Corporate Corruption Media ArticlesExcerpts of Key Corporate Corruption Media Articles in Major Media
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.
U.S. Senator Elizabeth Warren said the political system is still “rigged” by lobbyists and special interests who work to keep the public “in the dark.” “I’ve been in the Senate for nearly a year and believe as strongly as ever that the system is rigged for powerful interests and against working families,” Warren said. Warren, a critic of Wall Street, rose to prominence by highlighting “tricks and traps” of credit-card disclosures and creating [the Consumer Financial Protection Bureau (CFPB)] as part of the 2010 Dodd-Frank Act. Warren said despite progress by the consumer bureau and confirmation of its director after a two-year delay, lobbyists for the financial industry continue to fight it and consumer groups shouldn’t let down their guard. “We all know that the fight isn’t over and that the lobbyists are still working to undercut the agency’s work,” Warren said. She compared the CFPB to government agencies that test the safety of physical products like cribs and paint, and said the bureau’s work on the safety of financial products will become just as valued by the public. “You tell me: When was the last time you heard someone call for regulators to go easier on companies that want to use lead paint on our children’s toys or leave the safety switches off toasters?” Warren asked. “The CFPB was designed from the very beginning to cut out tricks and traps in consumer finance and add transparency to the marketplace.”
Note: For an excellent video showing the courage and forthrightness of Elizabeth Warren, click here. For more on government corruption, see the deeply revealing reports from reliable major media sources available here.
Federal Reserve Bank of New York President William Dudley said [that] any effort to reduce the threat to financial stability posed by massive financial firms also must include compelling banking executives to have more respect for the law and the broader impact on society of their actions. “There is evidence of deep-seated cultural and ethical failures at many large financial institutions,” Mr. Dudley said. “Whether this is due to size and complexity, bad incentives or some other issues is difficult to judge, but it is another critical problem that needs to be addressed” as regulators seek to deal with the problem of banks that are considered too big to fail, the official said. Mr. Dudley [added] that “ending too big to fail and shifting the emphasis to longer-term sustainability will encourage the needed cultural shift necessary to restore public trust in the industry.” His comments on banking issues come in the wake of last week’s decision by the Fed to stay the course on its $85-billion-a-month bond-buying program. Mr. Dudley has been a steadfast supporter of the aggressively easy-money policies pursued by the central bank.
Note: For more on the banking bailout, see the deeply revealing reports from reliable major media sources available here.
"CCA" has become a dirty word. Kanye West cited it when rapping about America's class of "New Slaves." Anonymous invoked it to describe a bad financial investment that undermines justice. And for state after state, the word represents a failed approach to public safety. Profiting off mass incarceration is a dirty business. Private prison company Corrections Corporation of America [CCA] squanders taxpayer money and runs facilities rife with human rights abuses. All private prison companies have corrupting incentives. One is to save money by cutting corners. Another is to promote their bottom line. Although CCA isn't the only company with these incentives, it has done more than any other corporation to [make] the private prison industry into a behemoth plagued by abuse and neglect and profiting off our nation's over-reliance on incarceration. CCA routinely shirks its responsibility to comply with basic standards. In Idaho, CCA employees falsified nearly 4,800 hours of staffing records. In Ohio, auditors found outrageous violations like prison without running water for toilets, in which prisoners had no choice but to use plastic bags for defecation and cups for urination. And yet, CCA made $1.7 billion in just the last year -- more than any other private prison company. The company pours money into both lobbying and campaign contributions. From 2002 to 2012, CCA devoted more than $19 million to lobbying Congress, and its PAC shelled out over $1.4 million to candidates for federal office during the same time period.
Note: CCA is just one of the many powerful entities getting rich off mass incarceration. Meet the other Prison Profiteers and take action to fight their abuses at PrisonProfiteers.org. For a video exposing this craziness, click here. For more on corruption in the government-prison-industrial complex, see the deeply revealing reports from reliable major media sources available here.
In just over a decade, Indian casinos have shot from backcountry slot machine emporiums to enormous gambling meccas, an escalation completely at odds with original promises. The latest proof of this failed pledge is an $800 million operation in Rohnert Park due to open [on November 5]. The Graton Resort & Casino will be a major economic force in Sonoma County, employing some 2,000 employees and promising $20 million in annual local payments. Instead of smoke-filled gambling halls, it will offer high-end restaurants, ornate chandeliers and skylights in a main building surrounded by nearly 6,000 parking slots. But the huge operation is a reminder of how far things have strayed from the promises made to California voters in 2000. A state ballot measure argued that impoverished tribes living in remote corners of California had few if any alternatives for economic development. Now gambling is Vegas-scale, and casino tribes are vying against each other for prime spots. The Rohnert Park casino will jump in front of another operation 30 miles to the north in Geyserville, and that worried tribe has bought land in Petaluma for a possible operation that will be closer to Bay Area gamblers. One tribe's win is another's loss. California taxpayers have a stake too. Sold on an ever-increasing slice of revenues, a string of state governors have approved more than 60 casinos. Gov. Jerry Brown, who approved the Graton operation, signed two other casino deals in the Central Valley sought by tribes who wanted more lucrative spots.
Note: For more on corporate corruption, see the deeply revealing reports from reliable major media sources available here.
Lawyers acting for Jeremy Hammond, the Chicago-based hacktivist facing up to 10 years in prison for releasing internal emails from the private intelligence agency Stratfor, have lodged 265 letters of support with the federal judge who will determine his sentence on 15 November. The letters call on judge Loretta Preska ... to show leniency towards Hammond, a former member of the hacking network Anonymous who has become a cause célčbre for hacktivists, civil libertarians and those concerned about the rights of whistleblowers. Among the correspondents are Daniel Ellsberg, source of the 1970s Pentagon Papers leak on the Vietnam war, and Jesselyn Radack, a former Justice Department whistleblower who now works at the Government Accountability Project. Hammond, 28, has pleaded guilty to one count under the Computer Fraud and Abuse Act (CFAA) relating to a 2011 cyber attack on Strategic Forecasting, Inc, known as Stratfor – an information analysis company based in Austin, Texas. Working alongside a fellow hacker operating under the internet handle Sabu – who was later revealed to be an FBI informant – Hammond downloaded an email spool from Stratfor containing millions of files and sent the data to the anti-secrecy website WikiLeaks which released them as the “Global Intelligence Files”. The Stratfor emails revealed that [Stratfor] had been contracted by Dow Chemical, parent company of Union Carbide which owned the Bhopal pesticide plant where the world’s worst industrial catastrophe took place in 1984, to follow the activities of campaigners seeking redress for the victims.
Note: For an excellent follow-up article titled "The Revolutionaries in Our Midst," click here. For more on privatization of "intelligence", see the deeply revealing reports from reliable major media sources available here.
Limitless growth is the fantasy of economists, businesses and politicians. It is seen as a measure of progress. As a result, gross domestic product (GDP), which is supposed to measure the wealth of nations, has emerged as both the most powerful number and dominant concept in our times. However, economic growth hides the poverty it creates through the destruction of nature, which in turn leads to communities lacking the capacity to provide for themselves. In effect, “growth” measures the conversion of nature into cash, and commons into commodities. Today, economics is separated from and opposed to both ecological processes and basic needs. While the destruction of nature has been justified on grounds of creating growth, poverty and dispossession [have] increased. While being non-sustainable, it is also economically unjust. The dominant model of economic development has in fact become anti-life. Nobel-prize winning economists Joseph Stiglitz and Amartya Sen have admitted that GDP does not capture the human condition and urged the creation of different tools to gauge the wellbeing of nations. This is why countries like Bhutan have adopted the gross national happiness in place of gross domestic product to calculate progress. We need to create measures beyond GDP, and economies beyond the global supermarket, to rejuvenate real wealth. We need to remember that the real currency of life is life itself.
Rabobank Groep, the co-operative formed in 1898 to lend to Dutch farmers, was fined 774 million euros ($1.1 billion) and the chairman resigned as the scandal over the rigging of benchmark interest rates ensnared a fifth firm. The Utrecht, Netherlands-based lender entered into an agreement with the Justice Department to accept responsibility for manipulation of Libor and Euribor to avoid prosecution. The fines are the largest-ever against the bank and second-largest over manipulation of the London interbank offered rate. Global investigations into banks’ attempts to manipulate the benchmarks for profit have led to fines and settlements for Barclays, Royal Bank of Scotland, UBS and ICAP. Rabobank derivatives and money-market traders influenced the lender’s submissions to benefit their positions linked to Libor and conspired with employees of other banks to rig rates from May 2005 to January 2011. More than 500 attempts were made by Rabobank to manipulate Libor, according to the regulator. Thirty current and former employees of the Dutch lender were involved, Rabobank executive board member Sipko Schat said today. Five of them were fired, he said, while 14 are still working for the bank. The lender is also clawing back 4.2 million euros in bonuses, Rabobank said in a statement. The manipulation “directly affected the rates referenced by financial products held by and on behalf of companies and investors around the world,” Valerie Parlave, Assistant Director in Charge of the FBI’s Washington field office, said in a statement.
Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.
Want to ensure that miracle drugs can no longer perform miracles? Then do what some physicians and industrial livestock farmers have done for years: Overprescribe antibiotics to people, and use them cavalierly in farm animals to promote growth or prevent infections before they even occur. Last month, federal officials quantified that danger: At least 23,000 people die from antibiotic-resistant bacteria each year, according to the Centers for Disease Control and Prevention (CDC), which said that's a conservative figure. For more than four decades, scientists and government health agencies have warned about the danger this poses for development of drug-resistant bugs. Yet last week, the Johns Hopkins Center for a Livable Future reported that little progress has been made on limiting the use of antibiotics on farms. The agriculture industry maintains that the connection is murky between antibiotic use in animals and drug resistance in people. On the other side of the debate is a long list of scientists, public health officials and veterinarians whose views carry more sense and less self-interest. In 2011 alone, 1.9 million pounds of penicillins and 12.3 million pounds of tetracyclines were sold for use in food animals. It's hard to believe that wouldn't have an effect. According to the CDC, humans can pick up drug-resistant bugs through contact with animals or by eating contaminated food. But neither Congress nor the FDA has acted to curtail the broad dangers. The well-financed agriculture industry has won most rounds. And regulators have dragged their feet.
Note: For more on important health issues, see the deeply revealing reports from reliable major media sources available here.
"The Hustle." That's the name of a program run by Countrywide, the slimy subprime lender purchased by Bank of America in 2008. Under the program, Countrywide brokers were paid bonuses to originate loans, firing them off to borrowers with less than stellar credit in an attempt to gin up quick profits. The loans were then sold to government-backed mortgage giants Fannie Mae and Freddie Mac, where they often went sour. This sounds like a fairly typical tale from the financial crisis: Most of the nation's largest banks have, in one way or another, been accused of formulating sloppy loans and dumping them off on the taxpayer or of selling toxic mortgage securities to unwitting customers. But there's a new twist to the old story: Yesterday, a jury found Bank of America guilty of fraud, the first time that a major U.S. bank has been held responsible by a U.S. court for actions tied to the financial crisis. The jury also held a former Countrywide manager liable for fraud. That we're still wondering whether the banks will face any consequences for their actions more than five years after the financial crisis began in earnest is a pretty damning indictment of the Obama administration's approach to the matter. Can lawmakers summon the will to actually take on Wall Street or are a few good headlines from DOJ all we can hope for? The Dodd-Frank financial reform law was a good opening effort and, despite its imperfections, will make some difference in reining Wall Street. But there is still a lot that the law either left unaddressed or up to the interpretation of regulators who are bombarded by missives from Wall Street lobbyists.
Note: For more on the collusion of big banks and banking regulators, see the deeply revealing reports from reliable major media sources available here.
The oil production technique known as fracking is more widespread and frequently used in the offshore platforms and man-made islands near some of California's most populous and famous coastal communities than state officials believed. In waters off Long Beach, Seal Beach and Huntington Beach — some of the region's most popular surfing strands and tourist attractions — oil companies have used fracking at least 203 times at six sites in the past two decades, according to interviews and drilling records obtained by The Associated Press through a public records request. Offshore hydraulic fracturing ... occurs with little state or federal oversight of the operations. The state oil permitting agency said it doesn't track fracking. Environmental groups are calling for a moratorium on the practice. "How is it that nobody in state government knew anything about this? It's a huge institutional failure," said Kassie Siegel, an attorney with the Center for Biological Diversity. "Offshore fracking is far more common than anyone realized." Little is known about the effects on the marine environment of fracking, which shoots water, sand and chemicals at high pressure to clear old wells or crack rock formations to free oil. Yet neither state nor federal environmental regulators have had any role in overseeing the practice as it increased to revitalize old wells. New oil leases off the state's shores have been prohibited since a 1969 oil platform blowout off Santa Barbara, which fouled miles of coastline and gave rise to the modern environmental movement. With no room for physical expansion, oil companies instead have turned to fracking to keep the oil flowing.
Note: For more on corporate corruption, see the deeply revealing reports from reliable major media sources available here.
Federal grants of $7 million, initially intended to help thwart terror attacks at the port in Oakland, Calif., are instead going to a police initiative that will collect and analyze reams of surveillance data. The new system ... is the latest example of how cities are compiling and processing large amounts of information, known as big data, for routine law enforcement. And the system underscores how technology has enabled the tracking of people in many aspects of life. Like the Oakland effort, other pushes to use new surveillance tools in law enforcement are supported with federal dollars. The New York Police Department, aided by federal financing, has a big data system that links 3,000 surveillance cameras with license plate readers, radiation sensors, criminal databases and terror suspect lists. Police in Massachusetts have used federal money to buy automated license plate scanners. And police in Texas have bought a drone with homeland security money. [Critics] of the Oakland initiative, formally known as the Domain Awareness Center, [say] the program, which will create a central repository of surveillance information, will also gather data about the everyday movements and habits of law-abiding residents. Oakland has a contract with the Science Applications International Corporation, or SAIC, to build its system. That company has earned the bulk of its $12 billion in annual revenue from military contracts.
Note: For more on government privacy invasions, see the deeply revealing reports from reliable major media sources available here.
[Banks] have rigged LIBOR, an interest rate used to peg contracts worth trillions. Its equivalent in the world of derivatives, ISDAfix, has also come under question. Commodities prices from crude oil to platinum have been the subject of allegations and inquiries. Now prices in global currency markets, where turnover is $5 trillion a day, are being scrutinised by authorities, who suspect bankers have tampered with those too. Switzerland’s financial watchdog announced on October 4th that it was investigating a slew of banks it thinks have manipulated currencies. Britain and the European Union also have probes under way. Concerns reportedly centre around abnormal movements ahead of a widely-used daily snapshot of exchange rates, known as the 4pm “London fix”. It represents the average of prices agreed during 60 seconds’ trading, and is used as a reference rate to execute a much larger set of currency deals. Bankers, who are big participants in the market, have huge incentives to nudge the price of a given currency pairing ahead of the fix. With billions of dollars changing hands, a difference of a fraction of a cent can add a tidy sum to the bonus pool. If proven, the charge would amount to banks fleecing their clients. Banks know the big trades they are about to execute on others’ behalf, and are often themselves the counterparty. By moving the markets ahead of the fix, they could alter the rate to their profit and their clients’ loss. One suspected method is “banging the close”: submitting a quick succession of orders just as the benchmark is set, to distort its value.
Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.
Tax the rich and better target the multinationals: The IMF has set off shockwaves this week in Washington by suggesting countries fight budget deficits by raising taxes. Guardian of financial orthodoxy, the International Monetary Fund, which is holding its annual meetings with the World Bank this week in the US capital, typically calls for nations in difficulty to slash public spending to reduce their deficits. But in its Fiscal Monitor report, subtitled "Taxing Times", the Fund advanced the idea of taxing the highest-income people and their assets to reinforce the legitimacy of spending cuts and fight against growing income inequalities. "Scope seems to exist in many advanced economies to raise more revenue from the top of the income distribution," the IMF wrote, noting "steep cuts" in top rates since the early 1980s. According to IMF estimates, taxing the rich even at the same rates during the 1980s would reap fiscal revenues equal to 0.25 percent of economic output in the developed countries. "The gain could in some cases, such as that of the United States, be more significant," around 1.5 percent of gross domestic product, said the IMF report, which also singled out deficient taxation of multinational companies. In the US alone, legal loopholes deprive the Treasury of roughly $60 billion in receipts, the global lender said. The IMF managing director, Christine Lagarde, kept up the sales pitch for a more just fiscal policy. "It's clearly something finance ministers are interested in, it's something that is necessary for the right balance of public finances," said Lagarde, a former French finance minister.
Note: Yahoo! was the only major media in the US to pick up this eye-opening news, with the possible exception of a Forbes article which shows how afraid they are of this development. For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.
The healthcare provider Corizon makes an estimated $1.4 billion off sick prisoners every year. With profits like those, you would think it was actually treating prisoners. But in states that are using Corizon to provide healthcare in their prisons—and right now twenty-nine are—medical neglect and abuse run rampant. Corizon’s attitude toward the debilitating virus Hepatitis C is especially alarming: They just don’t treat it. Last year alone, no fewer than seven sick prisoners died at Metro Corrections, a jail in Louisville, Kentucky, while on Corizon’s watch. The company made headlines when six employees quit their jobs, according to local press, “amid an investigation by the jail that found that the workers ‘may’ have contributed” to two of the deaths. This summer, it was announced that the contract between Corizon and the city would not be renewed. The Nation’s Liliana Segura gives an overview of the massive scope of the crisis of companies profiting off mass incarceration: “With 2.3 million people incarcerated in the United States,” she writes, “prisons are big business.”
Note: For a video exposing this craziness, click here. Corizon is just one of the many powerful entities getting rich off mass incarceration. Meet the other Prison Profiteers and take action to fight their abuses at PrisonProfiteers.org. For more on corruption in the government-prison-industrial complex, see the deeply revealing reports from reliable major media sources available here.
Washington state is the next battleground in an ongoing effort by food activists to get products containing genetically engineered ingredients labeled. Initiative 522 goes before voters Nov. 5. It would require that foods containing ingredients from genetically engineered plants be labeled as such. "We believe that we have a right to know what's in our food," said Elizabeth Larter, the Seattle-based communications director for the Yes on 522 campaign. "This campaign is not about whether GMOs (genetically modified organisms) are good or bad; this is really just providing more information for consumers." The labeling effort is being funded by grass-roots donations and a large contribution from Dr. Bronner's Magic All-One, a California soap company founded in the 1960s. "This is about chemical companies buying up the seed companies," said David Bronner, president of the company. Opponents to labeling "understand that if they lose in Washington state, game over," he said of why the company is supporting the initiative and encouraging others to do so. "In 2013 alone there have been 26 states that have introduced labeling legislation," says Katey Parker with the Just Label It coalition, a pro-labeling group based in Washington, D.C. Washington's Yes on 522 campaign so far has raised $4.8 million. Squaring off on the other side is a coalition of food manufacturers and seed producers that thus far has raised a war chest of $17.2 million. That's a state record. The top five contributors were the Grocery Manufacturers Association, Monsanto, DuPont Pioneer, Dow AgroSciences and Bayer CropScience.
Note: For lots more on the serious risks posed by genetically-modified food, see the deeply revealing reports from reliable major media sources available here.
While the continuing environmental disaster at the Fukushima Daiichi plant has grabbed world headlines — with hundreds of tons of contaminated water flowing into the Pacific Ocean daily — a human crisis has been quietly unfolding. Two and a half years after the plant belched plumes of radioactive materials over northeast Japan, the almost 83,000 nuclear refugees evacuated from the worst-hit areas are still unable to go home. Some have moved on, reluctantly, but tens of thousands remain in a legal and emotional limbo while the government holds out hope that they can one day return. As they wait, many are growing bitter. Now they suspect the government knows that the unprecedented cleanup will take years, if not decades longer than promised, as a growing chorus of independent experts have warned, but will not admit it for fear of dooming plans to restart Japan’s other nuclear plants. That has left the people of Namie and many of the 10 other evacuated towns with few good choices. They can continue to live in cramped temporary housing and collect relatively meager monthly compensation from the government. Or they can try to build a new life elsewhere, a near impossibility for many unless the government admits defeat and fully compensates them for their lost homes and livelihoods. For Namie’s residents, government obfuscation is nothing new. On the day they fled, bureaucrats in Tokyo knew the direction they were taking could be dangerous, based on computer modeling, but did not say so for fear of causing panic. The townspeople headed north, straight into an invisible, radioactive plume.
Note: For more on the devastation caused by nuclear power, see the deeply revealing reports from reliable major media sources available here.
Agricultural business giant Monsanto reported worse-than-expected losses for its fiscal fourth quarter ... due to lower sales of its genetically engineered seeds. The company forecast for fiscal 2014 also came in below Wall Street expectations, and it revealed plans to buy farming software and data firm The Climate Corporation. The combination sent shares lower in morning trading. The St. Louis company recorded a loss of $249 million, or 47 cents per share, for the quarter ended Aug. 31. That was wider than its loss of $264 million, or 42 cents per share, in the 2012 fourth quarter. The company's performance was hurt by a steep drop in sales of genetically modified soybean seeds, which fell 38 percent to $87 million.
Note: For more on the destructive impacts of Monsanto's GMO seed/pesticides technology, see the deeply revealing reports from reliable major media sources available here.
Americans throw away 40 percent of the food they buy, often because of misleading expiration dates that have nothing to do with safety, said a study released [on September 18] by Harvard University Law School and the Natural Resources Defense Council, an environmental group. The report said 90 percent of Americans toss good food into the garbage because they mistakenly think that "sell by," "best before," "use by" or "packed on" dates on food containers indicate safety. One-fifth of consumers, the report said, "always" throw away food based on package dates. In fact, "sell by" dates are used by retailers for inventory control. "Best before" or "use by" dates usually reflect manufacturer estimates of peak quality. While some labels are intended to indicate freshness, none of them reflects edibility or safety, said Ted Labuza, a food science professor at the University of Minnesota who collaborated with the authors. "If food looks rotten and smells bad, throw it away, but just because it reaches a certain date does not mean the food is unsafe," Labuza said. "I don't know of any food poisoning outbreak that came from people eating food that was past its shelf-life date." The report estimated the value of food tossed away at $165 billion a year. Food waste is a big source of greenhouse gases. Wasting food also squanders vast quantities of water, land, fertilizers, petroleum, packaging and other resources that go into producing it. About a quarter of all fresh water used in the United States goes into the making of food that is thrown away, the report said.
The Japanese government and TEPCO were scrambling to reassure people [on Sep. 13] that they have a lid on Fukushima after a senior utility executive said the nuclear plant was "not under control". The remarks by Kazuhiko Yamashita, who holds the executive-level title of "fellow" at Tokyo Electric Power, seem to flatly contradict assurances Prime Minister Shinzo Abe gave Olympic chiefs a week earlier. In a meeting with members of the opposition Democratic Party of Japan, Yamashita was asked whether he agreed that "the situation is under control" as Abe had declared at the International Olympic Committee meeting in Buenos Aires. He responded by saying, "I think the current situation is that it is not under control," according to major media, including national broadcaster NHK. News of his comment prompted a rush by the government and TEPCO to elaborate on Yamashita's remark, saying he was talking specifically about the plant's waste water problem, and not the facility's situation in general. TEPCO has poured thousands of tonnes of water on the Fukushima reactors to tame meltdowns sparked by the March 2011 earthquake and tsunami. The utility says they are now stable but need to be kept cool to prevent them running out of control again. Much of that now-contaminated water is being stored in temporary tanks at the plant, and TEPCO has so far revealed no clear plan for it. The problem has been worsened by leaks in some of those tanks that are believed to have seeped into groundwater, which runs out to sea.
Note: For an excellent ABC News article titled "A Never-Ending Disaster at Fukushima," click here. For more on the grave environmental impacts of nuclear power, see the deeply revealing reports from reliable major media sources available here.
Investigative journalist Greg Palast has obtained a secret memo authored by then deputy Treasury secretary Larry Summers and his protégé Timothy Geithner detailing their plans to roll back financial regulation. In the piece, titled "The Confidential Memo at the Heart of the Global Financial Crisis", [Palast] writes: "The Memo confirmed every conspiracy freak's fantasy: that in the late 1990s, the top U.S. Treasury officials secretly conspired with a small cabal of banker big-shots to rip apart financial regulation across the planet. When you see 26.3 percent unemployment in Spain, desperation and hunger in Greece, riots in Indonesia and Detroit in bankruptcy, go back to this End Game memo, the genesis of the blood and tears." [Palast:] This is really important right now because Larry Summers is President Obama's top choice to become head of a Federal Reserve Board. He would take Ben Bernanke's place. And what this memo is--they call it the "end game memo". Geithner calls it the "end game". And what's the game being played? The memo asks Summers to get back to the five biggest, most powerful bankers in the United States to act on and determine what our policy should be for world governance of the banking system. Basically, there were secret calls going between Larry Summers and the head of Bank of America, the head of Goldman Sachs, the head of Citibank and Merrill, the five big boys, to find out what should happen to the world financial policing order. And the answer was: smash it. Summers was holding secret meetings with the big bankers to come up with a scheme to eliminate financial regulation across the planet.
Note: Greg Palast is a New York Times-bestselling author and a freelance journalist for the British Broadcasting Corporation as well as the British newspaper The Observer. He is one of the few journalists uncovering the deepest layers of secrecy in our world. For a key past report of his on elections corruption, 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.