Corporate Corruption Media Articles
Excerpts of Key Corporate Corruption Media Articles from Major Media
Below are many highly revealing excerpts of important corporate corruption articles reported in the mainstream media suggesting a cover-up.
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For an index to revealing excerpts of media articles on several dozen engaging topics, click here
Japan nuke plant leaks radioactive water again
2012-04-05, Salt Lake Tribune/Associated Press
The operator of Japan’s tsunami-hit nuclear plant says tons of highly radioactive water appears to have leaked into the ocean from a purification unit. The leak comes as Tokyo Electric Power Co. struggles to keep the melted reactors cool and contain radiation and raises concerns about its ability to keep the plant stable. Similar leaks have occurred several times since last year, and officials say they do not pose an immediate health threat.
Note: For an abundance of major media articles showing major problems with nuclear power, click here.
615 dead dolphins found on Peru beaches; acoustic tests for oil to blame?
2012-04-04, MSNBC News
Conservationists counted 615 dead dolphins along a 90-mile stretch of beaches in Peru ... and the leading suspect is acoustic testing offshore by oil companies. "If you can count 615 dead dolphins, you can be sure there are a great many more out at sea and the total will reach into the thousands,” Hardy Jones, head of the conservation group BlueVoice.org, said in a statement after he and an expert with ORCA Peru walked the beaches. BlueVoice.org stated that "initial tests ... show evidence of acoustical impact from sonic blasts used in exploration for oil." The ORCA Peru expert, veterinarian Carlos Yaipen Llanos, said that while "we have no definitive evidence," he suspects acoustic testing created ... a sonic blast that led to internal bleeding, loss of equilibrium and disorientation. Another possibility is that the dolphins suffered from a disease outbreak, Yaipen Llanos said. "It is a horrifying thought that these dolphins would die in agony over a prolonged period if they were impacted by sonic blast," said Jones. Numerous dolphins first started washing ashore in January, with the largest amount coming in early February. Thousands of dead anchovies were also seen. BlueVoice.org noted that the U.S. has suspended similar testing in the Gulf of Mexico due to recent sightings of dead and sick dolphins. The ban was set to last through the dolphins' calving season, which ends in May.
Note: A San Francisco Chronicle article on this a few days later states, "All of the 20 or so animals ... examined showed middle-ear hemorrhage and fracture of the ear's periotic bone. ... Most of the dolphins apparently were alive when they beached." Clearly sonic blasts of some sort are driving these intelligent animals to beach themselves and commit suicide. For clear evidence this is the result of oil exploration, click here. For many other excellent media articles on whales on dolphins, click here.
Gulf's dolphins pay heavy price for Deepwater oil spill
2012-03-31, The Guardian (one of the UK's leading newspapers)
A new study of dolphins living close to the site of North America's worst ever oil spill – the BP Deepwater Horizon catastrophe two years ago – has established serious health problems afflicting the marine mammals. The report, commissioned by the National Oceanic and Atmospheric Administration [NOAA], found that many of the 32 dolphins studied were underweight, anaemic and suffering from lung and liver disease. More than 200m gallons of crude oil flowed from the well after a series of explosions on 20 April 2010, which killed 11 workers. The spill contaminated the Gulf of Mexico and its coastline in what President Barack Obama called America's worst environmental disaster. The research follows the publication of several scientific studies into insect populations on the nearby Gulf coastline and into the health of deepwater coral populations, which all suggest that the environmental impact of the five-month long spill may have been far worse than previously appreciated. The study of the dolphins ... followed two years in which the number of dead dolphins found stranded on the coast close to the spill had dramatically increased. Although all but one of the 32 dolphins were still alive when the study ended, lead researcher Lori Schwacke said survival prospects for many were grim. A study of deep ocean corals seven miles from the spill source jointly funded by the NOAA and BP has found dead and dying corals coated "in brown gunk". Chemical analysis of oil found on the dying coral showed that it came from the Deepwater Horizon spill.
Note: For other informative major media articles dealing with dolphins and whales, click here.
Financiers and Sex Trafficking
2012-03-31, New York Times
The biggest forum for sex trafficking of under-age girls in the United States appears to be a Web site called Backpage.com. This emporium for girls and women — some under age or forced into prostitution — is in turn owned by an opaque private company called Village Voice Media. Until now it has been unclear who the ultimate owners are. The owners turn out to include private equity financiers, including Goldman Sachs with a 16 percent stake. Goldman Sachs was mortified when I began inquiring last week about its stake. It began working frantically to unload its shares. Backpage has 70 percent of the market for prostitution ads. Village Voice Media makes some effort to screen out ads placed by traffickers and to alert authorities to abuses, but neither law enforcement officials nor antitrafficking organizations are much impressed. A Goldman managing director, Scott L. Lebovitz, sat on the Village Voice Media board for many years. Goldman says he stepped down in early 2010. The two biggest owners are Jim Larkin and Michael Lacey, the managers of the company, and they seem to own about half of the shares. The best known of the other owners is Goldman Sachs, which invested in the company in 2000 (before Backpage became a part of Village Voice Media in a 2006 merger). That said, for more than six years Goldman has held a significant stake in a company notorious for ties to sex trafficking, and it sat on the company’s board for four of those years. There’s no indication that Goldman or anyone else ever used its ownership to urge Village Voice Media to drop escort ads or verify ages.
Note: For an abundance or major media articles revealing massive sex scandals implication top authorities, click here.
2 Studies Point to Common Pesticide as a Culprit in Declining Bee Colonies
2012-03-30, New York Times
Scientists have been alarmed and puzzled by declines in bee populations in the United States and other parts of the world. They have suspected that pesticides are playing a part, but to date their experiments have yielded conflicting, ambiguous results. In Thursday’s issue of the journal Science, two teams of researchers published studies suggesting that low levels of a common pesticide can have significant effects on bee colonies. One experiment, conducted by French researchers, indicates that the chemicals fog honeybee brains, making it harder for them to find their way home. The other study, by scientists in Britain, suggests that they keep bumblebees from supplying their hives with enough food to produce new queens. The authors of both studies contend that their results raise serious questions about the use of the pesticides, known as neonicotinoids. “I personally would like to see them not being used until more research has been done,” said David Goulson, an author of the bumblebee paper who teaches at the University of Stirling, in Scotland. “If it confirms what we’ve found, then they certainly shouldn’t be used when they’re going to be fed on by bees.” Environmentalists say that both studies support their view that the insecticides should be banned. The insecticides, introduced in the early 1990s, have exploded in popularity; virtually all corn grown in the United States is treated with them. Neonicotinoids are taken up by plants and moved to all their tissues — including the nectar on which bees feed.
Note: For many disturbing reports from reliable sources on the mysterious mass deaths of animals, click here.
Swine flu vaccine 'linked to' sleeping disorder
2012-03-29, The Telegraph (One of the UK's leading newspapers)
A study in Finland has found that children vaccinated against the H1N1 swine flu virus with Pandemrix were more likely to develop the sleep disorder narcolepsy. The condition causes excessive daytime sleepiness and sufferers can fall asleep suddenly and unintentionally. The researchers found that between 2002 and 2009, before the swine flu pandemic struck, the rate of narcolepsy in children under the age of 17 was 0.31 per 100,000. In 2010 this was about 17 times higher at 5.3 per 100,000 while the narcolepsy rate remained the same in adults. Markku Partinen of the Helsinki Sleep Clinic and Hanna Nohynek of the National Institute for Health and Welfare in Finland, also collected vaccination and childhood narcolepsy data for children born between January 1991 and December 2005. They found that in those who were vaccinated the rate of narcolepsy was nine per 100,000 compared to 0.7 per 100,000 unvaccinated children, or 13 times lower. Pandemrix was the main vaccine used in Britain against the swine flu epidemic in which six million people were vaccinated. It was formulated specifically for the swine flu pandemic virus and is no longer in use.
Note: The WHO stated "more than 12 countries reported cases of narcolepsy in children and adolescents using GlaxoSmithKline's swine flu vaccine." For powerful media reports suggesting that both the Avian Flu and Swine Flu were incredibly manipulated to promote fear and boost pharmaceutical sales, click here. For many news articles showing that vaccines are not tested adequately for safety and are at times politically and financially motivated, click here. For lots more from reliable sources on pharmaceutical corruption, click here.
Vatican Leaks Raise Questions Over Finances
The Vatican has launched a rare criminal investigation to uncover who is behind leaks of highly sensitive documents that allege corruption and financial mismanagement in Vatican City. The documents also shed light on purported infighting over the Vatican Bank's compliance with international money-laundering regulations. A television show in late January on an independent network first revealed letters addressed last year to Pope Benedict XVI from the then-deputy governor of Vatican City, Archbishop Carlo Maria Vigano. Vigano complained of corruption within the church and protested orders to remove him from his post and send him to be the papal nuncio, or ambassador, to Washington. Under Vigano's watch, the Holy See balance sheet went from $10 million in the red to almost $45 million in the black in just 12 months.
By being kicked upstairs, Vigano wrote, his efforts to clean up the Vatican would be stopped and would also tarnish the pontiff's image by bringing into question his resolve to establish transparency inside the Vatican. Italian authorities are investigating the origin of $33 million in Vatican funds deposited in Italian banks. The Italian media have reported that JP Morgan Chase is closing the Vatican Bank's account with its Milan branch because it felt the Holy See had failed to provide sufficient data on money transfers.
Note: The fact that JP Morgan is closing it's Vatican accounts is a major sign of the intense changes happening behind the scenes.
Pope's visit to Mexico refocuses attention on narco-church relations
2012-03-22, The Guardian (One of the UK's leading newspapers)
Photographs of a plaque thanking [a drug cartel] kingpin for building [a] new modernist church with a 20-metre high metal cross ... caused a scandal when they were published in a national newspaper in October 2010. The scandal has faded but the plaque remains – an uncomfortable reminder of the influence of the drugs culture in the Mexican Catholic church. Narco-church relations are nothing new. In 1993 the leaders of the Tijuana cartel held a secret meeting with the papal nuncio in Mexico City as part of an effort to distance themselves from a chaotic shootout that had killed a cardinal. The meeting was brokered by a Tijuana priest who had received bountiful donations over the years. Pope Benedict [expressed] concern about such relations at the start of his papacy. But while the bishops have since periodically stressed that drug money can never be purified ... they have done little else. While the pope is expected to talk about the violence battering Mexico during his three-day visit ... observers believe he is unlikely to make more than a passing reference to corrosion of the church itself. In the meantime one cartel has sought to take propagandistic advantage of the visit. Banners signed by the Knights Templar cartel hung up around Guanajauto on Sunday welcomed the pope and promised to refrain from "acts of war" during his visit. That same cartel was suspected to be responsible for the appearance of 10 severed heads outside a slaughterhouse in another state on the same day.
A Drumbeat on Profit Takers
2012-03-20, New York Times
Dr. Arnold S. Relman [is] 88; Dr. Marcia Angell, 72. But their voices are as strong as ever. Colleagues for decades, late-life romantic partners, the pair has occasionally, wistfully, been called American medicine’s royal couple. In fact, controversy and some considerably less complimentary labels have dogged them as well. From 1977 to 2000, one or both of them filled top editorial slots at The New England Journal of Medicine as it grew into perhaps the most influential medical publication in the world, with a voice echoing to Wall Street, Washington and beyond. Many of the urgent questions in the accelerating turmoil surrounding health care today were first articulated during their tenure. Or, as Dr. Relman summarized one recent afternoon ..., Dr. Angell nodding in agreement by his side: “I told you so.” Their joint crusade ... is against for-profit medicine, especially its ancillary profit centers of commercial insurance and drug manufacture — in Dr. Relman’s words, “the people who are making a zillion bucks out of the commercial exploitation of medicine.” Some have dismissed the pair as medical Don Quixotes, comically deluded figures tilting at benign features of the landscape. Others consider them first responders in what has become a battle for the soul of American medicine.
Note: For a powerful summary of Dr. Marcia Angell's critique of corruption in the medical industry, click here.
Vatican bank image hurt as JP Morgan closes account
JP Morgan Chase is closing the Vatican bank's account with an Italian branch of the U.S. banking giant because of concerns about a lack of transparency at the Holy See's financial institution, Italian newspapers reported. The move is a blow to the Vatican's drive to have its bank included in Europe's "white list" of states that comply with international standards against tax fraud and money-laundering. The bank, formally known as the Institute for Works of Religion (IOR), enacted major reforms last year in an attempt to get Europe's seal of approval and put behind it scandals that have included accusations of money laundering and fraud. The IOR, founded in 1942 by Pope Pius XII, handles financial activities for the Vatican, for orders of priests and nuns, and for other Roman Catholic religious institutions. The IOR was entangled in the collapse 30 years ago of Banco Ambrosiano, with its lurid allegations about money-laundering, freemasons, mafiosi and the mysterious death of Ambrosiano chairman Roberto Calvi - "God's banker". The IOR then held a small stake in the Ambrosiano, at the time Italy's largest private bank and investigators alleged that it was partly responsible for the Ambrosiano's fraudulent bankruptcy. Several investigations have failed to determine whether Calvi, who was found hanging under Blackfriars Bridge near London's financial district, killed himself or was murdered. The IOR denied any role in the Ambrosiano collapse but paid $250 million to creditors in what it called a "goodwill gesture".
Note: The fact that JP Morgan is closing it's Vatican accounts is a major sign of the intense changes happening behind the scenes.
Goldman Sachs is latest to hear wrath of ex-worker
2012-03-16, San Francisco Chronicle (San Francisco's leading newspaper)
The Goldman Sachs executive who didn't so much burn as firebomb his career bridges with a poisonous resignation letter in the New York Times wasn't the only former employee to go on a publicized rant this week. A couple of days earlier, James Whittaker, an engineering director at Google who recently moved to Microsoft, took direct aim at the Mountain View search giant in a blog post arguing that the company has lost its way in the desperate quest to funnel users into its social network. Later that day, in an opinion piece on Wired.com, Andy Baio assailed Yahoo's patent-infringement suit against Facebook ... calling it "extortion" and a betrayal of employees. Obviously these parting shots carried extra weight coming from onetime senior, internal sources. While it's hard to draw broad conclusions about the criticisms, we can safely draw some narrow ones: Goldman Sachs should stop being an awful, awful corporate citizen (but then we've known that). Google shouldn't undermine its culture and core product in search of the next big thing. And Yahoo should drop this embarrassing lawsuit over bogus patents and get to work on real innovation. Alas, the conclusion most companies will probably draw from these episodes is that they need to toughen up their nondisclosure agreements.
Note: For revealing reports from reliable sources on corruption and criminality at the biggest financial corporations, click here. For lots more on corporate corruption, click here.
Why I Am Leaving Goldman Sachs
2012-03-14, New York Times
Today is my last day at Goldman Sachs. Over the course of my career I have had the privilege of advising two of the largest hedge funds on the planet [and] five of the largest asset managers in the United States. My clients have a total asset base of more than a trillion dollars. After almost 12 years at the firm ... I believe I have worked here long enough to
understand ... its culture, its people and its identity.
And I can honestly say that the environment now is as toxic and
destructive as I have ever seen it. To put the problem in the simplest terms, the interests of the client
continue to be sidelined in the way the firm operates and thinks about
making money. Today, if you make enough money for the firm (and
are not currently an ax murderer) you will be promoted into a position
of influence. What are three quick ways to become a leader? a) Execute on the firm's
"axes," which is Goldman-speak for persuading your clients to invest in
the stocks or other products that we are trying to get rid of because
they are not seen as having a lot of potential profit. b) "Hunt
Elephants." In English: get your clients -- some of whom are
sophisticated, and some of whom aren't -- to trade whatever will bring
the biggest profit to Goldman. c) Find yourself
sitting in a seat where your job is to trade any illiquid, opaque
product with a three-letter acronym. I attend derivatives sales meetings where not one
single minute is spent asking questions about how we can help clients.
It's purely about how we can make the most possible money off of them.
Note: The author of this article, Greg Smith, was a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa. For an excellent compilation of news articles and government documents showing the huge risk of the derivatives bubble being manipulate by Goldman Sachs and others, click here.
Corporations pay less in taxes than Buffett, Romney
2012-03-12, San Francisco Chronicle (San Francisco's leading newspaper)
Corporations pay a lower effective tax rate than Warren Buffett and Mitt Romney, but you wouldn't know it from all the complaints that our corporate tax rate puts our country at a competitive disadvantage. Despite an official corporate tax rate 35 percent, last year, U.S. corporations paid just 12.1 percent of their earnings in federal corporate income taxes. Buffett's tax rate is 17.4 percent; Romney's reported 2010 tax rate was 13.9 percent. Our broken tax system blesses U.S. multinational corporations with lots of loopholes that enable them to pay less in taxes than Main Street businesses. It has starved our government of revenue. Contrary to common perception, U.S. corporations pay far less toward the cost of public services and infrastructure than they did in decades past, and less than foreign competitors pay in their countries today. In the 1950s, corporate federal income taxes accounted for nearly one-third of federal government revenue; in 2011, corporate taxes accounted for less than 8 percent. U.S. corporate profits account for more than 10 percent of GDP, a 50-year high. Federal corporate income taxes collected as a percent of GDP are at a 50-year low. The challenge of corporate taxes and competitiveness is not that rates are too high, but that loopholes, preferences and subsidies make corporate tax collections far too low.
Note: For lots more from major media sources on corporate and government corruption, click here and here.
MF Global Still Set to Pay Bonuses
2012-03-12, Wall Street Journal
Three top executives of MF Global Holdings Ltd. when it collapsed could get bonuses of as much as several hundred thousand dollars each under a plan by a trustee overseeing the securities firm's bankruptcy case. Louis Freeh, the former Federal Bureau of Investigation director now in charge of unwinding what is left of the New York company, is expected to ask a bankruptcy-court judge as soon as this month to approve performance-related payouts for the chief operating officer, finance chief and general counsel at MF Global. Under the expected pay plan, the three executives and as many as 20 other MF Global employees working for Mr. Freeh would get the bonuses only if they hit specified targets such as increasing the value of MF Global's estate for creditors. The bonus plan could face fierce resistance. One reason: Criminal and civil investigators are scrutinizing the role of top executives and others at MF Global in money transfers that resulted in a $1.6 billion shortfall in customer accounts. So far, many hedge funds, farmers and other investors who bought and sold through MF Global have gotten about 72 cents out of every $1 held by the firm when it collapsed. Hopes for additional recoveries have dimmed as the probe grinds on. Neal Wolkoff, a former executive at the New York Mercantile Exchange who now works as a consultant, said it "is shocking" that Messrs. Abelow and Steenkamp still work at MF Global and could earn bonuses "because it represents a conflict of interest."
Note: For an abundance of major media articles revealing major financial manipulations, click here.
Wall Street speculation blamed for gas price spike
2012-03-08, San Francisco Chronicle (San Francisco's leading newspaper)
Public anger over high gasoline prices is turning to a familiar target - Wall Street. The role of speculative investors in this year's price spike has come under increasing scrutiny in recent weeks, nowhere more so than in Washington. Nearly 70 members of Congress wrote a stern letter Monday to a federal commission that regulates the country's main market for crude oil, demanding that the commission crack down on speculation. President Obama, his energy policies under attack from Republicans, ordered a fresh look at speculation's role in the market on Tuesday. "This is just another example, in my view, of Wall Street playing the casino," said Rep. Jackie Speier, D-Hillsborough, who signed the letter to the Commodity Futures Trading Commission. "Everyone should be outraged that every time they're filling up their tank, they're paying a premium because of speculation."
How big is that premium? One of the trading commission's five members estimated last month that speculative investors were adding 56 cents to the price of each gallon of gas. As a result, Honda Civic drivers pay an additional $7.39 per fill-up, said Commissioner Bart Chilton. Owners of the Ford F150 pickup pay an extra $14.56. Speculative investors include hedge funds and investment banks that buy contracts for the future delivery of oil but never intend to take possession of the fuel itself. They buy and sell strictly as a financial investment, and their presence in the market has swelled.
Note: For lots more reliable information from the major media on energy manipulations, click here.
Why an MRI costs $1,080 in America and $280 in France
2012-03-03, Washington Post blog
There is a simple reason health care in the United States costs more than it does anywhere else: The prices are higher. In 2009, Americans spent $7,960 per person on health care. Our neighbors in Canada spent $4,808. The Germans spent $4,218. The French, $3,978. If we had the per-person costs of any of those countries, America’s deficits would vanish. There are many possible explanations for why Americans pay so much more. It could be that we’re sicker. Or that we go to the doctor more frequently. But health researchers have largely discarded these theories. Americans don’t see the doctor more often or stay longer in the hospital than residents of other countries. Quite the opposite, actually. We spend less time in the hospital than Germans and see the doctor less often than the Canadians. The International Federation of Health Plans ... surveyed its members on the prices paid for 23 medical services and products in different countries, asking after everything from a routine doctor’s visit to a dose of Lipitor to coronary bypass surgery. And in 22 of 23 cases, Americans are paying higher prices than residents of other developed countries. Usually, we’re paying quite a bit more. In America, ... it’s a free-for-all. Providers largely charge what they can get away with, often offering different prices to different insurers, and an even higher price to the uninsured.
Note: And why are the prices higher in the U.S.? Could it be that the U.S. is the only developed nation that doesn't have nationalized health care, so that profit is no longer a motive in caring for people's health? For deeply revealing reports from reliable major media sources on corruption in the medical industry, click here.
FDA deputy with ties to Monsanto draws fire
2012-03-01, San Francisco Chronicle/Bloomberg
A top federal regulator's ties to Monsanto Co., a maker of genetically modified food, are fueling an election-year recall push by consumer and public-interest groups flexing their clout on the Internet. Michael Taylor, the Food and Drug Administration's deputy commissioner for food safety, is at the center of a burgeoning dispute between opponents who have collected more than 420,000 signatures on an online petition demanding he be fired and supporters who praise his efforts to curb food-borne illnesses. At issue is the 16 months ending in 2000 that Taylor worked as Monsanto's vice president for public policy, between stints in the Clinton and Obama administrations. The petition reflects anger over the agency's enforcement actions against small food producers and products such as raw milk. The online petition, along with others circulated on Facebook and other social-media sites since at least August, blames Taylor for allowing genetically modified organisms into the U.S. food supply without requiring testing as to their effects while he served at the agency in the 1990s. Taylor, in an interview, said his work is misrepresented, and the effort to have him fired "is more about Monsanto than about me. The claim is I was a Monsanto lobbyist, which paints a bad picture," he said. "It doesn't say what I did there or what I think about biotechnology."
Note: For lots more on Monsanto's unethical practices, click here and here. For key reports from reliable sources on corporate and government corruption, click here and here.
The extra dollars you're paying at the pump are going to Wall Street speculators
2012-02-28, Chicago Tribune
The current surge in gas prices has almost nothing to do with energy policy. It doesn't even have much to do with global supply and demand. It has most to do with America's continuing failure to adequately regulate Wall Street. Oil supplies aren't being squeezed. Over 80 percent of America's energy needs are now being satisfied by domestic supplies. In fact, we're starting to become an energy exporter. Demand for oil isn't rising. Oil demand in the U.S. is down compared to last year at this time. The American economy is showing only the faintest signs of recovery. Meanwhile, global demand is still moderate. Europe's debt crisis hasn't gone away. China's growth continues to slow. But Wall Street is betting on higher oil prices. Hedge-fund managers and traders assume that mounting tensions in the Middle East will hobble supplies later this year. Wall Street speculators also assume global demand for oil will rise in the coming year. These are just expectations, not today's realities. But they're pushing up oil prices just the same, because Wall Street firms and other big financial players now dominate oil trading. Where there's money to be made, Wall Street will find a way of making it. And when it comes to oil, so much money is at stake that gigantic sums can be made if the bets pay off. Speculators figure they can hedge against bad bets. Financial speculators historically accounted for about 30 percent of oil contracts, producers and end users for about 70 percent. But today speculators account for 64 percent of all contracts.
Note: This article was written by Robert Reich, former U.S. Secretary of Labor, professor of public policy at the University of California at Berkeley and the author of Aftershock: The Next Economy and America's Future. He blogs at www.robertreich.org. For lots more reliable information from the major media on energy manipulations, click here.
Monsanto Agrees To Pay Up $93 Million In Agent Orange Settlement
2012-02-24, NPR blog
More details about [a] preliminary agreement to settle an "Agent Orange" related class-action lawsuit filed against the Monsanto Company [have been released]. Monsanto agreed to settle a case over pollution claims made on behalf of current and former residents of the small town of Nitro, West Virginia. In a written statement today Monsanto says it's agreeing to pay up to $93 million dollars. $84 million of that would go toward medical monitoring for residents ($21 million up front and up to $63 million over 30 years). The company also is agreeing to spend up to $9 million to professionally clean homes in the affected area, which includes an estimated 4500 houses. Putnam Circuit Court Judge Derek Swope will now give the agreement a thorough review before giving the deal his final approval.
Note: For key reports from reliable sources on corporate corruption, click here. For information on a major lawsuit and settlement for U.S. veterans injured by the government's use of agent orange, click here.
Greek debt nightmare laid bare
2012-02-21, CNN/Financial Times
A "strictly confidential" report on Greece's debt projections prepared for eurozone finance ministers reveals Athens' rescue programme is way off track. The ... debt sustainability analysis ... found that even under the most optimistic scenario, the austerity measures being imposed on Athens risk a recession so deep that Greece will not be able to climb out of the debt hole over the course of a new three-year, €170bn bail-out. It warned that two of the new bail-out's main principles might be self-defeating. Forcing austerity on Greece could cause debt levels to rise by severely weakening the economy. The report made clear why the fight over the new Greek bail-out has been so intense. A German-led group of creditor countries -- including the Netherlands and Finland -- has expressed extreme reluctance to go through with the deal since they received the report. A "tailored downside scenario" in the report suggests Greek debt could fall far more slowly than hoped, to only 160 per cent of economic output by 2020 -- well below the target of 120 per cent set by the International Monetary Fund. Under such a scenario, Greece would need about €245bn in bail-out aid, far more than the €170bn under the "baseline" projections eurozone ministers were using in all-night negotiations in Brussels on Monday.
Note: For key reports from major media sources exposing the interests served by the imposition of austerity on Greece and other countries, click here.