Corporate Corruption News ArticlesExcerpts of Key Corporate Corruption News Articles in Media
[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.
A German man committed to a high-security psychiatric hospital after being accused of fabricating a story of money-laundering activities at a major bank is to have his case reviewed after evidence has emerged proving the validity of his claims. Gustl Mollath, 56, was submitted to the secure unit of a psychiatric hospital seven years ago after court experts diagnosed him with paranoid personality disorder following his claims that staff at the Hypo Vereinsbank (HVB) – including his wife, then an assets consultant at HVB – had been illegally smuggling large sums of money into Switzerland. Mollath was tried in 2006 after his ex-wife accused him of causing her physical harm. He denied the charges, claiming she was trying to sully his name in the light of the evidence he allegedly had against her. He was admitted to the clinic, where he has remained against his will ever since. But recent evidence brought to the attention of state prosecutors shows that money-laundering activities were indeed practiced over several years by members of staff at the Munich-based bank, the sixth-largest private financial institute in Germany. A number of employees, including Mollath's wife, were subsequently sacked following the bank's investigation. The "Mollath affair", as it has been dubbed by the German media, has taken on such political dimensions that it now threatens to bring down the government of Bavaria.
Note: For deeply revealing reports from reliable major media sources on financial corruption, click here.
Britain’s biggest bank is at the centre of a major ... investigation after it opened offshore accounts in Jersey for serious criminals living in this country. Tax authorities have obtained details of every British client of HSBC in Jersey after a whistleblower secretly provided a detailed list of names, addresses and account balances earlier this week. Among those identified on the list are Daniel Bayes, a drug dealer who is now in Venezuela; Michael Lee, who was convicted of possessing more than 300 weapons at his house in Devon; three bankers facing major fraud allegations and a man once dubbed London’s “number two computer crook”. The disclosures raise serious questions about HSBC’s procedures in Jersey, with the bank already preparing to pay fines of around $1.5 billion in America for breaking money laundering rules. The bank is legally obliged to report to the authorities any suspicions about the source of money deposited in its accounts. The list identifies 4,388 people holding Ł699 million in offshore current accounts and they are also likely to have billions of pounds more in investment schemes. Several celebrities and other well-known figures are understood to be identified in the client data. The HSBC Jersey client list is understood to be heavily dominated by senior figures in the City. Dozens of bankers are understood to have deposited six-figure sums offshore with some institutions said to have “clusters” of employees taking advantage of the accounts. Doctors, mining and oil executives and oil workers are also heavily represented in the list.
Note: For deeply revealing reports from reliable major media sources on financial corruption and criminality, click here.
It's becoming clear that we can grow all the food we need, and profitably, with far fewer chemicals. Conventional agriculture can shed much of its chemical use - if it wants to. What may be the most important agricultural study this year ... was done on land owned by Iowa State University called the Marsden Farm. On 22 acres of it, beginning in 2003, researchers set up three plots: one replicated the typical Midwestern cycle of planting corn one year and then soybeans the next, along with its routine mix of chemicals. On another, they planted a three-year cycle that included oats; the third plot added a four-year cycle and alfalfa. The longer rotations also integrated the raising of livestock, whose manure was used as fertilizer. The results were stunning: The longer rotations produced better yields of both corn and soy, reduced the need for nitrogen fertilizer and herbicides by up to 88 percent, reduced the amounts of toxins in groundwater 200-fold and didn't reduce profits by a single cent. In short, there was only upside - and no downside at all - associated with the longer rotations. There was an increase in labor costs, but remember that profits were stable. So this is a matter of paying people for their knowledge and smart work instead of paying chemical companies for poisons. And it's a high-stakes game; according to the Environmental Protection Agency, about five billion pounds of pesticides are used each year in the United States.
U.S. farmers are using more hazardous pesticides to fight weeds and insects due largely to heavy adoption of genetically modified crop technologies that are sparking a rise of "superweeds" and hard-to-kill insects, according to a newly released study. Genetically engineered crops have led to an increase in overall pesticide use, by 404 million pounds from the time they were introduced in 1996 through 2011, according to the report by Charles Benbrook, a research professor at the Center for Sustaining Agriculture and Natural Resources at Washington State University. Of that total, herbicide use increased over the 16-year period by 527 million pounds while insecticide use decreased by 123 million pounds. Herbicide-tolerant crops were the first genetically modified crops introduced to world, rolled out by Monsanto Co. in 1996, first in "Roundup Ready" soybeans and then in corn, cotton and other crops. Roundup Ready crops are engineered through transgenic modification to tolerate dousings of Monsanto's Roundup herbicide. In recent years, more than two dozen weed species have become resistant to Roundup's chief ingredient glyphosate, causing farmers to use increasing amounts both of glyphosate and other weedkilling chemicals to try to control the so-called "superweeds." Resistant weeds have become a major problem for many farmers reliant on GE crops, and are now driving up the volume of herbicide needed each year by about 25 percent.
Note: For deeply revealing reports from reliable major media sources on the environmental and health risks posed by GMO foods, click here.
Few countries blew up more spectacularly than Iceland in the 2008 financial crisis. The local stock market plunged 90 percent; unemployment rose ninefold; inflation shot to more than 18 percent; the country’s biggest banks all failed. Since then, Iceland has turned in a pretty impressive performance. It has repaid International Monetary Fund rescue loans ahead of schedule. Growth this year will be about 2.5 percent, better than most developed economies. Unemployment has fallen by half. Iceland’s approach was the polar opposite of the U.S. and Europe, which rescued their banks and did little to aid indebted homeowners. Nothing distinguishes Iceland as much as its aid to consumers. To homeowners with negative equity, the country offered write-offs that would wipe out debt above 110 percent of the property value. The government also provided means-tested subsidies to reduce mortgage-interest expenses: Those with lower earnings, less home equity and children were granted the most generous support. In June 2010, the nation’s Supreme Court gave debtors another break: Bank loans that were indexed to foreign currencies were declared illegal. Because the Icelandic krona plunged 80 percent during the crisis, the cost of repaying foreign debt more than doubled. The ruling let consumers repay the banks as if the loans were in krona. These policies helped consumers erase debt equal to 13 percent of Iceland’s $14 billion economy. Now, consumers have money to spend on other things.
Note: For deeply revealing reports from reliable major media sources on the collusion of most major governments with the financial sector whose profiteering contributed to the global economic crisis, click here.
The doctors prescribing ... drugs don't know they don't do what they're meant to. Nor do their patients. The manufacturers know full well, but they're not telling. Negative data goes missing, for all treatments, in all areas of science. The regulators and professional bodies we would reasonably expect to stamp out such practices have failed us. Drugs are tested by the people who manufacture them, in poorly designed trials, on hopelessly small numbers of weird, unrepresentative patients, and analysed using techniques that are flawed by design, in such a way that they exaggerate the benefits of treatments. Unsurprisingly, these trials tend to produce results that favour the manufacturer. When trials throw up results that companies don't like, they are perfectly entitled to hide them from doctors and patients, so we only ever see a distorted picture of any drug's true effects. This distorted evidence is then communicated and applied in a distorted fashion. In their 40 years of practice after leaving medical school, doctors hear about what works ad hoc, from sales reps, colleagues and journals. But those colleagues can be in the pay of drug companies â€“ often undisclosed â€“ and the journals are, too. And so are the patient groups. And finally, academic papers, which everyone thinks of as objective, are often covertly planned and written by people who work directly for the companies, without disclosure. Sometimes whole academic journals are owned outright by one drug company.
Note: This is an edited extract from Bad Pharma: How Drug Companies Mislead Doctors and Harm Patients, by Ben Goldacre, published next week by Fourth Estate. For deeply revealing reports from reliable major media sources on pharmaceutical corruption, click here.
The global pharmaceutical industry has racked up fines of more than $11bn in the past three years for criminal wrongdoing, including withholding safety data and promoting drugs for use beyond their licensed conditions. In all, 26 companies, including eight of the 10 top players in the global industry, have been found to be acting dishonestly. The scale of the wrongdoing, revealed for the first time, has undermined public and professional trust in the industry and is holding back clinical progress, according to two papers published in today's New England Journal of Medicine. Leading lawyers have warned that the multibillion-dollar fines are not enough to change the industry's behaviour. The 26 firms are under "corporate integrity agreements", which are imposed in the US when healthcare wrongdoing is detected, and place the companies on notice for good behaviour for up to five years. The largest fine of $3bn, imposed on the UK-based company GlaxoSmith-Kline in July after it admitted three counts of criminal behaviour in the US courts, was the largest ever. But GSK is not alone â€“ nine other companies have had fines imposed, ranging from $420m on Novartis to $2.3bn on Pfizer since 2009, totalling over $11bn. Kevin Outterson, a lawyer at Boston University, says that despite the eye watering size of the fines they amount to a small proportion of the companies' total revenues and may be regarded as a "cost of doing business".
Note: For deeply revealing reports from reliable major media sources on pharmaceutical corruption, click here.
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.
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.
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