News StoriesExcerpts of Key News Stories in Major Media
Note: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
BP's estimate that only 5,000 barrels of oil are leaking daily from a well in the Gulf of Mexico, which the Obama administration hasn't disputed, could save the company millions of dollars in damages when the financial impact of the spill is resolved in court, legal experts say. Neither BP nor the federal government has tried to measure at the source the amount of crude pouring into the water. BP and the Obama administration have said they don't want to take the measurements for fear of interfering with efforts to stop the leaks. The amount of oil spilled is certain to be key evidence in the court battles that are likely to result from the disaster. The size of the Exxon Valdez spill in Alaska, for example, was a significant factor that the jury considered when it assessed damages against Exxon. "If they put off measuring, then it's going to be a battle of dueling experts after the fact trying to extrapolate how much spilled after it has all sunk or has been carried away," said Lloyd Benton Miller, one of the lead plaintiffs' lawyers in the Exxon Valdez spill litigation. "The ability to measure how much oil was released will be impossible."
Note: For lots more from major media sources on corporate and government collusion and corruption, click here and here.
BP, the company in charge of the rig that exploded last month in the Gulf of Mexico, hasn't publicly divulged the results of tests on the extent of workers' exposure to evaporating oil or from the burning of crude over the gulf, even though researchers say those data are crucial in determining whether the conditions are safe. Moreover, the company isn't monitoring the extent of the spill and only reluctantly released videos of the spill site that could give scientists a clue to the amount of the oil in the gulf. BP's role as the primary source of information has raised questions about whether the government should intervene to gather such data and to publicize them and whether an adequate cleanup can be accomplished without the details of crude oil spreading across the gulf. The company also hasn't publicly released air sampling for oil spill workers although Occupational Safety and Health Administration, the agency in charge of monitoring compliance with worker safety regulations, is relying on the information and has urged it to do so.
Note: For lots more from major media sources on corporate and government collusion and corruption, click here and here.
The owner of the oil rig that exploded in the Gulf of Mexico, killing 11 people and causing a giant slick, has made a $270 million profit from insurance payouts for the disaster. The revelation by Transocean, the world’s biggest offshore driller, will add to the political storm over the disaster. The company was hired by BP to drill the well. The “accounting gain” arose because the $560 million insurance policy Transocean took out on its Deepwater Horizon rig was greater than the value of the rig itself. Transocean has already received a cash payment of $401 million with the rest due in the next few weeks. The windfall, revealed in a conference call with analysts, will more than cover the $200 million that Transocean expects to pay to survivors and their families and for higher insurance costs. The total cost of the clean-up and compensation could reach $30 billion, according to some estimates. Transocean said that virtually all of that must be covered by BP and two smaller partners, Anadarko Petroleum and Mitsui of Japan.
Note: For lots more from major media sources on corporate and government collusion and corruption, click here and here.
A new analysis of U.S. health data links children's attention-deficit disorder with exposure to common pesticides used on fruits and vegetables. While the study couldn't prove that pesticides used in agriculture contribute to childhood learning problems, experts said the research is persuasive. "I would take it quite seriously," said Virginia Rauh of Columbia University, who has studied prenatal exposure to pesticides and wasn't involved in the new study. Children may be especially prone to the health risks of pesticides because they're still growing and they may consume more pesticide residue than adults relative to their body weight. The compounds turned up in the urine of 94 percent of the children. The kids with higher levels had increased chances of having ADHD, attention-deficit hyperactivity disorder, a common problem that causes students to have trouble in school. The findings were published Monday in Pediatrics. "Exposure is practically ubiquitous. We're all exposed," said lead author Maryse Bouchard of the University of Montreal. She said people can limit their exposure by eating organic produce. A 2008 Emory University study found that in children who switched to organically grown fruits and vegetables, urine levels of pesticide compounds dropped to undetectable or close to undetectable levels.
Note: For a treasure trove of key health reports from reliable sources, click here.
The United States must curb consumption and credit and boost production and savings, but its citizens and leaders so far lack the will to change, economist Paul Volcker said. Volcker, 82, an adviser to the Obama administration, ... said the United States spiraled toward the Great Recession through an excess of debt that subsidized an appetite for consumer goods, many of them imported. The chief bugaboo, in Volcker's view, was a runaway financial sector that ... became a factory to make money by manipulating money. He said under-regulated financiers made big profits and bonuses by swapping derivatives and other exotic instruments that produced few of the widespread benefits - like better jobs and wages - that normally flow from investment. Now that this financial house of cards has collapsed, Volcker said, U.S. and world leaders must figure out how to stop powerful mega-banks and hedge funds from engaging in the same shenanigans that forced taxpayers to bail them out to prevent further catastrophe. "The central issue with which we have been grappling is the doctrine of 'too big to fail,' " Volcker said, alluding to how the United States bailed out institutions like insurer AIG to prevent their collapse from further damaging the economy.
Note: For a great collection of reports from major media sources on the hidden realities of the Wall Street crisis and the government bailout of big finance, click here.
Top military officials have continued to rely on a secret network of private spies who have produced hundreds of reports from deep inside Afghanistan and Pakistan. Earlier this year, government officials admitted that the military had sent a group of former Central Intelligence Agency officers and retired Special Operations troops into the region to collect information — some of which was used to track and kill people suspected of being militants. Many portrayed it as a rogue operation that had been hastily shut down once an investigation began. But interviews with more than a dozen current and former government officials and businessmen, and an examination of government documents, tell a different a story. Not only are the networks still operating, their detailed reports on subjects like the workings of the Taliban leadership in Pakistan and the movements of enemy fighters in southern Afghanistan are also submitted almost daily to top commanders and have become an important source of intelligence. Pentagon officials said that ... the supervisor who set up the contractor network, Michael D. Furlong, was now under investigation. But a review of the program by The New York Times found that Mr. Furlong’s operatives were still providing information using the same intelligence gathering methods as before.
Note: For revealing reports on the secret and extra-legal operations of the US military in Afghanistan and Iraq, click here.
AstraZeneca has completed a deal to pay $520 million to settle federal investigations into marketing practices for its blockbuster schizophrenia drug, Seroquel. AstraZeneca becomes the fourth pharmaceutical giant in the last three years to admit to federal charges of illegal marketing of antipsychotic drugs, a lucrative category of medications that have quickly risen to the top of United States sales charts. Aggressive sales and promotional practices have helped expand the use of powerful new antipsychotic drugs for children and the elderly. The company, based in London, has been accused of misleading doctors and patients by playing up favorable research and not adequately disclosing studies that show Seroquel increases the risk of diabetes. AstraZeneca still faces more than 25,000 civil lawsuits filed on behalf of patients contending that the company did not disclose the drug�s risks. As a result of aggressive marketing, Seroquel has been increasingly used for children and elderly people for indications not approved by the Food and Drug Administration. The drugs have caused rapid weight gain in children, and side effects including deaths have prompted warnings against giving the drugs to elderly patients for dementia.
Note: For more on corporate corruption, click here.
California first lady Maria Shriver told 1,000-odd attendees at the Microfinance USA 2010 conference in San Francisco. "Maybe I need a loan, too." Actually, she admitted offstage, her 2-year-old company, Lovin' Scoopful, whose "gourmet light" ice cream is on grocery shelves in 22 states, is doing quite well. And Shriver was at the conference to give rather than receive. Not only to cheer on the burgeoning microfinance movement, but to give $300,000 from her nonprofit Women's Conference organization to various microfinance organizations, including San Francisco's Kiva.org - Shriver heads one of its "lending teams" - and San Jose's Opportunity Fund, which put on the two-day conference. But that was a small tip of the growing amount of serious money flowing into the sector. "Banks, especially since they've come under more scrutiny, realize getting involved in microfinance is good business," said Premal Shah, president of Kiva. "Bringing more people into the economic mainstream ultimately brings them more customers." But with the coming of age also come pitfalls, as Kiva and others have found. A New York Times story last month ... about the seemingly usurious rates of interest some lenders were charging created a stir in the microfinance community.
Note: To learn more about how you can help to end poverty through investing in microloans, click here.
Its superfast, supersecret oil trading software was called the Hammer. And if the Commodity Futures Trading Commission is right, the name fit well with an intricate scheme that allowed commodity traders in Chicago working for Optiver, a little-known company based in Amsterdam, to put their orders first in line and subtly manipulate the price of oil to the company’s advantage. Transcripts and taped conversations of actions that took place in 2007 ... reveal the secretive workings of high-frequency trading, a fast-growing Wall Street business. Critics say this high-speed form of computerized trading, which is used in a wide range of financial markets, enables its practitioners to profit at other investors’ expense. Traders in the Chicago office of Optiver openly talked among themselves of “whacking” and “bullying up” the price of oil. But when called to account by officials of the New York Mercantile Exchange, they described their actions as just “providing liquidity.” In July 2008, the commission charged Optiver with manipulating the price of oil; negotiations over a settlement continue. The Securities and Exchange Commission has opened up an investigation into high-speed-trading practices, in particular the ability of some of the most powerful computers to jump to the head of the trading queue and — in a fraction of a millisecond — capture the evanescent trading spread before the rest of the market does.
Note: This and other reports likely show only the tip of the iceberg of how prices of key stocks and commodities are manipulated. For a great collection of reports from major media sources on the schemes and tricks used by financial corporations, click here.
Chris Paine´s documentary film "Who Killed the Electric Car?" argues convincingly that there was indeed a market for the cars — and a devoted one, ... but that GM [General Motors] squashed the EV1 because, quite simply, it threatened the livelihood of the entire automotive industry. The car used no gasoline, no oil and no mufflers, and it required only sporadic brake maintenance. Each of these components represents billions of dollars in profits for the industry. GM, the oil companies and various government agencies argued that the car wasn´t practical, didn´t have enough range for consumers and was less promising than the apparently imminent hydrogen technology. The reality was exactly the opposite, Paine´s film suggests — the viability of hydrogen as an automotive fuel source alone is in fact almost comically optimistic. The whisper-quiet EV1 was designed by [an] aviation pioneer, Paul MacCready of AeroVironment. In the 1970s, MacCready built the only successful human-powered aircraft, the Gossamer Condor and the Gossamer Albatross. His solar-powered electric car Sunraycer, built for GM, won the 1987 World Solar Challenge Race in Australia. His corporate mantra is "do more with less" — that is, focus on creating vehicles that require less energy to operate, not on finding ways to pump more power into inefficient systems. His team´s battery-powered EV1 was a triumph of engineering and a joy to operate.
Note: For lots more on key suppressed automotive and energy inventions, click here.
REPRESENTATIVE JACK BROOKS, Democrat of Texas. Colonel North, in your work at the N.S.C., were you not assigned, at one time, to work on plans for the continuity of government in the event of a major disaster? SENATOR DANIEL K. INOUYE, Democrat of Hawaii. I believe that question touches upon a highly sensitive and classified area so may I request that you not touch upon that. MR. BROOKS. I was particularly concerned, Mr. Chairman, because I read in Miami papers, and several others, that there had been a plan developed, by that same agency, a contingency plan in the event of emergency, that would suspend the American Constitution. And I was deeply concerned about it and wondered if that was the area in which he had worked. I believe that it was, and I wanted to get his confirmation. MR. INOUYE. May I most respectfully request that that matter not be touched upon, at this stage. If we wish to get into this, I'm certain arrangements can be made for an executive session.
Note: Why was the chairman not allowing a discussion of the fact that plans were being made in the event of an emergency for the suspension of the U.S. Constitution? To watch a two-minute video which includes this testimony, click here.
It is the Wall Street equivalent of a perfect game of baseball — 27 up, 27 down, the final score measured in millions of dollars a day. Despite the running unease in world markets, four giants of American finance managed to make money from trading every single day during the first three months of the year. Their remarkable 61-day streak is one for the record books. Perfect trading quarters on Wall Street are about as rare as perfect games in Major League Baseball. But Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase & Company produced the equivalent of four perfect games during the first quarter. Each one finished the period without losing money for even one day. Their showing ... underscored the outsize — and controversial — role that trading has assumed at major financial institutions. It also drives home the widening lead that a handful of big banks are enjoying over lesser rivals on post-bailout Wall Street. The four banks ... reaped big rewards without necessarily placing big bets that stocks or bonds would go up or down. “This is not about hitting home runs,” said Jaidev Iyer, who runs his own risk management consulting firm, J-Risk Advisors. “This is just, as we call it, milking the market and your captive client base.”
Note: For an astounding list on the Forbes website of the richest companies in the world by assets, click here. All of the top 10 companies are banks, with collective assets of over $22 trillion! Yet we as taxpayers continue to pay to bail them out when they have problems. Is something wrong with this picture? For a graphic representation of this, click here. And for an abundance of deep reporting in major media articles on the hidden realities of Wall Street's shadowy operations, click here.
Last-minute maneuvering in the Senate allowed the Federal Reserve to sidestep legislation that would have exposed its interest-rate decision-making to congressional auditors. Pressure from the Obama administration led Senate lawmakers to alter a provision pushed by Sen. Bernie Sanders (I., Vt.) that was gaining momentum despite opposition from the Treasury and the Fed. It would have largely repealed a 32-year-old law that shields Fed monetary policy from congressional auditors. Thursday's Senate showdown came after senators on the left and right joined forces to support Mr. Sanders' provision. "At a time when our entire financial system almost collapsed, we cannot let the Fed operate in secrecy any longer," Mr. Sanders said. "The American people have a right to know." But Fed Chairman Ben Bernanke ... said in a letter to Congress the Sanders measure would "seriously threaten monetary policy independence, increase inflation fears and market interest rates, and damage economic stability and job creation."
Note: For an abundance of deep reporting on the hidden realities of Wall Street's shadowy operations, click here.
In his new book, American Conspiracies: Lies, Lies, and More Dirty Lies That the Government Tells Us, former Minnesota Gov. Jesse Ventura begins an investigative journey to prove that there is more to our national history than the government wants us to know. In this excerpt, he writes about an alleged 9/11 cover-up. Chapter 12: What really happened on September 11? Our government engaged in a massive cover-up of what really happened, including its own ties to the hijackers. Unanswered questions remain about how the towers were brought down, and whether a plane really struck the Pentagon. The Bush Administration either knew about the plan and allowed it to proceed, or they had a hand in it themselves. I certainly never expected to think that elements of the Bush Administration were complicit. Today, though, I am convinced that some people inside our government knew the attack was going to happen and allowed it to come to pass — because it furthered their political agenda. I say this after expending many hours researching things about the official story that don’t add up, and interviewing a number of witnesses with firsthand knowledge that contradicts what we were told. As a patriotic American, I say this with a heavy heart — and with an outrage that really knows no words. But it’s something we, as a nation, must come to terms with. Otherwise, it could happen again.
Note: For the questions raised by many other highly respected former government officials about what really happened on 9/11, click here.
The federal Minerals Management Service gave permission to BP and dozens of other oil companies to drill in the Gulf of Mexico without first getting required permits from another agency that assesses threats to endangered species — and despite strong warnings from that agency about the impact the drilling was likely to have on the gulf. Those approvals, federal records show, include one for the well drilled by the Deepwater Horizon rig, which exploded on April 20, killing 11 workers and resulting in thousands of barrels of oil spilling into the gulf each day. The Minerals Management Service, or M.M.S., also routinely overruled its staff biologists and engineers who raised concerns about the safety and the environmental impact of certain drilling proposals in the gulf and in Alaska, according to a half-dozen current and former agency scientists. Those scientists said they were also regularly pressured by agency officials to change the findings of their internal studies if they predicted that an accident was likely to occur or if wildlife might be harmed. “M.M.S. has given up any pretense of regulating the offshore oil industry,” said Kierán Suckling, director of the Center for Biological Diversity, ... which filed notice of intent to sue the agency over its noncompliance with federal law concerning endangered species. “The agency seems to think its mission is to help the oil industry evade environmental laws.”
Note: For lots more from reliable souces on government corruption and collusion with industries it is supposed to be regulating, click here.
The amount of oil spilling into the Gulf of Mexico may be at least 10 times the size of official estimates, according to an exclusive analysis conducted for NPR. At NPR's request, experts examined video that BP released Wednesday. Their findings suggest the BP spill is already far larger than the 1989 Exxon Valdez accident in Alaska, which spilled at least 250,000 barrels of oil. BP has said repeatedly that there is no reliable way to measure the oil spill in the Gulf of Mexico by looking at the oil gushing out of the pipe. But scientists say there are actually many proven techniques for doing just that. Steven Wereley, an associate professor of mechanical engineering at Purdue University, analyzed videotape of the seafloor gusher using a technique called particle image velocimetry. A computer program simply tracks particles and calculates how fast they are moving. Wereley put the BP video of the gusher into his computer. He made a few simple calculations and came up with an astonishing value for the rate of the oil spill: 70,000 barrels a day — much higher than the official estimate of 5,000 barrels a day. The method is accurate to a degree of plus or minus 20 percent. This new, much larger number suggests that capturing — and cleaning up — this oil may be a much bigger challenge than anyone has let on.
Note: For lots more from reliable souces on government corruption and collusion with industries it is supposed to be regulating, click here.
Pope Benedict XVI on [May 11] issued his most forceful remarks on the sexual abuse crisis sweeping the Catholic Church. He called it �truly terrifying� and, in a marked shift in tone, suggested that its origins lay with abusive priests and with highly placed church officials who for decades concealed or minimized the problem. The problem, he said, was �the sin inside the church,� and by implication not accusations from victims or the media. �Forgiveness is not a substitute for justice,� he said, in remarks that underscored the Vatican�s recent if fitful efforts to break with a longstanding practice of handling abuse cases inside the church, rather than reporting abuse to civil authorities for prosecution. Victims groups said they were still waiting for concrete action more than words, and the Vatican has not yet announced whether it will change its norms for handling abuse. Benedict ... has been criticized for not acting aggressively enough against allegations of abuse as archbishop of Munich and later as the head of a powerful Vatican office.
As recently as 2007, 98 percent of Irish schools were run by the Catholic Church. Schools for troubled youth have been rife with barbaric corporal punishments, psychological abuse and sexual abuse. In October 2005, a report sponsored by the Irish government identified more than 100 allegations of sexual abuse by priests in Ferns, a small town 70 miles south of Dublin, between 1962 and 2002. Accused priests weren't investigated by police; they were deemed to be suffering a "moral" problem. In 2009, a similar report implicated Dublin archbishops in hiding sexual abuse scandals between 1975 and 2004. Pope Benedict's so-called apology takes no responsibility for the transgressions of Irish priests. His letter states that "the Church in Ireland must first acknowledge before the Lord and before others the serious sins committed against defenceless children." What about the Vatican's complicity in those sins? Benedict's infamous 2001 letter to bishops around the world ordered them to keep sexual abuse allegations secret under threat of excommunication -- updating a noxious church policy, expressed in a 1962 document, that both priests accused of sex crimes and their victims "observe the strictest secret" and be "restrained by a perpetual silence."
In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses. According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble, a component in the Dow. Sources tell CNBC the erroneous trade may have been made at Citigroup. The massive selloff, which began shortly after 2 p.m. ET, amplified concerns about the spreading European debt crisis as the approval of austerity measures by the Greek Parliament sparked renewed rioting in Athens. According to a person familiar with the probe, one focus is on futures contracts tied to the Standard & Poor’s 500 stock index, known as E-mini S&P 500 futures, and in particular a two-minute window in which 16 billion of the futures were sold. Amid the sell-off, Procter & Gamble shares plummeted nearly 37 percent to $39.37 at 2:47 p.m. EDT, prompting the company to investigate whether any erroneous trades had occurred.
Note: For an abundance of deep reporting on the hidden realities of Wall Street's shadowy operations, click here.
The Obama administration’s decision to authorize the killing by the Central Intelligence Agency of a terrorism suspect who is an American citizen has set off a debate over the legal and political limits of drone missile strikes, a mainstay of the campaign against terrorism. The notion that the government can, in effect, execute one of its own citizens far from a combat zone, with no judicial process and based on secret intelligence, makes some legal authorities deeply uneasy. To eavesdrop on the terrorism suspect who was added to the target list, the American-born radical cleric Anwar al-Awlaki, who is hiding in Yemen, intelligence agencies would have to get a court warrant. But designating him for death, as C.I.A. officials did early this year with the National Security Council’s approval, required no judicial review. “Congress has protected Awlaki’s cellphone calls,” said Vicki Divoll, a former C.I.A. lawyer who now teaches at the United States Naval Academy. “But it has not provided any protections for his life. That makes no sense.” But like the debate over torture during the Bush administration, public discussion of what officials call targeted killing has been limited by the secrecy of the C.I.A. drone program.
Note: Obama is the first president to publicly order the assassination of an American citizen. Neither George W. Bush nor Dick Cheney asserted such a power on the part of the president. For an analysis, click here.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.