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A federal judge ruled on Thursday that some prisoners held by the United States military in Afghanistan have a right to challenge their imprisonment, dealing a blow to government efforts to detain terrorism suspects for extended periods without court oversight. In a 53-page ruling that rejected a claim of unfettered executive power advanced by both the Bush and Obama administrations, United States District Judge John D. Bates said that three detainees at the United States’ Bagram Air Base had the same legal rights that the Supreme Court last year granted to prisoners held at the American naval base in Guantánamo Bay, Cuba. The three detainees — two Yemenis and a Tunisian — say that they were captured outside Afghanistan and taken to Bagram, and that they have been imprisoned for more than six years without trials. Arguing that they were not enemy combatants, the detainees want a civilian judge to review the evidence against them and order their release, under the constitutional right of habeas corpus. The importance of Bagram as a holding site for terrorism suspects captured outside Afghanistan and Iraq has increased under the Obama administration, which prohibited the Central Intelligence Agency from using its secret prisons for long-term detention and ordered the military prison at Guantánamo closed within a year. The administration had sought to preserve Bagram as a haven where it could detain terrorism suspects beyond the reach of American courts, telling Judge Bates in February that it agreed with the Bush administration’s view that courts had no jurisdiction over detainees there.
Note: For key articles from major media sources on threats to civil liberties, click here.
BILL MOYERS: For months now, revelations of the wholesale greed and blatant transgressions of Wall Street have reminded us that "The Best Way to Rob a Bank Is to Own One." In fact, the man you're about to meet wrote a book with just that title. Bill Black, ... what's your definition of fraud? WILLIAM K. BLACK: Fraud is deceit. And the essence of fraud is, "I create trust in you, and then I betray that trust, and get you to give me something of value." And as a result, there's no more effective acid against trust than fraud, especially fraud by top elites, and that's what we have. Well, The way that you do it is to make really bad loans, because they pay better. Then you grow extremely rapidly, in other words, you're a Ponzi-like scheme. And the third thing you do is we call it leverage. That just means borrowing a lot of money, and the combination creates a situation where you have guaranteed record profits in the early years. That makes you rich, through the bonuses that modern executive compensation has produced. It also makes it inevitable that there's going to be a disaster down the road. BILL MOYERS: So you're ... saying that CEOs of some of these banks and mortgage firms in order to increase their own personal income, deliberately set out to make bad loans? WILLIAM K. BLACK: Yes. BILL MOYERS: If I wanted to go looking for the parties to this, with a good bird dog, where would you send me? WILLIAM K. BLACK: Well, that's exactly what hasn't happened. We haven't looked, all right? You'd look at the specialty lenders. The lenders that did almost all of their work in the sub-prime and what's called Alt-A, liars' loans.
Note: William K. Black is the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. He is now an Associate Professor of Economics and Law at the University of Missouri. The video of this fascinating interview is available here. For a powerfully revealing archive of reports from reliable sources on the hidden realities of the financial bailout, click here.
America's criminal justice system has deteriorated to the point that it is a national disgrace. Its irregularities and inequities cut against the notion that we are a society founded on fundamental fairness. Our failure to address this problem has caused the nation's prisons to burst their seams with massive overcrowding, even as our neighborhoods have become more dangerous. We are wasting billions of dollars and diminishing millions of lives. We need to fix the system. Doing so will require a major nationwide recalculation of who goes to prison and for how long and of how we address the long-term consequences of incarceration. The United States has by far the world's highest incarceration rate. With 5% of the world's population, our country now houses nearly 25% of the world's reported prisoners. We currently incarcerate 756 inmates per 100,000 residents, a rate nearly five times the average worldwide of 158 for every 100,000. All told, about one in every 31 adults in the United States is in prison, in jail, or on supervised release. This all comes at a very high price to taxpayers: Local, state, and federal spending on corrections adds up to about $68 billion a year. Our overcrowded, ill-managed prison systems are places of violence, physical abuse, and hate, making them breeding grounds that perpetuate and magnify the same types of behavior we purport to fear. Post-incarceration re-entry programs are haphazard or, in some places, nonexistent, making it more difficult for former offenders who wish to overcome the stigma of having done prison time and become full, contributing members of society.
Note: The author of this analysis, Senator Jim Webb (D. Va.), is a PARADE Contributing Editor and the author of nine books, including A Time to Fight.
A U.S. Navy researcher announced today that her lab has produced “significant” new results that indicate cold fusion-like reactions. If the work by analytical chemist Pamela Mosier-Boss and her colleagues is confirmed, it could open the door to a cheap, near-limitless reservoir of energy. Devising a fusion-based source of energy on Earth has long been a “clean-energy” holy grail of physicists. A small group of scientists has [tried] to produce fusion reactions at low temperatures. If such experiments did produce fusion reactions, they would generate highly energetic neutrons as a byproduct. These are what Mosier-Boss says her San Diego-based group has found. “If you have fusion going on, then you have to have neutrons,” she said. “But we do not know if fusion is actually occurring. It could be some other nuclear reaction.” Today’s announcement is based partly on research published by Mosier-Boss’ group last year in the journal Naturwissenschaften. The announcement may turn heads, given its stage at the American Chemical Society’s big meeting and the fact that the organization promoted it to science journalists in advance. “It’s big,” said Steven Krivit, founder of the New Energy Times publication, which has tracked cold fusion developments for two decades. “What we’re talking about may be more than anybody actually expected,” he said. “We’re talking about a new field of science that’s a hybrid between chemistry and physics.”
Note: For a powerful documentary showing a major cover-up around cold fusion, click here. Many highly esteemed scientists have repeatedly demonstrated the reality of cold fusion, only to have their research sometimes ruthlessly shut down. For many hopeful reports from reliable sources on the array of new energy developments currently underway, click here.
Israelis on Friday got a fuller dose of rank-and-file angst over their army's winter assault on the Gaza Strip, as newspapers elaborated on allegations that commanders created a permissive attitude toward the killing of civilians. Soldiers' accounts of two killings of women and children appeared Thursday in Haaretz and Maariv. Both papers followed up Friday with lengthy excerpts of the soldiers’ comments about confusion and doubt over the rules of engagement during the 22-day offensive, which left an estimated 1,400 Palestinians dead. The accounts came from a Feb. 13 discussion at a military preparatory academy. AVIV: At first the specified action was to go into a house ... with an armored personnel carrier ... and start shooting inside. I call this murder. We were supposed to go up floor by floor, and any person we identified, we were supposed to shoot. I initially asked myself, "Where is the logic?" They said it was permissible because anyone who remained in the sector was in effect condemned, a terrorist, because they hadn't fled. I didn't really understand. They don't have anywhere to flee to. ... This scared me a bit. I tried to exert some influence I try to explain to the guy that not everyone in there is a terrorist, and that after he kills, say, three children and four mothers, we'll go upstairs and kill another 20 or so people. I tried to explain why we had to let them leave. It didn't really help. This is really frustrating, to see that they understand that inside Gaza you are allowed to do anything you want.
Note: For many revelations of the realities of the wars in the Middle East and Afghanistan, click here.
Two Israeli newspapers published disturbing accounts this week about misconduct by Israeli soldiers during this country's January offensive in Gaza – and one statement ... conveyed an over-riding state of mind, one that enabled at least some Israeli soldiers to carry out some thoroughly loathsome deeds while they were deployed in Gaza – including, it seems, the cold-blooded murder of Palestinian civilians. "I don't know how to describe it," said the soldier in question, a squad leader who is clearly troubled by much of what he saw. "The lives of Palestinians, let's say, is something much, much less important than the lives of our soldiers." Psychologists have at least a couple of terms for the tendency of humans to view their adversaries as springing from a lower order of being. Known either as pseudo-speciation or dehumanization, the phenomenon is as ancient as the Bible and as common nowadays as olive trees in the Holy Land. If there is one man in this country who has explored the dark side of Israel's heart, it is Yehuda Shaul, director of Breaking the Silence, an organization that collects and publishes accounts by Israeli soldiers about their sometimes brutal behaviour while on duty in the Palestinian territories. Shaul says ... "The soldiers say: `Everyone is an enemy. Everyone here is a legitimate target.' That was the notion."
Note: For a former Marine Corps general's analysis of the purposes served by the dehumanizaton of the "enemy" inculcated in soldiers by their officers, click here.
Scientists have the first evidence that life-threatening peanut allergies may be cured one day. A few kids now are allergy-free thanks to a scary treatment — tiny amounts of the very food that endangered them. Don’t try this at home. Doctors monitored the youngsters closely in case they needed rescue, and there’s no way to dice a peanut as small as the treatment doses required. But over several years, the children’s bodies learned to tolerate peanuts. Immune-system tests show no sign of remaining allergy in five youngsters, and others can withstand amounts that once would have left them wheezing or worse. “We’re optimistic that they have lost their peanut allergy,” said the lead researcher, Dr. Wesley Burks, Duke’s allergy chief. Rhonda Cassada['s] 7-year-old son, Ryan, has been labeled allergy-free for two years and counting. It’s a big change for a child who couldn’t tolerate one-sixth of a peanut when he entered the study at age 2 1/2. By 5, Ryan could eat a whopping 15 peanuts at a time with no sign of a reaction. More rigorous research is under way to confirm the pilot study, released Sunday at a meeting of the American Academy of Asthma and Immunology. If it pans out, the approach could mark a major advance for an allergy that afflicts 1.8 million people in the United States. Millions of people have food allergies and peanut allergy is considered the most dangerous, with life-threatening reactions possible from trace amounts. It accounts for most of the 30,000 emergency-room visits and up to 200 deaths attributed to food allergies each year. Although some children outgrow peanut allergy, that’s rare among the severely affected. There’s no way to avoid a reaction other than avoiding peanuts.
Note: For many hopeful reports on health issues from major media sources, click here.
The U.S. will reduce its military presence in Iraq by 12,000 troops over the next six months as part of the first major drawdown since President Obama announced his plan to end combat operations in the country next year, U.S. military officials in Baghdad [announced]. The drawdown reflects ... a major shift in priorities for the U.S. military, which is increasingly focused on efforts to arrest the deteriorating situation in Afghanistan. The plan would reduce U.S. troop strength by nearly 10%. The plan calls for the number of U.S. brigade combat teams to drop from 14 to 12. Two brigade teams that had been scheduled to redeploy in the next six months will not be replaced. When the American move is completed, it would reduce the U.S. military presence in Iraq to about 128,000 troops. The Iraq withdrawals are crucial to the administration's plans to devote more military resources to Afghanistan. Senior U.S. national security officials are nearing completion of a strategic review of the U.S. mission in Afghanistan, a step that Obama has described as an effort "to stabilize a deteriorating situation." Seven years after the U.S. invasion, Afghanistan's stability is threatened by a renewed Taliban insurgency. Last month, Obama announced plans to send 17,000 additional U.S. soldiers and Marines to Afghanistan -- deployments that would more than offset the troop reductions in Iraq.
Note: So President Obama withdraws 12,000 troops from Iraq, yet sends 17,000 troops to Afghanistan. What kind of withdrawl is this? Could it be that even Obama supports the war machine? To find out more, click here.
It's not often that a place like Harvard Medical School gets an F – particularly when rivals Stanford, Columbia and the University of Pennsylvania are pulling A's and B's. But that's what happened recently when the members of the increasingly influential – and increasingly noisy – American Medical Student Association (AMSA) decided to grade 150 med schools on just how much money and gifts they're collecting from drug companies. The more goodies a school is vacuuming up from the industry, the worse its grade. It turns out that many professors and instructors are, legally, on the dole as well, and students are beginning to worry that what they're being taught is just as one-sided as what patients are being prescribed. Harvard, at the moment, is at the center of it. Of Harvard's 8,900 professors and lecturers, 1,600 admit that either they or a family member have had some kind of business link to drug companies – sometimes worth hundreds of thousands of dollars – that could bias their teaching or research. Additionally, pharma contributed more than $11.5 million to the school last year for research and continuing-education classes. And while Harvard might be the highest-profile name that was posted on AMSA's grade list, it was hardly the only one that flunked: 40 out of the 150 schools surveyed received F's; only 22 got an A or B. Harvard has convened a 19-member committee ... to review its pharma policy, though the university is hedging on whether it actually plans to change the way it operates.
Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
Public pension funds across the U.S. are hiding the size of a crisis that’s been looming for years. Retirement plans play accounting games with numbers, giving the illusion that the funds are healthy. The paper alchemy gives governors and legislators the easy choice to contribute too little or nothing to the funds, year after year. The misleading numbers posted by retirement fund administrators help mask this reality: Public pensions in the U.S. had total liabilities of $2.9 trillion as of Dec. 16, according to the Center for Retirement Research at Boston College. Their total assets are about 30 percent less than that, at $2 trillion. With stock market losses this year, public pensions in the U.S. are now underfunded by more than $1 trillion. That lack of funds explains why dozens of retirement plans in the U.S. have issued more than $50 billion in pension obligation bonds during the past 25 years -- more than half of them since 1997 -- public records show. The quick fix for pension funds becomes a future albatross for taxpayers. The public gets nothing from pension bonds -- other than a chance to at least temporarily avoid paying for higher pension fund contributions. Pension bonds portend the possibility of steep tax increases. By law, states must guarantee public pension fund debts. “What appears to be a riskless strategy is actually very risky,” says David Zion, director of accounting research for New York-based Credit Suisse Holdings USA Inc. “If the returns on the pension bond-financed assets don’t exceed the cost of servicing the debt, the taxpayers bear the brunt.”
Note: The risks to pension funds may require yet another huge public bailout. Where will the money come from? For lots more on the realities of the Wall Street bailout, click here.
Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room. As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go. It’s been less than a year since oil prices hit record highs. But now producers and traders are struggling with the new reality: The world wants less oil, not more. And turning off the spigot is about as easy as turning around one of those tankers. So oil companies and investors are stashing crude, waiting for demand to rise and the bear market to end so they can turn a profit later. Meanwhile, oil-producing countries such as Iran have pumped millions of barrels of their own crude into idle tankers, effectively taking crude off the market to halt declining prices that are devastating their economies. Traders have always played a game of store and sell, bringing oil to market when it can fetch the best price. They say this time is different because of how fast the bottom fell out of the oil market. “Nobody expected this,” said Antoine Halff, an analyst with Newedge. “The majority of people out there thought the market would keep rising to $200, even $250, a barrel. They were tripping over each other to pick a higher forecast.” Now the strategy is storage. Anyone who can buy cheap oil and store it might be able to sell it at a premium later, when the global economy ramps up again.
The Obama administration threw open the curtain on years of Bush-era secrets Monday, revealing anti-terror memos that claimed exceptional search-and-seizure powers and divulging that the CIA destroyed nearly 100 videotapes of interrogations and other treatment of terror suspects. The Justice Department released nine legal opinions showing that, following the Sept. 11, 2001, terrorist attacks, the Bush administration determined that certain constitutional rights would not apply during the coming fight. Within two weeks, government lawyers were already discussing ways to wiretap U.S. conversations without warrants. An October 2001 memo by the Justice Department's John Yoo authorized the use of the U.S. military within the United States in combating terrorists. Yoo defined the 9/11 attacks as "war" and therefore concluded the President could employ the military domestically in a "military action" rather than a police action. Under Posse Comitatus Act, the American armed forces are forbidden from operating domestically. A March 2003 memo gave the President broad powers to transfer captured al Qaeda and Taliban prisoners to third countries. It also stipulated that the torture provisions of the Geneva Convention did not apply, because these prisoners were "non state" enemy combatants and therefore not entitled to Geneva protections. The Obama administration also acknowledged in court documents Monday that the CIA destroyed 92 videos involving terror suspects, including interrogations - far more than had been known.
Note: For key reports from major media sources on the hidden realities of the war on terror, click here.
A "grid of streets" on the seabed at one of the proposed locations of the lost city of Atlantis has been spotted on Google Ocean. Google Ocean, an extension of Google Earth, allows web users to virtually explore the ocean with thousands of images of underwater landscapes. The network of criss-cross lines is 620 miles off the coast of north west Africa near the Canary Islands on the floor of the Atlantic Ocean. The perfect rectangle – which is around the size of Wales – was noticed on the search giant's underwater exploration tool by an aeronautical engineer who claims it looks like an "aerial map" of a city. The underwater image can be found at the co-ordinates 31 15'15.53N 24 15'30.53W. Atlantis experts said that the unexplained grid is located at one of the possible sites of the legendary island, which was described by the ancient Greek philosopher Plato. According to his account, the city sank beneath the ocean after its residents made a failed effort to conquer Athens around 9000 BC. Dr Charles Orser, curator of historical archaeology at New York State University told The Sun that the find was fascinating and warranted further inspection. The legend of Atlantis has excited the public imagination for centuries. In recent years "evidence" of the lost kingdom has been found off the coast of Cyprus and in southern Spain.
Note: Many archeological finds which don't match accepted history have been suppressed and covered up. For five revealing BBC articles showing more manipulation around this, click here.
Buried deep inside the ... economic stimulus bill ... is some bitter medicine for companies that have received financial bailout funds. Over staunch objections from the Obama administration, Senate Democrats inserted a provision that would impose restrictions on executive bonuses at financial institutions that are much tougher than those proposed 10 days ago by the Treasury Department. The provisions would prohibit cash bonuses and almost all other incentive compensation for the five most-senior officers and the 20 highest-paid executives at large companies that receive money under TARP. The restriction with the most bite would bar top executives from receiving bonuses that exceed one-third of their annual pay. The provision, written by Sen. Chris Dodd, D-Conn., highlighted the growing wrath ... over the lavish compensation that top Wall Street firms and big banks awarded to senior executives at the same time that many of the companies, teetering on the brink of insolvency, received taxpayer-paid bailouts. "The decisions of certain Wall Street executives to enrich themselves at the expense of taxpayers have seriously undermined public confidence," Dodd said Friday. "These tough new rules will help ensure that taxpayer dollars no longer effectively subsidize lavish Wall Street bonuses." Top economic advisers to President Obama adamantly opposed the pay restrictions, according to congressional officials.
Note: For powerfully revealing reports on the realities of the Wall Street bailout, click here.
The financial analyst who nine years ago discovered Bernard Madoff's multi-billion dollar ... fraud scheme today lambasted US securities officials who ignored his warnings, calling for a shakeup of the US securities and exchange commission's structure. Harry Markopolos, a Massachusetts financial analyst who since 2000 several times sought to alert the SEC to Madoff's fraud, told a House of Representatives committee that the agency should replace its lawyer-heavy enforcement staff with senior securities professionals who have years of industry experience and can understand cutting-edge financial instruments used by hedge fund traders. He said regulators should give fraud investigators a pay incentive to unearth large fraud, and eliminate the turf wars that he said kept New York-based regulators from heeding tips he fed to the Boston office. Markopolos discovered Madoff's alleged malfeasance in May 2000, after he became suspicious of his years-long record of success in all market conditions. Markopolos said it took him about five minutes perusing Madoff's marketing materials to suspect fraud, and another roughly four hours to develop mathematical models to prove it. He eventually delivered a detailed case to securities regulators in Boston and followed up several times over the next eight years as he continued to gather evidence. He said that important SEC officials in New York and Boston brushed his reports aside. In testimony before members of the House financial services committee, Markopolos described "an abject failure by the regulatory agencies we entrust as our watchdog".
Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.
BusinessWeek says Paulson/Bush & Co. wasted $350 billion in TARP money ... the Congressional Budget Office and GOP say Obama & Co. will waste another $800 billion on "non-stimulus" programs ... Nobel economist [Joseph Stiglitz] calls [the Bad Bank] plan "cash for trash" ... Warning, you are entering a bizarre space-time continuum ... where Wall Street makes random quantum leaps between metaphoric realities. In the "Lost" television series we're transported into a parallel reality, a perfect metaphor for today's global economic meltdown, which is misunderstood and grossly mismanaged. Wall Street crashed ... on the "Lost Island ... of Manhattan," the former center of world banking. The collateral damage has been enormous: Freddie Mac, Fannie Mae, Lehman Brothers, Bear Stearns, global trade, Iceland. [Wall Street's] clueless leaders ... are "Lost" with no bottom, no recovery, no strategy in sight. A new president, a secretive Fed and an old Congress are throwing around taxpayer trillions like free candy ... on top of Bush's "$10 Trillion Hangover" ...after a clueless Wall Street wrote off trillions in toxic debt, then wasted $350 billion in TARP bailout money, buying $50 million private jets, attending golf outings at exclusive resorts, spending millions on CEO's office renovations and paying $18 billion in year-end bonuses. Hope masks denial: Even President Obama's consultant [Warren] Buffett acknowledges that the proposed stimulus plan "might not work." The stimulus might not work? What if this last bullet is a blank? Should you prepare for the worst-case scenario?
Note: For many revealing reports on the realities of the Wall Street bailout, click here.
Exxon Mobil Corp. ... reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company. The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007. The extraordinary full-year profit wasn't a surprise given crude's triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis. In the fourth quarter alone crude tumbled 60 percent, prompting spending and job cuts in an industry that was reporting robust, often record, profits as recently as last summer. Irving, Texas-based Exxon said net income slid sharply to $7.8 billion, or $1.55 a share, in the October-December period. That compared with $11.7 billion, or $2.13 a share, in the same period a year ago, when Exxon set a U.S. record for quarterly profit. It has since topped that mark twice, first in last year's second quarter and then with earnings of $14.83 billion in the third quarter. Revenue in the most-recent quarter fell 27 percent to $84.7 billion. The industry went into retrenchment toward the end of the year with demand falling. The company, which produces about 3 percent of the world's oil, said overall output fell 3 percent in the most-recent period. For the full year, Exxon Mobil's massive profit amounted to $8.69 a share, versus $7.28 a share a year ago.
Note: How can it be said that this record-breaking profit "wasn't a surprise," when ethically we would all expect the oil companies not to gouge consumers world-wide at the time when oil prices were artificially driven to record highs? Why should the oil companies be allowed to rake in huge profits causing the vast majority of us to suffer even greater losses at the gas pump? This is generally called gross profiteering. Shouldn't these "windfall profits" be taxed away?
By almost any measure, 2008 was a complete disaster for Wall Street — except, that is, when the bonuses arrived. Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year. That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller. Some bankers took home millions last year even as their employers lost billions. The comptroller’s estimate, a closely watched guidepost of the annual December-January bonus season, is based largely on personal income tax collections. It excludes stock option awards that could push the figures even higher. The state comptroller, Thomas P. DiNapoli, said it was unclear if banks had used taxpayer money for the bonuses, a possibility that strikes corporate governance experts, and indeed many ordinary Americans, as outrageous. He urged the Obama administration to examine the issue closely. “The issue of transparency is a significant one, and there needs to be an accounting about whether there was any taxpayer money used to pay bonuses or to pay for corporate jets or dividends or anything else,” Mr. DiNapoli said in an interview.
Note: For many reports from reliable sources on the realities of the Wall Street bailout, click here.
Every patriot should be concerned about the intensifying efforts to supplant democracy with something far more authoritarian. Call it American czarism. Czars - i.e., policymakers granted extralegal, cross-agency powers - have become increasingly prevalent in our government over the past century. Until now, this slow lurch toward czarism has primarily reflected the ancient, almost innate human desire for power and paternalistic leadership. In recent years, this culture of "presidentialism," as Vanderbilt Professor Dana Nelson calls it, has justified the Patriot Act, warrantless wiretaps and a radical theory of the "unitary executive" that aims to provide a jurisprudential rationale for total White House supremacy over all government. But only in the past three months has American czarism metastasized from a troubling slow-growth tumor to a potentially deadly cancer. In October, Congress relinquished its most basic oversight powers and gave Treasury Secretary Henry Paulson sole authority to dole out billions of bailout dollars to Wall Street. At the same time, it did nothing when Federal Reserve chairman Ben Bernanke used fiats to commit $5 trillion worth of new money, loan guarantees and loosened lending requirements ... all while he refused to tell the public who is receiving the largesse. Indeed, the Economist magazine's prediction that the "economic crisis may increase the attractiveness of the Chinese model of authoritarian capitalism" is coming true right here at home, as we seem ever more intent on replicating - rather than resisting - that model.
Note: For many revealing reports on the realities underlying the Wall Street bailout, click here.
Bernie Madoff's investment fund may never have executed a single trade, industry officials say, suggesting detailed statements mailed to investors each month may have been an elaborate mirage in a $50 billion fraud. An industry-run regulator for brokerage firms said ... there was no record of Madoff's investment fund placing trades through his brokerage operation. That means Madoff either placed trades through other brokerage firms, a move industry officials consider unlikely, or he was not executing trades at all. 'Our exams showed no evidence of trading on behalf of the investment advisor, no evidence of any customer statements being generated by the broker-dealer,' said Herb Perone, spokesman for the Financial Industry Regulatory Authority. Each month, Madoff sent out elaborate statements of trades conducted by his broker-dealer. There also appear to be discrepancies between monthly statements sent to investors and the actual prices at which the stocks traded on Wall Street. To some, the numbers did not add up. About 10 years ago, Harry Markopolos, then chief investment officer at Rampart Investment Management Co in Boston, asked risk management consultant Daniel diBartolomeo to run Madoff's numbers after Markopolos tried to emulate Madoff's strategy. DiBartolomeo ran regression analyses and various calculations, but failed to reconcile them. For a decade, Markopolos raised the issue with the U.S. Securities and Exchange Commission, which has come under fire in Congress in recent weeks for failing to act on Markopolos's warnings.
Note: For lots more on corporate corruption from reliable, verifiable sources, 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.