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
‘Occupy Wall Street,’ a primer
2011-10-03, Washington Post blog
‘Occupy Wall Street,’ the growing, decentralized protest movement that’s clashing with police in New York City, spreading across the country, and grabbing headlines across the world ... is also, somewhat unusually, a protest movement without clear demands, an identifiable leadership, or an evident organizational structure. Decisions are made by the NYC General Assembly, which Nathan Schneider describes as “a horizontal, autonomous, leaderless, modified-consensus-based system with roots in anarchist thought,” and thus far, the General Assembly has decided against yoking the movement to a particular set of goals, or even a particular ideology. Which is all to say that it’s important to try and understand the movement on its own terms, rather than the terms most of us are used to. Here are five places to start: - The ... ‘Occupy Wall Street blog’, and in particular, the blog’s forums. Here, for instance, is the movement’s ‘Declaration of the Occupation of New York City.’ - Nathan Schneider’s ‘Occupy Wall Street FAQ’. I’d perhaps recommend this as the single best place to start. - ‘Understanding the theory behind Occupy Wall Street’s approach,’ by Mike Konczal. Also see his post, ‘15 definitions of freedom from Occupy Wall Street.’
Note: For lots more on the reasons why people all over the world are occupying their city centers, check out our "Banking Bailout" news articles.
As Scorn for Vote Grows, Protests Surge Around Globe
2011-09-28, New York Times
Their complaints range from corruption to lack of affordable housing and joblessness, common grievances the world over. But from South Asia to the heartland of Europe and now even to Wall Street, these protesters share something else: wariness, even contempt, toward traditional politicians and the democratic political process they preside over. They are taking to the streets, in part, because they have little faith in the ballot box. Economics have been one driving force, with growing income inequality, high unemployment and recession-driven cuts in social spending breeding widespread malaise. Alienation runs especially deep in Europe, with boycotts and strikes. The protest movements in democracies are not altogether unlike those that have rocked authoritarian governments this year, toppling longtime leaders in Tunisia, Egypt and Libya. Protesters have created their own political space online that is chilly, sometimes openly hostile, toward traditional institutions of the elite. “You’re looking at a generation of 20- and 30-year-olds who are used to self-organizing,” said Yochai Benkler, a director of the Berkman Center for Internet and Society at Harvard University. “They believe life can be more participatory, more decentralized, less dependent on the traditional models of organization, either in the state or the big company. Those were the dominant ways of doing things in the industrial economy, and they aren’t anymore.”
Note: For key insights from major media sources into the reasons why so many are protesting worldwide, click here.
'Anyone can make money from a crash,' says market trader
2011-09-26, BBC News
Ministers from the world's richest nations are reportedly on the way to agreeing [to] a deal for troubled eurozone countries. But one independent market trader - Alessio Rastani - told the BBC the plan "won't work" and that people should be trying to make money from a market crash. Trader Alessio Rastani: I'm fairly confident the Euro is going to crash, and it's going to fall pretty hard because markets are ruled right now by fear. Investors and the big money, the smart money ... don't buy this rescue plan. They know the stock market is finished. They don't really care. They're moving their money away to safer assets like treasury bonds, 30-year bonds, and the U.S. dollar. For most traders, we don’t really care that much how they're going to fix the economy. Our job is to make money from it. And personally, I’ve been dreaming of this moment for three years. I go to bed every night [and] I dream of another recession. When the market crashes … if you have the right plan set up, you can make a lot of money from this. Be prepared, and act now. The biggest risk people can take right now is not acting. This economic crisis is like a cancer. In less than 12 months, my prediction is that the savings of millions people is going to vanish, and this is just the beginning. This is not a time right now for wishful thinking that governments are going to sort things out. The governments don’t rule the world, Goldman Sachs rules the world.
Note: Part of the text above is not listed in the text at the link above, but in the BBC video on that page. The video is a must watch for one expert's important view on an impending future economic collapse. For lots more excellent information showing the incredible power of Goldman Sachs and more on this important topic, click here. For deeply revealing reports from reliable major media sources on financial corruption, click here.
Trader tells BBC 'millions of people's savings will vanish'
2011-09-26, The Telegraph (One of the UK's leading newspapers)
An independent trader, appearing on BBC News, reveal[ed] that he thinks banks and hedge funds believe the stock market 'is toast'. Alessio Rastani said that Goldman Sachs rules the world, not governments, and that Goldman Sachs “don't care about this rescue package” because they know “the stock market is finished” and they “don't really care” about the Euro. US Treasury Secretary Tim Geithner said over the weekend: "Sovereign and banking stresses in Europe are the most serious risk now confronting the world economy. Decisions cannot wait until the crisis gets more severe." He has proposed the so-called Geithner plan which will leverage the EU's €440bn bail-out fund (EFSF) from €440bn to €2 trillion to cope with Italy and Spain. But according to Mr Rastani it may already be too late as: “In less than twelve months, my prediction is, the savings of millions of people are going to vanish.”
Note: To watch the full BBC video of this most unusual interview, click here. For lots more on the fraudulent practices of major financial firms, click here.
Occupy Wall Street rediscovers the radical imagination
2011-09-25, The Guardian (One of the UK's leading newspapers)
Why are people occupying Wall Street? Why has the occupation – despite the latest police crackdown – sent out sparks across America, within days, inspiring hundreds of people to send pizzas, money, equipment and, now, to start their own movements called OccupyChicago, OccupyFlorida, in OccupyDenver or OccupyLA? We are watching the beginnings of the defiant self-assertion of a new generation of Americans, a generation who are looking forward to finishing their education with no jobs, no future, but still saddled with enormous and unforgivable debt. Is it really surprising they would like to have a word with the financial magnates who stole their future? Just as in Europe, we are seeing the results of colossal social failure. The occupiers are the very sort of people, brimming with ideas, whose energies a healthy society would be marshaling to improve life for everyone. Instead, they are using it to envision ways to bring the whole system down. But the ultimate failure here is of imagination. If the occupiers finally manage to break the 30-year stranglehold that has been placed on the human imagination ... everything will once again be on the table – and the occupiers of Wall Street and other cities around the US will have done us the greatest favour anyone possibly can.
Note: A post on the JP Morgan Chase website confirms an unprecedented $4.6 million gift to the New York City Police Foundation. The money was donated ostensibly as a "gift ... to strengthen security in the Big Apple." Now why would this huge bank be donating millions for security in New York City? For key insights from major media sources into the reasons why so many are protesting worldwide, click here.
How to win business in Libya
2011-09-23, Fox News/Reuters
In August, as rebels fought forces loyal to President Muammar Gaddafi, two representatives of a British business consortium took a "rather long and arduous ferry journey from Malta" to the North African country. The men traveled to Libya at the invitation of the rebel administration. Britain, along with France and the United States, had given political and military support for the uprising against Gaddafi and sponsored the rebel leadership, the National Transitional Council (NTC). This was a chance to close some deals. The visitors keep coming. French President Nicolas Sarkozy and British Prime Minister David Cameron received a heroes' welcome last week when they became the first western leaders to visit since Gaddafi's ouster. Interim leader Abdel Jalil said the rebels' allies could expect preferential treatment in return for their help. It was a clear signal that countries which had not backed the NATO bombing campaign, including Russia, China and Germany, or which were slow to denounce Gaddafi, like Italy, stand to lose out. But if French and British politicians are tallying up the contracts, business executives are leaving little to chance. Dozens of executives from France, Britain, Italy and other countries have spent months building ties with potential Libyan partners. The potential profits are huge.
Note: For a two-page summary of US Marine Corps General Smedley Butler's explanation of the profiteering behind modern wars, click here. For key reports on corporate and government corruption from major media sources, click here and here.
Oxfam warns of spiralling land grab in developing countries
2011-09-22, The Guardian (One of the UK's leading newspapers)
The scale of the rush by speculators, pension funds and global agri-businesses to acquire large areas of developing countries is far greater than previously thought, and is already leading to conflict, hunger and human rights abuses, says Oxfam. The NGO has identified 227m ha (561m acre ha) of land – an area the size of north-west Europe – as having being reportedly sold, leased or licensed, largely in Africa and mostly to international investors in thousands of secretive deals since 2001. The new land rush, which was triggered by food riots, a series of harvest failures following major droughts and the western investors moving out of the US property market in 2008, is being justified by governments and speculators in the name of growing food for hungry people and biofuels for environmental benefit. "Many of the deals are in fact 'land grabs' where the rights and needs of the people previously living on the land are ignored, leaving them homeless and without land to grow enough food to eat and make a living," said Oxfam chief executive Dame Barbara Stocking. While some investors might claim to have experience in agricultural production, many may only be purchasing land speculatively, anticipating price increases in the coming years. In addition, developing countries are under pressure from the IMF, the World Bank and other regional banks to put farmland on the international market to increase economic development and improve the balance of payments.
Note: To read Oxfam's summary and report on land grabs worldwide, click here.
Tony Blair 'visited Libya to lobby for JP Morgan'
2011-09-18, The Telegraph (One of the UK's leading newspapers)
Tony Blair used visits to Libya after he left office to lobby for business for the American investment bank JP Morgan. New questions over Tony Blair's ties to Col Muammar Gaddafi and his role in the release of the Lockerbie bomber have emerged from documents discovered in Tripoli. A senior executive with the Libyan Investment Authority, the $70 billion fund used to invest the country's oil money abroad, said Mr Blair was one of three prominent western businessmen who regularly dealt with Saif al-Islam Gaddafi, son of the former leader. Saif al-Islam and his close aides oversaw the activities of the fund, and often directed its officials on where they should make its investments, he said. The executive, speaking on condition of anonymity, said officials were told the "ideas" they were ordered to pursue came from Mr Blair as well as one other British businessman and a former American diplomat. "Tony Blair's visits were purely lobby visits for banking deals with JP Morgan," he said. Documents found by The Sunday Telegraph published this weekend showed Mr Blair had made at least three visits to Tripoli, twice in the lead-up to the release of the alleged Lockerbie bomber Abdelbaset Ali Megrahi in 2008 and 2009 and once last year. On the first two occasions he was flown to the country on planes arranged by Col Gaddafi.
Note: For a two-page summary of US Marine Corps General Smedley Butler's explanation of the profiteering behind modern wars, click here. For key reports on corporate and government corruption from major media sources, click here and here.
The Whistleblowers’ How-To Guide
2011-09-11, The Daily Beast/Newsweek
Frederic Whitehurst had no idea what being a whistleblower entailed. He simply became outraged when he witnessed a colleague in the FBI laboratory giving misleading testimony in a criminal case two decades ago. So the supervisory agent decided to speak up, telling the defense experts about the inaccuracies. It cost him nearly a decade of his career, almost all his life savings, several emotionally draining internal investigations, the humiliation of a psychiatric exam, and an epic legal fight with the bureau. But the proudly stubborn Vietnam veteran persevered and ultimately prevailed in forcing sweeping ethical and scientific reforms at the vaunted FBI crime lab that began in the 1990s and still reverberate today. And while he’d do it all again, Whitehurst doesn’t want future whistleblowers to make the same mistakes he did. That’s why he and 19 other of America’s most famous corporate and government muckrakers of the last quarter century have banded together this month to donate thousands of copies of a book by their lawyer, Stephen Kohn, to libraries across America. Their goal is to give the next generation of American whistleblowers a roadmap, a virtual how-to guide to ensure they can call out wrongdoing successfully, be protected from the customary retributions, and maybe even cash in on False Claim Act awards that can reach into the millions of dollars. [They] are using their own money to buy copies of Kohn’s book, The Whistleblower’s Handbook: A Step-by-Step Guide to Doing What’s Right and Protecting Yourself, and donating them to libraries around the country.
Note: For deeply revealing reports from reliable major media sources on government corruption, click here.
Megabanks growing even more dominant
The American banking sector apparently is going to be vastly different when it finally emerges from the financial crisis that took hold more than three years ago. It is going to be significantly smaller, and the domination of a relative handful of behemoth institutions is going to increase. At the end of June, there were 7,522 commercial banks, down from 8,542 on Dec. 31, 2007. That is a decline of nearly 12 percent in just three and a half years. Of the more than 1,000 banks that disappeared, about 370 failed. But the rest of the decrease came through mergers and acquisitions as a decades-long pattern of consolidation continued. Most banks in the United States still are fairly small. The median size of a bank at the end of June, according to an analysis of statistics from the Federal Deposit Insurance Corp. was about $155 million in assets. That’s about an 18 percent increase since the end of 2007. But those numbers seriously skew the nature of the industry. Of the more than $13.6 trillion in assets held by banks at the end of June, nearly $9.4 trillion is in the hands of just 37 institutions, each with more than $50 billion in assets. And of that, $5.5 trillion is held by just four banks: JPMorgan Chase, Bank of America, Citibank and Wells Fargo. Each of those have more than $1 trillion in assets. In other words, the U.S. banking industry resembles a tall cake, with a very thick layer of icing on top.
Note: To learn how these same four banks and their holding companies hold over 90% of the $700 trillion derivatives market, click here. For many revealing reports from reliable sources on the concentration and centralization of financial power by a few megabanks, click here.
Tony Blair is godfather to Rupert Murdoch’s daughter
2011-09-04, The Telegraph (One of the UK's leading newspapers)
Tony Blair is godfather to one of Rupert Murdoch’s young children, it has emerged in an interview with the media tycoon’s wife Wendi. The former prime minister was reportedly present in March last year when Murdoch’s two daughters by his third wife were baptised on the banks of the Jordan. The information was not made public and its disclosure in an interview with Mrs Murdoch in Vogue will prove highly embarrassing for Mr Blair. His close ties to the Murdochs could explain his reluctance to condemn the News International phone hacking scandal. In July, it was reported that he asked Gordon Brown to put pressure on Tom Watson, the Labour MP who helped expose the scandal, to drop his investigation. Last night, Mr Blair’s spokesman refused to comment, but a News Corp source confirmed that Mr Blair was godfather to Grace, as was Lachlan Murdoch, Rupert Murdoch’s eldest son. While Mrs Murdoch does not comment on Mr Blair directly, the article states that Miss Kidman, Mr Jackman and Mr Blair are godparents. It claims that Mr Blair attended the Jordanian ceremony “garbed in white” and describes him as one of Mrs Murdoch’s “closest friends”. They have a mutual friend in Queen Rania of Jordan, who hosted the baptism. Both women were recently on the judging panel for a film prize organised by the Tony Blair Faith Foundation.
Note: For more on corporate corruption from reliable sources, click here.
$52 Steaks on Menu as AT&T Feted Lawmakers During T-Mobile Push
AT&T feted lawmakers at Washington restaurants offering $52 steaks and a $15 “Lobbyist's Libation” made of gin and cucumber puree as the company sought U.S. approval to buy T-Mobile USA. The parties, carrying $1,000 admission charges and aimed at replenishing congressional campaign coffers, were held as the largest U.S. phone company sought regulators' blessing for the $39 billion deal. On Aug. 31, the Justice Department sued to block the transaction, saying it would harm competition.
The litigation marks a rare setback for AT&T, long a leading Washington power. The Dallas-based company boosted lobbying spending by 30 percent to $11.7 million in the first six months of 2011 compared with a year earlier, Senate records show. AT&T's political action committee gave $805,500 to federal candidates, according to the Center for Responsive Politics, a Washington research group. “The one thing you can say about their losing is that it wasn't for a lack of lobbyists,” Bill Allison, editorial director of the Sunlight Foundation, a Washington-based nonprofit that promotes government transparency, said in an interview. “They left no stone unturned.” AT&T's political action committee, which funnels employees' contributions to lawmakers' campaigns, was the most generous corporate PAC this year, according to the Center for Responsive Politics.
Note: For more on corporate and government corruption from reliable sources, click here and here.
Study: Top CEOs earned more than companies paid in tax
2011-09-01, Chicago Tribune/Reuters
Twenty-five of the 100 highest-paid U.S. CEOs earned more last year than their companies paid in federal income tax, a pay study by a Washington think tank said [on August 31]. The Institute for Policy Studies said it also found many of the companies spent more on lobbying than they did on taxes. The institute compared CEO pay with current U.S. taxes paid, excluding foreign, state and local taxes that may have been paid, as well as deferred taxes, which can often be far larger than current taxes paid. The group's rationale was that U.S. taxes paid are the closest approximation in public documents to what companies may have actually written a check for last year. It said deferred taxes may or may not be paid. Among the companies topping the IPS list: •EBay, whose CEO John Donahoe made $12.4 million, but which reported a $131 million refund on its 2010 current U.S. taxes. •Boeing, which paid CEO Jim McNerney $13.8 million, sent in $13 million in federal income taxes and spent $20.8 million on lobbying and campaign spending. •General Electric, where CEO Jeff Immelt earned $15.2 million in 2010, while the company got a $3.3 billion federal refund and invested $41.8 million in its own lobbying and political campaigns.
Note: For lots more on corporate corruption from major media sources, click here.
The race is on for Libya's oil, with Britain and France both staking a claim
2011-09-01, The Guardian (One of the UK's leading newspapers)
The starting pistol has been fired on bids by Britain and other western powers to secure a slice of the oil prize in Libya when France said it was "fair and logical" for its companies to benefit. Alain Juppé, the French foreign minister, [told] the Guardian ... that BP was already holding private talks with members of Libya's interim government. Rebel leaders had already made clear that countries active in supporting their insurrection – notably Britain and France – should expect to be treated favourably once the dust of war had settled. [But] the new Tripoli government has denied the existence of a reported secret deal by which French companies would control more than a third of Libya's oil production in return for Paris's support for the revolution. The letter referring to the reported deal [was published] in the French daily newspaper Libération. It purported to show an undertaking by the National Transitional Council (NTC) to reserve "35% of total crude oil in exchange for the total and permanent support for our council".
Note: The descent of the corporate vultures on the corpse of Libya clearly exposes the profiteering which motivates modern war. For key reports on corporate and government corruption from major media sources, click here and here.
Why the Fukushima disaster is worse than Chernobyl
2011-08-29, The Independent (One of the UK's leading newspapers)
The triple meltdown and its aftermath at the Fukushima nuclear power plant [have] elevated Japan into unknown, and unknowable, terrain. Across the northeast, millions of people are living with its consequences and searching for a consensus on a safe radiation level that does not exist. Experts give bewilderingly different assessments of its dangers. Some scientists say Fukushima is worse than the 1986 Chernobyl accident, with which it shares a maximum level-7 rating on the sliding scale of nuclear disasters. Chris Busby, a professor at the University of Ulster ... said the disaster would result in more than 1 million deaths. "Fukushima is still boiling its radionuclides all over Japan," he said. "Chernobyl went up in one go. So Fukushima is worse." Slowly, steadily, and often well behind the curve, the government has worsened its prognosis of the disaster. Last Friday, scientists affiliated with the Nuclear and Industrial Safety Agency said the plant had released 15,000 terabecquerels of cancer-causing Cesium, equivalent to about 168 times the 1945 atomic bombing of Hiroshima, the event that ushered in the nuclear age. [But] Professor Busby says the release is at least 72,000 times worse than Hiroshima.
Note: For key reports on corporate and government corruption from major media sources, click here and here.
While Wall St. flourishes, Main St. flounders
2011-08-29, San Francisco Chronicle (San Francisco's leading newspaper)
What if we stood up for Main Street? Corporations and elected officials are making decisions that are impacting our lives, and we are at their mercy. Americans, many [of] whose lives have been destroyed by the 2008 subprime mortgage market disaster, resent the lack of accountability on the part of Wall Street for its role in this scandal. Few have been indicted for the market collapse and resulting meltdown of the global economy. After the federal government bailed out the financial institutions, it is back to business as usual. Corporate profits are accumulating and bonuses are raining down on the very players who created the bubble and crash in the first place. On the other hand, the taxpayers who bailed out Wall Street aren't doing so well. Instead of bonuses, we are suffering from unemployment and underemployment of epic proportions. Homeowners continue to lose their homes to foreclosure, and homelessness is on the rise. Public services, public safety and public welfare funding is being cut back or cut out. Public education has been decimated. American corporations have lost all sense of responsibility for U.S. citizens. While the U.S. economy fights to survive, corporations have turned their backs on those whose tax dollars kept our ship of state from sinking. Sending jobs overseas might improve corporate profit margins, but at what expense to the workforce and U.S. economy? These decisions have devastated American workers' lives. So, what needs to be done? What if we begin to stand up for Main Street?
Note: For a treasure trove of reports detailing the criminal collusion between the federal government and Wall Street financial corporations, click here.
Is Homeland Security spending paying off?
2011-08-28, Los Angeles Times
A decade after the Sept. 11, 2001, attacks on the World Trade Center and the Pentagon, federal and state governments are spending about $75 billion a year on domestic security, setting up sophisticated radio networks, upgrading emergency medical response equipment, installing surveillance cameras and bombproof walls, and outfitting airport screeners to detect an ever-evolving list of mobile explosives. But how effective has that 10-year spending spree been? "The number of people worldwide who are killed by Muslim-type terrorists, Al Qaeda wannabes, is maybe a few hundred outside of war zones. It's basically the same number of people who die drowning in the bathtub each year," said John Mueller, an Ohio State University professor who has written extensively about the balance between threat and expenditures in fighting terrorism. "So if your chance of being killed by a terrorist in the United States is 1 in 3.5 million, the question is, how much do you want to spend to get that down to 1 in 4.5 million?" he said. The vast network of Homeland Security spyware, concrete barricades and high-tech identity screening is here to stay. The Department of Homeland Security, a collection of agencies ranging from border control to airport security sewn quickly together after Sept. 11, is the third-largest Cabinet department and — with almost no lawmaker willing to render the U.S. less prepared for a terrorist attack — one of those least to fall victim to budget cuts.
Note: For a powerful article that goes much deeper into huge sums of money wasted in the war on terror by journalist Glenn Greenwald, click here.
Wall Street Aristocracy Got $1.2 Trillion in Secret Loans
2011-08-22, Businessweek/Bloomberg News
Citigroup Inc. and Bank of America Corp. were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits. By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret. Fed Chairman Ben S. Bernanke’s [actions] included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley, got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress. It wasn’t just American finance. Almost half of the Fed’s top 30 borrowers, measured by peak balances, were European firms. Data gleaned [under the Freedom of Information Act] make clear for the first time how deeply the world’s largest banks depended on the U.S. central bank to stave off cash shortfalls. Even as the firms asserted in news releases or earnings calls that they had ample cash, they drew Fed funding in secret.
Note: For a treasure trove of information from reliable sources on the government transfer of public assets to private banks and financial corporations, click here.
SEC accused of dumping records
2011-08-17, Washington Post
The SEC has violated federal law by destroying the records of thousands of enforcement cases in which it decided not to file charges against or conduct full-blown investigations of Wall Street firms and others initially suspected of wrongdoing, a former agency official has alleged. The purged records involve major firms such as Goldman Sachs, Citigroup, Bank of America, Morgan Stanley and hedge-fund manager SAC Capital. At issue were suspicions of actions such as insider trading, financial fraud and market manipulation. A file closed in 2002 involved Lehman Brothers, the investment bank whose collapse fueled the financial meltdown of 2008, according to the former official. A file closed in 2009 involved suspected insider trading in securities related to American International Group, the insurance giant bailed out by the government at the height of the financial crisis. The allegations were leveled in a July letter to Sen. Charles E. Grassley (R-Iowa) from Gary J. Aguirre, a former SEC enforcement lawyer now representing a current SEC enforcement lawyer, Darcy Flynn.
Flynn last year began managing SEC enforcement records and became concerned that records that were supposed to be preserved under federal law were being purged as a matter of SEC policy, Aguirre wrote.
Note: For more on this important news by Rolling Stone's Matt Taibbi, click here. For lots more from reliable sources on the criminal practices of Wall Street corporations which led to global economic recession and massive government bailouts, click here.
The explosive truth behind Fukushima's meltdown
2011-08-17, The Independent (One of the UK's leading newspapers)
It is one of the mysteries of Japan's ongoing nuclear crisis: How much damage did the 11 March earthquake inflict on the Fukushima Daiichi reactors before the tsunami hit? The stakes are high: if the earthquake structurally compromised the plant and the safety of its nuclear fuel, then every similar reactor in Japan may have to be shut down. Throughout the months of lies and misinformation, one story has stuck: it was the earthquake that knocked out the plant's electric power, halting cooling to its six reactors. The tsunami then washed out the plant's back-up generators 40 minutes later, shutting down all cooling and starting the chain of events that would cause the world's first triple meltdown. But what if recirculation pipes and cooling pipes burst after the earthquake – before the tidal wave reached the facilities; before the electricity went out? This would surprise few people familiar with the 40-year-old reactor one, the grandfather of the nuclear reactors still operating in Japan. Problems with the fractured, deteriorating, poorly repaired pipes and the cooling system had been pointed out for years. In September 2002, Tepco admitted covering up data about cracks in critical circulation pipes.
Note: For revealing reports from major media sources on corporate and government corruption, click here and here.