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. Links are provided to the full articles on major media websites. If any link fails to function, read this webpage. These corporate corruption articles are listed by article date. You can also explore the articles listed by order of importance or by date posted. By choosing to educate ourselves on these important issues and to spread the word, we can and will build a brighter future.


Corporate Corruption Media Articles


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.

Goldman Sachs is latest to hear wrath of ex-worker
2012-03-16, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/03/16/BUNA1NKMIE.DTL

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
http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html

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)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/03/11/EDG91NILV9.DTL

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
http://online.wsj.com/article/SB10001424052970203961204577269841477216320.html

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)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/03/07/BUQ81NHHPQ.DTL

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
http://www.washingtonpost.com/blogs/wonkblog/post/why-an-mri-costs-1080-in-am...

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
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/02/29/MNEN1NDVO3.DTL

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
http://www.chicagotribune.com/sns-201202280930--tms--amvoicesctnav-a20120228f...

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
http://www.npr.org/blogs/thetwo-way/2012/02/24/147370124/monsanto-agrees-to-p...

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
http://edition.cnn.com/2012/02/20/business/greece-debt-report/index.html

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.




Foreclosure abuse rampant across U.S., experts say
2012-02-17, MSNBC/Reuters
http://www.msnbc.msn.com/id/46424973/ns/business/t/foreclosure-abuse-rampant-...

A report this week showing rampant foreclosure abuse in San Francisco reflects similar levels of lender fraud and faulty documentation across the United States, say experts and officials who have done studies in other parts of the country. The audit of almost 400 foreclosures in San Francisco found that 84 percent of them appeared to be illegal, according to the study released by the California city. "The audit in San Francisco is the most detailed and comprehensive that has been done - but it's likely those numbers are comparable nationally," Diane Thompson, an attorney at the National Consumer Law Center, told Reuters. Across the country from California, Jeff Thingpen, register of deeds in Guildford County, North Carolina, examined 6,100 mortgage documents last year, from loan notes to foreclosure paperwork. Of those documents, created between January 2008 and December 2010, 4,500 showed signature irregularities, a telltale sign of the illegal practice of "robosigning" documents. Robosigning involves the use of bogus documents to force foreclosures without lenders having to scrutinize all the paperwork involved with mortgages. The practice was at the heart of the foreclosure scandal that led to a $25 billion settlement between the U.S. government and five major banks last week.

Note: For lots more from major media sources on the illegal foreclosures made by the biggest banks and financial firms, the collusion of government agencies, and more, see our "Banking Bailout" news articles.




Arrests made in Italy after discovery of $6 trillion in fake U.S. bonds
2012-02-17, CNN
http://edition.cnn.com/2012/02/17/world/europe/italy-counterfeit-bonds/index....

Italian authorities on [February 17] arrested eight people in possession of an estimated $6 trillion in counterfeit U.S. Treasury bonds, according to Italian paramilitary police and an Italian news agency. The discovery of the fake bonds -- made to look as if they were printed by the U.S. Federal Reserve in 1934 -- came about as part of an investigation into a local mafia association. The arrest order for the alleged criminals was issued by a preliminary investigative judge in the southern Italian city of Potenza, police noted. Italian authorities, working with their Swiss counterparts, learned about the counterfeit bonds by way of eavesdropping on wiretapped phones, police said. The total of $6 trillion is more than twice the Italy's national debt. The Italian news agency, ANSA, reported that the bonds were also discovered "alongside copies of the Treaty of Versailles rolled inside lead cylinders."

Note: Who would be stupid enough to fake bonds in denominations of hundreds of billions of dollars? This is highly unlikely, as no one would ever cash them, unless there is much more to this than meets the eye. Could this be part of the arrests David Wilcock has been predicting in his powerful essay at this link? Wilcock has lots of corroborated information on these very strange bonds worth astronomical figures.




Homeowners deserve protections afforded businesses
2012-02-17, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/02/16/EDKF1N8M4N.DTL

[A] report from San Francisco auditors [shows] that 84 percent of foreclosures examined contained at least one violation of the law by the foreclosing party. The report is only the latest in a series of incidents involving bad actors in the foreclosure crisis. In fact, problems have been so rampant that banks now require many buyers of foreclosed homes to sign contracts absolving the bank of liability should irregularities appear with the original foreclosure. In light of these negligent practices, the $26 billion settlement last week between the U.S. Department of Justice, state attorneys general and the major banks raises as many questions as answers. For instance: If a house is illegally foreclosed upon and subsequently sold by the bank, who owns the home? The new buyer or the original owner? Untangling this mess might require new consumer protections, not just a payout from the banks accused of wrongdoing. The best way to prevent foreclosure problems, however, has always been to prevent foreclosures in the first place. Offering families facing foreclosure the same bankruptcy protections enjoyed by business speculators is one place to start. As it stands today, a single family that buys a home in a housing development is treated differently in bankruptcy court than a businessman who bought 10 units in the same project. If and when the housing bubble bursts, the underwater speculator is able to seek bankruptcy relief on all 10 units, while the owner of the single home is left out in the cold.

Note: For lots more from reliable sources on the impacts of the financial crisis on homeowners, click here.




Butterball Workers Arrested on Animal Cruelty Charges
2012-02-16, ABC News
http://abcnews.go.com/Blotter/butterball-workers-arrested-animal-cruelty-char...

Six workers at a Butterball turkey farm in North Carolina face criminal charges after an undercover video revealed alleged animal abuse, and a state employee who tipped off Butterball before a police raid on the farm has pled guilty to obstruction of justice. Butterball ... accounts for 20 percent of total turkey production in the U.S.. Mercy for Animals [is] the animal rights group that shot the undercover video. "Unfortunately, every time we send an investigator they emerge with shocking evidence of animal abuse," said MFA executive director Nathan Runkle. "Before ending up in restaurants and grocery stores, turkeys killed for Butterball are routinely crowded into filthy warehouses, neglected to die from infected, bloody wounds, and thrown, kicked, and beaten by factory farm workers." In addition, Dr. Sarah Mason, a veterinarian at the North Carolina Department of Agriculture, was suspended from her job ... and was sentenced to 45 days in the Hoke County jail after pleading guilty to obstructing justice and obstructing a public officer. Mason admitted calling a friend who worked at Butterball prior to the raid. Though she initially denied talking to the Butterball employee, Dr. Mason later admitted telling him about the existence of the Mercy for Animals video showing alleged abuse. In the video, workers can be seen kicking and stomping on turkeys, as well as dragging them by their wings and necks. The video also shows injured birds with open wounds and exposed flesh. Butterball ... has said it was "shocked" by the undercover video, is taking the animal cruelty investigation seriously.

Note: For two excellent and fun short videos showing both the problem and solutions for cruel factory farming, click here and here. For lots more little-known, excellent information to promote your health, click here.




Monsanto found guilty of chemical poisoning in France
2012-02-13, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/environment/2012/feb/13/monsanto-guilty-chemical-po...

A French court has declared the US biotech giant Monsanto guilty of chemical poisoning of a French farmer, a judgment that could lend weight to other health claims against pesticides. In the first such case heard in court in France, the grain grower Paul Francois, 47, said he suffered neurological problems including memory loss, headaches and stammering after inhaling Monsanto's Lasso weedkiller in 2004. He blames Monsanto for not providing adequate warnings on the product label. "It is a historic decision in so far as it is the first time that a [pesticide] maker is found guilty of such a poisoning," Francois Lafforgue, Francois's lawyer, told Reuters. Francois and other farmers suffering from illness set up an association last year to make a case that their health problems should be linked to their use of crop protection products. The agricultural branch of the French social security system says that since 1996, it has gathered farmers' reports of sickness potentially related to pesticides, with about 200 alerts a year. The Francois case goes back to a period of intensive use of crop-protection chemicals in the European Union. The EU and its member countries have since banned a large number of substances considered dangerous.

Note: For key reports from major media sources on corporate corruption, click here.




Eight arrests as Murdoch 'throws staff to the wolves'
2012-02-12, The Independent (One of the UK's leading newspapers)
http://www.independent.co.uk/news/uk/crime/eight-arrests-as-murdoch-throws-st...

Police swooped on eight individuals between 6am and 8am yesterday, arresting the five Sun journalists, two Ministry of Defence staff and a police officer. The arrests came hard on the heels of five related arrests two weeks ago when four senior Sun journalists and a police officer were questioned in connection with bribery allegations. The latest astonishing development ... prompted fury among the newspaper's staff, amid allegations that those arrested had been "thrown to the wolves" in an effort to bolster the embattled News Corp empire, and, particularly, to rekindle its hopes of taking over BSkyB. The police were acting on information provided by News International, owner of The Sun and Times newspapers. The investigation broke new ground yesterday: for the first time, the arrests broadened beyond payments to police, with a female member of the MoD and a member of the armed forces also held while their homes were searched. The journalists arrested were Geoff Webster, The Sun's deputy editor; John Kay, a former chief reporter who joined the title in 1974; Nick Parker, chief foreign correspondent; John Edwards, picture editor; and John Sturgis, a reporter.

Note: The fact that the The Sun's deputy editor and chief foreign correspondent were arrested along with a female member of the MoD and a member of the armed forces is astounding. Could the predictions of David Wilcock of mass arrests of key people involved in major corruption be coming true? Wilcock has written a thoroughly researched and amazingly deep and penetrating paper on all that is going on at this link.




Rothschild loses libel case, and reveals secret world of money and politics
2012-02-11, The Independent (One of the UK's leading newspapers)
http://www.independent.co.uk/news/uk/home-news/rothschild-loses-libel-case-an...

Nathaniel Rothschild, scion of the banking dynasty and friend of seemingly everyone in the spheres of finance, business and politics, ... has lost his libel case against the Daily Mail, which he sued for "substantial damages" over its account of his and [Lord] Mandelson's extraordinary trip to Russia in January 2005. Mr Rothschild claimed he was subjected to "sustained and unjustified" attacks in the May 2010 article, which portrayed him as a "puppet master", dangling his friend Lord Mandelson in front of the Russian oligarch Oleg Deripaska to ease the passage of colossal business deals. It began on Mr Rothschild's private jet from the World Economic Forum in Davos to Moscow, where they met Mr Deripaska, the aluminium plant manager who became the richest oligarch of them all, and continued on Mr Deripaska's private jet to his chalet in Siberia. The judge rejected the notion that Mr Rothschild and Mr Mandelson had flown out as friends, not business associates, and said Mr Rothschild's behaviour had in part been "inappropriate". "That conduct foreseeably brought Lord Mandelson's public office and personal integrity into disrepute," the judge said. That leading politicians, bankers and businessmen associate with each other in fashions that blur the boundaries between work and pleasure is a secret too great to be maintained with any success, but it doesn't make the details, on the rare occasions they actually emerge, any more palatable.

Note: For lots more from major media sources on corporate and government corruption, click here and here.




EU agrees rules to tame derivatives market
2012-02-09, Reuters
http://www.reuters.com/article/2012/02/09/eu-derivatives-idUSL5E8D969P20120209

European Union diplomats and the European Parliament agreed ... to overhaul regulation of the roughly $700 trillion derivatives market, a move that will make it easier to control one of the most opaque areas of finance. Under new EU laws, banks, hedge funds and other buyers and sellers of derivatives will be encouraged to move away from the unregulated 'over-the-counter' market, which accounts for almost 95 percent of all trades. In the past, it has been common for multi-million-euro contracts to be recorded by no more than a fax, with only the parties involved aware of the details. This will change under the new law, which would standardise most trading so it happens on open exchanges. Settlement of such deals will be cleared centrally, making them easier to monitor. Those that do not shift to exchanges or a central counterparty such as LCH Clearnet in London, which acts as an intermediary between buyer and seller, will face higher capital charges to reflect the extra risk. Crucially, the new rules mean that all deals must be recorded, whether conducted on or off an exchange. Supervisors hope that will make it easier to monitor the market and intervene, if necessary, to avoid a repeat of the chaos surrounding the 2008 collapse of Lehman Brothers, where it proved difficult to assess exposure to derivatives. By forcing increased transparency, the rules are likely to challenge the half a dozen or so large banks that dominate the market now.

Note: For key reports on the grave risks posed by the unregulated derivatives market, click here.




Petition tells Obama: ‘Cease FDA ties to Monsanto’
2012-01-30, Washington Post blog
http://www.washingtonpost.com/blogs/blogpost/post/monsanto-petition-tells-oba...

A two-year-old Food and Drug Administration appointment is stirring up online protests once more. In 2009, President Obama appointed Michael Taylor as a senior adviser for the FDA. Consumer groups protested the appointment because Taylor had formerly served as a vice president for Monsanto, the controversial agricultural multinational at the forefront of genetically modified food. In recent days, a petition calling for the former Monsanto VP’s ouster is gaining steam. “President Obama, I oppose your appointment of Michael Taylor,” the petition on Signon.org reads. “Taylor is the same person who was Food Safety Czar at the FDA when genetically modified organisms were allowed into the U.S. food supply without undergoing a single test to determine their safety or risks. This is a travesty.” Signers of the petition argue that Monsanto should not have influence at the FDA because it will hurt farmers and threaten plants and animals. They cite scientific research that has found genetically modified foods could be a cause for chronic illnesses or cancer in the U.S. The petition calls Taylor’s appointment an example of a “fox watching the hen house.”

Note: To sign the petition, click here. For lots more on this danger to public health, click here. For how WantToKnow.info founder Fred Burks found himself blacklisted by Monsanto, click here.




UK police arrest Murdoch tabloid staff
2012-01-28, MSNBC/Reuters
http://www.msnbc.msn.com/id/46174085/ns/world_news-europe/t/uk-police-arrest-...

British police arrested four current and former staff of Rupert Murdoch's best-selling Sun tabloid plus a policeman ... as part of an investigation into suspected payments by journalists to officers. Police also searched the paper's London offices at publisher News International, News Corp.'s British arm, in a corruption probe linked to a continuing investigation into phone hacking at its now closed News of the World weekly tabloid. The arrests included The Sun's crime editor Mike Sullivan, its head of news Chris Pharo, and former deputy editor Fergus Shanahan Also arrested was the paper's former managing editor Graham Dudman, now a columnist and media writer. Thirteen people have now been arrested over allegations that journalists paid police in return for information. Last week, News International settled a string of legal claims after it admitted that people working for the tabloid had hacked in to the private phones of celebrities and others to find stories. The phone hacking scandal drew attention to the level of political influence held by editors and executives at News International, and other newspapers in Britain. It embarrassed British politicians for their close ties with newspaper executives and also the police, who repeatedly failed to investigate allegations of illegal phone hacking.

Note: If researcher David Wilcock is right, this may be the beginning of mass arrests of key people involved in major corruption in our world. For lots more, see David's very well researched article at this link.





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.


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