Corporate Corruption News ArticlesExcerpts of Key Corporate Corruption News Articles in Media
An advisory committee of the Food and Drug Administration is set to begin two days of meetings tomorrow to consider radical biological procedures that, if successful, would produce genetically modified human beings. This is a dangerous step. These techniques would change every cell in the bodies of children born as a result of their use, and these alterations would be passed down to future generations. The F.D.A. calls them mitochondrial manipulation technologies. The procedures involve removing the nuclear material either from the egg or embryo of a woman with inheritable mitochondrial disease and inserting it into a healthy egg or embryo of a donor whose own nuclear material has been discarded. Any offspring would carry genetic material from three people — the nuclear DNA of the mother and father, and the mitochondrial DNA of the donor. Developers of these modification techniques say they are a way for women with mitochondrial disease to give birth to healthy children to whom they are related genetically. Some are also promoting their use for age-related infertility. These procedures are deeply problematic in terms of their medical risks and societal implications. Will the child be born healthy, or will the cellular disruptions created by this eggs-as-Lego-pieces approach lead to problems later on? What about subsequent generations? And how far will we go in our efforts to engineer humans? Unfortunately, there are now worrisome signs that opposition to inheritable genetic modifications, written into law by dozens of countries, according to our count, may be weakening. British regulators are also considering mitochondrial manipulations, and proponents there, like their counterparts in the United States, want to move quickly to clinical trials.
Note: For more on the dangers to society of genetic engineering, see the deeply revealing reports from reliable major media sources available here.
It's 1999, the tail end of the Clinton years. Most observers on the Hill thought the Financial Services Modernization Act of 1999 – also known as the Gramm-Leach-Bliley Act – was just the latest and boldest in a long line of deregulatory handouts to Wall Street that had begun in the Reagan years. Wall Street had spent much of that era arguing that America's banks needed to become bigger and badder, in order to compete globally with the German and Japanese-style financial giants. Bank lobbyists were pushing a new law designed to wipe out 60-plus years of bedrock financial regulation. The key was repealing – or "modifying," as bill proponents put it – the famed Glass-Steagall Act separating bankers and broker. Now, commercial banks would be allowed to merge with investment banks and insurance companies, creating financial megafirms potentially far more powerful than had ever existed in America. The [bill] additionally legalized new forms of monopoly, allowing banks to merge with heavy industry. A tiny provision in the bill also permitted commercial banks to delve into any activity that is "complementary to a financial activity and does not pose a substantial risk to the safety or soundness of depository institutions or the financial system generally." Today, banks like Morgan Stanley, JPMorgan Chase and Goldman Sachs own oil tankers, run airports and control huge quantities of coal, natural gas, heating oil, electric power and precious metals. They likewise can now be found exerting direct control over the supply of a whole galaxy of raw materials crucial to world industry and to society in general, including everything from food products to metals like zinc, copper, tin, nickel and ... aluminum.
Note: For more on government collusion with the biggest banks, see the deeply revealing reports from reliable major media sources available here.
The U.S. National Security Agency is involved in industrial espionage and will grab any intelligence it can get its hands on regardless of its value to national security, former NSA contractor Edward Snowden told a German TV network. ARD TV quoted Snowden saying the NSA does not limit its espionage to issues of national security and he cited German engineering firm, Siemens as one target. "If there's information at Siemens that's beneficial to U.S. national interests - even if it doesn't have anything to do with national security - then they'll take that information nevertheless," Snowden said. Snowden's claim the NSA is engaged in industrial espionage follows a New York Times report earlier this month that the NSA put software in almost 100,000 computers around the world, allowing it to carry out surveillance on those devices and could provide a digital highway for cyberattacks. The NSA planted most of the software after gaining access to computer networks, but has also used a secret technology that allows it entry even to computers not connected to the Internet, the newspaper said, citing U.S. officials, computer experts and documents leaked by Snowden. Frequent targets of the programme, code-named Quantum, included units of the Chinese military and industrial targets.
Note: For more on the realities of intelligence agency operations, see the deeply revealing reports from reliable major media sources available here.
It’s not just the NSA that has been caught spying on Americans. Some of our nation’s largest corporations have been conducting espionage as well, against civic groups. That’s the lesson of a new report on corporate espionage against nonprofit organizations by ... Essential Information. The title of the report is Spooky Business, and it is apt. Spooky Business is like a Canterbury Tales of corporate snoopery: Hiring investigators to pose as volunteers and journalists. Hacking. Wiretapping. Information warfare. Physical intrusion. Investigating the private lives of nonprofit leaders. Dumpster diving using an active duty police officer to gain access to trash receptacles. Electronic surveillance. Many different types of nonprofit civic organizations have been targeted by corporate spies: environmental, public interest, consumer, food safety, animal rights, pesticide reform, nursing home reform, gun control and social justice. A diverse constellation of corporations has planned or executed corporate espionage against these nonprofit civic organizations. Food companies like Kraft, Coca-Cola, Burger King, McDonald’s and Monsanto. Oil companies like Shell, BP and Chevron. Chemical companies like Dow and Sasol. Also involved are the retailers (Wal-Mart), banks (Bank of America), and, of course, the nation’s most powerful trade association: the U.S. Chamber of Commerce. Plenty of mercenary spooks have joined up to abet them, including former officials at the FBI, CIA, NSA, Secret Service and U.S. military. Sometimes even government contractors are part of the snooping.
Note: For more on corporate corruption, see the deeply revealing reports from reliable major media sources available here.
“The Brothers” is a riveting chronicle of government-sanctioned murder, casual elimination of “inconvenient” regimes, relentless prioritization of American corporate interests and cynical arrogance on the part of two men. John Foster Dulles and his brother, Allen, were ... lawyers, partners in the immensely powerful firm of Sullivan & Cromwell. John Foster Dulles served as secretary of state from 1953 to 1959; his brother ran the C.I.A. from 1953 to 1961. In his detailed, wellconstructed and highly readable book, Stephen Kinzer ... shows how the brothers drove America’s interventionist foreign policy. Kinzer highlights John Foster Dulles’s central role in channeling funds from the United States to Nazi Germany in the 1930s. Sullivan & Cromwell floated bonds for Krupp A. G., the arms manufacturer, and also worked for I. G. Farben, the chemicals conglomerate that later manufactured Zyklon B, the gas used to murder millions of Jews. For the Dulles brothers, and for much of the American government, threats to corporate interests were categorized as support for communism. There are also reminders in Kinzer’s book of dark events in the history of American intelligence. Sixty years ago, Frank Olson, a C.I.A. officer, was reported to have jumped to his death during mind-control experiments “in which psychoactive drugs were administered to unknowing victims.” But last year, Kinzer reports, Olson’s family filed suit, claiming he had actually been murdered after visiting secret C.I.A. prisons in Europe.
Note: For more along these lines, see concise summaries of deeply revealing intelligence agency corruption news articles from reliable major media sources.
[Banks] have rigged LIBOR, an interest rate used to peg contracts worth trillions. Its equivalent in the world of derivatives, ISDAfix, has also come under question. Commodities prices from crude oil to platinum have been the subject of allegations and inquiries. Now prices in global currency markets, where turnover is $5 trillion a day, are being scrutinised by authorities, who suspect bankers have tampered with those too. Switzerland’s financial watchdog announced on October 4th that it was investigating a slew of banks it thinks have manipulated currencies. Britain and the European Union also have probes under way. Concerns reportedly centre around abnormal movements ahead of a widely-used daily snapshot of exchange rates, known as the 4pm “London fix”. It represents the average of prices agreed during 60 seconds’ trading, and is used as a reference rate to execute a much larger set of currency deals. Bankers, who are big participants in the market, have huge incentives to nudge the price of a given currency pairing ahead of the fix. With billions of dollars changing hands, a difference of a fraction of a cent can add a tidy sum to the bonus pool. If proven, the charge would amount to banks fleecing their clients. Banks know the big trades they are about to execute on others’ behalf, and are often themselves the counterparty. By moving the markets ahead of the fix, they could alter the rate to their profit and their clients’ loss. One suspected method is “banging the close”: submitting a quick succession of orders just as the benchmark is set, to distort its value.
Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.
Americans throw away 40 percent of the food they buy, often because of misleading expiration dates that have nothing to do with safety, said a study released [on September 18] by Harvard University Law School and the Natural Resources Defense Council, an environmental group. The report said 90 percent of Americans toss good food into the garbage because they mistakenly think that "sell by," "best before," "use by" or "packed on" dates on food containers indicate safety. One-fifth of consumers, the report said, "always" throw away food based on package dates. In fact, "sell by" dates are used by retailers for inventory control. "Best before" or "use by" dates usually reflect manufacturer estimates of peak quality. While some labels are intended to indicate freshness, none of them reflects edibility or safety, said Ted Labuza, a food science professor at the University of Minnesota who collaborated with the authors. "If food looks rotten and smells bad, throw it away, but just because it reaches a certain date does not mean the food is unsafe," Labuza said. "I don't know of any food poisoning outbreak that came from people eating food that was past its shelf-life date." The report estimated the value of food tossed away at $165 billion a year. Food waste is a big source of greenhouse gases. Wasting food also squanders vast quantities of water, land, fertilizers, petroleum, packaging and other resources that go into producing it. About a quarter of all fresh water used in the United States goes into the making of food that is thrown away, the report said.
In the era of intense government surveillance and secret court orders, a murky multimillion-dollar market has emerged. Paid for by U.S. tax dollars, but with little public scrutiny, surveillance fees charged in secret by technology and phone companies can vary wildly. AT&T, for example, imposes a $325 "activation fee" for each wiretap and $10 a day to maintain it. Smaller carriers Cricket and U.S. Cellular charge only about $250 per wiretap. But snoop on a Verizon customer? That costs the government $775 for the first month and $500 each month after that. Regardless of price, the surveillance business is growing. The U.S. government long has enjoyed access to phone networks and high-speed Internet traffic under the U.S. Communications Assistance for Law Enforcement Act to catch suspected criminals and terrorists. More recently, the FBI has pushed technology companies like Google and Skype to guarantee access to real-time communications on their services. As the number of law enforcement requests for data grew and carriers upgraded their technology, the cost of accommodating government surveillance requests increased. AT&T, for example, said it devotes roughly 100 employees to review each request and hand over data. Likewise, Verizon said its team of 70 employees works around the clock, seven days a week to handle the quarter-million requests it gets each year.
Note: For more on government and corporate attacks on privacy, see the deeply revealing reports from reliable major media sources available here.
Peter Doshi ... is one of the most influential voices in medical research today. Dr. Doshi’s renown comes not from solving the puzzles of cancer or discovering the next blockbuster drug, but from pushing the world’s biggest pharmaceutical companies to open their records to outsiders. Together with a band of far-flung researchers and activists, he is trying to unearth data from clinical trials — complex studies that last for years and often involve thousands of patients across many countries — and make it public. The current system, the activists say, is one in which the meager details of clinical trials published in medical journals, often by authors with financial ties to the companies whose drugs they are writing about, is insufficient to the point of being misleading. For years, researchers have talked about the problem of publication bias, or selectively publishing results of trials. Concern about such bias gathered force in the 1990s and early 2000s, when researchers documented how, time and again, positive results were published while negative ones were not. Taken together, studies have shown that results of only about half of clinical trials make their way into medical journals. In 2009, Dr. Doshi and his colleagues set out to answer a simple question about the anti-flu drug Tamiflu: Does it work? Resolving that question has been far harder than they ever envisioned, and, four years later, there is still no definitive answer.
Note: If the public is going to be taking these drugs, shouldn't all safety studies be publicly available? What are the drug companies hiding? For more on corruption in the pharmaceutical industry, see the deeply revealing reports from reliable major media sources available here.
[Barrett] Brown is not a household name like Edward Snowden or Bradley Manning. But after helping expose a dirty tricks plot, he faces jail. Brown made a splash in February 2011 by helping to uncover "Team Themis", a project by intelligence contractors retained by Bank of America to demolish the hacker society known as Anonymous. The Team Themis story began in late 2010, when Julian Assange warned WikiLeaks would release documents outlining an "ecosystem of corruption [that] could take down a bank or two." Bank of America went into damage-control mode and, as the New York Times reported, assembled "a team of 15 to 20 top Bank of America officials … scouring thousands of documents in the event that they become public." Days later, Bank of America retained the well-connected law firm of Hunton & Williams [which] "proposed various schemes to attack" WikiLeaks. Its partners suggested creating false documents and fake personas to damage progressive organizations. The tech companies' emails – which Anonymous hacked and Barrett Brown helped publicize – listed planned tactics: "Feed[ing] the fuel between the feuding groups. Disinformation. Create messages around actions to sabotage or discredit the opposing organization. Submit fake documents and then call out the error." Brown [has] been cooling his heels in a jail outside Dallas ... awaiting two separate trials that could put him on ice for more than 100 years. In contrast to the FBI's aggressive pursuit of Brown, no probe of the Team Themis project was launched – despite a call from 17 US House representatives to investigate a possible conspiracy to violate federal laws.
Note: With the wide focus on the privatized national security state by the leaks from Edward Snowden, there is renewed interest in Brown's plight and the campaign for justice in his case. For more on this and to support Barret Brown, click here. For more on intelligence agency corruption, see the deeply revealing reports from reliable major media sources available here.
Six former Bank of America Corp. employees have alleged that the bank deliberately denied eligible home owners loan modifications and lied to them about the status of their mortgage payments and documents. The bank allegedly used these tactics to shepherd homeowners into foreclosure, as well as in-house loan modifications. Both yielded the bank more profits than the government-sponsored Home Affordable Modification Program, according to documents recently filed as part of a lawsuit in Massachusetts federal court. The former employees, who worked at Bank of America centers throughout the United States, said the bank rewarded customer service representatives who foreclosed on homes with cash bonuses and gift cards to retail stores such as Target Corp and Bed Bath & Beyond Inc. At the same time, the bank punished those who did not make the numbers or objected to its tactics with discipline, including firing. About twice a month, the bank cleaned out its HAMP backlog in an operation called "blitz," where it declined thousands of loan modification requests just because the documents were more than 60 months old, the court documents say. The testimony from the former employees also alleges the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not. Borrowers filed the civil case against Bank of America in 2010 and are now seeking class certification.
Note: For deeply revealing reports from reliable major media sources on financial corruption, click here.
Privatization [of government functions] often comes with a lack of oversight and a series of abuses. One particularly stunning example is the American prison system, the realities of which should be a national disgrace. Some of those realities are highlighted in a recent lawsuit filed by the American Civil Liberties Union on behalf of prisoners at the East Mississippi Correctional Facility (EMCF). EMCF houses severely mentally ill prisoners, with the supposed intent of providing both incarceration and treatment. Instead, the ACLU contends, the facility, which is operated by private contractors, is rife with horrific abuses. The complaint lists a litany of such horrors, [including]: Rampant rapes. Placing prisoners in solitary confinement for weeks, months or even years at a time. Rat infestations so bad that vermin crawl over prisoners. Many suicide attempts, some successful. Denying or delaying treatment for infections and even cancer. Stabbings, beatings and other acts of violence. Malnourishment and chronic hunger. Officers who deal with prisoners by using physical violence. The [US] prison system is increasingly built and run by for-profit corporations, who have a financial interest in increasing the number of people in prison while decreasing the amount of money it costs to house them. Since 1980, the US prison population has grown by 790%. We have the largest prison population of any nation in the history of the world.
Note: For deeply revealing reports from reliable major media sources on corruption and human rights abuses in prisons, click here.
[In 2012,] financial speculator Goldman Sachs, the archetypal villain of the global economic meltdown, bailed out by US taxpayers to the tune of $5.5bn ... made an estimated $400m from speculating on food. The World Bank estimated in 2010 that 44 million people were pushed into poverty because of high food prices, and that speculation is one of the main causes. Since Goldman led the drive to deregulate commodity markets in the 1990s ... they've been at the vanguard of creating and promoting complex commodity instruments, from which they've raked in huge profits. Wallace Turbeville, a former vice president and the inventor of commodity index funds, has been outing the company's methods. He says that in his time at Goldman, investment increased from $3bn in 2003 to $260bn in 2008, and commodity prices rose dramatically during the same period, increasing from 2006 to 2008 by an average of 71%. In 1996, speculators held 12% of the positions on the Chicago wheat market, with most of the market being made up of the legitimate users of food – from farmers to producers. But the legitimate hedging element of commodity markets has virtually disappeared in the intervening years. By 2011, pure speculators made up a staggering 61% of the market. Of course, Goldman Sachs isn't the only player, but it is certainly the largest. For several years, it was hotly debated whether speculation in food commodities drives up prices. But the evidence now firmly says it does, and that there's little correlation between rising prices and actual supply and demand. There are now well over 100 studies which agree.
Note: For deeply revealing reports from reliable major media sources on financial corruption, click here.
U.S. taxpayers are footing the bill for overseas lobbying that promotes controversial biotech crops developed by U.S.-based Monsanto Co and other seed makers, a report issued on [May 14] said. A review of 926 diplomatic cables of correspondence to and from the U.S. State Department and embassies in more than 100 countries found that State Department officials actively promoted the commercialization of specific biotech seeds, according to the report issued by Food & Water Watch, a nonprofit consumer protection group. The officials tried to quash public criticism of particular companies and facilitated negotiations between foreign governments and seed companies such as Monsanto over issues like patents and intellectual property, the report said. The cables show U.S. diplomats supporting Monsanto, the world's largest seed company, in foreign countries even after it paid $1.5 million in fines after being charged with bribing an Indonesian official and violating the Foreign Corrupt Practices Act in 2005. One 2009 cable shows the embassy in Spain seeking "high-level U.S. government intervention" at the "urgent request" of Monsanto to combat biotech crop opponents there. The report covered cables from 2005-2009 that were released by Wikileaks in 2010. "It really goes beyond promoting the U.S.'s biotech industry and agriculture," said Wenonah Hauter, executive director of Food & Water Watch. "It really gets down to twisting the arms of countries and working to undermine local democratic movements that may be opposed to biotech crops."
Note: For deeply revealing reports from reliable major media sources on government corruption, click here.
Heavy use of the world’s most popular herbicide, Roundup, may be linked to a range of health problems and diseases, including Parkinson’s, infertility and cancers, according to a new study. The report, published this month in the online journal Entropy, said evidence indicates that residues of glyphosate, the chief ingredient in Roundup and other weedkillers, has been found in food. Those residues enhance the damaging effects of other food-borne chemical residues and toxins in the environment to disrupt normal body functions and induce disease. “Negative impact on the body is insidious and manifests slowly over time as inflammation damages cellular systems throughout the body,” the study says. Environmentalists, consumer groups and plant scientists from several countries have warned that heavy use of glyphosate is causing problems for plants, people and animals. Monsanto is the developer of both Roundup herbicide and of crops that are genetically altered to withstand being sprayed with the weedkiller. These biotech crops, including corn, soybeans, canola and sugarbeets, are planted on millions of acres in the United States annually. Farmers like them because they can spray Roundup directly on the crops to kill weeds in the fields without harming the crops. Roundup is also used on lawns, gardens and golf courses.
Note: Watch a video of this MIT researcher talking about this vitally important topic. Read how the EPA used industry studies while ignoring independent studies to declare Roundup safe. Monsanto is trying to stop the state of California from listing Glyphosate as carcinogenic. For more along these lines, see concise summaries of deeply revealing GMO news articles from reliable major media sources.
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.
The Texas Medical Center [is] a nearly 1,300-acre, 280-building complex of hospitals and related medical facilities, of which MD Anderson is the lead brand name. Medicine had obviously become a huge business. In fact, of Houston’s top 10 employers, five are hospitals, including MD Anderson with 19,000 employees. How did that happen? Where’s all that money coming from? And where is it going? I have spent the past seven months trying to find out by analyzing a variety of bills from hospitals like MD Anderson, doctors, drug companies and every other player in the American health care ecosystem. When you look behind the bills that ... patients receive, you see nothing rational — no rhyme or reason — about the costs they faced in a marketplace they enter through no choice of their own. The only constant is the sticker shock for the patients who are asked to pay. Yet those who work in the health care industry and those who argue over health care policy seem inured to the shock. Why exactly are the bills so high? What are the reasons ... that cancer means a half-million- or million-dollar tab? Why should a trip to the emergency room for chest pains that turn out to be indigestion bring a bill that can exceed the cost of a semester of college? What makes a single dose of even the most wonderful wonder drug cost thousands of dollars? Why does simple lab work done during a few days in a hospital cost more than a car? And what is so different about the medical ecosystem that causes technology advances to drive bills up instead of down?
Note: For the amazing answers to all these questions, read this detailed investigative report in its entirety at the link above. For more on corruption in the medical industry, click here.
Jaime Rosenthal, a senior at Washington University in St. Louis, called more than 100 hospitals in every state last summer, seeking prices for a hip replacement for a 62-year-old grandmother who was uninsured but had the means to pay herself. Only about half of the hospitals, including top-ranked orthopedic centers and community hospitals, could provide any sort of price estimate, despite repeated calls. Those that could gave quotes that varied by a factor of more than 10, from $11,100 to $125,798. Rosenthal's grandmother was fictitious, created for a summer research project on health care costs. But the findings, which form the basis of a paper released Monday by JAMA Internal Medicine, [highlight] the unsustainable growth of U.S. health care costs and an opaque medical system in which prices are often hidden from consumers. Although many experts have said that Americans must become more discerning consumers to help rein in health care costs, the study illustrates how hard that can be. Researchers emphasized that studies have found little consistent correlation between higher prices and better quality in U.S. health care. Cram said there was no data that "Mercedes" hip implants were better than cheaper options, for example. Jamie Court, the president of Consumer Watchdog in Santa Monica, said: "If one hospital can put in a hip for $12,000, then every hospital should be able to do it." With such immense variation in prices, he said, "There is no real price. It's about profit."
Note: For deeply revealing reports from reliable major media sources on corruption in the health care industry, click here.
PBS' Frontline program on [January 22] broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable. What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Worst of all, Obama justice officials both shielded and feted these Wall Street oligarchs ... as they simultaneously prosecuted and imprisoned powerless Americans for far more trivial transgressions. As Harvard law professor Larry Lessig put it two weeks ago when expressing anger over the DOJ's persecution of Aaron Swartz: "we live in a world where the architects of the financial crisis regularly dine at the White House." As [documented in the] 2011 book on America's two-tiered justice system, With Liberty and Justice for Some: How the Law Is Used to Destroy Equality and Protect the Powerful, the evidence that felonies were committed by Wall Street is overwhelming.
Note: To watch this highly revealing PBS documentary, click here or here. For deeply revealing reports from reliable major media sources on the collusion between government 'regulators' and the financial powers they 'regulate', click here.
It is a dark day for the rule of law. Federal and state authorities have chosen not to indict HSBC, the London-based bank, on charges of vast and prolonged money laundering, for fear that criminal prosecution would topple the bank and, in the process, endanger the financial system. They also have not charged any top HSBC banker in the case, though it boggles the mind that a bank could launder money as HSBC did without anyone in a position of authority making culpable decisions. Clearly, the government has bought into the notion that too big to fail is too big to jail. When prosecutors choose not to prosecute to the full extent of the law in a case as egregious as this, the law itself is diminished. The deterrence that comes from the threat of criminal prosecution is weakened, if not lost. In the HSBC case, prosecutors may want the public to focus on the $1.92 billion settlement. But even large financial settlements are small compared with the size of international major banks. More important, once criminal sanctions are considered off limits, penalties and forfeitures become just another cost of doing business, a risk factor to consider on the road to profits. If banks operating at the center of the global economy cannot be held fully accountable, the solution is to reduce their size by breaking them up and restricting their activities — not shield them and their leaders from prosecution for illegal activities.
Note: For deeply revealing reports from reliable major media sources on government collusion with financial corruption, click here.
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