News ArticlesExcerpts of Key News Articles in Major Media
Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.
In a small New England town, members of a support group, which boasts a growing membership of 1,500, gather for a "secret" meeting. The group that's assembled for this meeting is not struggling with alcohol, drugs, sex addition or gambling. They're part of Starborn, an alien experience and awareness support group [for those who believe] they've been abducted by aliens. Nearly half of all Americans and millions more globally believe we're not alone, according to a 2000 ABC poll. While 40 million Americans say they have seen or know someone who has seen an unidentified flying object, or UFO, a growing number believe they've actually met aliens. Terrell Copeland, a former U.S. Marine, traveled the farthest to attend the "secret" meeting, driving 600 miles from rural Virginia. Copeland's foray into the paranormal began two years ago with a UFO sighting he said was captured on his cell phone from his apartment. But after the video ... was posted on YouTube, he said a strange visitor came to his front door. "I woke up from the nap by the sound of someone trying to enter my apartment," he said. "You could see the door knob moving. And I keep a firearm. My thought was to get up and check, [but] I was in complete paralysis. And I heard a voice through the door say, 'You don't need that weapon. We won't harm,'" Copeland said. "I was in complete paralysis, the only thing I could move were my eyes." Copeland's otherworldly convictions are shared by thousands of believers. Hundreds flocked to the national convention of the Mutual UFO Network, or MUFON, in Denver this month to share their experiences with like-minded believers.
Note: In the past couple years, the media appears to be focusing more on UFOs than before. For a powerful two-page summary of evidence for UFOs presented by highly respected and credible former government and military personnel from many countries, click here.
U.S. military defense lawyers for accused 9/11 conspirator Ramzi bin al Shibh cannot learn what interrogation techniques CIA agents used on the Yemeni before he was moved to Guantánamo to be tried as a terrorist, an Army judge has ruled. Bin al Shibh, 37, is one of five men charged in a complex death penalty prosecution by military commission currently under review by the Obama administration. But his lawyers say he suffers a "delusional disorder," and hallucinations in his cell at Guantánamo may leave him neither sane enough to act as his own attorney nor to stand trial. Prison camp doctors treat him with psychotropic drugs. Army Col. Stephen Henley, the military judge on the case, has scheduled a competency hearing for mid-September. Meantime, the judge ruled on Aug. 6 that "evidence of specific techniques employed by various governmental agencies to interrogate the accused is . . . not essential to a fair resolution of the incompetence determination hearing in this case." Prosecutors had invoked a national security privilege in seeking to shield the details from defense lawyers. Many of the techniques used on the men have already been made public. They included waterboarding, sleep deprivation and sexual humiliation methods meant to break a captive's will. But Navy Cmdr. Suzanne Lachelier, the Yemeni's Pentagon appointed defense attorney, said court-approved mental health experts -- as well as the judge -- need to know the specifics to assess her client's mental illness. If he suffers post-traumatic stress disorder as a result of his CIA interrogations, there may be PTSD treatments that could make him competent.
Note: For many reports from reliable sources on the hidden realities of "the war on terror," click here.
The Obama administration's plan to increase the powers of the Federal Reserve, says one critic, is like giving a teenager "a bigger, faster car right after he crashed the family station wagon." Broadening the Fed's responsibilities won't help. Instead, we should think of how best to dismantle an overextended Fed. The Fed has been incapacitated by its transformation into an omnibus enterprise with responsibilities ranging from boots-on-the-ground regulation to high-level monetary policy. The Federal Reserve Act of 1913, which created the Federal Reserve System, did so to forestall financial panics rather than pursue macroeconomic policies. The gold standard defined monetary policy. The Fed was merely meant to "provide an elastic currency" by serving as lender of last resort in times of crisis. The Act also assigned the Fed routine responsibilities for maintaining and improving the financial system – examining banks, issuing currency notes, and helping clear checks. The adoption of Keynesian and monetarist ideas by central bankers and elected officials subsequently cast the Fed in a proactive macroeconomic role. In 1977, an amendment to the 1913 Act explicitly charged the Fed with promoting "maximum" employment and "stable" prices. The Bank Holding Company Act of 1956 gave the Fed responsibility over holding companies designed to circumvent restrictions placed on individual banks. Congress further tasked the Fed with enforcing consumer-protection and fair-lending rules. While the record of the Fed's monetary policy has been mixed, its supervision of financial institutions has been a predictable and comprehensive failure. The Fed's excessively broad mandate also has thwarted accountability.
Note: The bill to audit the Fed (HR 1207) in the US Congress now has 276 co-signers -- more than 50% of all members. Yet the media is hardly reporting on this. Contact your Congressional representatives now at this link.
The new H1N1 influenza virus bears a disturbing resemblance to the virus strain that caused the 1918 flu pandemic, with a greater ability to infect the lungs than common seasonal flu viruses, researchers reported on Monday. Separately, a top official at the World Health Organization said Monday a fully licensed swine flu vaccine might not be available until the end of the year. The report could affect many countries' vaccination plans. But countries could use emergency provisions to get the vaccines out quicker if they decide their populations need them. The swine flu viruses currently being used to develop a vaccine aren't producing enough of the ingredient needed for the vaccine, and WHO has asked its laboratory network to produce a new set of viruses as soon as possible. Other tests showed the virus could be controlled by the antiviral drugs Relenza, made by GlaxoSmithKline, and Tamiflu, made by Roche AG, the researchers said. The World Health Organization said on Monday that vaccine makers should start making immunizations against H1N1 and that healthcare workers should be first in line to get them. The WHO has previously estimated that the world could have as many as 4.9 billion doses of H1N1 swine flu vaccine ready for the next flu season — but this assumes people only need one shot and production yields are similar to seasonal vaccine.
Note: Who's making the big bucks here? Why is the WHO so strongly promoting billions of doses of vaccines for a disease in which the vast majority of the relatively few people who have died had underlying causes. For more on the blatant corruption of our health industry from reliable sources, click here and here.
Miami International Airport [MIA] and 18 other major American airports have been lined up to handle a future pandemic that could require them to quarantine international flights. The U.S. Centers for Disease Control and Prevention has set up stand-by quarantine/screening facilities at the 19 airports to which all flights from affected countries would be diverted. Nationally, airline and airport lobbyists predict chaos, saying there is no way the air-traffic system can handle such extensive rerouting. Now, new proposals are emerging in Washington, including one that would designate Fort Lauderdale-Hollywood, Orlando International and four other major airports as potential second-tier quarantine sites. Local officials say they understand the CDC will approve the new designations only if the airports pay for the quarantine facilities themselves. The CDC would pay for the quarantine stations at the 19 primary airports. The facilities are not cheap. A 2008 study by the Federal Aviation Administration concluded that setting aside space for health screenings and a quarantine of up to 200 people could cost $15,000 a month, with costs of an actual quarantine running into the hundreds of thousands of dollars. Fort Lauderdale-Hollywood officials began developing a plan to handle quarantined passengers and flights several years ago during the bird flu scare. It calls for erecting air-conditioned tents on the runway ramps to screen or quarantine passengers before they enter the terminal. Quarantined passengers might have to remain for days to show they are not infectious.
Whether at a fund-raising dinner for wealthy supporters in Beverly Hills, or at an Air Force base in Nevada, or at Charlie Rose’s table in New York City, President Obama is conducting an all-out campaign to try to make us feel a whole lot better about the economy as quickly as possible. “It’s safe to say we have stepped back from the brink, that there is some calm that didn’t exist before,” he told donors at the Beverly Hilton Hotel late last month. Mr. Obama thinks that the way to revive the economy is to restore confidence in it. If the mood is right, the capital will flow. But this belief is dangerously misguided. We are sympathetic to the extraordinary challenge the president faces, but if we’ve learned anything at all two years into the worst financial crisis of our lifetimes, it is that a capital-markets system this dependent on public confidence is a shockingly inadequate foundation upon which to rest our economy. We have both spent large chunks of our lives working on Wall Street, absorbing its ethic and mores. We’re concerned that nothing has really been fixed. We’re doubly concerned that people appear to feel the worst of the storm is over — and in this, they are aided and abetted by ... the fact that the Dow has increased by 35 percent or so since Mr. Obama started to lay out his economic plans in March. But wishing for improvement and managing by the Dow’s swings are a fool’s game. The storm is not over, not by a long shot. Huge structural flaws remain in the architecture of our financial system, and many of the fixes that the Obama administration has proposed will do little to address them and may make them worse.
Note: For many more important reports shedding light on the hidden realities of the US and world economic crisis, click here.
A disgraced federal judge was sentenced Monday to nearly three years in prison for lying to investigators about sexually abusing two female employees, who said they feared him so much they hid from him in the courthouse. U.S. District Judge Samuel Kent ... could have received up to 20 years in prison, but prosecutors said they wouldn't seek more than three years under a plea agreement. He also was fined $1,000 and ordered to pay $6,550 in restitution to the secretary and case manager whose complaints resulted in the first sex abuse case ever against a sitting federal judge. "Your wrongful conduct is a huge black X, a smear on the legal profession, a stain on the judicial system itself, a matter of concern in the federal courts," said U.S. District Judge Roger Vinson, a visiting senior judge called in from Pensacola, Fla. Vinson ordered Kent, 59, to surrender June 15 for transfer to the U.S. Bureau of Prisons and to serve three years' probation once his 33-month sentence is completed. He also was ordered to participate in an alcohol-abuse program while in prison. The chairman of the U.S. House Judiciary Committee and its ranking Republican demanded that Kent resign immediately from the bench Monday. His lawyer has said he retired rather than resigned, which would allow him to continue drawing a federal judge's salary.
Note: This case represents a major shift in that it is the first sex case ever against a sitting federal judge. In fact, if you watch the astonishing documentary Conspiracy of Silence, you will see that many top officials are involved in sexual abuse and have fiercely kept that a secret. Let's hope more of this comes out as we spread the word.
The program began with Central Intelligence Agency leaders in the grip of an alluring idea: They could get tough in terrorist interrogations without risking legal trouble by adopting a set of methods used on Americans during military training. How could that be torture? In a series of high-level meetings in 2002, without a single dissent from cabinet members or lawmakers, the United States for the first time officially embraced the brutal methods of interrogation it had always condemned. This extraordinary consensus was possible, an examination by The New York Times shows, largely because no one involved — not the top two C.I.A. officials who were pushing the program, not the senior aides to President George W. Bush, not the leaders of the Senate and House Intelligence Committees — investigated the gruesome origins of the techniques they were approving with little debate. According to several former top officials involved in the discussions seven years ago, they did not know that the military training program, called SERE, for Survival, Evasion, Resistance and Escape, had been created decades earlier to give American pilots and soldiers a sample of the torture methods used by Communists in the Korean War, methods that had wrung false confessions from Americans. Even George J. Tenet, the C.I.A. director who insisted that the agency had thoroughly researched its proposal and pressed it on other officials, did not examine the history of the most shocking method, the near-drowning technique known as waterboarding.
Note: For powerful revelations of the realities behind the fake "war on terror", click here.
During World War I, Americans were exhorted to buy Liberty Bonds to help their soldiers on the front. Now, it seems, they will be asked to come to the aid of their banks — with the added inducement of possibly making some money for themselves. As part of its sweeping plan to purge banks of troublesome assets, the Obama administration is encouraging several large investment companies to create the financial-crisis equivalent of war bonds: bailout funds. The idea is that these investments, akin to mutual funds that buy stocks and bonds, would give ordinary Americans a chance to profit from the bailouts that are being financed by their tax dollars. But there is another, deeply political motivation as well: to quiet accusations that all of these giant bailouts will benefit only Wall Street plutocrats. If, as some analysts suspect, the banks’ assets are worth even less than believed, the funds’ investors could suffer significant losses. Nonetheless, the administration and executives in the financial industry are pushing to establish the investment funds, in part to counter swelling hostility against the financial industry. The embrace of smaller investors underscores the concern in Washington and on Wall Street that Americans’ anger could imperil further efforts to stimulate the economy with vast amounts of government spending. Many Americans say they believe the bailout programs ... will benefit only a golden few, including some of the institutions that helped push the economy to the brink. Critics like Joseph E. Stiglitz, a Nobel Prize-winning economist, argue that the bailouts merely privatize profits and socialize losses.
Note: For a powerfully revealing archive of reports from reliable sources on the hidden realities of the financial bailout, click here.
In Season 5 of “Rescue Me,” which begins Tuesday on FX, the specter of 9/11 becomes a major character once again, when a French journalist starts interviewing firefighters about their experiences for a commemorative book. This season one major character will become seriously ill with cancer apparently caused by his work at ground zero. Another, Franco Rivera (Daniel Sunjata), will articulate his ... belief that 9/11 was “an inside job,” the result of “a massive neoconservative government conspiracy” that was designed to increase American power by creating a pretext for seizing control of the world’s oil supplies — a view Mr. Sunjata himself happens to share. “The reason we wrote it,” Mr. Tolan said, “is that Danny was spouting this stuff and even some of the guys, the firefighters on the set, were saying ‘What is this?’ We saw how divisive this was and thought: We have to do this.” Mr. Sunjata admits to some trepidation about how the show’s audience will react to the story line. “I won’t say that my opinions were warmly received on the set,” he said. “At one point I thought, ‘Maybe I’ll get fired if I keep opening my mouth.’ But even though Peter and Denis didn’t sign on to this conspiracy, they were brave enough to include it in the show. I give them and FX and Fox — I never thought I’d say this — a big round of applause.” Mr. Sunjata certainly had reason to fear losing his job, since “Rescue Me” has never been timid about dispatching major characters.
Note: To read why hundreds of professors and professionals agree with Daniel Sunjata, click here and here.
Lawrence H. Summers, the top economic adviser to President Obama, earned more than $5 million last year from the hedge fund D. E. Shaw and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money, the White House disclosed. Mr. Summers, the director of the National Economic Council, wields important influence over Mr. Obama’s policy decisions for the troubled financial industry, including firms from which he recently received payments. Last year, he reported making 40 paid appearances, including a $135,000 speech to the investment firm Goldman Sachs, in addition to his earnings from the hedge fund, a sector the administration is trying to regulate. Mr. Summers’s role at the White House includes advising Mr. Obama on whether — and how — to tighten regulation of hedge funds, which engage in highly sophisticated financial trading that many analysts have said contributed to the economic collapse. Mr. Summers ... appeared before large Wall Street companies like Citigroup ($45,000), J. P. Morgan ($67,500) and the now defunct Lehman Brothers ($67,500), according to his disclosure report. While Mr. Obama campaigned on a pledge to restrict lobbyists from working in the White House, a step intended to reduce any influence between the administration and corporations, the ban did not apply to former executives like Mr. Summers, who was not a registered lobbyist. In 2006, he became a managing director of D. E. Shaw, a firm that manages about $30 billion in assets, making it one of the biggest hedge funds in the world.
Note: For many revealing reports on the realities behind the Wall Street bailouts, click here.
When doctors returned to check on the patient who had almost died and been in a deep coma before being resuscitated, he thanked them for all the work they had done. He had, he told the surprised team of medics, been very impressed and had watched everything they had done. He had heard all that had been said, too, and, at one point, had been concerned when resuscitation was about to be abandoned. He then went on to describe in detail the room where he had been treated – although he had never been conscious in there. That near-death experience is one of a number recorded by Dutch doctors and one of thousands of similar cases that have now been documented in a major worldwide study. New research shows that many critically ill kidney dialysis patients have similar experiences, and that almost one in 10 heart-arrest survivors also report near-death experiences whose features include out of body sensations, bright lights, dark tunnels, and images of life events and spiritual entities. Near-death experiences are surprisingly common. In the latest study, researchers quizzed 710 kidney dialysis patients and found that, out of 70 patients who had suffered a life-threatening event, 45 had gone though a near-death experience. Near-death experiences occur in both sexes, in every culture, and at all ages.
Prominent banking analyst Meredith Whitney warned that "credit cards are the next credit crunch," as contracting credit lines will lower consumer spending and hurt the U.S. economy. "Few doubt the importance of consumer spending to the U.S. economy and its multiplier effect on the global economy, but what is under-appreciated is the role of credit-card availability in that spending," Whitney wrote in the Wall Street Journal. Although credit was extended "too freely over the past 15 years" and rationalization of lending is unavoidable, what needs to be avoided was "taking credit away from people who have the ability to pay their bills," said Whitney, CEO of Meredith Whitney Advisory Group. Whitney said available lines were reduced by nearly $500 billion in the fourth quarter of 2008 alone, and she estimates over $2 trillion of credit-card lines will be cut within 2009, and $2.7 trillion by the end of 2010. "Inevitably, credit lines will continue to be reduced across the system, but the velocity at which it is already occurring and will continue to occur will result in unintended consequences for consumer confidence, spending and the overall economy," Whitney said. There is roughly $5 trillion in credit-card lines outstanding in the U.S., and a little more than $800 billion is currently drawn upon, she said. "Lenders, regulators and politicians need to show thoughtful leadership now on this issue in order to derail what I believe will be at least a 57 percent contraction in credit-card lines," she said.
Note: Some believe that rising defaults on credit card debt could cause yet another financial shock to the system. For many more revelations of the amazing realites of the Wall Street bailout and the now world-wide financial and credit crises, click here.
Britain and America have led other countries in "actively undermining" the rule of law and "threatening civil liberties" in the guise of fighting terrorism, international jurists have charged in a report published yesterday. The three-year study calls for urgent measures to stop the erosion of individual freedom by states and [for] the abandoning of draconian measures brought on with the "War on Terror". The legal framework which broadly existed in democratic countries before 9/11 was "sufficiently robust to meet current threats" said the International Commission of Jurists. Instead, a series of security measures were brought in, many of which were illegal. One worrying development ... was that liberal democracies such as the UK and US have been at the forefront of advocating the new aggressive policies and that has given totalitarian regimes the excuse to bring in their own repressive laws. The ICJ panel, which included Mary Robinson, the former Irish president and United Nations Human Rights Commissioner and Arthur Chaskelson, the former president of the South African constitutional court, gathered their evidence from 40 countries. They took testimony from government officials, ministers, and people in prison for alleged terrorist offences. The actions of the US [have] immense influence on the behaviour of other countries, the study maintained, and the jurists called on President Barack Obama to repeal policies which came with the "war on terror paradigm" and were inconsistent with international human rights law.
Note: To read the ICJ Eminent Jurists Panel's full Report on Terrorism, Counter-Terrorism and Human Rights, click here. For many disturbing reports from major media sources on the increasing threats from states to civil liberties under the pretext of fighting terrorism, click here.
Canada's federal police will no longer use stun guns against suspects who are merely resisting arrest or refusing to cooperate — saying the guns can cause death. "Tasers hurt like hell," Royal Canadian Mounted Police Commissioner William Elliot said Thursday of his reaction to being shot with a stun gun as a test. The guns incapacitate people with a 50,000-volt jolt of electricity. "The RCMP's revised policy underscores that there are risks associated with the deployment of the device and emphasizes that those risks include the risk of death, particularly for agitated individuals," Elliot told members of Parliament's public safety committee. At least 20 Canadians have died after being zapped by stun guns. Federal police officers have used the guns more than 5,000 times in the last seven years. An analysis of incidents by The Canadian Press between 2002 and 2005 found that three in four suspects zapped by the RCMP were unarmed. Elliot said stun gun use must now be justified as a necessary and reasonable use of force. Officers had previously been told that stun guns are a good way to control suspects in a state of so-called "excited delirium," or in an agitated or delirious state. Elliot said the term will no longer appear in police manuals. "(Police officers) are highly trained, but they're not medical experts and we don't think it's fair or reasonable to have policy based on a medical condition or diagnosis," Elliot said.
Note: For much more on the dangers of so-called "non-lethal weapons", click here.
In a move that pleased good government groups and some journalists, President Obama issued new orders today designed to improve the federal government's openness and transparency. The first memo instructs all agencies and departments to "adopt a presumption in favor" of Freedom of Information Act requests, while the second memo orders the director of the Office of Management and Budget to issue recommendations on making the federal government more transparent. His memo on government transparency ... directs the yet-to-be-named chief technology officer to work with the OMB director to develop an "Open Government Directive" in the next four months. Just in case new OMB director Peter R. Orszag needs any suggestions, the Sunlight Foundation -- a group dedicated to improving government transparency -- has several. Each agency should do an audit of its information and data how it makes it available, [director Ellen] Miller said. The administration should also redefine the definition of "public information" to mean that government information is not public until it is posted online in an easy-to-download format. "The devil is in the details," Miller cautions. Obama today also froze the salaries of senior White House staffers and issued executive orders on presidential records and new ethics guidelines for presidential appointees.
Note: For revealing reports on government secrecy, click here.
The top Bush administration official in charge of deciding whether to bring Guantanamo Bay detainees to trial has concluded that the U.S. military tortured a Saudi national ... interrogating him with techniques that included sustained isolation, sleep deprivation, nudity and prolonged exposure to cold, leaving him in a "life-threatening condition." "We tortured [Mohammed al-]Qahtani," said Susan J. Crawford, in her first interview since being named convening authority of military commissions by Defense Secretary Robert M. Gates in February 2007. "His treatment met the legal definition of torture. And that's why I did not refer the case" for prosecution. Military prosecutors said in November that they would seek to refile charges against Qahtani, 30, based on subsequent interrogations that did not employ harsh techniques. But Crawford, who dismissed war crimes charges against him in May 2008, said in the interview that she would not allow the prosecution to go forward. The interrogation ... was so intense that Qahtani had to be hospitalized twice at Guantanamo with bradycardia, a condition in which the heart rate falls below 60 beats a minute and which in extreme cases can lead to heart failure and death. At one point Qahtani's heart rate dropped to 35 beats per minute, the record shows.
Note: For many revealing reports on torture and other war crimes committed in the War on Terrorism and in Iraq and Afghanistan, click here.
Civil liberties and immigrant rights advocates expressed outrage over a Department of Justice rule that took effect Friday, mandating federal agencies to collect DNA samples from anyone who is arrested and foreigners detained by immigration authorities. The rule aims to help federal law enforcement agencies solve and deter crimes by expanding the country's DNA database, which is overseen by the FBI. The government also hopes that sampling immigrant detainees will help law enforcement hold them accountable for any crimes they committed in the United States. The rule ... sparked outcry from civil liberties advocates. "We should not be taking DNA, which contains highly personal information, from people merely upon suspicion they've done something wrong," said Larry Frankel, state legislative counsel for the American Civil Liberties Union in Washington, D.C. "This completely reverses the notion someone is innocent until proven guilty." Justice officials have estimated the DNA rule would put 1.2 million DNA samples into the federal DNA database each year. Thirteen states already collect DNA samples from some people who had been arrested, according to a 2008 survey by the National Conference of State Legislatures. Nearly all limit the practice to arrests related to violent crimes or felonies. At the federal level, officials will take a cheek swab for DNA from arrestees along with fingerprints regardless of the nature of the offense, according to the Department of Justice.
Note: For many disturbing reports from major media sources on threats to civil liberties, click here.
The U.S. Navy wants to teach sailors how to hunt submarines off the coast of Jacksonville, but it's trying to prove its proposed undersea-warfare-training range won't hurt the world's most endangered whale. Concern about harm to the North Atlantic right whale from military sonar, vessels and torpedoes might pose a stumbling block to the proposed $100 million training range, which could be built near the whale's protected calving area. The U.S. Navy announced earlier this year that it wants to build the undersea-warfare-training range in a 662-square-mile zone nearly 58 miles off Jacksonville. Environmentalists fear whales could die from being run over by ships or becoming disoriented from the sonar. "Under federal law, environmental issues have to be placed on par with other national interests, including economic concerns and military training," said Michelle B. Nowlin, supervising attorney for the Environmental Law and Policy Clinic at the Duke University School of Law. "The courts have been very clear there must be a balance of those interests." Federal reports say the death of even one pregnant female could risk the species' survival. That's why more than a dozen conservation groups have opposed a permanent range for the sonar-based warfare training near the calving grounds. Military sonar, broadcasting an active midfrequency signal at 235 decibels, has a lethal history, with a dozen cases worldwide of mass whale and dolphin strandings and evidence of damage to their hearing after underwater exercises.
Note: For reliable reports detailing threats to and abuse of marine mammals by military operations, click here.
Congress wanted to guarantee that the $700 billion financial bailout would limit the eye-popping pay of Wall Street executives, so lawmakers included a mechanism for reviewing executive compensation and penalizing firms that break the rules. But at the last minute, the Bush administration insisted on a one-sentence change to the provision. The change stipulated that the penalty would apply only to firms that received bailout funds by selling troubled assets to the government in an auction, which was the way the Treasury Department had said it planned to use the money. Now, however, the small change looks more like a giant loophole, according to lawmakers and legal experts. In a reversal, the Bush administration has not used auctions for any of the $335 billion committed so far from the rescue package, nor does it plan to use them in the future. Lawmakers and legal experts say the change has effectively repealed the only enforcement mechanism in the law dealing with lavish pay for top executives. "The flimsy executive-compensation restrictions in the original bill are now all but gone," said Sen. Charles E. Grassley (Iowa), ranking Republican on of the Senate Finance Committee. Senators on the Finance Committee have expressed concern to Paulson and are now considering whether they should amend the law to apply the enforcement mechanism to all firms participating in the bailout.
Note: For a treasure trove of reliable reports exposing the realities of the Wall Street bailout, click here.
Important Note: Explore our full index to revealing excerpts of key 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.