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.
A British man spoke publicly for the first time yesterday to accuse MI5 officers of forcing him to confess to masterminding the July 7 bombings. Jamil Rahman claims UK security officers were behind his arrest in 2005 in Bangladesh. He says he was beaten repeatedly by local officials who also threatened to rape him and his wife. Mr Rahman, who is suing the Home Office, said a pair of MI5 officers who attended his torture and interrogation would leave the room while he was beaten. He claims when he told the pair he had been tortured they merely answered: 'They haven't done a very good job on you.' Mr Rahman told the BBC: 'They threatened my family. They go to me, "In the UK, gas leaks happen, if your family house had a gas leak and everyone got burnt, there's no problems, we can do that easily".' He says he eventually made a false confession of involvement in the July 7 bomb plots. The extraordinary allegations will add to pressure on UK ministers to come clean over the way Britain's intelligence agencies have been allowed to gather evidence around the world in the eight years since the September 11 attacks. Jamil Rahman, a former civil servant from south Wales, is a British citizen who moved to Bangladesh in 2005 and married a woman he met there. He returned to the UK last year. He said: 'It was all to do with the British. Jamil Rahman is one of a number of former detainees who accuse the British Government colluded in their torture abroad. His account echoes that of former Guantanamo Bay detainee Binyam Mohamed, who said he was tortured in Pakistan and Morocco with MI5's knowledge. The 30-year-old Ethiopian says he was beaten and deprived of sleep to try to make him confess to an Al Qaeda 'dirty bomb' plot, and his treatment is now the subject of an unprecedented police investigation into MI5's conduct.
Note: For lots more on the hidden strategies used to maintain the "war on terror", click here.
David F. Wherley Jr., the head of the Washington National Guard who scrambled jets over the city during the 9/11 terrorist attacks, was among those killed in the worst commuter train crash in the city’s history, officials said. Wherley’s wife, Ann, was also among the nine people killed when a train plowed into the rear of a stopped train during rush hour on June 22, Quintin Peterson, a spokesman for the Metropolitan Police Department, said in a telephone interview. Both were 62 and lived in southeast Washington. Wherley was commander of the 113th Fighter Wing at Andrews Air Force base in Maryland during the September 2001 terrorist attacks and sent up aircraft with orders to protect the White House and the Capitol, according to the 9/11 Commission report. He commanded the District of Columbia National Guard from 2003 to 2008, the unit said in a statement. Wherley flew T-38 training jets and F-105 Thunderchief and F-4 Phantom combat jets during a military career that began in 1969, according to the guard’s statement. It said he earned a bachelor’s degree in economics from Fordham University in New York City in 1969, and a master’s in business administration from the University of Maryland in 1977.
Note: Could there be something more than a mere accident behind the death of the commander of the air defense forces over Washington DC on 9/11? Many questions continue to swirl concerning what was in the air over the city that morning, what was launched by Gen. Wherley and when, and why no interception of an attack aircraft approaching the Pentagon occurred. He knew more than the public does about what really took place in those crucial hours, but he will now not be available for questioning should a real investigation into the 9/11 attacks take place. For lots more on the suspicions that surround the official explanation and calls by highly respected citizens for just such an investigation, click here and here.
These days, every skin lotion and dish detergent on store shelves gloats about how green it is. How do shoppers know which are good for them and good for the earth? It was a similar question that hit Dara O’Rourke, a professor of environmental and labor policy at the University of California, Berkeley, one morning when he was applying sunscreen to his young daughter’s face. He realized he did not know what was in the lotion. He went to his office and quickly discovered that it contained a carcinogen activated by sunlight. It also contained an endocrine disruptor and two skin irritants. He also discovered that her soap included a kind of dioxane, a carcinogen, and then found that one of her brand-name toys was made with lead. And in looking for the answer, he hatched the idea for a company that used his esoteric research on supply chain management. “All I do is study this, and I know nothing about the products I’m bringing into our house and putting in, on and around our family,” Mr. O’Rourke said. But when he wanted to find that information, he could. Most consumers would struggle to do so. Hence GoodGuide, a Web site and iPhone application that lets consumers dig past the package’s marketing spiel by entering a product’s name and discovering its health, environmental and social impacts. GoodGuide’s office, in San Francisco, has 12 full-time and 12 part-time employees, half scientists and half engineers. They have scored 75,000 products with data from nearly 200 sources, including government databases, studies by nonprofits and academics, and the research by scientists on the GoodGuide staff.
Note: Check out this excellent means of finding what is in the products you use.
In its attempts to quash weapons of mass destruction, the Pentagon has been trying novel ways to track down dangerous materiel. For years, DARPA [the Defense Advanced Research Projects Agency] has been trying to train insects and bugs to sniff out toxic substances, providing more sensitive detection, as well as access that conventional sensors might not have. The newest twist on this concept is a plan to link up armies of the cyborg bugs in a peer-to-peer, or insect-to-insect, network that will allow them to communicate with each other and with their human masters. This next approach will implant insects with a chip that reads certain muscle twitches, which correspond to the presence of certain chemicals. The chips will then modify the chirps of insects like cicadas or crickets into an electronic signal that could be transmitted to other chipped insects in the area. Information about detected weaponized chemicals could bounce around this mobile insect network, and then be picked up by humans. The idea of creating a decentralized communication network between free-roaming insects could radically increase the bugs' range of detection.
Note: For a video and more on this, see the New Scientist article at this link.
"New World Order," which premieres today on the Independent Film Channel, is a film about ... volunteers in an "information war" who see ... that 9/11 was an "inside job," that the military-industrial complex killed Kennedy, and that an international "power elite" is plotting to enslave us all, excepting for those it will kill outright. They are hard to pigeonhole politically, these conspiracy adepts, trusting neither the "socialist Democrats" nor the "fascist Republicans" -- Ron Paul seems to be their man, if anyone is -- yet sounding as often like '60s leftist radicals as right-wing militiamen. They take the 1st Amendment as seriously as any card-carrying member of the ACLU, styling themselves muckrakers and speakers of truth to power, often through a bullhorn. The man with the biggest bullhorn is Alex Jones, an Austin, Texas-based syndicated radio host ... and the point through which all the strands connect in this unexpectedly affecting, nonjudgmental documentary by Luke Meyer and Andrew Neel. Much of what Jones and his fellows and followers believe is, in a general way, hardly controversial. But whether 9/11 was a plot to bring on world government, or whether the government you already have has painted a red or blue dot on your mailbox to indicate whether you will be shot immediately or merely be sent to the "FEMA camps" when the American Armageddon arrives, well, that's a pale horse of a different color. (Still, you'll want to check your mailbox now.) "This is more important than how much Britney Spears' hair sold for on EBay, 'Dancing With the Stars' or who's gonna be America's next idol," says one believer. "People think this is a joke. We're not a joke."
Note: The disparaging tone of this review of the documentary is typical of mainstream media treatment of 9/11 truth activity, but it makes clear that the film itself does not share this attitude.
Everything you know about Iran is wrong, or at least more complicated than you think. Take the bomb. The regime wants to be a nuclear power but could well be happy with a peaceful civilian program. Over the last five years, senior Iranian officials at every level have repeatedly asserted that they do not intend to build nuclear weapons. President Mahmoud Ahmadinejad has quoted the regime's founding father, Ayatollah Ruhollah Khomeini, who asserted that such weapons were "un-Islamic." The country's Supreme Leader, Ayatollah Ali Khamenei, issued a fatwa in 2004 describing the use of nuclear weapons as immoral. In a subsequent sermon, he declared that "developing, producing or stockpiling nuclear weapons is forbidden under Islam." Last year Khamenei reiterated all these points after meeting with the head of the International Atomic Energy Agency, Mohamed ElBaradei. Now, of course, they could all be lying. But it seems odd for a regime that derives its legitimacy from its fidelity to Islam to declare constantly that these weapons are un-Islamic if it intends to develop them. It would be far shrewder to stop reminding people of Khomeini's statements and stop issuing new fatwas against nukes. Following a civilian nuclear strategy has big benefits. The country would remain within international law, simply asserting its rights under the Nuclear Non-Proliferation Treaty, a position that has much support across the world. That would make comprehensive sanctions against Iran impossible. And if Tehran's aim is to expand its regional influence, it doesn't need a bomb to do so.
In late 2007, there was the first crack of daylight into the government’s use of waterboarding during interrogations of Al Qaeda detainees. On Dec. 10, John Kiriakou, a former C.I.A. officer who had participated in the capture of the suspected terrorist Abu Zubaydah in Pakistan in 2002, appeared on ABC News to say that while he considered waterboarding a form of torture, the technique worked and yielded results very quickly. Mr. Zubaydah started to cooperate after being waterboarded for “probably 30, 35 seconds,” Mr. Kiriakou told the ABC reporter Brian Ross. “From that day on he answered every question.” His claims — unverified at the time, but repeated by dozens of broadcasts, blogs and newspapers — have been sharply contradicted by a newly declassified Justice Department memo that said waterboarding had been used on Mr. Zubaydah “at least 83 times.” Some critics say that the now-discredited information shared by Mr. Kiriakou and other sources heightened the public perception of waterboarding as an effective interrogation technique. “I think it was sanitized by the way it was described” in press accounts, said John Sifton, a former lawyer for Human Rights Watch. On “World News,” ABC included only a caveat that Mr. Kiriakou himself “never carried out any of the waterboarding.” Still, he told ABC that the actions had “disrupted a number of attacks, maybe dozens of attacks.” A video of the interview was no longer on ABC's website.
Note: For the transcript of the original ABC interview of John Kiriakou, click here. To watch a video of the interview which ABC News removed from its website, click here.
American authorities reportedly refused an Air France flight from Paris to Mexico entry into US airspace because a left-wing journalist writing a book on the CIA was on board. Hernando Calvo Ospina, who works for Le Monde Diplomatique and has written on revolutionary movements in Cuba and Colombia , figured on the US authorities' "no-fly list". A spokesman for Mr Ospina's French publisher, Le Temps des Cerises, said: "Hernando, who was heading to Nicaragua to research a report, thus found out that he is on a 'no-fly list' that bans a number of people from flying to or even over the United States." Some 50,000 people are said to be on the list set up under George W. Bush, the former US president. The publisher accused the Central Intelligence Agency of being behind Mr Ospina's blacklisting, pointing out that the journalist was currently researching a book about the spy agency. "It shows to what degree its paranoia (has reached)," it said. Critics claim that [the list] has been abusively extended to peaceful critics of US policy.
Note: For many disturbing reports from major media sources on the increasing threats to civil liberties under the pretext of the "war on terrorism," click here.
One famous aria after another: the operatic hit parade began as the bus pulled away from the depot, empty. “La donna č mobile” from Verdi’s “Rigoletto” was followed, somewhere on the West Side Highway, by “Nessun dorma” from Puccini’s “Turandot.” The A’s and that high B at the end were thrilling. And then the bus turned onto Clarkson Street, on the way to the first stop on the M8 line. “This is difficult sitting down,” said the driver, Christopher G. Dolan, 51. “You got to be standing up.” Mr. Dolan ... has been a New York City driver for 27 years, starting in the Bronx and then transferring to Manhattan. You never know whom you will meet on a bus — he married one of his passengers. “That’s worth my $2,” said Elaine Smalls, who boarded at Eighth Street and Avenue C. He started as a baritone. On the job one day in 2002 — he was on the M10 then — he picked up a passenger on Eighth Avenue whom he recognized as Vincent La Selva, the artistic director of the New York Grand Opera. “I called him over, which surprised him, being recognized on the bus, and I said, ‘What does somebody have to do to get an audition with you?’ He handed me his card and said, ‘Give me a call.’ ” Mr. Dolan did, and soon he was in Mr. La Selva’s studio, plowing through aria after aria. He remembers what Mr. La Selva told him when he finished: “I love your voice, but you’re not a baritone. Go home and learn to be a tenor and come back.” Mr. Dolan did as he was told: he worked on getting his voice up to a higher tessitura.
Note: To watch a short video of Mr. Dolan singing while driving his bus, click here. For a video of a short recital off the bus, click here.
Competing mind-over-matter toys from Mattel and Uncle Milton Industries are coming this fall to a store near you. They are the first "brain-computer interfaces" to enter the consumer mainstream. NeuroSky is in the forefront of turning brain-computer interfaces into cheap, ubiquitous consumer items. It's selling brain-reading hardware and software headsets to all comers -- including Christmas competitors like Mattel's $80 Mindflex and Uncle Milton's $130 Force Trainer, both of which involve levitating a ping-pong-like ball. NeuroSky has its sights set on providing brain-wave sensors for the automotive, health-care and education industries. The prospect for mind controlling matter dates to 1875, when Richard Caton discovered that you could peer into the workings of the brain by detecting its electrical impulses. In 1929 came the first electroencephalograph -- the EEG machine. But hospital EEG machines are expensive, enormous and not good at fine control; plus you have to smear conductive goop on your head -- not a great selling point. Thus, NeuroSky's adaptation is no small thing. They get a single dry sensor to read your bare forehead, no goop, no holes drilled through the skull. They get the device to focus on the correct signals from that extremely noisy brain area, filtering out everything else -- that's their big trick. "It's like being at a crowded party, and picking out one quiet conversation," says Liu. Then they make it small, light and cheap, and deliver it to market.
Note: Don't miss the astonishing video demonstration on the Post website. And remember that the military is generally at least 10 years ahead of industry in any new technologies like this.
Annie Leonard, named one of Time magazine's 2008 Environmental Heroes, knows better than most: It's not so easy living green. Leonard created and narrates the international Web documentary phenomenon "Story of Stuff," which summarizes her 20 years of global sleuthing: tracking the source of the stuff we buy and the fate of the stuff we throw away. This lively animated film makes the point that if everyone on Earth consumed at U.S. levels, we would need five planets. Leading by example, Leonard shows how simple steps and a little patience can help people create environmentally friendly, energy-efficient, stuff-free lives. In her cozy Berkeley home, the first clue sits in her driveway: A blue ZENN, or zero emission no noise, electric vehicle. The car is a NEV, or neighborhood electric vehicle, which is a U.S. Department of Transportation classification for speed-limited battery electric vehicles. The car quietly sucks sun power from solar panels on Leonard's roof and only goes 25 mph, which is just fine with her. "I am always racing around, and this forces me to move at a slower pace. I need any help I can get to do that." Leonard didn't go solar just to charge her car. She says she did it to save mountaintops in Appalachia. "ILoveMountains.org uses Google Earth technology to show coal mine destruction of mountains - the environmental and social devastation. It's really intense. You type in your ZIP code and see the lines of power plants supplying your house. There is mountaintop-removal coal going into my grid. I don't want any part of that."
Note: To watch the powerful 20-minute video "The Story of Stuff", click here.
Yesterday was a great day for the people of Appalachia and for all of America. In a bold departure from Bush-era energy policy, the Obama administration suspended a coal company's permit to dump debris from its proposed mountaintop mining operation into a West Virginia valley and stream. In addition, the administration promised to carefully review upward of 200 such permits awaiting approval by the U.S. Army Corps of Engineers. Mountaintop-removal coal mining is the greatest environmental tragedy ever to befall our nation. This radical form of strip mining has already flattened the tops of 500 mountains, buried 2,000 miles of streams, devastated our country's oldest and most diverse temperate forests, and blighted landscapes famous for their history and beauty. Using giant earthmovers and millions of tons of explosives, coal moguls have eviscerated communities, destroyed homes, and uprooted and sickened families with coal and rock dust, and with blasting, flooding and poisoned water, all while providing far fewer jobs than does traditional underground mining. The Corps has been working overtime to oblige impatient coal barons by quickly issuing the pending permits. Each such permit amounts to a death sentence for streams, mountains and communities. Taken together, these pending permits threatened to lay waste to nearly 60,000 acres of mountain landscape, destroy 400 valleys and bury more than 200 miles of streams. The Corps already had issued a dozen permits before the White House stepped in.
When [Claudette Colvin] was 15, she refused to move to the back of the bus and give up her seat to a white person — nine months before Rosa Parks did the very same thing. Most people know about Parks and the Montgomery, Ala., bus boycott that began in 1955, but few know that ... Colvin was the first to really challenge the law. She remembers taking the bus home from high school on March 2, 1955. The bus driver ordered her to get up and she refused, saying she'd paid her fare. Two police officers put her in handcuffs and arrested her. Now her story is the subject of a new book, Claudette Colvin: Twice Toward Justice. Author Phil Hoose says that ... there was this teenager, nine months before Rosa Parks, "in the same city, in the same bus system, with very tough consequences, hauled off the bus, handcuffed, jailed and nobody really knew about it." He also believes Colvin is important because she challenged the law in ... the court case that successfully overturned bus segregation laws in Montgomery and Alabama. People may think that Parks' action was spontaneous, but black civic leaders had been thinking about what to do about the Montgomery buses for years. The stories of Parks and the Rev. Martin Luther King Jr. are ... the stories of people in their 30s and 40s. Colvin was 15. Hoose feels his book will bring a fresh teen's perspective to the struggle to end segregation.
Note: For more along these lines, see concise summaries of deeply revealing civil liberties articles from reliable major media sources.
[Pulitzer prize winning] investigative reporter Seymour Hersh may have made a little more news than he intended by talking about new alleged instances of domestic spying by the CIA, and about an ongoing covert military operation that he called an “executive assassination ring.” [In reply to a question, Hersh said] "After 9/11 ... the Central Intelligence Agency was very deeply involved in domestic activities against people they thought to be enemies of the state, without any legal authority for it. Today, there was a story in the New York Times that ... mentioned something known as the Joint Special Operations Command -- JSOC it’s called. They reported directly to the Cheney office. They did not report to the chairman of the joint chiefs of staff or to Mr. [Robert] Gates, the secretary of defense. They reported directly to [Cheney]. ... Congress has no oversight of it. It’s an executive assassination ring essentially, and it’s been going on and on. They’ve been going into countries, not talking to the ambassador or the CIA station chief, and finding people on a list and executing them and leaving. That’s been going on, in the name of all of us." He added that both the press and the public let down their guard in the aftermath of 9/11. “The major newspapers joined the [Bush] team,” Hersh said. Top editors passed the message to investigative reporters not to “pick holes” in what Bush was doing.
Note: For further revelations of the excesses committed in the name of the "war on terror", click here.
A silent $1 trillion "Run on Britain" by foreign investors was revealed yesterday in the latest statistical releases from the Bank of England. The external liabilities of banks operating in the UK – that is monies held in the UK on behalf of foreign investors – fell by $1 trillion (Ł700bn) between the spring and the end of 2008, representing a huge loss of funds and of confidence in the City of London. Some $597.5bn was lost to the banks in the last quarter of last year alone, after a ... massive $682.5bn haemorrhaged in the second quarter of 2008 – a record. About 15 per cent of the monies held by foreigners in the UK were withdrawn over the period. This is by far the largest withdrawal of foreign funds from the UK in recent decades – about 10 times what might flow out during a "normal" quarter. The revelation will fuel fears that the UK's reputation as a safe place to hold funds is being fatally compromised by the acute crisis in the banking system and a general trend to financial protectionism internationally. The slide in sterling – it has shed a quarter of its value since mid-2007 – has been both cause and effect of the run on London, seemingly becoming a self-fulfilling phenomenon. The danger is that the heavy depreciation of the pound could become a rout if confidence completely evaporates. Paranoia that the UK could follow Iceland into effective national insolvency and jibes about "Reykjavik on Thames" will find an unwelcome substantiation in these statistics.
Note: For many deep revelations of the realities of the world financial crisis from reliable sources, click here.
Federal Deposit Insurance Corp. Chairman Sheila Bair said the fund it uses to protect customer deposits at U.S. banks could dry up amid a surge in bank failures, as she responded to an industry outcry against new fees approved by the agency. “Without these assessments, the deposit insurance fund could become insolvent this year,” Bair wrote in a March 2 letter to the industry. “A large number” of bank failures may occur through 2010 because of “rapidly deteriorating economic conditions.” The fund, which lost $33.5 billion in 2008, was drained by 25 bank failures last year. Sixteen banks have failed so far this year, further straining the fund. Smaller banks are outraged over the one-time fee ... Camden Fine, president of the Independent Community Bankers of America, said yesterday. The agency, which has released the change for 30 days of public comment, could modify the assessment to shift the burden to the large banks “that caused this train wreck,” Fine said. “Community bankers are feeling like they are paying for the incompetence and greed of Wall Street,” he said. Consumers should watch this issue closely, said Edmund Mierzwinski, consumer program director at U.S. PIRG, a Boston- based consumer-watchdog group. “I wouldn’t take their money out of the bank yet,” Mierzwinski said. “If the FDIC is saying that there is this serious problem, then we should all be concerned. I think there is a chance the FDIC is going to have to ask taxpayers for money in the future.”
Note: For lots more on the financial crisis from reliable sources, click here.
One of the victims of Continental Flight 3407, Beverly Eckert, was a Sept. 11 widow who put her never-ending grief to good use to make the country safer. Just last week, Eckert was at the White House with Barack Obama, part of a meeting the president had with relatives of those killed in the 2001 attacks and the bombing of the USS Cole to discuss how the new administration would handle terror suspects. Obama, addressing business leaders on Friday, referred to her "passionate commitment" to the 9/11 families. "She was an inspiration to me and to so many others, and I pray that her family finds peace and comfort in the hard days ahead," the president said during remarks about the crash at the East Room event. "She was such an important part of all of our work," said Mary Fetchet, another 9/11 family activist.
Note: Mrs. Eckert rejected the $1.8 million payment for 9/11 survivors, as she would have forfeited the right to sue the government for its role in the event. ABC News quotes her on how she had "chosen to go to court rather than accept a payoff from the 9/11 victims compensation fund. I want to know why two 110-story skyscrapers collapsed in less than two hours and why escape and rescue options were so limited. I am suing because unlike ... congressional hearings and the 9/11 commission, my lawsuit requires all testimony be given under oath and fully uses powers to compel evidence." For why Mrs. Eckert and hundreds of other highly respected politicians and professors are calling for a new investigation on 9/11, click here.
President Obama plans to order a sweeping overhaul of the National Security Council, expanding its membership and increasing its authority to set strategy across a wide spectrum of international and domestic issues. The result will be a "dramatically different" NSC from that of the Bush administration or any of its predecessors since the forum was established after World War II ... according to national security adviser James L. Jones, who described the changes in an interview. Jones, a retired Marine general, made it clear that he will run the process and be the primary conduit of national security advice to Obama. The new structure ... will expand the NSC's reach far beyond the range of traditional foreign policy issues. New NSC directorates will deal with such department-spanning 21st-century issues as cybersecurity, energy, climate change, nation-building and infrastructure. Many of the functions of the Homeland Security Council, established as a separate White House entity by President Bush after the terrorist attacks of Sept. 11, 2001, may be subsumed into the expanded NSC, although it is still undetermined whether elements of the HSC will remain as a separate body within the White House. Over the next 50 days, John O. Brennan, a CIA veteran who serves as presidential adviser for counterterrorism and homeland security and is Jones's deputy, will review options for the homeland council, including its responsibility for preparing for and responding to natural and terrorism-related domestic disasters.
Electronic surveillance and collection of personal data are "pervasive" in British society and threaten to undermine democracy, peers [in the House of Lords] have warned. CCTV cameras and the DNA database were two examples of threats to privacy, the Lords constitution committee said. It called for compensation for people subject to illegal surveillance. Civil liberties campaigners have warned about the risks of a "surveillance society" in which the state acquires ever-greater powers to track people's movements and retain personal data. In its report, the Lords constitution committee said growth in surveillance by both the state and the private sector risked threatening people's right to privacy, which it said was "an essential pre-requisite to the exercise of individual freedom". People were often unaware of the scale of personal information held and exchanged by public bodies, it said. "There can be no justification for this gradual but incessant creep towards every detail about us being recorded and pored over by the state," committee chairman and Tory peer Lord Goodlad said. "The huge rise in surveillance and data collection by the state and other organisations risks undermining the long-standing tradition of privacy and individual freedom which are vital for democracy," Lord Goodlad added. Human rights campaigners Liberty welcomed the report.
Note: For key reports from major media sources on growing threats to privacy from governments and corporations, click here.
Executives at Goldman Sachs Group Inc., JPMorgan Chase & Co. and hundreds of financial institutions receiving federal aid aren’t likely to be affected by pay restrictions announced yesterday by President Barack Obama. The rules, created in response to growing public anger about the record bonuses the financial industry doled out last year, will apply only to top executives at companies that need “exceptional” assistance in the future. The limits aren’t retroactive, meaning firms that have already taken government money won’t be subject to the restrictions unless they have to come back for more. Pay caps may provide the political cover the administration needs to deliver additional infusions of capital into the financial sector. Obama ... “is not proposing to go back and get that $18.4 billion in bonuses back,” Laura Thatcher, head of law firm Alston & Bird’s executive compensation practice in Atlanta, said of the cash bonuses New York banks paid last year, the sixth-biggest haul in history. “Right now, we have not clamped down” on pay at banks. In addition, some executives may be compensated for the potential reduced salaries with restricted stock grants, which may result in huge paydays after the bank repays the government assistance with interest. “They’re just allowing companies to defer compensation,” said Graef Crystal, a former compensation consultant. The restrictions are “a joke,” he said, because “if the government is paid pack, you can be sure that the stock will have risen hugely.”
Note: For many revealing reports from reliable sources on the realities behind 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.