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.
One of North Carolina's longest-serving death-row inmates and his half brother are being freed after three decades in prison after another man's DNA was discovered on a cigarette butt left near the body of a girl the siblings were convicted of killing. On Tuesday, a judge overturned the convictions of Henry McCollum, 50, and Leon Brown, 46, in the 1983 rape and murder of Sabrina Buie, citing the new evidence that they didn't commit the crime. The ruling is the latest twist in a notorious legal case that began with what defense attorneys said were coerced confessions from two scared teenagers with low IQs. McCollum was 19 at the time and Brown was 15. Defense lawyers petitioned for their release after a recent analysis from the butt pointed to another man who lived near the soybean field where Buie's body was found in Robeson County. That man is already serving a life sentence for a similar rape and murder that happened less than a month later. The DNA from the cigarette butts doesn't match Brown or McCollum, and fingerprints taken from a beer can at the scene aren't theirs either, attorneys say. No physical evidence connects them to the crime. Ken Rose, a senior staff attorney at the Center for Death Penalty Litigation in Durham, has represented Henry McCollum for 20 years. "It's terrifying that our justice system allowed two intellectually disabled children to go to prison for a crime they had nothing to do with, and then to suffer there for 30 years," Rose said.
Note: How many thousands of innocent people have been executed or given life sentences like this? For more on this, see concise summaries of deeply revealing prisons news articles from reliable major media sources.
NutraSweet says it will no longer make the artificial sweetener aspartame as a result of foreign competition. The privately held company said Wednesday it expects to shut down a major portion of a plant that employs about 210 workers, including contractors, by year-end as a result. That will leave it with only about 10 to 20 employees to focus on its two other smaller sweeteners, the company said. "Low-cost imports now dominate the aspartame market, making it impossible for us to sustain a profitable business while maintaining our unmatched standard of quality," NutraSweet CEO William DeFer said in a statement. Aspartame is more commonly known as the ingredient used in Equal, the blue packets of sweetener often found on tables at restaurants. NutraSweet spokesman Hud Englehart said the company started facing competition as a supplier of aspartame once its patents on the artificial sweetener expired.
Note: This article fails to mention anything about the serious risks and dangers of aspartame which have been exposed by top doctors and scientists. See the powerful documentary "Sweet Misery" on this which has saved many lives. For more on health corruption and manipulation, see concise summaries of deeply revealing health news articles from reliable major media sources.
John D. Rockefeller built a vast fortune on oil. Now his heirs are abandoning fossil fuels. The family whose legendary wealth flowed from Standard Oil is planning to announce on Monday that its $860 million philanthropic organization, the Rockefeller Brothers Fund, is joining the divestment movement that began a couple years ago on college campuses. In recent years, 180 institutions including philanthropies, religious organizations, pension funds and local governments ... have pledged to sell assets tied to fossil fuel companies from their portfolios and to invest in cleaner alternatives. In all, the groups have pledged to divest assets worth more than $50 billion from portfolios. Some say they are taking action to align their assets with their environmental principles. Others want to shame companies that they believe are recklessly contributing to a warming planet. Ultimately ... their actions, like those of the anti-apartheid divestment fights of the 1980s, could help spur international debate, while the shift of investment funds to energy alternatives could lead to solutions to the carbon puzzle. At the Rockefeller Brothers Fund, there is no equivocation. The fund has already eliminated investments involved in coal and tar sands entirely while increasing its investment in alternate energy sources. The family has also engaged in shareholder activism with Exxon Mobil, the largest successor to Standard Oil. Members have met privately with the company ... in efforts to get it to moderate its stance on issues pertaining to the environment and climate change. They acknowledged that they have not caused the company to greatly alter its course.
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Retired General Anthony Zinni [has demanded] up to 10,000 American boots on the ground to battle ISIS. Retired General Jack [Keane has made] more vague demands, such as for offensive air strikes and the deployment of more military advisers to the region. Many of these former Pentagon officials [have a vested interest] as paid directors and advisers to some of the largest military contractors in the world. Ramping up Americas military presence in Iraq and directly entering the war in Syria, along with greater military spending more broadly, is a debatable solution to a complex political and sectarian conflict. But those goals do unquestionably benefit one player in this saga: Americas defense industry. Keane is a great example of this phenomenon. His think tank, the Institute for the Study of War, ... has provided the data on ISIS used for multiple stories by The New York Times, the BBC and other leading outlets. Keane has appeared on Fox News at least nine times over the last two months to promote the idea that the best way to stop ISIS is through military actionin particular, through air strikes deep into ISIS-held territory. Left unsaid during his media appearances ... are Keanes other gigs: as special adviser to Academi, the contractor formerly known as Blackwater; as a board member to tank and aircraft manufacturer General Dynamics; a venture partner to SCP Partners, an investment firm that partners with defense contractors, including XVionics, an operations management decision support system company used in Air Force drone training; and as president of his own consulting firm, GSI LLC. Retired General Anthony Zinni, perhaps the loudest advocate of a large deployment of American soldiers into the region to fight IS, is a board member to BAE Systems US subsidiary, and also works for several military-focused private equity firms.
Note: For more on this, see concise summaries of deeply revealing war news articles from reliable major media sources.
Corporations in the U.S. today are hoarding about $2 trillion in profits overseas, arguing that the U.S. corporate tax rate of 35% makes it too difficult to bring this cash home and invest it herebetter to keep the money abroad and pay lower taxes in other countries. Yet the truth is that legions of tax lawyers make sure that most big American corporations never pay anywhere close to that rate. FORTUNE 500 companies on average pay more like 19.4%, and a third pay less than 10%, chiefly because of all the generous loopholes Congress has afforded corporations over the years. Partly as a result, U.S. firms are enjoying record profit margins, making more money than ever before yet paying a lower share of the overall U.S. tax pie than they have in decades. They want the benefits of U.S. talent and markets but not the responsibilities. Taxpayer-funded, early-stage investments in areas like the Internet, transportation and health care research are the reason many of the largest U.S. companies got so big and successful to begin with. As the academic Mariana Mazzucato argues in her excellent book The Entrepreneurial State: Debunking Public vs. Private Sector Myths, many of the most lauded corporate innovations, including the parts of smartphones that make them smart (Internet, GPS, touchscreen display and voice recognition), came out of state-funded research. Ditto any number of pharmaceutical, biotech and cybersecurity innovations. In so many cases, public investments have become business giveaways, making individuals and their companies rich but providing little return to the economy or the state, says Mazzucato. Tax [dodges] that expatriate the gains of American corporations to enrich a tiny managerial caste symbolize a whole new genre of selfish capitalism.
Note: For more on this, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
Throughout the last year, the U.S. government has repeatedly insisted that it does not engage in economic and industrial espionage, in an effort to distinguish its own spying from Chinas infiltrations of Google, Nortel, and other corporate targets. [But] the NSA was caught spying on plainly financial targets such as the Brazilian oil giant Petrobras; economic summits; international credit card and banking systems; the EU antitrust commissioner investigating Google, Microsoft, and Intel; and the International Monetary Fund and World Bank. In response, the U.S. modified its denial to acknowledge that it does engage in economic spying, but unlike China, the spying is never done to benefit American corporations. But a secret 2009 report issued by [Director of National Intelligence James Clapper's] office explicitly contemplates doing exactly that. The document, the 2009 Quadrennial Intelligence Community Reviewprovided by NSA whistleblower Edward Snowdenis a fascinating window into the mindset of Americas spies. One of the principal threats raised in the report is a scenario in which the United States technological and innovative edge slips in particular, that the technological capacity of foreign multinational corporations could outstrip that of U.S. corporations. How could U.S. intelligence agencies solve that problem? The report recommends a multi-pronged, systematic effort to gather open source and proprietary information through overt means, clandestine penetration (through physical and cyber means), and counterintelligence.
Note: For more on this, see concise summaries of deeply revealing intelligence agency operations news articles from reliable major media sources.
Senator Elizabeth Warren ... believes the most important [problem] to solve is how to get the American economy working for someone other than billionaires. It's a message she's been taking all over the country, and she isn't afraid to call banks, credit card companies and some employers cheats and tricksters. "The biggest financial institutions figured out they could make a lot of money by cheating people on mortgages, credit cards and payday loans," she told a packed auditorium at the Graduate Center of the City University of New York, where she spoke alongside New York Times columnist Paul Krugman. The biggest applause of the night was on three issues that come up frequently in Warren's speeches. 1) Financial regulation: Warren was the driving force behind the creation of the Consumer Financial Protection Bureau after the 2008 financial crisis. The agency has returned billions of dollars to Americans who were wronged. 2) Reducing student loans: Last summer Warren made headlines for arguing that student loans should have the same interest rates that banks get when they borrow money from the Federal Reserve. As she likes to remind people, "Student loans issued from 2007 to 2012 are on target to produce $66 billion in profit for the United States government." 3) Raising the minimum wage: "No one should work full time and still live in poverty," Warren said. Her other big push is for basic worker rights.
Note: For more on this, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
The US telecom industry called on the Federal Communications Commission ... to block two cities plans to expand high-speed internet services to their residents. USTelecom, which represents telecom giants Verizon, AT&T and others, wants the FCC to block expansion of two popular municipally owned high-speed internet networks. Chattanooga has the largest high-speed internet service in the US, offering customers access to speeds of 1 gigabit per second about 50 times faster than the US average. The service, provided by municipally owned EPB, has sparked a tech boom in the city and attracted international attention. EPB is now petitioning the FCC to expand its territory. Comcast and other companies have previously sued unsuccessfully to stop EPBs fibre optic roll out. Wilson [North Carolina], a town of a little more than 49,000 people, launched Greenlight, its own service offering high-speed internet, after complaints about the cost and quality of Time Warner cables service. Time Warner lobbied the North Carolina senate to outlaw the service and similar municipal efforts. In January this year, the FCC issued the Gigabit City Challenge, calling on providers to offer gigabit service in at least one community in each state by 2015. The challenge has come amid intense lobbying from cable and telecoms firms to stop municipal rivals and new competitors including Google from building and expanding high speed networks.
Note: For more on this, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
Halliburton has wrapped up most of its lingering liability for the 2010 Gulf of Mexico oil spill with a $1.1 billion settlement announced on [September 2]. The pact will resolve accusations that Halliburtons cement work on the ill-fated Macondo well contributed to a disaster that killed 11 rig workers and spewed millions of barrels of crude into the gulf. First off, the timing of the settlement announcement may signal that U.S. District Judge Carl Barbier is nearing a decision on the Big Question of how to apportion overall blame for the spilland, more specifically, what kind of additional legal bill faces BP as the main operator of the well. The British company has already paid out more than $28 billion and faces additional liability that could total an additional tens of billions. The $1.1 billion settlement represents Halliburtons biggest payout yet in the disaster. Transocean, owner of the drilling rig, settled a batch of claims last year for $1.4 billion. Beyond settlement payouts, the Gulf spill litigation is costing the various companies implicated in the disaster enormous legal feesor, more precisely, its costing their insurance carriers large amounts. Prior to settlement, Halliburton had incurred fees and expenses of $294 million, $263 million of which was covered by insurance, according to a filing in July. Halliburton had set aside reserves of $1.3 billion for costs related to the spill.
Note: For more on this, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
Microsoft Corp. is currently sitting on almost $29.6 billion it would owe in U.S. taxes if it repatriated the $92.9 billion of earnings it is keeping offshore, according to disclosures in the companys most recent annual filings with the Securities and Exchange Commission. The company says it has "not provided deferred U.S. income taxes" because it says the earnings were generated from its "non-U.S. subsidiaries and then "reinvested outside the U.S. Tax experts, however, say that details of the filing suggest the company is using tax shelters to dodge the taxes it owes as a company domiciled in the United States. The disclosure in Microsofts SEC filing lands amid an intensifying debate over the fairness of U.S.-based multinational corporations using offshore subsidiaries and so-called "inversions" to avoid paying American taxes. Such maneuvers -- although often legal -- threaten to significantly reduce U.S. corporate tax receipts during an era marked by government budget deficits.
Note: For more on this, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
Goldman Sachs is paying its largest bill yet to resolve a government lawsuit related to the financial crisis. The bank said ... that it had agreed to buy back $3.15 billion in mortgage bonds from Fannie Mae and Freddie Mac to end a lawsuit filed in 2011 by the Federal Housing Finance Agency, the federal regulator that oversees the two mortgage companies. The agency had accused Goldman of unloading low-quality mortgage bonds onto Fannie Mae and Freddie Mac in the run-up to the financial crisis. It estimates that Goldman is paying $1.2 billion more than the bonds are now worth. Most of the other 18 banks that faced similar suits from the housing agency have already reached settlements. The previous settlements have included penalties, which Goldman avoided. But Goldman had been hoping to avoid settling the suit altogether, contending as recently as last month that many of the governments claims should be dismissed. The $1.2 billion figure carries a sting because it is double the $550 million payment that Goldman made in 2010 to settle the most prominent crisis-era case it has faced the so-called Abacus case. Since then, Goldman has largely avoided the billion-dollar penalties paid by other banks for wrongdoing before the 2008 crisis. This week, Bank of America reached a $16.65 billion settlement with the Justice Department related to the banks handling of shoddy mortgages. In a separate deal this year, Bank of America agreed to pay $9.5 billion to settle its part of the housing finance agencys lawsuit. Some of that money was a penalty and the rest was used to buy back mortgage bonds.
Note: For more on this, see concise summaries of deeply revealing financial corruption news articles from reliable major media sources.
[Vandana] Shivas fiery opposition to globalization and to the use of genetically modified crops has made her a hero to anti-G.M.O. activists everywhere. At each stop [on a recent European tour], Shiva delivered a message that she has honed for nearly three decades: by engineering, patenting, and transforming seeds into costly packets of intellectual property, multinational corporations such as Monsanto, with considerable assistance from the World Bank, the World Trade Organization, the United States government, and even philanthropies like the Bill and Melinda Gates Foundation, are attempting to impose food totalitarianism on the world. She describes the fight against agricultural biotechnology as a global war against a few giant seed companies on behalf of the billions of farmers who depend on what they themselves grow to survive. Shiva contends that nothing less than the future of humanity rides on the outcome. Shiva, along with a growing army of supporters, argues that the prevailing model of industrial agriculture, heavily reliant on chemical fertilizers, pesticides, fossil fuels, and a seemingly limitless supply of cheap water, places an unacceptable burden on the Earths resources. The global food supply is indeed in danger. Feeding the expanding population without further harming the Earth presents one of the greatest challenges of our time, perhaps of all time. By the end of the century, the world may well have to accommodate ten billion inhabitants. Sustaining that many people will require farmers to grow more food in the next seventy-five years than has been produced in all of human history.
Note: For more on this, see concise summaries of deeply revealing GMO news articles from reliable major media sources.
This week's U.S. air strikes in northern Iraq are being accompanied with an undertow of "it's all about oil" talk. Take for example, Columbia School of Journalism Dean Steve Coll's observation in The New Yorker, that "Obama's defense of Erbil (capital of the semiautonomous Kurdish region) is effectively the defense of an undeclared Kurdish oil state." It's no secret that Iraqi Kurdistan has an abundance of oil reserves, nor that U.S. oil companies, like [Chevron] are busy exploring there. Chevron has three "production sharing contracts" with the Kurdish government, covering a combined 444,000 acres, north of Irbil, where it's in the early testing and drilling stage. And it likes what it sees. Asked for an update, a Chevron spokesman said Monday, "We continue monitoring the situation. We remain in regular contact with the Kurdistan Regional Government and are dedicated to supporting the (Kurdistan Region of Iraq) in developing its natural resources." A potentially bigger worry for both Chevron and the Kurds .. could be if Iraq did stabilize and unite, with Kurdistan under its umbrella. For Chevron ... a new arrangement in Iraq could entail the renegotiation of contracts it has with the Kurds, which by the way, Baghdad refused to recognize. Kurdistan's oil pipeline via Turkey continues to pump out oil - 120,000 barrels per day.
Note: For more on this, see concise summaries of deeply revealing military corruption news articles from reliable major media sources.
Energy companies are fracking for oil and gas at far shallower depths than widely believed, sometimes through underground sources of drinking water, according to research released [on August 12] by Stanford University scientists. Fracking involves high-pressure injection of millions of gallons of water mixed with sand and chemicals to crack geological formations and tap previously unreachable oil and gas reserves. Fracking fluids contain a host of chemicals, including known carcinogens and neurotoxins. Fears about possible water contamination and air pollution have fed resistance in communities around the country. Fracking into underground drinking water sources is not prohibited by the 2005 Energy Policy Act, which exempted the practice from key provisions of the Safe Drinking Water Act. But the industry has long held that it does not hydraulically fracture into underground sources of drinking water because oil and gas deposits sit far deeper than aquifers. The study, however, found that energy companies used acid stimulation ... and hydraulic fracturing in the Wind River and Fort Union geological formations that make up the Pavillion gas field and that contain both natural gas and sources of drinking water. Thousands of gallons of diesel fuel and millions of gallons of fluids containing numerous inorganic and organic additives were injected directly into these two formations during hundreds of stimulation events, concluded Dominic DiGiulio and Robert Jackson of Stanfords School of Earth Sciences.
Note: For more on this, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
In January, a unit of Alcoa Inc., the biggest U.S. aluminum producer, pleaded guilty to foreign bribery charges brought by the U.S. Justice Department. Alcoa also settled claims by the Securities and Exchange Commission and agreed to pay a $384 million fine -- the fifth-largest such penalty ever. The Alcoa subsidiary admitted to paying bribes to government officials in Bahrain for more than a decade to win contracts to sell alumina, a compound essential in making aluminum, to the Persian Gulf states processing plant. Not named and not charged in the case was the person who made those payments, whom the Justice Department identified in court only as Consultant A. In the thriving business of global bribery -- which the World Bank says amounts to $1 trillion in illicit payments annually -- guilty pleas like the one by Alcoas unit are rare. Rarer still are convictions against the people who actually arrange and deliver the payments. Most of the time, these brokers arent even named. The Alcoa guilty plea -- together with related cases in the U.K. and Norway -- provides an unusual window into the modus operandi of the middlemen who shuttle between companies and governments striking deals. Before the U.S. announced the fine against Alcoa, U.K. prosecutors in October 2011 charged Victor Dahdaleh, a London-based businessman, with laundering money and making improper payments to officials in Bahrain related to Alcoa contracts. Dahdaleh was acquitted in December after the prosecution dropped its case. While the U.S. plea agreement doesnt identify Dahdaleh as Consultant A, it does show that a company owned by Dahdaleh played a role in the Alcoa unit payments to Alba.
Note: For more on this, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
On current trends, were heading toward a world in which only the human people pay taxes. Were not quite there yet: The federal government still gets a tenth of its revenue from corporate profits taxation. But it used to get a lot more a third of revenue came from profits taxes in the early 1950s, a quarter or more well into the 1960s. Part of the decline since then reflects a fall in the tax rate, but mainly it reflects ever-more-aggressive corporate tax avoidance avoidance that politicians have done little to prevent. Which brings us to the tax-avoidance strategy du jour: inversion. This refers to a legal maneuver in which a company declares that its U.S. operations are owned by its foreign subsidiary, not the other way around, and uses this role reversal to shift reported profits out of American jurisdiction to someplace with a lower tax rate. The most important thing to understand about inversion is that it does not in any meaningful sense involve American business moving overseas. Consider the case of Walgreen, the giant drugstore chain that, according to multiple reports, is on the verge of making itself legally Swiss. If the plan goes through, nothing about the business will change; your local pharmacy wont close and reopen in Zurich. It will be a purely paper transaction but it will deprive the U.S. government of several billion dollars in revenue that you, the taxpayer, will have to make up one way or another.
Note: For more on this, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
Making money from water? Is this what Wall Street wants next? This summer, however, myriad business forces are combining to remind us that fresh water isnt necessarily or automatically a free resource. It could all too easily end up becoming just another economic commodity. At the forefront of this firestorm is Peter Brabeck, chairman and former CEO of Nestl. In his view, citizens dont have an automatic right to more than the water they require for mere survival, unless they can afford to pay for it. For context, the World Health Organization sets such survival consumption levels at a minimum of 20 liters a day for basic hygiene and food hygiene higher, if you add laundry and bathing. But Brabeck probably isnt the best standard-bearer for the cause of responsible water management, by any stretch of the imagination. Consider the fact that as the drought has worsened, Nestl Waters North Americas Inc the largest bottled water company in the country has continued to pump water from an aquifer near Palm Springs, California, thanks to its partnership with the Morongo Band of Mission Indians. Their joint venture, bottling water from a spring on land owned by the band in Millard Canyon, has another advantage: since the Morongo are considered a sovereign nation, no one needs to report exactly how much water is being drawn from the aquifer.
Note: For more on this, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
Even while the debate over whether cell phones cause cancer rages on, researchers are starting to explore other potentially harmful effects that the ubiquitous devices may have on our health. Because they emit low-level electromagnetic radiation (EMR), its possible that they can disturb normal cell functions and even sleep. And with male infertility on the rise, Fiona Mathews at the University of Exeter, in England, and her colleagues decided to investigate what role cell phones might play in that trend. In their new research, they analyzed 10 previous studies, seven of which involved the study of sperm motility, concentration and viability in the lab, and three that included male patients at fertility clinics. Overall, among the 1,492 samples, exposure-to-cell-phone EMR lowered sperm motility by 8%, and viability by 9%. Exactly how much the cell phones are contributing to lower-quality sperm isnt clear yet the researchers note that how long the phones are kept in pockets, as well as how much EMR the phones emit (most are legally required to stay below 2.0 W/kg) are also important things to consider when figuring out an individuals risk. But the lab-dish studies do show that sperm are affected by the exposure, and that provides enough reason to investigate the possibility that cell phones may be contributing to lower-quality sperm and potentially some cases of infertility.
Note: Remember how for decades the tobacco industry claimed cigarettes caused no harm even while they were hiding studies which proved the opposite. For more on this, see concise summaries of deeply revealing health news articles from reliable major media sources.
Within weeks of setting off a geiger counter and scrubbing three layers of skin off his hands and arms, former Navy quartermaster Maurice Enis recalled being pressured to sign away U.S. government liability for any future health problems. Enis and about 5,000 fellow sailors aboard the USS Ronald Reagan aircraft carrier had finally left Japan, after 80-some days aiding victims of the March 11, 2011, Fukushima earthquake and tsunami, and were about to take a long-awaited port call in Thailand. But first, they were told they needed to fill out some paperwork. "They had us [to] sign off that we were medically fine, had no sickness, and that we couldn't sue the U.S. government," Enis [says], recalling widespread anger among the sailors who ... felt they had little choice. [On] the [second] anniversary of the Fukushima disaster, Enis joined a lawsuit with more than 100 other service members who participated in the rescue mission and who have since developed medical issues they contend are related to radioactive fallout from the disabled Fukushima Daiichi nuclear plant. Rather than targeting the U.S. government, the federal lawsuit names plant owner Tokyo Electric Power Co. the defendant. TEPCO, as the company is known, provided false information to U.S. officials about the extent of spreading radiation from its stricken reactors, according to Roger Witherspoon on his blog Energy Matters.
Note: For more on this, see concise summaries of deeply revealing nuclear power news articles from reliable major media sources.
JUDY WOODRUFF: We should start praying. I wouldnt be surprised if half of these loans went down thats what a trader at Citigroup wrote in an e-mail in 2007, after reviewing thousands of mortgages bought and sold by the bank. Today, the Justice Department cited those very words as it announced a $7 billion settlement with the bank. The government said Citi committed egregious misconduct in the lead-up to the financial crisis. Of the $7 billion, Citigroup will pay $4 billion to the Justice Department. More than $2.5 billion is set aside for whats described as consumer relief. Tony West is associate attorney general. And he was the governments lead negotiator in this case. Lay out for us, what was this egregious conduct and how many people at Citigroup were engaged in it? TONY WEST: Citibank packaged securities, packaged loans, mortgage loans into these securities, which they sold to investors. What they didnt tell investors was what the actual quality of those loans were. And so you had these mortgage bond deals that had quality that was far less than what Citi was representing to investors that they were. JUDY WOODRUFF: And how many people knew about this, and did the knowledge go all the way to the top? TONY WEST: We know from the evidence that bankers were warned that the quality of the loans that they were packaging into these securities wasnt what they were telling investors they were, but they ignored those warning signs. They ignored that due diligence. Certainly enough ... bankers knew that we felt that we could demand a very high, in fact, an historically high, penalty from Citibank.
Note: For more on this, see concise summaries of deeply revealing financial corruption news articles from reliable major media sources.
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