Corporate Corruption Media ArticlesExcerpts of Key Corporate Corruption Media Articles in Major Media
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The U.S. health care system squanders $750 billion a year — roughly 30 cents of every medical dollar — through unneeded care, byzantine paperwork, fraud and other waste, the influential Institute of Medicine [said] in a report. President Barack Obama and Republican Mitt Romney are accusing each other of trying to slash Medicare and put seniors at risk. But the counter-intuitive finding from the report is that deep cuts are possible without rationing, and a leaner system may even produce better quality. More than 18 months in the making, the report identified six major areas of waste: unnecessary services ($210 billion annually); inefficient delivery of care ($130 billion); excess administrative costs ($190 billion); inflated prices ($105 billion); prevention failures ($55 billion), and fraud ($75 billion). Adjusting for some overlap among the categories, the panel settled on an estimate of $750 billion. The report makes ten recommendations, including payment reforms to reward quality results instead of reimbursing for each procedure, improving coordination among different kinds of service providers, leveraging technology to reinforce sound clinical decisions and educating patients to become more savvy consumers. The report’s main message for government is to accelerate payment reforms, said panel chair Dr. Mark Smith, president of the California HealthCare Foundation, a research group. For employers, it’s to move beyond cost shifts to workers and start demanding accountability from hospitals and major medical groups. For doctors, it means getting beyond the bubble of solo practice and collaborating with peers and other clinicians.
Note: The US spends far more on health care than most other developed countries which provide health care to all of their citizens. The US system is driven by profits. For more on this, click here.
The U.S. Justice Department is ramping up its rhetoric against BP [formerly British Petroleum] for the massive 2010 oil spill in the Gulf of Mexico, describing in new court papers examples of what it calls "gross negligence and willful misconduct." The court filing is the sharpest position yet taken by the U.S. government as it seeks to hold the British oil giant largely responsible for the largest oil spill in U.S. history. Gross negligence is a central issue to the case, slated to go to trial in New Orleans in January 2013. A gross negligence finding could nearly quadruple the civil damages owed by BP under the Clean Water Act to $21 billion. The U.S. government and BP are engaged in talks to settle civil and potential criminal liability, though neither side will comment on the status of negotiations. Specifically, errors made by BP and Swiss-based Transocean Ltd, owner of the Deepwater Horizon platform, in deciphering a key pressure test of the Macondo well are a clear indication of gross negligence, the Justice Department said. "That such a simple, yet fundamental and safety-critical test could have been so stunningly, blindingly botched in so many ways, by so many people, demonstrates gross negligence," the government said in its 39-page filing.
Note: For deeply revealing reports from reliable major media sources on corporate corruption, click here.
When the Justice Department recently closed its criminal investigation of Goldman Sachs, it became all but certain that no major American banks or their top executives would ever face criminal charges for their role in the financial crisis. Justice officials and even President Obama have defended the lack of prosecutions, saying that even though greed and other moral lapses were evident in the run-up to the crisis, the conduct was not necessarily illegal. But that characterization of the financial industry's actions has always defied common sense - and all the more so now that a fuller picture is emerging of the range of banks' reckless and lawless activities, including interest-rate rigging, money laundering, securities fraud and excessive speculation. The financial crisis, fomented over years by big banks and presided over by executives, involved reckless lending, heedless securitizations, exorbitant paydays and illusory profits, all of which led to government bailouts and economic calamity. Is it plausible that none of that broke the law and that none of the people in positions of power and authority knew what was going on? The statute of limitations, generally five years for securities fraud and most other federal offenses, is running out, precluding the possibility of bringing many new suits dating from the bubble years. The result is a public perception that the big banks and their leaders will never have to answer fully for the crisis. The shameless pursuit of Wall Street campaign donations by both political parties strengthens this perception, and further undermines confidence in the rule of law.
Note: For deeply revealing reports from reliable major media sources on the collusion between government and the big banks, click here.
In California ... voters will decide in the November election whether consumers should have the right to know what goes in their food. Proposition 37, if it passes, will require food manufacturers to disclose whether their products contain genetically modified organisms (GMO). It is estimated that 40 to 70 percent of foods currently sold in grocery stores in California contain some genetically altered ingredients. The [FDA] does not require safety studies, and no long-term research on potential health effects has been conducted yet, although there are reports of preliminary studies that have linked GMOs to allergies and other health risks. Proposition 37 does not intend to impose any bans. “It’s simply saying: Let’s give consumers information so we can choose for ourselves whether or not we want to eat genetically engineered foods. Consumers in 50 other countries – including all of Europe, Japan, China and Russia – all have this right,” argued Grant Lundberg, the CEO of Lundberg Family Farms, and Kathryn Phillips, Director of the Sierra Club California. Having started as a grassroots movement, Proposition 37 has a good chance of succeeding. A whopping 65 percent of registered voters in California say they support the measure. But so far, less than 3 million dollars have been raised by the organizers. Opponents, mainly chemical and food-processing companies, including Monsanto, BASF, Bayer, Dow, Nestle, Coca Cola and Pepsico, have raised more than nine times as much. Ignoring facts and keeping information secret is not a sustainable strategy in the long run. California’s Right-to-Know movement could morph into something like that with the potential of spreading across the whole country.
Note: This article neglects to mention scientific studies which have shown that lab animals got very sick and some even died after being fed GM food. For a well researched and footnoted paper on this, click here. For a great collection of past major media articles revealing the serious risks and dangers of genetically modified foods, click here.
California voters this fall will decide a ballot measure that would require labeling of foods containing genetically engineered material. But the Department of Agriculture is already tied in knots over how to deal with the contamination of organic and conventional foods by biotech crops. On [August 27], a USDA advisory panel will consider a draft plan to compensate farmers whose crops have been contaminated by pollen, seeds or other stray genetically engineered material. The meeting is expected to be contentious, pitting the biotechnology and organic industries against each other. The draft report acknowledged the difficulty of preventing such material from accidentally entering the food supply and concerns that the purity of traditional seeds may be threatened. It also cited fears on both sides that official action to address contamination could send a signal to U.S. consumers and export markets in Europe, Japan and elsewhere that the purity and even safety of U.S. crops are suspect. Bioengineered crops dominate U.S. commodities, including 90 percent of U.S. corn. In some states, penetration is all but complete, including 99 percent of the Arkansas cotton crop. Most processed foods contain genetically engineered material. The organic industry said biotech companies should be responsible for containing their own genes and that contamination threatens the right of farmers to choose how to farm.
Note: For deeply revealing reports from reliable major media sources on the dangers of genetically-modified foods, click here. For more on the California ballot measure to require GM labelling called the "right to know," click here.
If Proposition 37 passes, California would become the first state in the nation to require new labels on a host of food products commonly found on grocery store shelves. Many other nations, including Japan, China and a host of European countries, already label genetically engineered food. In the United States, however, products that contain genetically engineered ingredients are generally not labeled. Proponents ... have raised $2.8 million. A company owned by Joseph Mercola, a controversial holistic health activist from Illinois with more than 100,000 Twitter followers, has kicked in $800,000. Opponents have raised nine times as much. Almost all of the nearly $25 million has come from a variety of chemical, seed and processed-food companies. Monsanto, a leading producer of genetically engineered seeds, donated $4.2 million, the largest donation. The labeling initiative largely covers processed foods. Milk, cheese and other dairy products made from cows that are injected with the bovine growth hormone or eat genetically engineered feed like alfalfa would be exempt, but meat or dairy products from animals that are genetically engineered would be labeled. In 2000, 25 percent of the corn planted in the United States was genetically engineered, according to the U.S. Department of Agriculture. By 2012, that figure had soared to 88 percent. The group California Right to Know, which is leading the pro-labeling campaign, is counting on a vast social media network and volunteers to get its message out. Stacy Malkan, a spokeswoman for the yes campaign, said [this] "is a people's movement against out-of-state corporations."
Note: A graph in this article shows that 94% of the funds raised against Proposition 37 came from outside of California. And how interesting that Dr. Mercola is called controversial, considering that he now has nearly 2 million subscribers to his mos excellent email list. For an article titled "The Top 10 Lies Told by Monsanto on GMO Labeling in California," click here. For a great collection of past major media articles revealing the serious risks and dangers of genetically modified foods, click here.
Oceana, a group dedicated to preserving the ocean ecosystem, is testing fish nationwide to find out whether seafood fraud is as widespread as some people think it is. It is now possible to determine exactly what species is being served at the local fish shack, thanks to recent advances in genetic sequencing. Oceana has thus far found seafood mislabeling everywhere it has done testing, including Boston, Los Angeles, Miami and Monterey. The DNA-testing campaign, in which dozens of volunteers are provided testing kits with instructions and monitoring sheets, created an uproar when the early results came out. In South Florida ... results showed that 31 percent of the fish tested at restaurants and markets was mislabeled. In Los Angeles, 55 percent, and in Boston, 48 percent of the fish sold was not what it was touted to be. In Los Angeles ... eight out of nine sushi samples labeled as "white tuna," or shiro maguro, were actually escolar, which [has been called] the "ex-lax fish" for its purgative effect on the digestive system. Escolar is not among the 14 species that can legally be labeled as tuna. Oceana found that 87 percent of the sushi venues tested misrepresented the fish being served. The results follow several Consumer Reports studies that had similar results, including a 2006 report that found that 56 percent of the salmon marketed in the United States as wild was actually farmed. Thirty-one percent of grocery stores misidentified fish. In many cases, there is no way for the consumer to know whether the fish is what the restaurant, fish market or grocery store claims it is.
Note: For deeply revealing reports from reliable major media sources on corporate corruption, click here.
For the last year, whistle-blowers deep inside corporate America have been dishing dirt on their employers under a U.S. Securities and Exchange Commission program that could give them a cut of multimillion-dollar penalties won by financial regulators. A new bounty program has been an intelligence boon to the securities industry regulator, which has struggled to redeem itself after failing to stop Bernard Madoff's epic Ponzi scheme and rein in Wall Street before the 2008 financial crisis. Motivated by cash and the chance to rat out wrongdoers, tipsters are dropping more than names. Whistle-blowers and their attorneys are turning over boxes of documents, copies of emails and even audio recordings of alleged fraud or illegal overseas bribery. "We are getting very, very high-quality information from whistle-blowers," said Sean McKessy, director of the SEC's whistle-blower office. In the program's first year, 2,870 tips — or about eight a day — rolled in as of Aug. 12. And on Tuesday, one of them finally led to the agency's first payout: $50,000 to an informant who alerted regulators to an investment fraud. They declined to specify the case, careful to avoid identifying the whistle-blower. Some say shielding identities could pose a challenge for publicizing the program, but the anonymity probably will yield more information. The flood of new information doesn't necessarily mean the SEC will be more effective. In the case of Madoff, one whistle-blower repeatedly sounded the alarm years before the scheme blew up — to no avail.
Note: For deeply revealing reports from reliable major media sources on the collusion between government and the big banks, click here.
Voters will decide on an issue this November that affects us all: our right to know what's in our food. Millions of Californians are saying: We want to know, and we have the right to know, if our food has been genetically engineered. Parents, farmers, health care professionals, environmentalists, politicians and labor groups want to know, too. Proposition 37 requires companies to add a few words to labels if their food has been genetically modified. Also called GMOs, these modified plant and animal products have been altered in a lab to combine DNA from one species with another to create combinations that don't occur in nature. An example is Monsanto's genetically modified sweet corn, which has been engineered to contain an insecticide, Bt toxin, within the corn itself. Voters and consumers also have environmental concerns. GMO crops have led to an overall increase in pesticide use, the emergence of superweeds and superbugs, and the unintentional contamination of non-GMO crops with GMO-crop pollens. Here in California, out-of-state pesticide and food companies have contributed $25 million to blanket the airwaves with deceptive commercials trying to persuade us that labeling is too costly, scary or confusing. We've heard it all before. They used the same tactics to claim hardship if they were forced to tell consumers about calories, fat content or other information we use every day to choose our food. We're not buying these scare stories. It's a simple label. We have a right to know what's in our food. This is how our country is supposed to work - we are free to make informed choices. Proposition 37 will help us exercise that freedom about what we eat. We urge you to vote yes on Prop. 37.
Note: For a great collection of past major media articles revealing the serious risks and dangers of genetically modified foods, click here.
The feeding of antibiotics in small doses to entire herds or flocks to promote rapid weight gain poses a serious threat to human health. The constant dosing promotes the emergence of germs that are resistant to veterinary drugs and to the very similar drugs used in humans. That raises the risk that when humans are infected by the germs, the medicines they rely on will be less effective. Earlier this month, a federal magistrate judge in New York told the Food and Drug Administration to quit dillydallying on its three-decade effort to curb indiscriminate use of antibiotics in farm animals to spur their growth. He set a timetable for the agency to follow in withdrawing two important drugs - penicillin and two forms of tetracycline - from widespread use in animals. The trouble is, that timetable will give the F.D.A. five more years to complete the process.
Note: For deeply revealing reports from reliable major media sources on corporate corruption, click here.
Don Barrett, a Mississippi lawyer, took in hundreds of millions of dollars a decade ago after suing Big Tobacco and winning record settlements from R. J. Reynolds, Philip Morris and other cigarette makers. So did Walter Umphrey, Dewitt M. Lovelace and Stuart and Carol Nelkin. More than a dozen lawyers who took on the tobacco companies have filed 25 cases against industry players like ConAgra Foods, PepsiCo, Heinz, General Mills and Chobani. The suits, filed over the last four months, assert that food makers are misleading consumers and violating federal regulations by wrongly labeling products and ingredients. "[Mislabeling of a product is] a crime - and that makes it a crime to sell it," said Mr. Barrett. "That means these products should be taken off the shelves." Mr. Barrett said his group could seek damages amounting to four years of sales of mislabeled products - which could total many billions of dollars. In recent weeks, the Center for Science in the Public Interest has sued General Mills and McNeil Nutritionals over their claims on Nature Valley and Splenda Essentials products, and warned Welch's it would sue unless the company changed the wording on its juice and fruit snacks. The Federal Trade Commission won settlements from companies like Dannon and Pom Wonderful for claims about their products' health benefits. And PepsiCo and Coca-Cola face lawsuits over claims that their orange juice products are "100% natural."
"I believe that banking institutions are more dangerous to our liberties than standing armies." - Thomas Jefferson, 1816. When Thomas Jefferson spoke those words, banks were local and very small compared with the financial behemoths of today. Banks are more dangerous now than in Jefferson's time, and they are totally out of control. During the Depression of the 1930s, President Franklin Roosevelt referred to banks as the "money changers in the temple of our civilization," and little has been done since. It is well past the time that people on Wall Street live by the rule of law - not just pay fines - and some executives go to jail for their conduct. In 2008, the much-publicized Troubled Assets Relief Program bailed out banks and Wall Street to the tune of $700 billion with taxpayer money. While the banks were bailed out of the trouble they caused, they continued to pay out enormous executive bonuses with taxpayers' money in multimillion-dollar year-end gifts. JPMorgan received $25 billion from the government in 2008 and gave out nearly $9 billion in bonus money that year. When the derivative-driven housing market collapsed in 2008, Citigroup and Bank of America, the major banks in that market, and eight other top Wall Street firms got $1.2 trillion in then-secret loans of taxpayer money from the Federal Reserve. The Fed even went to court in an attempt to hide the identities of those banks from the public. Regulating the banks and bringing the rule of law to Wall Street banks is necessary now. Sending a few Wall Street banksters to jail would stop some of the abuse as well.
Note: For deeply revealing reports from reliable major media sources on the corrupt relationship between government and the financial sector, click here.
Money laundering. Price fixing. Bid rigging. Securities fraud. Talking about the mob? No, unfortunately. Wall Street. These days, the business sections of newspapers read like rap sheets. GE Capital, JPMorgan Chase, UBS, Wells Fargo and Bank of America tied to a bid-rigging scheme to bilk cities and towns out of interest earnings. ING Direct, HSBC and Standard Chartered Bank facing charges of money laundering. Barclays caught manipulating a key interest rate, costing savers and investors dearly, with a raft of other big banks also under investigation. Not to speak of the unprecedented wrongdoing that precipitated the financial crisis of 2008. Yet, it's clear that the unrepentant and the unreformed are still all too present within our banking system. A June survey of 500 senior financial services executives in the United States and Britain turned up stunning results. Some 24 percent said that they believed that financial services professionals may need to engage in illegal or unethical conduct to succeed, 26 percent said that they had observed or had firsthand knowledge of wrongdoing in the workplace, and 16 percent said they would engage in insider trading if they could get away with it. That too much of Wall Street remains unchanged is not surprising. Simply stated, the banks and their leaders have paid no real economic, legal or political price for their wrongdoing and thus have not felt compelled to change.
Note: The author of this article, Phil Angelides, is a former state treasurer of California and the chairman of the Financial Crisis Inquiry Commission. For deeply revealing reports from reliable major media sources on the corrupt relationship between government and the financial sector, click here.
The nation's largest agribusiness and biotech companies are pouring millions of dollars into California to stop the first-ever initiative to require special labels on foods made with genetically modified ingredients, a sign of their determination to keep the measure from sparking a nationwide movement. So far, farming giants such as Monsanto, Dupont Pioneer and Cargill have contributed nearly $25 million to defeat the proposal, with much of that cash coming in the past few days. Monsanto, the largest contributor, gave $4.2 million this week. It's nearly 10 times the amount raised by backers of the ballot measure who say California's health-conscious shoppers want more information about the food they eat. With nearly three months to go before the November election, the measure's opponents appear to be following the previous blueprint developed by major industries to defeat ballot initiatives in the nation's largest consumer market: Raise large sums of money to swamp the airwaves with negative advertising. The food initiative, known as Proposition 37, ... would require most processed foods to bear a label by 2014 letting shoppers know if the items contain ingredients derived from plants with DNA altered with genes from other plants, animals, viruses or bacteria. "It's an epic food fight between the pesticide companies and consumers who want to know what's in their food," said Stacy Malkan, media director for the California Right to Know campaign.
On [August 9] the Department of Justice announced it will not prosecute Goldman Sachs or any of its employees in a financial-fraud probe. Despite the Obama administration’s promises to clean up Wall Street in the wake of America’s worst financial crisis, there has not been a single criminal charge filed by the federal government against any top executive of the elite financial institutions. Why is that? In a word: cronyism. Take Goldman Sachs, for example. In 2008, Goldman Sachs employees were among Barack Obama’s top campaign contributors, giving a combined $1,013,091. [Attorney General] Eric Holder’s former law firm, Covington & Burling, also counts Goldman Sachs as one of its clients. Furthermore, in April 2011, when the Senate Permanent Subcommittee on Investigations issued a scathing report detailing Goldman’s suspicious Abacus deal, several Goldman executives and their families began flooding Obama campaign coffers with donations, some giving the maximum $35,800. The individuals the DOJ’s “Financial Fraud Enforcement Task Force” has placed in its prosecutorial crosshairs seem shockingly small compared with the Wall Street titans the Obama administration promised to bring to justice. To be sure, financial fraud of any kind is wrong and should be prosecuted. But locking up “pygmies” is hardly the kind of financial-fraud crackdown Americans expected in the wake of the largest financial crisis in U.S. history. Increasingly, there appear to be two sets of rules: one for the average citizen, and another for the connected cronies who rule the inside game.
Note: For deeply revealing reports from reliable major media sources on financial corporations' control over government, see our Banking Bailout archive here.
How much is democracy worth to you? If you’re like most people, it’s priceless. But for the hedge funds and insurance companies on Wall Street, it does have a price tag: approximately $4.2 billion. That’s how much the Finance, Insurance, and Real Estate (F.I.R.E.) sector has invested in political influence through campaign contributions and lobbying since 2006. That comes to $1,331 a minute spent on political power. The new report is called “Meet the F.I.R.E. Sector: How Wall Street Is Burning Democracy.” It was developed by Elect Democracy, a nonpartisan effort ... to expose and challenge the impact of corporate money in U.S. politics. The report ... analyzes exactly how Wall Street has secured ... “industry-loyal voting practices” in Congress: by shoveling stacks of campaign cash in the direction of Congressional hopefuls from both major political parties. That money lets these industries get what they want in Washington. The F.I.R.E. sector contributed $879 million to members of Congress since 2006, and took positions on 383 bills during the 112th Congress. For instance, they supported Free Trade Agreements with Korea, Panama, and Colombia in 2007, and backed the bailout in 2008. Bills they opposed include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2009, the Limited Homeowner and Investor Loss in Foreclosure Act of 2010, and the Stop Student Loan Interest Rate Hike Act of 2011. At every turn, the F.I.R.E. sector demands special treatment for Wall Street while consumers, homeowners, and students get stuck with the bills.
Note: Though not a major media source, Yes! Magazine is one of the very few media working towards positive, sustainable solutions to the problems of our world. For deeply revealing reports from reliable major media sources on the corrupt relationship between government and the financial sector, click here.
Exposure to radioactive material released into the environment has caused mutations in butterflies found in Japan, a study suggests. Scientists found an increase in leg, antennae and wing shape mutations among butterflies collected following the 2011 Fukushima accident. By comparing mutations found on the butterflies collected from the different sites, the team found that areas with greater amounts of radiation in the environment were home to butterflies with much smaller wings and irregularly developed eyes. Six months later, they again collected adults from the 10 sites and found that butterflies from the Fukushima area showed a mutation rate more than double that of those found sooner after the accident. The team concluded that this higher rate of mutation came from eating contaminated food, but also from mutations of the parents' genetic material that was passed on to the next generation, even though these mutations were not evident in the previous generations' adult butterflies. The findings from their new research show that the radionuclides released from the accident had led to novel, severely abnormal development, and that the mutations to the butterflies' genetic material [were] still affecting the insects, even after the residual radiation in the environment had decayed away. "This study is important and overwhelming in its implications for both the human and biological communities living in Fukushima," explained University of South Carolina biologist Tim Mousseau, who studies the impacts of radiation on animals and plants.
Who's buying our democracy? Wall Street financiers, the Koch brothers, and casino magnates Sheldon Adelson and Steve Wynn, among others. And they're doing much of it in secret. It's a perfect storm - the combination of three waves that are about to drown government as we know it. The first is the greatest concentration of wealth in America in more than a century. The 400 richest Americans are richer than the bottom 150 million Americans put together. The trend started 30 years ago, and it's related to globalization and technological changes that have stymied wage growth for most people, "trickle-down economics," ... tax cuts and the steady decline in the bargaining power of organized labor. The second is the wave of unlimited political contributions, courtesy of ... one of the worst decisions in Supreme Court history, Citizens United vs. Federal Election Commission, the 2010 ruling that held that corporations are people under the First Amendment, [meaning] that virtually any billionaire can contribute as much to a political campaign as he wants. The third is complete secrecy about who's contributing how much to whom. Political fronts posing as charitable, nonprofit "social welfare" organizations ... don't have to disclose their donors. As a result, outfits like the Chamber of Commerce and Karl Rove's Crossroads GPS are taking in hundreds of millions from corporations that don't even tell their own shareholders what political payments they're making. Separately, any one of these three would be bad enough. Put the three together, and our democracy is being sold down the drain.
Note: The author of this article, Robert Reich, is a professor of public policy at UC Berkeley and former U.S. secretary of labor, and author of the newly released Beyond Outrage: What Has Gone Wrong With Our Economy and Our Democracy, and How to Fix It.
In November, voters will decide whether to make California the first state in the nation to require labels on most genetically modified food products. At least 18 states, including California, have tried to pass similar laws through their legislatures and failed. This time, however, the measure made it to the statewide ballot with 1 million citizen signatures; recent polls show Proposition 37 winning by a significant margin. Food activists across the country are watching the California battle closely, with opponents of genetic modification hoping to make the proposition a model for other states. Supporters of the law, including organic trade groups and environmentalists, say consumers have a right to know if the food they're eating contains genetically modified material - particularly when the long-term health effects are unclear. Seventy percent to 80 percent of processed foods sold in the U.S. are made with genetically engineered ingredients, including corn, soybeans, sugar beets and cotton oil. If the California measure passes, processed genetically engineered food products would include the words "Partially produced with genetic engineering" on the front or back label. For whole foods such as sweet corn or salmon, grocers would be required to have a sign on the shelf. Alcohol, most meat, eggs and dairy products would be exempt. Jeffrey Smith, the executive director of the Institute for Responsible Technology based in Iowa, said "Based on the evidence - damage to virtually every organ evaluated and immune and gastrointestinal problems - labels are needed."
Note: If you read this entire article, you will detect a clear bias against GMO labelling. It quotes a UCLA professor stating, "There is not one credible scientist working on this that would call it unsafe." Yet the article fails to mention the many scientists who have provided solid evidence that GMOs are unsafe. For a powerful essay showing the grave risks and dangers of GMOs, click here. For a New York Times article listing several scientists who raised serious questions about GMOs, click here. For deeply revealing reports from reliable major media sources on genetically modified foods, click here.
Kevin Ferry: There are Libor subpoenas raining down on the New York branches of these foreign banks today. So I think you really have to watch it. The [British Bankers' Association] is now saying they are going to go into ‘overhaul’ mode. So as if we don’t have enough things going on, you’re going to start opening up a Pandora’s Box here in the Libor sector of the market. I think what they’re going to do ... is basically put the old system in a coma, and work to devise something that’s a little bit better, and it’s going to be tricky. Doug Dachille: So what are they going to do with the euro/dollar futures and all the outstanding notion of principal of contracts linked to Libor? I mean is everybody going to convert their Libor interest rate swaps to cost of fund funds or Fed fund basis swaps or some other index? KF: Are you asking me? I’ve asked that question as high as I could ask it and I get blank stares. DD: It’s not clear that every bank has exactly the same Libor exposure, so it’s not clear that that cartel, in setting Libor and manipulating it, actually is as powerful as the cartel that manages oil prices. Yet I don’t hear any outrage of people routinely trading commodity derivatives and commodity futures, as much as I hear the outrage over euro/dollar futures and Libor-based interest rate swaps. Everybody assumes that’s what goes on when you trade commodity futures, but nobody ever really thought that was going on when you were trading euro/dollar futures.
Note: The text above is an excerpt from a CNBC news video. Click on the link above for the full report. For deeply revealing reports from reliable major media sources on corruption in the financial sector, click here.
Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.