everyone access to economic opportunity; often, greater inclusiveness creates more prosperity, which creates an incentive for ever greater inclusiveness. The history of the United States can be read as one such virtuous circle. But as the story of Venice shows, virtuous circles can be broken. Elites that have prospered from inclusive systems can be tempted to pull up the ladder they climbed to the top. Eventually, their societies become extractive and their economies languish. That ... is the danger America faces today, as the 1 percent pulls away from everyone else and pursues an economic, political and social agenda that will increase that gap even further — ultimately destroying the open system that made America rich and allowed its 1 percent to thrive in the first place.
Note: The author of this article, Chrystia Freeland, wrote the book Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else, from which this essay is adapted. For deeply revealing reports from reliable major media sources on income inequality, click here.
It played unwilling host to one of the bloodiest battles of the Iraq war. Fallujah's homes and businesses were left shattered; hundreds of Iraqi civilians were killed. Its residents changed the name of their "City of Mosques" to "the polluted city" after the United States launched two massive military campaigns eight years ago. A new study reports a "staggering rise" in birth defects among Iraqi children conceived in the aftermath of the war. High rates of miscarriage, toxic levels of lead and mercury contamination and spiralling numbers of birth defects ranging from congenital heart defects to brain dysfunctions and malformed limbs have been recorded. Even more disturbingly, they appear to be occurring at an increasing rate in children born in Fallujah, about 40 miles west of Baghdad. There is "compelling evidence" to link the increased numbers of defects and miscarriages to military assaults, says Mozhgan Savabieasfahani, one of the lead authors of the report and an environmental toxicologist at the University of Michigan's School of Public Health. Similar defects have been found among children born in Basra after British troops invaded, according to the new research. American forces later admitted that they had used white phosphorus shells, although they never admitted to using depleted uranium, which has been linked to high rates of cancer and birth defects. The new findings, published in the Environmental Contamination and Toxicology bulletin, will bolster claims that US and Nato munitions used in the conflict led to a widespread health crisis in Iraq.
Note: For deeply revealing reports from reliable major media sources on US and UK atrocities committed in their wars of aggression against Iraq and Afghanistan, click here.
This Florida panhandle town is the home of a mystery that has been lost to time. A small cemetery buried deep into the grounds of a now-defunct boys reform school dates back to the early 1900s. Rusting white steel crosses mark the graves of 31 unidentified former students. Former students said the deaths were at the hands of abusive administrators. A 2009 state investigation determined there was no evidence of criminal activity connected with any of the deaths. But the investigation did not clear up the mystery over the fate of 50 other students who died at the school and whose bodies have not been accounted for. In the wake of that investigation, more former students -- who are now senior citizens -- have come forward with stories of abuse at the school, including alleged beatings, killings and the disappearance of students, during the 1940s, '50s and '60s. "These are children who came here and died, for one reason or another, and have just been lost in the woods," said Dr. Erin Kimmerle, an anthropologist from the University of South Florida who is leading a scientific search on the grounds of what used to be the Florida Industrial School for Boys. Using ground-penetrating radar, Kimmerle's team has located what she says appear to be 18 more remains than previously thought to have been buried there. After clearing the area, her team has determined that a total of 49 graves exist. All are unidentified. "We found burials within the current marked cemetery, and then we found burials that extend beyond that," Kimmerle said.
Note: For deeply revealing reports from reliable major media sources on institutional abuse of children, click here.
One of the most glaring oversights in the field of development is the lack of attention to clothing. Countless organizations work on food, energy, education, health care, economic opportunity — but beyond disaster relief efforts, you hear little about the need for clothes. In India, this makes no sense. In 1998, the Guptas started an organization, Goonj (meaning “echo”), to redistribute (clothing) where it was most needed. They wanted to find a way to address the problem systematically — to craft a permanent, rather than an episodic response, to what they considered a non-natural, perpetual disaster. Goonj has found a way to assist villagers that moves beyond the stigma of charity. The model is grounded in the Indian concepts ... advocated by Gandhi and his disciple Vinoba Bhave. “The whole chain is full of respectful links. Not many supply chains are full of respect.” Today, Goonj operates collection centers in nine Indian cities and provides about two million pounds of materials, mostly clothes, but also utensils, school supplies, footwear, toys and many other items. It will assist about a half a million people in 21 states this year. Goonj also takes pains to see that its materials actually reach the intended recipients. They carefully vet N.G.O. partners and do follow-up visits. If that is impossible, they require that photographs be taken to show the distribution of goods. Gupta said. “It’s a tough game to deal with local police and government officials and tax officers. But we have a zero bribe policy.”
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Brad Pitt has thrown his weight behind a documentary that blasts America's 40-year war on drugs as a failure, calling policies that imprison huge numbers of drug-users a "charade" in urgent need of a rethink. The Hollywood actor [recently became] an executive producer of filmmaker Eugene Jarecki's "The House I Live In," which won the Grand Jury Prize in January at the Sundance Film Festival. The film opened in wide release in the United States on [October 12]. Ahead of a Los Angeles screening, Pitt and Jarecki spoke passionately about the "War on Drugs" which, according to the documentary, has cost more than $1 trillion and accounted for over 45 million arrests since 1971, and which preys largely on poor and minority communities. "It's such bad strategy. It makes no sense. It perpetuates itself. You make a bust, you drive up profit, which makes more people want to get into it," he added. "To me, there's no question; we have to rethink this policy and we have to rethink it now." "The House I Live In" was filmed in more than 20 states and tells stories from many sides of the issue, including Jarecki's African-American nanny, a drug dealer, narcotics officer, inmate, judge, grieving mother, senator and others. It also shows that although the United States accounts for only 5 percent of the world's population, it has 25 percent of its prison population. Additionally, African Americans, who make up roughly 13 percent of the population and 14 percent of its drug users, account for 56 percent of those incarcerated for drug crimes.
Note: Some believe that whenever the government declares a war on something, the result is an increase in that thing. For deeply revealing reports from reliable major media sources on government corruption, click here.
Proposition 37 ... is rooted in a simple premise: Consumers have the right to know if their food is produced using genetic engineering. It's been standard practice in all member countries of the European Union for years. The latest published research shows that 61 countries have some form of mandatory labeling for foods containing genetically modified crop ingredients. The companies that sell genetically modified seeds and manufactured foods argue that American consumers don't need such detailed labels. They say, "Just trust us." That is a lot to ask. Product labels are the front line of consumer protection. Research and development on genetically engineered products ... are largely done by private sector, not public sector, scientists because companies very aggressively protect their patents. The level of secrecy and the combative nature of the industry fuel public distrust. Unfortunately, consumers cannot look to the federal government to increase their trust. Some government officials in positions that make policy on genetically engineered products may hold biases born of their previous jobs with GMO seed companies. Distrust is amplified by questions over who really benefits from GMO foods. As we saw in the multibillion-dollar tobacco case settlement in 1998, companies cannot always be trusted to put health before profit. Another concern is the skyrocketing price of seed for farmers. Finally, GMO products on the market offer American consumers no clear benefits. Proposition 37 simply requires basic transparency and truthful packaging, and companies would have 18 months to implement it. And it would protect consumers' right to know in a product category central to health.
Note: For a powerful essay showing the harmful effects of genetically modified foods, click here.
In his Nashville Christian church, Timothy Kurek was taught the lesson of God's wrath in the Biblical story of "Sodom and Gomorrah," and he believed that homosexuality was a sin. But about four years ago, when a lesbian he knew from karaoke night confided to him that her parents had disowned her when she came out, Kurek felt that he failed her. He wondered what it felt like to be gay and so alone. So even though Kurek identifies as straight, he embarked on what one religious writer called "spiritual espionage." He would live like a gay man for a year. Now 26 and no longer homophobic, Kurek writes about his journey -- one that included hanging out in gay bars and facing the disappointment of his family and rejection of his friends -- in his memoir, The Cross in the Closet. Only three people knew the truth, and he needed them to carry out his audacious project: his closest friend, an aunt and Shawn, a gay friend whom Kurek also met at karaoke night. Kind-hearted Shawn, whom Kurek described as "a big black burly teddy bear," became his "pretend boyfriend." But most of all, Shawn was the "first gay person that I let into my heart," said Kurek. "He was totally there for me through emotional turmoil ... I trusted him." Rev. Connie Waters, a protestant minister and LGBT ally from Memphis ... said she was "proud" of him. "The transformation in him was life-changing," she said. "It's what you hope for -- the goal of the Christian walk of faith. It's enough for me that he transformed, but if others learn from him, what an extra blessing that is."
Note: For more on this amazing story, click here.
California’s Proposition 37, which would require that genetically modified (G.M.) foods carry a label, has the potential ... to change the politics of food not just in California but nationally too. Genetically modified foods don’t offer the eater any benefits whatsoever — only a potential, as yet undetermined risk. Monsanto and its allies have fought the labeling of genetically modified food ... vigorously since 1992, when the industry managed to persuade the [F.D.A.] — over the objection of its own scientists — that the new crops were “substantially equivalent” to the old and so did not need to be labeled, much less regulated. The F.D.A. policy was co-written by a lawyer whose former firm worked for Monsanto. More than 60 other countries have seen fit to label genetically modified food, including those in the European Union, Japan, Russia and China. Monsanto and DuPont, the two leading merchants of genetically modified seed, have invested more than $12 million to defeat Prop 37. Americans have been eating genetically engineered food for 18 years, and as supporters of the technology are quick to point out, we don’t seem to be dropping like flies. But they miss the point. The fight over labeling G.M. food is not foremost about food safety or environmental harm, legitimate though these questions are. The fight is about the power of Big Food. Monsanto has become the symbol of everything people dislike about industrial agriculture: corporate control of the regulatory process; lack of transparency (for consumers) and lack of choice (for farmers); an intensifying rain of pesticides; and the monopolization of seeds, which is to say, of the genetic resources on which all of humanity depends.
Note: To learn more about the revolving door between Monsanto and the FDA, click here. To read about many suppressed scientific studies which showed the GM foods were often harmful and sometimes even lethal to a variety of lab animals, click here. To watch a powerful video showing clearly how Monsanto has attacked those who will not use their GM seeds, click here.
Thousands of teenagers, some as young as 14 or 15, are routinely subjected by US prisons to [the] psychological torture [of solitary confinement]. One teen who participated in the Human Rights watch report wrote that being in isolation felt like 'a slow death from the inside out'. Molly J said of her time in solitary confinement: "[I felt] doomed, like I was being banished. Like you have the plague or that you are the worst thing on earth. I guess [I wanted to] feel like I was part of the human race – not like some animal." Molly was just 16 years old when she was placed in isolation in an adult jail in Michigan. She described her cell as being "a box": "There was a bed – the slab. It was concrete … There was a stainless steel toilet/sink combo … The door was solid, without a food slot or window … There was no window at all." Molly remained in solitary for several months, locked down alone in her cell for at least 22 hours a day. No other nation in the developed world routinely tortures its children in this manner. And torture is indeed the word brought to mind by a shocking report released today by Human Rights Watch and the American Civil Liberties Union. Growing Up Locked Down documents, for the first time, the widespread use of solitary confinement on youth under the age of 18 in prisons and jails across the country, and the deep and permanent harm it causes to kids caught up in the adult criminal justice system.
Note: For deeply revealing reports from reliable major media sources on the injustices rampant in prisons, click here.
When Dr. Michael Anderson hears about his low-income patients struggling in elementary school, he usually gives them a taste of some powerful medicine: Adderall. The pills boost focus and impulse control in children with attention deficit hyperactivity disorder. Although A.D.H.D is the diagnosis Dr. Anderson makes, he calls the disorder “made up” and “an excuse” to prescribe the pills to treat what he considers the children’s true ill — poor academic performance in inadequate schools. “I don’t have a whole lot of choice,” said Dr. Anderson, a pediatrician for many poor families in Cherokee County, north of Atlanta. “We’ve decided as a society that it’s too expensive to modify the kid’s environment. So we have to modify the kid.” Dr. Anderson is one of the more outspoken proponents of an idea that is gaining interest among some physicians. They are prescribing stimulants to struggling students in schools starved of extra money — not to treat A.D.H.D., necessarily, but to boost their academic performance. It is not yet clear whether Dr. Anderson is representative of a widening trend. But some experts note that as wealthy students abuse stimulants to raise already-good grades in colleges and high schools, the medications are being used on low-income elementary school children with faltering grades and parents eager to see them succeed.
Note: For deeply revealing reports from reliable major media sources on pharmaceutical corruption, click here.
The U.S. government filed a civil mortgage fraud lawsuit on [October 9] against Wells Fargo & Co, the latest legal volley against big banks for their lending during the housing boom. The complaint, brought by the U.S. Attorney in Manhattan, seeks damages and civil penalties from Wells Fargo for more than 10 years of alleged misconduct related to government-insured Federal Housing Administration loans. The lawsuit alleges the FHA paid hundreds of millions of dollars on insurance claims on thousands of defaulted mortgages as a result of false certifications by Wells Fargo, the fourth-biggest U.S. bank as measured by assets. "As the complaint alleges, yet another major bank has engaged in a longstanding and reckless trifecta of deficient training, deficient underwriting and deficient disclosure, all while relying on the convenient backstop of government insurance," said Manhattan U.S. Attorney Preet Bharara. Bharara's office has brought similar cases in the past few years, including one against Citigroup Inc unit CitiMortgage Inc, which settled the case for $158.3 million in February, and against Deutsche Bank, which paid $202.3 million in May to resolve its case. The U.S. Attorney's office in Brooklyn brought the biggest such case, against Bank of America Corp's Countrywide unit, which agreed in February to pay $1 billion to resolve the allegations.
Note: For deeply revealing reports from reliable major media sources on financial corruption, click here.
The US Supreme Court has declined to block a judgement from an Ecuadorean court that a US oil firm pay billions in damages for pollution in the Amazon. Chevron was fighting a ruling that it must pay $18.2bn (Ł11.4bn) in damages, a sum increased to $19bn in July. It is the latest move in a decades-long legal wrangle between Texaco, bought by Chevron in 2001, and the people of the Lago Agrio region of Ecuador. The decision could affect other oil firms accused of pollution. The case claimed that Texaco contaminated land between 1964 and 1992, and has triggered several other lawsuits in courts within the US and elsewhere. In March 2011 a court in New York issued an injunction that blocked the judgement. But it was overturned in January this year by an appeals court, which said Chevron had challenged the judgement prematurely. The appeals court also said the New York judge could not stop other, foreign courts from enforcing the judgement - something the Ecuadorean plaintiffs are working to do in Canada and Brazil. The judgement originally ordered $8.6bn in environmental damages, but that was more than doubled because the oil company did not apologise publicly.
Note: For deeply revealing reports from reliable major media sources on corporate corruption, click here.
As a neurosurgeon, I did not believe in the phenomenon of near-death experiences. In the fall of 2008, however, after seven days in a coma during which the human part of my brain, the neocortex, was inactivated, I experienced something so profound that it gave me a scientific reason to believe in consciousness after death. I had somehow contracted a very rare bacterial meningitis that mostly attacks newborns. E. coli bacteria had penetrated my cerebrospinal fluid and were eating my brain. For seven days I lay in a deep coma, my body unresponsive, my higher-order brain functions totally offline. While the neurons of my cortex were stunned to complete inactivity by the bacteria that had attacked them, my brain-free consciousness journeyed to another, larger dimension of the universe: the same one described by countless subjects of near-death experiences and other mystical states. What I saw and learned there has placed me quite literally in a new world: a world where we are much more than our brains and bodies, and where death is not the end of consciousness but rather a chapter in a vast, and incalculably positive, journey. For most of my journey, someone else was with me. A woman. Without using any words, she spoke to me. The message went through me like a wind, and I instantly understood that it was true. I knew so in the same way that I knew that the world around us was realwas not some fantasy, passing and insubstantial. You are loved and cherished, dearly, forever. You have nothing to fear. There is nothing you can do wrong.
Note: The author of this stirring account, Dr. Eben Alexander, was a neurosurgeon for 25 years. His engaging book on this life-changing experience is Proof of Heaven: A Neurosurgeon's Journey into the Afterlife. For video interviews and other information on Dr. Alexander, see this webpage. And explore other highly inspiring resources and stories related to near-death experiences.
Exclusive audio obtained by The Nation of a stop-and-frisk carried out by the New York Police Department freshly reveals the discriminatory and unprofessional way in which this controversial policy is being implemented on the city’s streets. On June 3, 2011, three plainclothes New York City Police officers stopped a Harlem teenager named Alvin. Two of the officers questioned and frisked him while the third remained in their unmarked car. Alvin secretly captured the interaction on his cell phone, and the resulting audio is one of the only known recordings of stop-and-frisk in action. In the course of the two-minute recording, the officers give no legally valid reason for the stop, use racially charged language and threaten Alvin with violence. Early in the stop, one of the officers asks, “You want me to smack you?” When Alvin asks why he is being threatened with arrest, the other officer responds, “For being a fucking mutt.” Later in the stop, while holding Alvin’s arm behind his back, the first officer says, “Dude, I’m gonna break your fuckin’ arm, then I’m gonna punch you in the fuckin’ face.” Alvin’s treatment at the hands of the officers may be disturbing but it is not uncommon. According to their own stop-and-frisk data, the NYPD stops more than 1,800 New Yorkers a day. A New York Times analysis recently determined that more than 20 percent of those stops involve the use of force. And these are only the numbers that the Department records. Anecdotal evidence suggests both figures are much higher.
Note: For more on civil liberties issues, see the deeply revealing reports from reliable major media sources available here.
A new laboratory analysis of eight prescription drugs that expired between 28 and 40 years ago has found that most have remained just as potent as they were on the day they were made. Overall, the eight drugs included 14 different active ingredients, including aspirin, codeine and hydrocodone. In 86% of cases, the study found, the amount of active ingredient present in the drugs was at least 90% of the amount indicated on the label. That falls within the range deemed acceptable by the Food and Drug Administration. It's impossible to say from the study results alone whether the eight drugs would be effective if used today, but "there's no reason to think that they're not," says Lee Cantrell, the lead author of the study and a professor of clinical pharmacy at the University of California, San Francisco. Most drugs are dated to expire after one to five years, but as the results show, that time frame doesn't necessarily correlate to a drug's potency, Cantrell says. "All [the expiration date] means from the manufacturers' standpoint is that they're willing to guarantee the potency and efficacy for the drug for that long," he says. "It has nothing to do with the actual shelf life." "We're spending billions and billions on medications and medication turnover," Cantrell says. "If a drug has expired, you've got to throw it away, it goes into a landfill, and you have to get a new prescription. This could potentially have a significant impact on cost."
Note: A Wall Street Journal article from the year 2000 also concluded that many drugs last far longer than their expiration dates. Read it at this link.
For decades, nobody said anything, at least not publicly, not officially. Everyone knew – that is, everyone in the television and pop music industries knew. The rumours swirled around [Jimmy Savile], that he sexually abused young girls. So for decades the abuse was an open secret, and Jimmy easily rebuffed the rumours when interviewers like Louis Theroux and the psychiatrist Anthony Clare dared to put them to him. So what is the truth about Sir James Savile? When he died almost a year ago, he was given a grand and glorious funeral befitting a folk hero. But now the truth is out. More victims are emerging every day, telling stories of the sexual abuse by Sir Jimmy of children as young as nine, on one occasion alongside the convicted paedophile pop star Gary Glitter. They reveal that, like every practised paedophile, he targeted the most vulnerable children, including those in care. Jimmy, for instance, reportedly visited the notorious Jersey children’s home, Haut de la Garenne, several times in the Sixties and Seventies, where seven people have since been prosecuted for child abuse. Knighted by both the Queen and the Pope, Sir Jimmy hid the private reality that he was also a prolific, predatory paedophile. All of his crimes – the multitude of attacks committed in his famous Rolls-Royce, in his caravan, in schools and children’s homes, in his dressing room and in a London taxi – remained an open secret. In spite of the fact that he flaunted his taste for underage children, police investigations failed, newspaper investigations were never published, a Newsnight film was dropped, and through it all Jimmy’s image remained intact.
Note: If you are ready to see how investigations into a massive child sex abuse ring have led to the highest levels of government, watch the suppressed Discovery Channel documentary "Conspiracy of Silence," available here. For deeply revealing reports from reliable major media sources on sexual abuse, click here.
Last week, Stanford University and New York University released a major study about the use of drones in the ever-evolving but never-ending war on terror. Drones are terrorizing an entire civilian population. [We] spent weeks in Pakistan interviewing more than 60 people from North Waziristan. Many were survivors of strikes. Others had lost loved ones and family members. All of them live under the constant threat of annihilation. What my colleagues and I learned from these unnamed and unknown victims of America's drone warfare gave the report its title: "Living Under Drones." Drones are a constant presence in the skies above the North Waziristan tribal area in Pakistan, with as many as six hovering over villages at any one time. People hear them day and night. They are an inescapable presence, the looming specter of death from above. And that presence is steadily destroying a community twice the size of Rhode Island. The routines of daily life have been ripped to shreds. Indisputably innocent people cower in their homes, afraid to assemble on the streets. "Double taps," or secondary strikes on the same target, have stopped residents from aiding those who have been injured. A leading humanitarian agency now delays assistance by an astonishing six hours. What makes this situation even worse is that no one can tell people in these communities what they can do to make themselves safe. No one knows who is on the American kill list, no one knows how they got there and no one knows what they can do to get themselves off. It's all terrifyingly random. Suddenly, and without warning, a missile launches and obliterates everyone within a 16-yard radius.
Note: The author of this report, Jennifer Gibson, is a staff attorney with Reprieve, a London-based legal charity that represents dozens of Pakistani drone victims. For an excellent, seven-minute video by professors exploring the tragic reality of drone strikes in Pakistan, click here. For the "Living Under Drones" website where you can read a summary and download this report by Stanford University and the New York Times, click here. To learn about a beautiful movement to place large photos of children's faces in target areas to stop drone operators from killing innocents, click here.
Breaking from two decades of tradition, this year’s election exit poll is set to include surveys of voters in 31 states, not all 50 as it has for the past five presidential elections, according to multiple people involved in the planning. The decision by the National Election Pool — a joint venture of the major television networks and The Associated Press — is sure to cause some pain to election watchers across the country. Voters in the excluded states will still be interviewed as part of a national exit poll, but state-level estimates of the partisan, age or racial makeups of electorates won’t be available as they have been since 1992. The lack of data may hamper election night analyses in some states, and it will almost certainly limit post-election research for years to come. Here is a list of the states that will be excluded from coverage: Alaska, Arkansas, Delaware, District of Columbia, Georgia, Hawaii, Idaho, Kentucky, Louisiana, Nebraska, North Dakota, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, West Virginia and Wyoming.
Note: How sad that the one poll considered to be the most reliable is being cancelled in 19 states. This opens the door wide to elections manipulation. For deeply revealing reports from reliable major media sources on the flawed electoral system in the US, click here.
A television spot opposing Proposition 37, the genetically engineered food labeling initiative, was pulled briefly this week to better identify a think-tank researcher attacking the ballot issue. The controversy came as the opponents of the ballot measure, with $35 million in contributions from the food industry and biochemical firms, expanded a week-old television advertising blitz. [The] No on 37 spot ... featured an academic, identified on screen as “Dr. Henry I. Miller M.D., Stanford University, founding dir. FDA Office of Technology.” He is standing in an ornately vaulted campus walkway. Lawyers for the Proposition 37 campaign complained to Stanford’s general counsel, noting that the Stanford ID on the screen appeared to violate the university’s policy against use of the Stanford name by consultants. What’s more, Miller is not a Stanford professor but, rather, a research fellow at the Hoover Institution, a conservative think tank housed on the Stanford campus, the letter said. Stanford agreed. The university, spokeswoman Lisa Lapin said, “doesn’t take any positions on candidates or ballot measures, and we do not allow political filming on campus.” The filmmakers also are removing “the campus from the background of the video," she said. Stanford’s request to edit the Miller video "is proof positive of the lack of credibility and lack of integrity of the No on 37 campaign,” said Yes on 37 spokeswoman Stacy Malkan.
Note: This Henry Miller is the same scientist who, according to Forbes, stated that some people could benefit from the low levels of radiation released by the Fukushima meltdowns, and has argued strongly for the reintroduction of DDT. Do you think he might be a little biased towards big business? For lots more questionable behavior by this supposed expert, click here.
Most companies in the Standard & Poor’s 500-stock index pay their CEOs annual bonuses that are conditional on meeting specific goals. Yet companies often find ways to lower or reset the performance benchmarks to ensure that their CEOs get at least a portion of their bonus. The practice, which has become more frequent since the 2007 economic downturn, risks turning bonus plans into a “meaningless exercise,” says Carol Bowie, head of Americas research at ISS Governance. Bonus plans are “not simply a mechanism to deliver pay,” she says, “but they should be designed to focus executives on the kinds of operational metrics that are going to deliver value.” Companies often justify moving the goal posts as a way to protect executives from events out of their control—bad luck, such as a hurricane or rising fuel costs. Yet CEOs also benefit financially when good luck strikes. Departing from a bonus plan “only works if a board is willing to use it on the upside and the downside,” says Blair Jones of Semler Brossy Consulting Group. “If it’s only used for the downside, it calls into question the process.” Several studies of U.S. CEO pay have confirmed the lopsided practice. One study, from researchers at Claremont Graduate University and Washington University in St. Louis, found that executives lost far less pay for bad luck than they gained for good luck.
Note: For deeply revealing reports from reliable major media sources on 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.