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.
One of the world's most respected economists has said Wall St is full of "crooks" and hasn't reformed its "pathological" culture since the financial crash. Professor Jeffrey Sachs told a high-powered audience at the Philadelphia Federal Reserve earlier this month that the lack of reform was down to “a docile president, a docile White House and a docile regulatory system that absolutely can’t find its voice.” Sachs, from Columbia University, has twice been named one of Time magazine’s 100 Most Influential People in the World, and is an adviser to the World Bank and IMF. “What has been revealed, in my view, is prima facie criminal behavior,” he said. “It’s financial fraud on a very large extent. There’s also a tremendous amount of insider trading. We have a corrupt politics to the core, I am afraid to say, and . . . both parties are up to their neck in this. This has nothing to do with Democrats or Republicans." Sachs described an environment of Wall Street influencing politicians with growing campaign contributions. In the 2012 election cycle, political contributions by the securities and investment sector hit $271.5 million, compared with $176 million in 2008, according to the Center for Responsive Politics. “I am going to put it very bluntly: I regard the moral environment as pathological. They have no responsibility to pay taxes; they have no responsibility to their clients; they have no responsibility to people, to counterparties in transactions,” he said. “They are tough, greedy, aggressive and feel absolutely out of control in a quite literal sense, and they have gamed the system to a remarkable extent.”
Note: For deeply revealing reports from reliable major media sources on criminal practices of Wall Street corporations, click here.
Billionaire Dmitry Rybolovlev, Russia’s 14th-richest person, and his wife, Elena Rybolovleva, have been brawling for almost five years in at least seven countries over his $9.5 billion fortune. In a divorce complaint originated in Geneva in 2008, Rybolovleva accused her husband of using a “multitude of third parties” to create a network of offshore holding companies and trusts to place assets -- including about $500 million in art, $36 million in jewelry and an $80 million yacht -- beyond her reach. She has brought legal action against the 48-year-old Rybolovlev in the British Virgin Islands, England, Wales, the U.S., Cyprus, Singapore and Switzerland, and is seeking $6 billion. The suits provide a window into the offshore structures and secrecy jurisdictions the world’s richest people use to manage, preserve and conceal their assets. According to Tax Justice Network, a U.K.-based organization that campaigns for transparency in the financial system, wealthy individuals were hiding as much as $32 trillion offshore at the end of 2010. Fewer than 100,000 people own $9.8 trillion of offshore assets. More than 30 percent of the world’s 200 richest people, who have a $2.8 trillion collective net worth ...control part of their personal fortune through an offshore holding company or other domestic entity where the assets are held indirectly. These structures often hide assets from tax authorities or provide legal protection from government seizure and lawsuits.
Note: For deeply revealing reports from reliable major media sources on failure of governments to regulate great accumulations of wealth, click here.
Former fashion jewelry saleswoman Rebecca Gonzales and former Chief Executive Officer Ron Johnson have one thing in common: J.C. Penney Co. no longer employs either. The similarity ends there. Johnson, 54, got a compensation package worth 1,795 times the average wage and benefits of a U.S. department store worker when he was hired in November 2011, according to data compiled by Bloomberg. Gonzales’s hourly wage was $8.30 that year. Across the [S&P] 500 Index of companies, the average multiple of CEO compensation to that of rank-and-file workers is 204, up 20 percent since 2009, the data show. Almost three years after Congress ordered public companies to reveal actual CEO-to-worker pay ratios under the Dodd-Frank law, the numbers remain unknown. As the Occupy Wall Street movement and 2012 election made income inequality a social flashpoint, mandatory disclosure of the ratios remained bottled up at the Securities and Exchange Commission, which hasn’t yet drawn up the rules to implement it. Some of America’s biggest companies are lobbying against the requirement. “It’s a simple piece of information stockholders ought to have,” said Phil Angelides, who led the Financial Crisis Inquiry Commission, which investigated the economic collapse of 2008. “The fact that corporate executives wouldn’t want to display the number speaks volumes.” The lobbying is part of “a street-by-street, block-by-block fight waged by large corporations and their Wall Street colleagues” to obstruct the Dodd-Frank law, he said.
Note: For deeply revealing reports from reliable major media sources on income inequality, click here .
The Supreme Court usually isn't friendly toward questionable patents, but it came down overwhelmingly on the side of agribusiness giant Monsanto [on April 22] in a case that's bound to resonate throughout the biotechnology industry. The court ruled unanimously that an Indiana farmer violated Monsanto's patent on genetically modified soybeans when he culled some from a grain elevator and used them to replant his own crop in future years. "If simple copying were a protected use, a patent would plummet in value after the first sale of the first item containing the invention," Justice Elena Kagan ruled in a short 10-page opinion. Who it helps: Inventors and entrepreneurs who have patents on products that can be self-replicated, from computer software to cell lines. Who it hurts: Consumers paying high prices. The Center for Food Safety released a report in February that showed three corporations control much of the global commercial seed market. It found that from 1995-2011, the average cost to plant 1 acre of soybeans rose 325%. Center for Food Safety executive director Andrew Kimbrell called the ruling a setback for farmers. "The court chose to protect Monsanto over farmers," he said. "The court's ruling is contrary to logic and to agronomics, because it improperly attributes seeds' reproduction to farmers, rather than nature."
Note: For deeply revealing reports from reliable major media sources on government corruption, click here.
Conspiracy theorists of the world, ... we skeptics owe you an apology. You were right. The world is a rigged game. The world's largest banks may be fixing the prices of, well, just about everything. You may have heard of the Libor scandal, in which ... perhaps as many as 16 ... banks have been manipulating global interest rates, in the process [manipulating] the prices of upward of $500 trillion ... worth of financial instruments. Now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps. Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. [It's] a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget. It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks – including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland – that serve on the Libor panel that sets global interest rates.
Note: For deeply revealing reports from reliable major media sources on the criminal practices of the financial industry, click here.
Gray Butte, CA: The General Atomics drone base, way out in the wastelands of the Mojave Desert ... today ranks as possibly the largest private drone base in the United States. General Atomics took the base over in 2001 and converted it into a testing and quality control facility for its drone fleet. This is where the company tests experimental drone technology--like the newfangled stealth bomber jet drone. But mostly the base is where General Atomics techs assemble and test their Predator and Reaper drones before breaking them down again and shipping them to eager customers in the Air Force, Border Patrol, National Guard and the CIA. The Guardian estimated that U.S. armed forces had about 250 General Atomics drones in 2012. And a good number of them first came through Grey Butte. [The] brothers who make them: Linden Stanley and James Neal Blue, the mysterious Blue brothers who own and run General Atomics. General Atomics does not disclose its financial information, but stats gleaned from public data show that they took in just under $5 billion from U.S. taxpayers from 2000 to 2009. Current annual revenue is estimated to between $600 million and $1 billion, with about 80 percent coming from government defense contracts. Today, General Atomics dominates 25% of the UAV market--a market that will only keep getting bigger and bigger.
Note: For lots more excellent background to the Blue brothers and their predator-producing company, read the NY Times article at this link.
The [Los Angeles Times] is one of the eight daily newspapers now owned by the creditors who took control of the Tribune Co. after real estate wheeler-dealer Sam Zell drove it into bankruptcy. The Tribune board members whom the creditors selected want to unload the papers in favor of more money-making ventures. Right-wing billionaires Charles and David Koch are looking to buy all eight papers. The Koch boys, whose oil-and-gas-based fortune places them just behind Bill Gates, Warren Buffett and Larry Ellison as the wealthiest Americans, have been among the chief donors to the tea party wing of the Republican Party. Their political funding vehicle, Americans for Prosperity, ranked with casino billionaire Sheldon Adelson among the largest funders of right-wing causes and candidates in 2012. Their purchase offer [comes] complete with a commitment to journalism as a branch of right-wing ideology. The staffs at [the Tribune Co.] papers fear that, once Kochified, the papers would quickly turn into print versions of Fox News. A recent informal poll that one L.A. Times writer conducted of his colleagues showed that almost all planned to exit if the Kochs took control (and that included sportswriters and arts writers). Those who stayed would have to grapple with how to cover politics and elections in which their paper’s owners played a leading role. It’s also unclear who in Los Angeles, one of the nation’s most liberal cities, would actually want to read such a paper, but then the Kochs don’t appear to view this as a money-making venture.
We’re now witnessing what happens when all of the economic gains go to the top. Four years into a so-called recovery and we’re still below recession levels in every important respect except the stock market. A measly 88,000 jobs were created in March, and total employment remains some 3 million below its pre-recession level. Labor-force participation is it’s lowest since 1979. The underlying problem is the vast middle class is running out of money. They can’t borrow more — and shouldn’t, given what happened after the last borrowing binge. Real annual median household income keeps falling. It’s down to $45,018, from $51,144 in 2010. All the gains from the recovery continue to go to the top. Widening inequality is not inevitable. If we wanted to reverse it and restore middle-class prosperity, we could. We could award tax cuts to companies that link the pay of their hourly workers to profits and productivity, and that keep the total pay of their top 5 executives within 20 times the pay of their median worker. And impose higher taxes on companies that don’t. We could raise the minimum wage to half the average wage. We could increase public investment in education, including early-childhood. We could eliminate college loans and allow all students to repay the cost of their higher education with a 10 percent surcharge on the first 10 years of income from full-time employment. And we could pay for all this by adding additional tax brackets at the top and increasing the top marginal tax rate to what it was before 1981 – at least 70 percent.
Note: For deeply revealing reports from reliable major media sources on the collapse of the global economy assisted by speculation and profiteering by financial corporations, click here.
Goldman Sachs paid its chief executive, Lloyd Blankfein, $21m last year – and granted him a further $5m in bonus shares in January. The Wall Street bank handed Blankfein $13.3m (Ł8.7m) in restricted shares and a $5.7m cash bonus on top of his $2m annual salary last year. His total 2012 pay was $9m more than in 2011, and the highest since the $68m he received in 2007, before the financial crisis struck. The payout, disclosed in a filing with the US regulator the Securities and Exchange Commission (SEC), makes Blankfein, 58, the world's best paid banker. Blankfein's top four lieutenants collected a total of $72m in annual pay, bonuses and share options last year. Goldman paid its bankers an average of $400,000 last year, $30,000 more than in 2011. The total pay, bonuses and perks bill to its 32,400 staff came in at $13bn. The payroll figures come after the bank ... reported a near-doubling of full year net profits to $7.5bn. The payouts come despite a senior employee attacking it as "morally bankrupt" and revealing that senior Goldman bankers describe clients as "muppets".
Note: For an excellent four-minute video clip of Sen. Elizabeth Warren questioning government bank regulators and showing without doubt they are protecting the banks rather than consumers, click here. For deeply revealing reports from reliable major media sources on financial corruption, click here.
Europe needs to recapitalise, restructure or shut down its banks as part of a vital clean-up of the industry, International Monetary Fund managing director Christine Lagarde said as she warned that the threat from world’s biggest lenders was “more dangerous than ever”. Speaking in New York ahead of next week’s IMF Spring meeting, Ms Lagarde launched a broadside against the financial services industry for resisting urgent reform. “In too many cases – from the United States in 2008 to Cyprus today – we have seen what happens when a banking sector chooses the quick buck ..., backing a business model that ultimately destabilizes the economy. We simply cannot have pre-crisis banking in a post-crisis world. We need reform, even in the face of intense pushback from an industry sometimes reluctant to abandon lucrative lines of business.” Almost five years since Lehman Brothers collapsed, she claimed: “The 'oversize banking’ model of too-big-to-fail is more dangerous than ever. We must get to the root of the problem with comprehensive and clear regulation.” Regulators have forced banks to increase significantly their loss-absorbing capital buffers since the crisis, but are still working on "resolution" mechanisms that will allow giant lenders to fail without hitting the taxpayer and threatening financial stability. Regulators must also work together, she added, amid evidence that some countries are caving into pressure from the banking lobby.
Note: For deeply revealing reports from reliable major media sources on financial corruption, click here.
All 104 nuclear power reactors now in operation in the United States have a safety problem that cannot be fixed and they should be replaced with newer technology, the former chairman of the Nuclear Regulatory Commission said on [April 8]. Shutting them all down at once is not practical, he said, but he supports phasing them out rather than trying to extend their lives. The position of the former chairman, Gregory B. Jaczko, is not unusual in that various anti-nuclear groups take the same stance. But it is highly unusual for a former head of the nuclear commission to so bluntly criticize an industry whose safety he was previously in charge of ensuring. Dr. Jaczko made his remarks at the Carnegie International Nuclear Policy Conference in Washington in a session about the Fukushima accident. Dr. Jaczko said that many American reactors that had received permission from the nuclear commission to operate for 20 years beyond their initial 40-year licenses probably would not last that long. He also rejected as unfeasible changes proposed by the commission that would allow reactor owners to apply for a second 20-year extension, meaning that some reactors would run for a total of 80 years. Dr. Jaczko resigned as chairman last summer after months of conflict with his four colleagues on the commission. He often voted in the minority on various safety questions, advocated more vigorous safety improvements, and was regarded with deep suspicion by the nuclear industry.
Note: For deeply revealing reports from reliable major media sources on grave risks caused by corruption in the nuclear power industry, click here.
On one covert video, farm workers illegally burn the ankles of Tennessee walking horses with chemicals. Another captures workers in Wyoming punching and kicking pigs and flinging piglets into the air. And at one of the country’s largest egg suppliers, a video shows hens caged alongside rotting bird corpses, while workers burn and snap off the beaks of young chicks. Each video ... drew a swift response: Federal prosecutors in Tennessee charged the horse trainer and other workers, who have pleaded guilty, with violating the Horse Protection Act. Local authorities in Wyoming charged nine farm employees with cruelty to animals. And the egg supplier, which operates in Iowa and other states, lost one of its biggest customers, McDonald’s, which said the video played a part in its decision. But a dozen or so state legislatures have had a different reaction: They proposed or enacted bills that would make it illegal to covertly videotape livestock farms, or apply for a job at one without disclosing ties to animal rights groups. They have also drafted measures to require such videos to be given to the authorities almost immediately, which activists say would thwart any meaningful undercover investigation of large factory farms. Critics call them “Ag-Gag” bills. Some of the legislation appears inspired by the American Legislative Exchange Council, a business advocacy group with hundreds of state representatives from farm states as members. One of the group’s model bills, “The Animal and Ecological Terrorism Act,” prohibits filming or taking pictures on livestock farms to “defame the facility or its owner.” Violators would be placed on a “terrorist registry.”
Note: For deeply revealing reports from reliable major media sources on government corruption, click here.
The secret records obtained by ICIJ [International Consortium of Investigative Journalists] lay bare an extraordinary range of people using offshore hideaways. They include ... families of despots, Wall Street swindlers, eastern European and Indonesian billionaires, Russian executives, [and] international arms dealers. The leaks illustrate how offshore financial secrecy has aggressively spread around the globe. The records detail offshore holdings in more than 170 territories; this represents the biggest stockpile of inside information about the offshore system ever obtained by a media organisation. Eighty-six journalists from 46 countries used both hi-tech data crunching and traditional reporting to sift through emails and account ledgers covering nearly 30 years. "Everything is much more geared toward business," David Marchant, publisher of OffshoreAlert, an online journal, said. "If you're dishonest, you can take advantage of that in a bad way." ICIJ's 15-month investigation found that ... the secrecy and lax oversight offered by the offshore world appears to allow fraud, tax-dodging and political corruption to thrive. A study by James S Henry, former chief economist at McKinsey & Company [and a board member of the Tax Justice Network], estimates that wealthy individuals have $21-$32tn tucked away in offshore havens – roughly equivalent to the size of the US and Japanese economies combined.
Note: To learn more about how all of this incredibly revealing data was obtained and processed, click here. For a powerfully revealing documentary showing how huge corporations park profits offshore to avoid taxes, click here.
Even people used to the closeness of the US administration and food giants like Monsanto have been shocked by the latest demonstration of the GM industry's political muscle. Little-noticed in Europe or outside the US, President Barack Obama last week signed off what has become widely known as "the Monsanto Protection Act", technically the Farmer Assurance Provision rider in HR 933: Consolidated and Further Continuing Appropriations Act 2013. According to an array of food and consumer groups, organic farmers, civil liberty and trade unions and others, this hijacks the constitution, sets a legal precedent and puts Monsanto and other biotech companies above the federal courts. It means, they say, that not even the US government can now stop the sale, planting, harvest or distribution of any GM seed, even if it is linked to illness or environmental problems. The backlash has been furious. A Food Democracy Now petition has attracted 250,000 names. The only good news, say the opponents, is that because the "Monsanto Protection Act" was part of the much wider spending bill, it will formally expire in September. The bad news however is that the precedent has been set and it is unlikely that the world's largest seed company and the main driver of the divisive GM technology will ever agree to give up its new legal protection. The company, in effect, now rules.
Note: For deeply revealing reports from reliable major media sources on the harm caused by GMOs, click here.
Millions of internal records have leaked from Britain's offshore financial industry, exposing for the first time the identities of thousands of holders of anonymous wealth from around the world, from presidents to plutocrats, the daughter of a notorious dictator and a British millionaire accused of concealing assets from his ex-wife. The leak of 2m emails and other documents, mainly from the offshore haven of the British Virgin Islands, has the potential to cause a seismic shock worldwide to the booming offshore trade. The naming project may be extremely damaging for confidence among the world's wealthiest people, no longer certain that the size of their fortunes remains hidden from governments and from their neighbours. As well as Britons hiding wealth offshore, an extraordinary array of government officials and rich families across the world are identified, from Canada, the US, India, Pakistan, Indonesia, Iran, China, Thailand and former communist states. The Caribbean micro-state has incorporated more than a million such offshore entities since it began marketing itself worldwide in the 1980s. Owners' true identities are never revealed. Even the island's official financial regulators normally have no idea who is behind them. The British Foreign Office depends on the BVI's company licensing revenue to subsidise this residual outpost of empire, while lawyers and accountants in the City of London benefit from a lucrative trade as intermediaries.
The U.N. General Assembly overwhelmingly approved the first international treaty regulating the multibillion-dollar global arms trade [on April 2], after a more than decade-long campaign. The final vote: 154 in favor, 3 against and 23 abstentions. "This is a victory for the world's people," U.N. Secretary-General Ban Ki-moon said. "The Arms Trade Treaty will make it more difficult for deadly weapons to be diverted into the illicit market. ... It will be a powerful new tool in our efforts to prevent grave human rights abuses or violations of international humanitarian law." Never before has there been a treaty regulating the global arms trade, which is estimated to be worth $60 billion. Frank Jannuzi, deputy executive director of Amnesty International USA [said,] "The voices of reason triumphed over skeptics, treaty opponents and dealers in death to establish a revolutionary treaty that constitutes a major step toward keeping assault rifles, rocket-propelled grenades and other weapons out of the hands of despots and warlords who use them to kill and maim civilians, recruit child soldiers and commit other serious abuses." What impact the treaty will actually have remains to be seen. It will take effect 90 days after 50 countries ratify it, and a lot will depend on which ones ratify and which ones don't, and how stringently it is implemented. As for its chances of being ratified by the U.S., the powerful National Rifle Association has vehemently opposed it, and it is likely to face stiff resistance from conservatives in the Senate, where it needs two-thirds to win ratification.
Our government must act to close the loopholes that allow companies and wealthy individuals to get out of paying their taxes - in particular, loopholes allowing them to move profits offshore to avoid taxation. The U.S. PIRG (Public Interest Research Group) ... released a study outlining how in California alone, an estimated $7.1 billion in potential tax revenue for 2011 was lost because companies and individuals shifted profits to subsidiary shell companies in tax havens. Often described as "sunny places for shady people," tax havens aren't usually associated with mundane issues like potholes - or with cuts to programs for seniors; freezes in funding for public education ... or cancellation of emergency services. Yet the PIRG study, which concludes that the United States is losing about $150 billion in tax revenue annually, shows once again how tax havens and shortfalls in government budgets are directly related. Despite the obvious damage to society, shifting profits offshore is, in most cases, perfectly legal. In fact, tax haven use by big companies is so common that a 2008 Government Accountability Office Report found 83 of the Fortune 100 companies in the United States had subsidiaries in offshore tax havens. Just because something is legal does not mean that it is right.
Note: For a powerfully revealing documentary showing how huge corporations park profits offshore to avoid taxes, click here. For deeply revealing reports from reliable major media sources on corporate corruption, click here.
The world's biggest banks won a major victory on [March 29] when a U.S. judge dismissed a "substantial portion" of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The 16 banks had faced claims totaling billions of dollars in the case. The banks include: Bank of America, Citigroup, Credit Suisse, Deutsche Bank, HSBC Holdings, JPMorgan Chase, [and others]. They had been accused by a diverse body of private plaintiffs, ranging from bondholders to the city of Baltimore, of conspiring to manipulate the London Interbank Offered Rate (Libor), a key benchmark at the heart of more than $550 trillion in financial products. In a significant setback for the plaintiffs, U.S. District Judge Naomi Reice Buchwald in Manhattan granted the banks' motion to dismiss federal antitrust claims and partially dismissed the plaintiffs' claims of commodities manipulation. She also dismissed racketeering and state-law claims. Buchwald did allow a portion of the lawsuit to continue that claims the banks' alleged manipulation of Libor harmed traders who bet on interest rates. Small movements in those rates can mean sizable gains or losses for those gambling on which way the rates move. Buchwald's decision may make it more likely that banks will talk settlement with a significant win in their pocket. The decision also could cast doubt on some of the highest analyst projections about potential Libor damages, and quell some concerns that the banks have not reserved enough for litigation expenses.
Note: For deeply revealing reports from reliable major media sources on criminal operations of the financial industry, click here.
According to a new report, most of the 30 companies listed on the Dow Jones industrial average are paying a far lower proportion of their profits in federal taxes - at a time when the Dow is reaching new highs - than they have in past decades. The main reason: not so much those yawning tax loopholes, but the multinationals' ability to stash more of their money overseas, where it's taxed at a lower rate and the feds can't touch it. Hewlett-Packard, according to the analysis, experienced the steepest percentage reduction in federal taxes - 47 percent since 1969. Intel's share of income paid in taxes has fallen by 29.6 percent since 1973, and Cisco Systems by 24.7 percent since 1989. U.S. multinationals ... often pay far less than the standard 35 percent corporate tax rate - a rate many of these companies are pushing to have significantly lowered. In its year-end report, Intel recorded $13 billion in profit - a record - and said its tax rate was approximately 29 percent. In 2010 HP paid $1.75 billion in income taxes on $9.4 billion of pretax income, a tax rate of 18.6 percent. As a share of the nation's GDP, U.S. corporate income tax has fallen by more than half, from 5.5 percent in 1946 to 2.6 percent in 2011.
Note: The statement about corporate income tax falling from 5.5 percent of GDP in 1946 to 2.6 percent in 2011 is quite misleading, making it appear that corporate taxes are a small percentage of total income. It is much more accurate to compare the total annual amount of corporate taxes to individuals' taxes. As this historical tax chart clearly shows, in 1946 corporate income tax receipts were 74% of the amount received from individual income taxes. By 2011, corporate taxes dropped to less than 17% of the amount paid in individual income taxes. That is a huge percentage drop in corporate taxes.
Bipartisan agreement in Washington usually means citizens should hold on to their wallets or get ready for another threat to peace. Beneath all the partisan bickering, bipartisan majorities are solid for a trade policy run by and for multinationals, a health-care system serving insurance and drug companies, an energy policy for Big Oil and King Coal, and finance favoring banks that are too big to fail. Economist James Galbraith calls this the “predator state,” one in which large corporate interests rig the rules to protect their subsidies, tax dodges and monopolies. This isn’t the free market; it’s a rigged market. Wall Street is a classic example. The attorney general announces that some banks are too big to prosecute. Despite what the FBI called an “epidemic of fraud,” not one head of a big bank has gone to jail or paid a major personal fine. Bloomberg News estimated that the subsidy they are provided by being too big to fail adds up to an estimated $83 billion a year. Corporate welfare is, of course, offensive to progressives. But true conservatives are — or should be — offended by corporate welfare as well. Conservative economists Raghuram Rajan and Luigi Zingales argue that it is time to “save capitalism from the capitalists,” urging conservatives to support strong measures to break up monopolies, cartels and the predatory use of political power to distort competition. Here is where left and right meet, not in a bipartisan big-money fix, but in an odd bedfellows campaign to clean out Washington. For that to happen, small businesses and community banks will have to develop an independent voice in our politics.
Note: For deeply revealing reports from reliable major media sources on the collusion between the US government and corrupt financial corporations, 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.