Corporate Corruption News Stories
Below are key excerpts of revealing news articles on corporate corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.
Antonin Scalia was the longest-tenured justice on the current Supreme Court. But another quality also set him apart: Among the courts members, he was the most frequent traveler, to spots around the globe, on trips paid for by private sponsors. Ethical standards prohibit judges from accepting gifts from anyone with a matter currently before the court. But those guidelines presented no barrier to John Poindexter, who invited Justice Scalia to stay at his West Texas ranch. Mr. Poindexter is the owner of J. B. Poindexter & Co., a manufacturing firm based in Houston. One of his companies, the Mic Group, was a defendant in an age discrimination lawsuit filed by a former employee who unsuccessfully petitioned the Supreme Court for a review last year. Mr. Poindexter, according to a former general manager at the ranch, is also a leader in the International Order of St. Hubertus, a worldwide organization of hunters, as, apparently, were several other guests during Justice Scalias visit. In 2011, a liberal advocacy group, Common Cause, questioned whether Justice Scalia and Justice Clarence Thomas should have disqualified themselves from participating in the landmark Citizens United case on campaign finance because they had attended a political retreat in Palm Springs, Calif., sponsored by the conservative financier Charles G. Koch. Mr. Koch funds groups that could benefit from the ruling.
Note: Read about Antonin Scalia's "organization of hunters" and the other strange secret societies populated by the elite. For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.
Its still up for debate whether or not the media created Donald Trump - or, at least, the GOP presidential frontrunner version of him - but there is no doubt the billionaire reality TV star turned politician has meant big ratings - and income - for networks. Leslie Moonves, the chairman of CBS, admitted as much on Monday. It may not be good for America, but its damn good for CBS, Moonves said at a Morgan Stanley conference in San Francisco. In addition to around-the-clock TV news coverage of Trump and his fellow presidential candidates (but, mainly Trump), major broadcast and cable networks have pulled in record ratings for televised debates throughout this election cycle. Roughly 13.5 million tuned in to CBS for a GOP debate last month, making that one of the most-watched debates so far this year, as nearly 5 million more viewers tuned in to watch Trump battle his GOP rivals than did for a Democratic debate on CBS last November. Thanks to those high ratings, networks have reportedly been able to gouge advertisers for higher ad-rates during this cycles debates. Moonves indicated that he is more than happy to have Trump in the White House race if it means more advertising money.
Note: For more along these lines, see concise summaries of deeply revealing news articles about elections corruption and the manipulation of public perception.
Local councils, public bodies and even some university student unions are to be banned by law from boycotting unethical companies. All publicly funded institutions will lose the freedom to refuse to buy goods and services from companies involved in the arms trade, fossil fuels, tobacco products or Israeli settlements in the occupied West Bank. Any public bodies that continue to pursue boycotts will face severe penalties, ministers said. Underlining the main target of the ban, the formal announcement will be made by the Cabinet Office minister Matt Hancock when he visits Israel this week. Israeli companies, along with other firms which have investments in the occupied West Bank, have been among those targeted by unofficial boycotts in the past. In 2014 Leicester City Council passed a policy to boycott goods produced in Israeli settlements in the West Bank while the Scottish Government published a procurement notice to Scottish councils which strongly discourages trade and investment from illegal settlements. Mr. Hancock said the current position where local authorities had autonomy to make ethical purchasing decisions was undermining Britains national security.
Note: For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.
David Bronner, CEO of Dr. Bronner's Magic Soaps, presides over a company with famously wacky product labels. But Bronner himself, grandson of the founder ... has emerged as a serious, though fun-loving, activist, particularly around pesticides and genetically modified crops. Bronner's writing on GMOs is too hot for the advertising pages of the English-speaking world's two most renowned science journals, Science and Nature - even though a slew of magazines ... accepted the Bronner ad. It consists of a short essay, known in publishing as an advertorial, [and] focuses on how GMO crops have led to a net increase in pesticide use in the United States, citing an analysis by Ramon Seidler, a retired senior staff scientist at the Environmental Protection Agency. Bronner ... first published his critique on Huffington Post, and then decided to publish it as an ad in a variety of high-profile magazines. Science was close to accepting it. An ad sales manager for the American Association for the Advancement of Science, which published the magazine, emailed on September 15 that she would send over paper work "in a bit," adding that "[a]fter you sign it, I can take your credit card info." The price: $9,911.00. But hours later, she wrote back, squashing the deal: "This has gone up the ladder quite far and our CEO along with the board have come back saying that we cannot accept the ad. We're concerned about backlash from our members and potentially getting into a battle with the GMO industry."
Note: See the original ad at this link. For more along these lines, see concise summaries of deeply revealing news articles on media manipulation and the GMO controversy from reliable major media sources.
Michael Specter's recent articles bashing Vandana Shiva and the labeling of genetically engineered foods (Seeds of Doubt and The Problem with G.M.O. Labels) in the New Yorker are the latest high-profile pro-GMO articles that fail to engage with the fundamental critique of genetically engineered food crops in US soil today: rather than reduce pesticide inputs GMOs are causing them to skyrocket in amount and toxicity. Setting the record straight, Dr. Ramon J. Seidler, Ph.D., former Senior Scientist, Environmental Protection Agency, has recently published a well-researched article documenting the devastating facts, "Pesticide Use on Genetically Engineered Crops," in Environmental Working Group's online AgMag. Dr. Seidler's article cites and links recent scientific literature and media reports, and should be required reading for all journalists covering GMOs, as well as for citizens generally to understand why their right to know if food is genetically engineered is so important. Over 99% of GMO acreage is engineered by chemical companies to tolerate heavy herbicide (glyphosate) use and/or produce insecticide (Bt) in every cell of every plant over the entire growing season. The result is massive selection pressure that has rapidly created pest resistance - the opposite of integrated pest management. Predictably ... we now have huge swaths of the country infested with "superweeds" and "superbugs" resistant to glyphosate and Bt, meaning more volume of more toxic pesticides are being applied.
Note: The negative health impacts of Monsanto's Roundup are well known. Major lawsuits are building over Monsanto's lies to regulators and the public about the safety of glyphosate. For more along these lines, see concise summaries of deeply revealing GMO news articles from reliable major media sources.
The world is awash in glyphosate, the active ingredient in the herbicide Roundup, produced by Monsanto. It has now become the most heavily-used agricultural chemical in the history of the world. A study published Tuesday ... reveals that Americans have applied 1.8 million tons of glyphosate since its introduction in 1974. Worldwide, 9.4 million tons of the chemical have been sprayed onto fields. Thats ... enough to spray nearly half a pound of Roundup on every cultivated acre of land in the world. And its troubling, considering that in March 2015 the World Health Organizations International Agency for Research on Cancer unanimously determined that glyphosate is probably carcinogenic to humans. Research has also shown that glyphosate is an endocrine disruptor, meaning that it interferes with the proper functioning and production of hormones, in human cell lines. The mass-spraying of glyphosate has [also] led to the explosion of resistant weeds, which have evolved to survive despite being sprayed. Already, weeds resistant to the herbicide are found on half of all American farmers fields. Glyphosate was once only used on a small-scale. However, in the 1990s, Monsanto began introducing genetically modified crops that were resistant to the herbicides, such as Roundup Ready corn and soybeans. Since then, its use has skyrocketed. At the same time, the U.S. Environmental Protection Agency has relaxed its rules. Fifty times more glyphosate is allowed on corn grain now than in 1996.
Note: The negative health impacts of Monsanto's Roundup are well known. Major lawsuits are building over Monsanto's lies to regulators and the public about the safety of glyphosate. For more along these lines, see concise summaries of deeply revealing GMO news articles from reliable major media sources.
Morgan Stanley will pay $3.2 billion in a settlement over bank practices that contributed to the 2008 financial crisis, including misrepresentations about the value of mortgage-backed securities, authorities announced Thursday. The nationwide settlement, negotiated by the working group appointed by President Barack Obama in 2012, says the bank acknowledges that it increased the acceptable risk levels for mortgage loans pooled and sold to investors without telling them. Loans with material defects were included, packaged into the securities and sold. The Justice Department said the $2.6 billion federal penalty to resolve claims about the bank's marketing, sale and issuance of those securities is the largest piece of settlements with the working group that have totaled approximately $5 billion. "Our work is far from over," said New York Attorney General Eric Schneiderman, who co-chairs the group. "Communities across the country have not gotten back to where they were before the crash." Total settlements so far are about $64 billion, Schneiderman said. The working group previously reached major settlements with Citigroup for $7 billion, JPMorgan for $13 billion and Bank of America for $16.65 billion. The New York-based investment bank reported a fourth-quarter profit of $908 million.
Note: Since the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
Has Michael Moore gone soft? You might think so, making a snap judgment of Where to Invade Next, a ... documentary hellbent on seeing the best in people. Other people. Not us Americans. Moore sets up his film by daydreaming about a summons from the Joint Chiefs of Staff. "Instead of using Marines, use me," he pleads. As we watch a collage of America at its worst bank scandals, stock frauds, housing foreclosures, black teens murdered by cops Moore sets out to invade the world for bright ideas. In Italy, he meets a couple who get 30 days paid vacation each year with no loss in productivity. In France, Moore is astonished by school kids who are served nutritional food. On a visit to a Norway prison, the worst felons are treated with compassion, with sentences capped at 21 years, even for murderers. Yet the crime rate is low, as is recidivism. In Tunisia, women win free health care from a hidebound Islamist regime. And get a load of Portugal, where using drugs is not a crime, but rehab is offered to those who want it. A trip to Iceland finds that the bankers who brought economic ruin to their country are thrown in jail instead of being bailed out. Love him or hate his methods, Moore touches a nerve in Where to Invade Next. In a climactic remembrance at the Berlin Wall, he recalls a time when a corrupt regime was brought down by people willing to protest. What counted most were humanitarian principles, the same bedrock concepts that America was founded on. See, the joke's on us.
Note: Moore's films have looked critically at for-profit medicine and the downside of capitalism in recent years.
The use of GMOs is controversial. There is debate in the scientific community as to whether the consumption of GMO foods hurts people directly. But there is no denying that GMOs result in vastly more herbicide (such as Roundup, a top weed killer) being dumped on food crops, and that glyphosphate (the active ingredient in Roundup) probably causes cancer in the quantities used. Other Roundup ingredients are suspect as well. Those who oppose GMOs don't have the upper hand in Congress and so they ... seek to establish a uniform labeling system so that food producers clearly identify whether their products have GMOs or not. Labeling is very popular among American consumers: In multiple polls conducted over the years by many different firms, about 90 percent of Americans consistently support mandatory labeling. Mandatory labeling initiatives are in play in many states, and have passed in three (Maine, Vermont and Connecticut). But Big Ag is spending heavily to block these efforts. The House and Senate are listening to Big Ag rather than to American consumers. The House recently passed a bill that gives the appearance of supporting GMO disclosure while doing the opposite. The bill, H.R. 1599, carries a brilliantly deceptive name that would make George Orwell proud. Called the "Safe and Accurate Food Labeling Act of 2014" the bill would reinforce the current voluntary disclosure system but would prohibit individual states and counties from enacting more stringent legislation. The detractors have branded this bill the "DARK Act" as in "Deny Americans the Right to Know"."
Note: For more along these lines, see concise summaries of deeply revealing GMO news articles from reliable major media sources.
After Martin Shkreli raised the price of anti-parasitic drug Daraprim more than 50-fold to $750 a pill last year, he said he wasnt alone in taking big price hikes. The former drug executive was right. A survey of about 3,000 brand-name prescription drugs found that prices more than doubled for 60 and at least quadrupled for 20 since December 2014. Skyrocketing prices are getting increased scrutiny ahead of a U.S. congressional hearing this week: Democratic Representative Elijah Cummings, ranking member on a committee that is probing drug pricing, said Tuesday that pricing tactics are not limited to a few bad apples, but are prominent throughout the industry. The cost of many drugs [rises] at annual rates of more than 10 percent. Drugmakers raised the prices of products as wide-ranging as erectile dysfunction drug Viagra, heart treatments, dermatology medicine and even brands that long have lost their patents. While specialty companies have had the steepest hikes, giants such as Pfizer Inc. and GlaxoSmithKline Plc kept pushing through smaller rises. About 400 formulations of brand-name drugs went up at least 9.9 percent since early December. Valeant Pharmaceuticals International Inc., which in recent months has been under fire for its pricing was among the most aggressive, with 13 drugs that doubled or more since December 2014.
Note: For more excellent information on drug prices hikes, read this penetrating article in the Daily Beast. For more along these lines, see concise summaries of deeply revealing big pharma profiteering news articles from reliable major media sources.
Factory farm operators believe that the less Americans know about what goes on behind their closed doors, the better. Thats because the animals sent through those factories often endure an unimaginable amount of mistreatment and abuse. Nearly always, this treatment comes to light only because courageous employees - or those posing as employees - take undercover video and release it to the public. The industrys lobbyists have taken the opposite approach, pushing for the passage of so-called ag-gag laws, which ban undercover recordings on farms and in slaughterhouses. These measures have ... been enacted in eight [states]. None has gone as far as North Carolina, where a new law that took effect Jan. 1 aims to silence whistle-blowers not just at agricultural facilities, but at all workplaces in the state. That includes, among others, nursing homes, day care centers, and veterans facilities. Anyone who violates the law - say, by secretly taping abuses of elderly patients or farm animals and then sharing the recording with the media or an advocacy group - can be sued by business owners for bad publicity and be required to pay a fine of $5,000 for each day that person is gathering information. This is a clear violation of the constitutional freedoms of speech and the press, as ... argued in a federal lawsuit filed in January.
Note: This law was passed following the widely publicised release of video footage showing toxic cesspools around North Carolina farms. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.
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 Americas interventionist foreign policy. Kinzer highlights John Foster Dulless 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 Kinzers 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, Olsons 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.
In the fall of 2010, a blogger asked Jane Mayer, a writer with The New Yorker, how she felt about the private investigator who was digging into her background. Ms. Mayer thought the idea was a joke. A few months later, she ran into a former reporter who had been asked about helping with an investigation into another reporter on behalf of two conservative billionaires ... Ms. Mayer recounts in Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right. Her acquaintance told her, It occurred to me afterward that the reporter they wanted to investigate might be you. Ms. Mayer had published a major story in the magazine that August about the brothers David and Charles Koch, and their role in cultivating the power of the Tea Party movement. [She] began to take the rumored investigation seriously when she heard from her New Yorker editor that she was going to be accused - falsely - of plagiarism. A dossier of her supposed plagiarism had been provided to reporters at The New York Post and The Daily Caller, but the smears collapsed when the writers who were the purported victims made statements saying that it was nonsense. Who was behind this? Ms. Mayer ... traced it to a boiler room operation involving several people who have worked closely with Koch business concerns. The private investigation firm ... was Vigilant Resources International, whose founder and chairman, Howard Safir, had been New York Citys police commissioner under the former Mayor Rudolph Giuliani.
Note: The Koch brothers built a secretive empire to manipulate the political process in the US. This empire plans to spend $889 million on US elections in 2016. For more along these lines, see concise summaries of deeply revealing news articles about elections corruption and the manipulation of public perception.
Massachusetts Senator Elizabeth Warren issued a stinging broadside against federal prosecutors on Friday, charging U.S. courts with throwing the book at mixed-up teenagers, while letting wealthy corporate executives who commit much larger and sometimes deadly crimes off with essentially no chance of punishment. In a new report, Sen. Warrens office makes the case that CEOs and other top executives simply dont face the same legal consequences as ordinary Americans, releasing a list of what it claims are 20 examples of corporate criminal and civil cases that prosecutors failed to pursue to the full extent of the law last year. Among the cases: scandals ranging from General Motors years long cover up of ignition switch problems to currency manipulation by large banks (including Citigroup and J.P. Morgan), to a mine explosion that killed 29 people - the only instance of misconduct which led to a conviction of a corporate executive. Such selective application of the law undermines the governments moral authority: If justice means a prison sentence for a teenager who steals a car, but it means nothing more than a sideways glance at a CEO who quietly engineers the theft of billions of dollars, then the promise of equal justice under the law has turned into a lie, Warren charges in the report. Its not just a problem in the U.S. This week, U.K. prosecutors, after winning an initial conviction in their quest to prosecute bankers accused of fixing LIBOR - a key benchmark central to financial markets - failed to secure any further wins.
Note: Senator Elizabeth Warren was called "the champion of Main Street versus Wall Street" by the Boston Globe in 2014. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.
Bill and Melinda Gates are facing calls for their philanthropic Foundation, through which they have donated billions worldwide, to be subject to an international investigation. The Gates Foundation is about benefiting big business, especially in agriculture and health, through its ideological commitment to promote neoliberal economic policies and corporate globalisation, according to [a] report published by the campaign group Global Justice Now. The report accuses the Gates Foundation of [turning] basic needs into commodities controlled by the market. The report is critical of the close working relations between the Foundation and major international pharmaceutical corporations. It accuses the Gates Foundation of promoting specific priorities through agriculture grants, some of which undermine the interests of small farmers. These include promoting industrial agriculture, use of chemical fertilisers and expensive, patented seeds, and a focus on genetically modified seeds. The criticism echoes the accusations made by the Indian scientist Vandana Shiva who called the Gates Foundation the greatest threat to farmers in the developing world. The Foundations emphasis on technological solutions often ignores real solutions involving social and economic justice. This cannot be given by donors in the form of a climate-resilient crop or cheaper smartphone, but must be about systemic social, economic and political change issues not represented in the foundations funding priorities.
Note: The Gates Foundation is heavily invested in GMO giants like Monsanto. It also provided $5 million to Oxitec, a company criticized for secretly releasing GM mosquitoes into the wild in 2009. Oxitec was purchased last August by biotech giant Intrexon for $160 million. By December, the Zika virus was all over the news and Intrexon was ramping up production of these GM insects to "fight Zika" in Brazil. For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
It took a bloody Civil War and the passage of a Constitutional amendment to eliminate slavery in the United States. Today, the tools to combat slavery have become decidedly more high-tech (and nonviolent). Made in a Free World in San Francisco, for example, has developed software that helps companies determine whether products they sell or make depend on global slave labor. At least 20 million people across the world are being forced to work for no pay. These workers are either directly or indirectly producing the goods sold by major corporations and small businesses alike, including those in the United States. At the level of global brands, forced labor and human trafficking can often be hidden from view, the result of complex and frequently outsourced recruitment and hiring practices, according to a United Nations report. Made in a Free World is a nonprofit that grew out of work that founder and CEO Justin Dillon did for the State Department in 2011. Dillon helped create an algorithm that allows consumers to determine the probability that companies were using slave labor, especially in raw material production, to make 400 popular products like beds, cars and cell phones. We wanted to start a conversation, Dillon told me. No one wants to go out and buy things from slavery. But Dillon realized that consumers were just one half the equation. To create real change, Made in a Free World needed to help companies - not just shame them - to rid slave labor from supply chains.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
I just released a report examining 20 of the worst federal enforcement failures in 2015. Its conclusion: Corporate criminals routinely escape meaningful prosecution for their misconduct. In a single year, in case after case, across many sectors of the economy, federal agencies caught big companies breaking the law - defrauding taxpayers, covering up deadly safety problems, even precipitating the financial collapse in 2008 - and let them off the hook with barely a slap on the wrist. Often, companies paid meager fines, which some will try to write off as a tax deduction. Justice cannot mean a prison sentence for a teenager who steals a car, but nothing more than a sideways glance at a C.E.O. who quietly engineers the theft of billions of dollars. Last year, five of the worlds biggest banks, including JPMorgan Chase, pleaded guilty to criminal charges that they rigged the price of billions of dollars worth of foreign currencies. No corporation can break the law unless people in that corporation also broke the law, but no one from any of those banks has been charged. The Securities and Exchange Commission ... is far behind on issuing congressionally mandated rules to avoid the next financial crisis. It has repeatedly granted waivers so that lawbreaking companies can continue to enjoy special privileges, while the Justice Department has dodged one opportunity after another to impose meaningful accountability on big corporations and their executives.
Note: Senator Elizabeth Warren was called "the champion of Main Street versus Wall Street" by the Boston Globe in 2014. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.
The salesman stood outside the prison bus, inviting people inside for a brief tour. The price tag for such a vehicle? About $580,000. This bus, along with hundreds of other products and services, are on display this week at the American Correctional Associations annual winter conference in New Orleans. It has become the largest gathering of corrections personnel in the United States. The trade show ... offers a peek into the sprawling private industry around incarceration. Unlike other conventions, however, this convention is closed to the public, and the customers on the trade show floor are mostly prison wardens, jail officials and directors from state corrections agencies. The exhibitors are there to make their pitch for a slice of the $80 billion incarceration industry in the US. The companies aren't the only ones looking to earn money. In many states, sheriffs and wardens ... look to private companies to help pay the bills. They do this, in many cases, by taking commissions on revenue from goods sold to inmates - everything from phone calls and commissary goods to ... e-cigarettes. The whole idea of a system that exists for the purpose of keeping people locked up for profit creates all the wrong incentives, said Marjorie R. Esma, the executive director of the local American Civil Liberties Union in New Orleans. Such incentives, of course, can lead to more people in jail for petty crime. Look no further than Louisiana, which has been dubbed the prison capital of the world because of its high incarceration rates.
Note: For more along these lines, see concise summaries of deeply revealing prison system corruption news articles from reliable major media sources.
When does Big Pharma profiting become profiteering? This issue was the subject last month of a Senate Finance Committee investigation of pricing practices of Gilead Sciences Inc., a leading provider of hepatitis C medications. After examining 20,000 pages of internal company documents, looking at Medicaid data and interviewing health care experts, the authors concluded that the Foster City drugmaker pursued a calculated scheme for pricing and marketing its hepatitis C drug based on one goal: maximizing revenue regardless of the human consequences. With the hepatitis C virus affecting about 3 million people in the United States, the impact of Gileads pricing strategy is real, measurable - and devastating. With a 12-week course of Gileads Harvoni priced at nearly $100,000, taxpayer-funded Medicare Part D spent $4.6 billion on hepatitis C alone in the first half of 2015. When insurers refuse to pay for treatment, all but the wealthy are left at risk for cirrhosis, liver cancer and death. While anticipating record profits of $30 billion in 2015, Gilead virtually eliminated its medication assistance program. More than 90 percent of hepatitis C patients can achieve a cure with as little as one pill a day. But to realistically address this epidemic at current pricing levels would bankrupt our health care system. Pharmaceutical innovation holds great promise for the future of our health care system. But not if none of us can afford it.
Note: For more along these lines, see concise summaries of deeply revealing news articles about big pharma profiteering. Then read an in-depth essay titled "The Truth About Drug Companies" by acclaimed author Dr. Marcia Angell.
Iceland ... has just sentenced five senior bankers and one prominent investor to prison for crimes relating to the economic meltdown in 2008. The nation that gambled so heavily on the markets and lost so disastrously in the consequent crash has [now] sent 26 financiers to jail for combined sentences of 74 years. The authorities pursued bank bosses, chief executives, civil servants and corporate raiders for crimes ranging from insider trading to fraud, money laundering, misleading markets, breach of duties and lying to the authorities. Meanwhile the economy that collapsed so spectacularly has rebounded after letting banks go bust, imposing capital controls and protecting its own citizens over all other losers. This determination to hold people to account for actions that caused intense financial misery contrasts strongly with Britain, most of the rest of Europe and the United States. Britain never bothered holding a proper inquiry into the financial meltdown that still heavily impacts on public finances. In New York, a couple of minor British bankers have just been convicted of manipulating inter-bank lending rates. In London, the massive HSBC is playing political games ... to stave off regulatory pressures. This is the bank, remember, fined 1.2bn after a US investigation found it was laundering money for gangsters and rogue nations, then discovered to be helping wealthy clients evade tax in dozens of countries. Its former boss became a government minister and then chairman of the British Museum.
Note: So the one nation that jailed its big bankers and let banks go bust is doing very well. Why are so exceedingly few bankers in other countries being jailed for crimes involving trillions of dollars and bankrupting millions of citizens? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
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