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.
Leana Wen created the “Who’s My Doctor” campaign last year. The effort ... goes a step further than the federal government’s mandate requiring physicians to disclose all money they receive from drug companies. Last month, the Centers for Medicare & Medicaid Services released data that outlined the $3.5 billion that companies paid to the nation’s doctors. The Open Payments database ... was heavily opposed by physician groups and pharmaceutical companies. “Incentives matter,” said Wen in a recent TED talk, “If you go to your doctor because of back pain, you might want to know he’s getting paid $5,000 to perform spine surgery versus $25 to refer you to see a physical therapist.” As part of the “Who’s My Doctor” effort, each physician voluntarily publishes a “Total Transparency Manifesto,” which ... flows into a searchable database that prospective patients can use. One year after starting the project, only 34 “transparent doctors” are listed on the website. There are many more who were less than pleased. “I thought some doctors would sign on and others wouldn’t, but I had no idea of the backlash that would ensue,” she said in her TED talk. The criticism quickly went beyond online comments. Soon, people were asking Wen’s employer to fire her, and sending mail to her home address with threats.
From his desk in Lower Manhattan, a banker at Goldman Sachs thumbed through confidential documents — courtesy of a source inside the United States government. The banker came to Goldman through the so-called revolving door ... that connects financial regulators to Wall Street. He joined in July after spending seven years as a regulator at the Federal Reserve Bank of New York, the government’s front line in overseeing the financial industry. He received the confidential information, lawyers briefed on the matter suspect, from a former colleague who was still working at the New York Fed. The previously unreported leak, recounted in interviews with the lawyers briefed on the matter who spoke anonymously ... illustrates the blurred lines between Wall Street and the government. When Goldman hired the former New York Fed regulator, who is 29, it assigned him to advise the same type of banks that he once policed. And the banker obtained confidential information [that] provided Goldman a window into the New York Fed’s private insights. The emergence of the leak comes as questions mount about a perceived coziness between the New York Fed and Wall Street banks — Goldman in particular. Revelations from a former New York Fed employee, Carmen Segarra, recently stoked that debate. Ms. Segarra released taped conversations suggesting that her supervisors went soft on Goldman. The new accounts of a regulator and a banker actually sharing confidential documents — violating a cardinal rule of the regulatory world — suggest that ... Goldman, perhaps more than any other Wall Street bank, appears to be entwined with the New York Fed.
Note: For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in government and banking and finance. For additional information, see the excellent, reliable resources provided in our Banking Corruption Information Center.
State officials allowed oil and gas companies to pump nearly three billion gallons of waste water into underground aquifers that could have been used for drinking water or irrigation. Those aquifers are supposed to be off-limits to that kind of activity, protected by the EPA. California’s Department of Conservation’s Chief Deputy Director, Jason Marshall, told NBC Bay Area, “There have been past issues where permits were issued to operators that they shouldn’t be injecting into those zones." In “fracking” or hydraulic fracturing operations, oil and gas companies use massive amounts of water to force the release of underground fossil fuels. The practice produces large amounts of waste water that must then be disposed of. Marshall said that often times, oil and gas companies simply re-inject that waste water back deep underground where the oil extraction took place. But other times, Marshall said, the waste water is re-injected into aquifers closer to the surface. In the State’s letter to the EPA, officials admit that in at least nine waste water injection wells, the waste water was injected into “non-exempt” or clean aquifers. For the EPA, “non-exempt” aquifers are underground bodies of water that are “containing high quality water” that can be used by humans to drink, water animals or irrigate crops. "It should not have been permitted,” said Marshall.
Note: The complete article summarized above includes maps of the Bakersfield, CA wells contaminated by these fracking waste injections. For more along these lines, read this Los Angeles Times article about how fracking poisons drinking water, and see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
With organic food growers reporting double-digit growth in U.S. sales each year, producers are challenging a proposed California pest-management program they say enshrines a pesticide-heavy approach for decades to come, including compulsory spraying of organic crops at the state’s discretion. The California Department of Food and Agriculture’s pest-management plan says compulsory state pesticide spraying of organic crops would do no economic harm to organic producers, on the grounds that the growers could sell sprayed crops as non-organic instead. “I would rather stop farming than have to be a conventional farmer. I think I am not alone in that,” said Zea Sonnabend, a Watsonville organic apple-grower with California Certified Organic Farmers. The fate of the pest-management plan outlined by the state isn’t a theoretical concern. It’s an immediate issue ... due, in part, to a disease-carrying pest. The disease spread by the Asian citrus psyllid kills citrus trees. California’s $2.4 billion citrus industry has found incursions by the bug. The standard treatment for the citrus pest is conventional pesticides, including neocotinoids linked to the decline of crop-pollinating bees. Organic farmers are asking the state to give more consideration to non-toxic controls, including long-term methods to strengthen crops and habitats in advance against marauding tropical species, said Kelly Damewood, policy director for California Certified Organic Farmers.
Note: Read concise summaries of deeply revealing articles that show bee colony deaths and autism are linked to pesticide exposure. Is compulsory state spraying of these pesticides really in the public's best interest?
The oil and gas industry ... must be prepared to employ tactics like digging up embarrassing tidbits about environmentalists and liberal celebrities, a veteran Washington political consultant told a room full of industry executives in a speech that was secretly recorded. The blunt advice from Richard Berman, the founder and chief executive of the Washington-based Berman & Company consulting firm, came as Mr. Berman solicited up to $3 million from oil and gas industry executives to finance an advertising and public relations campaign called Big Green Radicals. Executives ... must be willing to exploit emotions like fear, greed and anger and turn them against the environmental groups. And major corporations secretly financing such a campaign should not worry about offending the general public. “Think of this as an endless war,” Mr. Berman told the crowd ... whose members include Devon Energy, Halliburton and Anadarko Petroleum, which specialize in extracting oil and gas through hydraulic fracturing, also known as fracking. “I get up every morning and I try to figure out how to screw with the labor unions,” Mr. Berman said in his speech. “People always ask: "How do I know that I won’t be found out as a supporter of what you’re doing?" Mr. Berman told the crowd, “We run all of this stuff through nonprofit organizations that are insulated from having to disclose donors. There is total anonymity. People don’t know who supports us.”
Within hours of Superstorm Sandy slamming the East Coast two years ago, Americans opened their wallets to help — donating millions to the first charity that came to mind: the American Red Cross. In the months after the disaster, the Red Cross touted its success in delivering food, clothes and shelter to tens of thousands of people left homeless by the storm. The venerable charity's track record in dealing with the megastorm is now being challenged. Multiple internal documents obtained by NPR and ProPublica along with interviews with top Red Cross officials ... depict an organization so consumed with public relations that it hindered the charity's ability to provide disaster services. Among NPR and ProPublica's findings: The Red Cross national headquarters in Washington "diverted assets for public relations purposes." A former Red Cross official managing the Sandy effort says 40 percent of available trucks were assigned to serve as backdrops for news conferences. Distribution of relief was "politically driven instead of [Red Cross] planned." Relief organizers were ordered to produce 200,000 additional meals one day — to drive up numbers. They did it at extraordinary cost, even though there was no one to deliver them to and most went to waste. It wasn't just Sandy. When Isaac hit Mississippi and Louisiana earlier in 2012 ... one Red Cross official had 80 trucks drive around empty or largely empty "just to be seen," as one of the drivers recalls.
Note: The above story follows up on this Salon/ProPublica article, where the Red Cross called its spending habits a "trade secret". For more along these lines, see concise summaries of deeply revealing stories about corporate corruption from reliable sources.
In an astonishing media tour following her resignation from CBS News last spring, correspondent Sharyl Attkisson sat before interviewers ranging from radio host Chris Stigall to CNN media correspondent Brian Stelter and launched attacks on her newly former employer. “With various stories, you do get the idea at some point that they want you to stop, especially if you start to dig down right into something very, very important. And it’s not just with political stories - it’s with stories that go after other interests, corporations, different things,” Attkisson told Stigall. Perhaps the most spectacular allegation against Attkisson’s former employer relates to influence by corporate interests on the news product. Despite the hassles, Attkisson and her colleagues plow ahead with such stories. Until she catches wind that the bureau chief has requested to see her notes on a story about “an American Red Cross disaster response.” After Attkisson complains that it’s inappropriate to ask to see the notes, the bureau chief says, “I know. I don’t know what else to do.” Discouragement of Attkisson’s reporting, confesses the bureau chief, comes from powerful forces within CBS News. “We must do nothing to upset our corporate partners,” says the bureau chief, per [Attkisson's book] “Stonewalled.”
Note: There is much more to this story. Please read the analysis of top independent reporter Jon Rappoport on this webpage showing how sharp investigative reporters who threaten the powers that be are forced out, as Attkisson was. And watch Attkisson give a Tedx Talk on how the public is deceived in dangerous ways be powerful corporations and interests. For more along these lines, see concise summaries of deeply revealing media manipulation news articles from reliable sources.
Attorneys general are now the object of aggressive pursuit by lobbyists and lawyers who use ... lavish corporate-sponsored conferences and other means to push them to drop investigations, change policies, negotiate favorable settlements or pressure federal regulators, an investigation by The New York Times has found. A robust industry of lobbyists and lawyers has blossomed as attorneys general have joined to conduct multistate investigations. But unlike the lobbying rules covering other elected officials, there are few revolving-door restrictions or disclosure requirements governing state attorneys general. The routine lobbying and deal-making occur largely out of view. “The current and increasing level of the lobbying of attorneys general creates, at the minimum, the appearance of undue influence,” said James E. Tierney, a former attorney general of Maine. “It is undermining the credibility of the office of attorney general.” Giant energy producers and service companies ... have retained their own teams of attorney general specialists, including Andrew P. Miller, a former attorney general of Virginia. “An attorney general is entrusted with the power to decide which lawsuits to file and how to settle them, and they have great discretion in their work,” said Anthony Johnstone, a former assistant attorney general in Montana. “It’s vitally important that people can trust that those judgements are not subject to undue influence because of outside forces. And from what I have seen ... those forces have intensified.”
Note: For more along these lines, see these concise summaries of deeply revealing government corruption news articles from reliable sources.
At the Justice Department, senior officials like to congratulate themselves on the headline-making, big bucks settlements they have imposed upon banks and lenders. Those settlement figures are not quite what they seem, because settlements can be deducted from tax liabilities. For nearly every dollar a bank or lender has pledged to pay ... up to 35 cents will find its way back into bank coffers. Under Attorney General Eric Holder, whose agency has not prosecuted a single major bank or executive in the aftermath of the 2008 meltdown, the Justice Department has [allowed] windfall tax deductions [to be] set against the civil settlements imposed. [These may] total more than $44 billion. Astonishingly, for an economic crisis estimated to have cost the U.S. economy anywhere from $6 trillion to $14 trillion in lost output and value —if not twice that, according to a September 2013 study by the Dallas Federal Reserve bank— tracking the settlements and the deductions against taxes via government websites is almost impossible. There’s [a] self-serving reason for the Justice Department to hike civil settlement payments while allowing for most of the sum to be tax-deductible. The agency receives a cut of up to 3 percent of its share of the total settlements for its Working Capital Fund, a slush fund common across major government agencies. The Justice Department’s slush fund ... signals an institutional interest in getting big numbers.
In June 2011, (WikiLeaks’ founder) Julian Assange received an unusual visitor: the chairman of Google, Eric Schmidt. The stated reason for the visit was a book. Schmidt was penning a treatise with Jared Cohen, the director of Google Ideas. Cohen had moved to Google from the U.S. State Department. Schmidt arrived first, accompanied by his then partner, Lisa Shields ... a vice president of the Council on Foreign Relations. Two months later, WikiLeaks’ release of State Department cables was coming to an abrupt end. Two years later, in the wake of his early 2013 visits to China, North Korea and Burma, it would come to be appreciated that the chairman of Google might be conducting, in one way or another, “back-channel diplomacy” for Washington. In 1999 ... Schmidt joined the New America Foundation. The foundation and its 100 staff serve as an influence mill, using its network of approved national security, foreign policy and technology pundits to place hundreds of articles and op-eds per year. In 2003, the U.S. National Security Agency (NSA) had already started systematically violating the Foreign Intelligence Surveillance Act (FISA). During the same period, Google ... was accepting NSA money to the tune of $2 million to provide the agency with search tools. In 2012, Google arrived on the list of top-spending Washington, D.C., lobbyists. Whether it is being just a company or “more than just a company,” Google’s geopolitical aspirations are firmly enmeshed within the foreign-policy agenda of the world’s largest superpower.
Note: Read the complete Newsweek article summarized above for Julian Assange's detailed accounting of the connections between Washington D.C. insiders, Google and related technology companies, intelligence agencies, and civil society organizations. For more about Wikileaks, read this news article summary. For more on the geopolitical big picture, see these concise summaries of deeply revealing news articles from reliable major media sources.
Breast cancer giant Susan G. Komen has found its strangest bedfellow yet in one of the world’s largest oilfield services corporations, Baker Hughes. The two have teamed up for a second year to distribute 1,000 pink drill bits to oil fields worldwide. This is just the latest example of “pinkwashing” – when a company or organization claims to care about breast cancer by promoting a pink-ribbon product but at the same time manufactures or sells products that are linked to the disease. Pinkwashing has become a central component of the breast cancer industry: a web of relationships and financial arrangements between corporations that cause cancer, companies making billions off diagnosis and treatment, nonprofits seeking to support patients or even to cure cancer, and public relations agencies that divert attention from the root causes of disease. The partnership with fracking company Baker Hughes is among the worst examples of Komen’s pinkwashing so far. More than 700 chemicals are used in the process of drilling and fracking for oil and gas. In a study of about 350 of those chemicals, researchers found that up to half can cause health problems, including nervous, immune and cardiovascular symptoms. More than one-third can disrupt the hormone system. And a quarter of the chemicals, such as benzene and formaldehyde, increase the risk of cancer. Baker Hughes is doing more to cause breast cancer than to cure it. And Komen, with its poisonous partnerships, is giving Baker Hughes — and many other companies — the perfect pink disguise.
Note: For more along these lines, read this Los Angeles Times article about how fracking introduces carcinogens into drinking water, and see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
The European Commission on Tuesday fined four major financial institutions 93.9 million euros, or about $120 million, over two types of activity that it deemed as cartel behavior. In one case, the European Commission fined JPMorgan Chase €61.7 million euros for manipulating the Swiss franc Libor benchmark interest rate in an “illegal bilateral cartel” with the Royal Bank of Scotland. Interest-rate derivatives – such as forward rate agreements, swaps, futures and options – are financial products intended to help manage interest-rate fluctuations. In December 2013, the European Union fined several global financial institutions a combined €1.7 billion to settle charges that they colluded to fix benchmark interest rates. Regulators accused R.B.S. and JPMorgan of trying to distort the process used to price interest rate derivatives. In a separate settlement also announced on Tuesday, the European Commission said R.B.S., UBS, JPMorgan and Credit Suisse, operated a cartel on bid-ask spreads of Swiss franc interest-rate derivatives, imposing fines worth a total of €32.4 million. from May to September 2007, R.B.S., UBS, JPMorgan and Credit Suisse agreed to quote to clients wider, fixed bid-ask spreads on certain categories of franc interest-rate derivatives. The banks maintained narrower spreads for trades among themselves. The aim was to lower the banks’ transaction costs and continue the flow of trades between themselves while preventing others from participating on the same terms in the franc derivatives market. Global financial institutions have paid more than $6 billion in fines over manipulating benchmark rates.
Note: For more along these lines, see the excellent, reliable resources provided in our Banking Corruption Information Center.
David Bronner, CEO of Dr. Bronner's Magic Soaps, presides over a company with famously wacky product labels. But Bronner himself, grandson of the founder ... has emerged as a serious, though fun-loving, activist, particularly around pesticides and genetically modified crops. Bronner's writing on GMOs is too hot for the advertising pages of the English-speaking world's two most renowned science journals, Science and Nature - even though a slew of magazines ... accepted the Bronner ad. It consists of a short essay, known in publishing as an advertorial, [and] focuses on how GMO crops have led to a net increase in pesticide use in the United States, citing an analysis by Ramon Seidler, a retired senior staff scientist at the Environmental Protection Agency. Bronner ... first published his critique on Huffington Post, and then decided to publish it as an ad in a variety of high-profile magazines. Science was close to accepting it. An ad sales manager for the American Association for the Advancement of Science, which published the magazine, emailed on September 15 that she would send over paper work "in a bit," adding that "[a]fter you sign it, I can take your credit card info." The price: $9,911.00. But hours later, she wrote back, squashing the deal: "This has gone up the ladder quite far and our CEO along with the board have come back saying that we cannot accept the ad. We're concerned about backlash from our members and potentially getting into a battle with the GMO industry."
Note: See the original ad at this link. For more along these lines, see concise summaries of deeply revealing news articles on media manipulation and the GMO controversy from reliable major media sources.
Citizens United v. Federal Election Commission in 2010 tossed aside decades of legislative restrictions, freeing corporations and unions to spend as much as they wished. Six months ago, the Supreme Court took its Citizens United decision further. In McCutcheon v. Federal Election Commission, it struck down long standing caps on what an individual may contribute to all federal candidates, collectively, in any two-year election cycle. With conservative justices dominant, the court expanded the concept that money is equivalent to speech, protected by the First Amendment. Corporations, it said, enjoy the same political rights as individuals. A study by the Sunlight Foundation, an advocate for government transparency, found that 31,385 people — that is 1 percent of 1 percent of the United States population — accounted for 28 percent of all disclosed contributions in the 2012 elections. This year, an analysis by The New York Times shows, more than half of broadcast advertising in the midterm elections has been paid for by groups that reveal little or nothing about their donors. Overwhelmingly, the main beneficiaries have been conservative organizations.
Note: For more along these lines, see concise summaries of deeply revealing election news articles from reliable major media sources. For more along these lines, see the excellent, reliable resources provided in our Elections Information Center.
Would you cram a dog into a crate for her entire life, never letting her out, until you took her to the pound to kill her? Of course you wouldn’t, and yet that’s effectively what happens to most mother pigs in this country. They spend their lives in what are called gestation crates ... immobilized in these crates until they are taken to the slaughterhouse. Pigs are smart. They learn rudimentary video games as quickly as chimpanzees. When abnormally enclosed, their muscles and bones waste away, and they go insane from boredom. Fortunately, we’re seeing changes. We’re seeing policies to get rid of these crates from the likes of McDonald’s, Burger King and Smithfield Foods. We’ve also seen bills or initiatives passed in nine states that require that all pigs be given at least enough space to turn around. It’s a modest improvement, but the pork producers are fighting it. These laws are bipartisan. A poll conducted last month by Mason-Dixon Polling and Research found that 93 percent of New Jersey voters wanted to see these crates banned. A year ago, Gov. Chris Christie vetoed a ... bill (to ban gestation crates) that had passed the Assembly and Senate by huge bipartisan majorities.
Note: For more along these lines, see this excerpt of a deeply revealing ABC News article about standardized animal cruelty in chicken farming.
Did you know that when you buy an airline ticket and make other travel reservations, the federal government keeps a record of the details in a file called Passenger Name Record or PNR? If airlines don’t comply, they can’t fly in the U.S., explains Ed Hasbrouck, a privacy expert with the Identity Project who has studied the records for years and is considered the nation’s top expert. Before each trip, the system creates a travel score for you, generated by your PNR. Before an airline can issue you a boarding pass, the system must approve your passage, Hasbrouck explains. That’s one way people on the No Fly List are targeted. The idea behind extensive use of PNRs, he says, is not necessarily to watch known suspects but to find new ones. Want to appeal the process? “It’s a secret administrative process based on the score you don’t know, based on files you haven’t seen,” Hasbrouck says. The program collects seemingly trivial details. If you have an argument with an airline gate agent and that agent enters a notation ... that record stays in your PNR. “The U.S. government is getting the data and sharing it in ways we don’t fully know about with other governments,” Hasbrouck says. The information collected by the airlines is shared with third-party data companies who store it. Where? In the cloud. Make you feel safer? In Canada and the European Union, the collection of this information spurred public debate. But not here.
Note: Read this excellent article for lots more details on how the government spies on your travels. For more along these lines, see concise summaries of deeply revealing civil liberties news articles from reliable sources.
Did anyone ever doubt that the New York Fed was in hock to Wall Street? Or that Fed bank examiners ... might fear alienating the powerful financiers on whom they depend for information or future jobs? It’s one thing to know and another to hear in painful, crackling detail how the Fed’s financial cops slip on their velvet gloves to deal with Goldman Sachs. Or how Segarra, one of a group of examiners brought in after the financial crisis to keep a closer watch on the till, was fired, perhaps for doing her job. Consider one of the shady deals highlighted on the secret tapes of New York Fed meetings, which Segarra made with a spy recorder before she was let go and which were made public on Sept. 26. The Fed employees, who work inside the banks they examine (yes, it’s literally an inside job), knew the deal was dodgy. Numerous experts believe that the size of the financial sector is slowing growth in the real economy by sucking the monetary oxygen out of the room. Banks don’t want to lend; they want to trade, often via esoteric deals that do almost nothing for anyone outside Wall Street. This disconnect between the real economy and finance is now being closely studied by policymakers and academics. Adair Turner, a former British banking regulator, thinks that only about 15% of U.K. financial flows go to the real economy; the rest stay within the financial system, propping up existing corporate assets, supporting trading and enabling $40 million briefcase-watching fees. If the New York Fed really wants to redeem itself, it might consider commissioning a similar study to look at Wall Street’s contribution to the U.S. economy.
Note: For more along these lines, see concise summaries of deeply revealing financial news articles from reliable major media sources. For more along these lines, see the excellent, reliable resources provided in our Banking Corruption Information Center.
Zipping cross-country in a super-high speed train has become commonplace in many countries these days, but it was unheard of when Japan launched its bullet train between Tokyo and Osaka 50 years ago Wednesday. The Shinkansen, as it's called in Japan, gave a boost to train travel in Europe and Asia at a time when the rise of the automobile and the airplane threatened to eclipse it. The first bullet train, with its almost cute bulbous round nose, traveled from Tokyo to Osaka in four hours, shaving two and a half hours off the 513-kilometer (319-mile) journey. The latest model, with a space-age-like elongated nose, takes just two hours and 25 minutes. The first Shinkansen had a maximum speed of 210 kilometers (130 miles) per hour. The fastest trains previously, in Europe, could reach 160 kph. Today's bullet trains, in Japan and elsewhere, have reached and in some cases exceeded 300 kph (186 mph). By average speed, China has the fastest train in the world, averaging 284 kph. Turkey last year became the ninth country to operate a train at an average speed of 200 kph. South Korea and Taiwan also operate high-speed systems in Asia. The fastest train in the U.S., Amtrak's Acela Express, averages 169 kph (105 mph) on a short stretch between Baltimore and Wilmington, Delaware. Shanghai launched a German-built maglev train in 2004 on a 30-kilometer route between the city and the airport. It can hit 430 kph (267 mph). A Japanese maglev train in development has topped 500 kph (310 mph) in tests.
Note: Gas and oil interests have lobbied hard to keep Americans wedded to their cars and stop the development of high-speed trains. For more on this, see this excellent article and concise summaries of deeply revealing news articles on suppressed energy inventions from reliable major media sources.
Monsanto is donating $4.7 million to the campaign to oppose GMO labeling in Colorado. The St. Louis-based agriculture company is a primary producer of genetically modified seeds. The No on 105 committee has raised almost $10 million through Sept. 24, with Pepsico and Kraft Foods also giving more than $1 million each. The group begins running TV ads against the initiative this week. Meanwhile, the supporters of the labeling initiative, Right to Know GMO, have raised about $323,000, including almost $120,000 in the most recent two weeks. That groups top donors are Food Democracy Action at $140,000 total and Dr. Bronner’s Magic Soaps at $25,000.
Note: In every election where GMO labeling was on the ballot, big industry has poured in many times more money that those in favor of disclosure. This is a very good example of how in the US, it is much more a democracy of every dollar gets one vote rather than every person gets one vote. For more on this, see concise summaries of deeply revealing GMO news articles from reliable major media sources.
Helen Davis Chaitman, the lead attorney for Madoff’s victims and the author of The Law of Lender Liability, and Lance Gotthoffer, one of our nation’s premier litigators, are blowing the whistle on JPMorgan Chase big time. Their explosive ... book [is titled], “JPMadoff: The Unholy Alliance Between America’s Biggest Bank and America’s Biggest Crook.” This book is ... about the incestuous relationship between so-called U.S. federal prosecutors, politicians for whom they worked, and the flow of Wall Street money to those politicians. JPMC knew, for 20 years, that Madoff was conducting illegal transactions in his account at the Bank. JPMC had a unique window into Madoff’s crimes. And they said nothing to federal authorities ... in clear violation of our banking laws. In 1994 a JPMC officer wrote a memo analyzing the check kiting and calling it “outrageous.” But what he thought was outrageous was not that Madoff [was] violating the law, but that [he was] being paid interest by the Bank on uncleared funds. As a result, JPMC allowed the transactions to continue but required Levy and Madoff to pay back the interest the Bank had paid them on uncleared funds. In January 2014, JPMC paid over $3 billion to settle civil and criminal charges that it violated the law in its dealings with Madoff. They [had] waited until after Madoff confessed and was arrested to report to United States law enforcement that Madoff might have been operating illegally.
Note: JP Morgan Chase's role in the Madoff scandal is outrageous, but it is relatively minor in comparison to the massive securities fraud and cover-up perpetrated by this and other big banks in cooperation with corrupt government officials. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
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.