Government Corruption Media ArticlesExcerpts of Key Government Corruption Media Articles in Major Media
Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
Much of the national debate about widening inequality ... ignores the upward redistributions going on every day, from the rest of us to the rich. These redistributions are hidden inside the market. The only way to stop them is to prevent big corporations and Wall Street banks from rigging the market. For example, Americans pay more for pharmaceuticals than do the citizens of any other developed nation. This costs you and me an estimated $3.5 billion a year - a hidden upward redistribution of our incomes to Pfizer, Merck and other big proprietary drug companies. Likewise, the interest we pay on ... loans is higher than it would be if the big banks ... had to work harder to get our business. As recently as 2000, America’s five largest banks held 25 percent of all U.S. banking assets. Now they hold 44 percent — which gives them a lock on many such loans. The net result: another hidden upward redistribution. Why have food prices been rising faster than inflation, while crop prices are now at a six-year low? Because the giant corporations that process food have the power to raise prices. Result: a redistribution from average consumers to Big Agriculture. Why do you suppose health insurance is costing us more? Health insurers are hiking rates 20 to 40 percent next year, and their stock values are skyrocketing. Add it up - the extra money we’re paying for pharmaceuticals, Internet communications, home mortgages, student loans, airline tickets, food and health insurance - and you get a hefty portion of the average family’s budget.
Note: This essay was written by former Secretary of Labor Robert Reich. For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
The Special Inspector General for Afghanistan Reconstruction (SIGAR) is asking why a small Department of Defense task force charged with developing the Afghan economy spent nearly $150 million on private villas, security guards and luxury meals. In a letter to Secretary of Defense Ashton Carter ... SIGAR chief John Sopko wrote that members of the Defense Department’s Task Force for Business and Stability Operations (TFBSO) could have used accommodations available on local military bases and other U.S. government facilities. Former TFBSO employees told SIGAR investigators that the $150 million ... supported “no more than 5 to 10” employees. Triple Canopy is one of the firms that have financially benefited the most from post-9/11 wars in Iraq and Afghanistan, earning roughly $2.2 billion in government contracts since 2003. The company has continued to receive lucrative government contracts despite being at the center of several controversies related to the killing of civilians in Iraq by its employees and providing falsified documents for its private security guards. The decision to hire the contractors is believed to have originated with former deputy undersecretary of defense and TFSBO director Paul Brinkley. In 2007, he was investigated by the military on allegations of financial mismanagement and personal misconduct while based in Iraq, but continued serving in government until 2011.
Note: By mid-2014, the US had spent more money on Afghanistan's "reconstruction" than it spent on the entire Marshall Plan to rebuild Europe following WWII. For more along these lines, see concise summaries of deeply revealing military corruption news articles from reliable major media sources.
The US has overtaken Singapore, Luxembourg and the Cayman Islands as an attractive haven for super-rich individuals and businesses looking to shelter assets behind a veil of secrecy, according to a study by the Tax Justice Network (TJN). The US is ranked third, behind Switzerland and Hong Kong, in the financial secrecy index, produced every two years by TJN. But the study noted that if Britain and its affiliated tax havens such as Jersey were treated as one unit it would top the list. “Though the US has been a pioneer in defending itself from foreign secrecy jurisdictions it provides little information in return to other countries, making it a formidable, harmful and irresponsible secrecy jurisdiction,” the TJN report said. The scale of hidden offshore wealth around the world is difficult to assess. The economist Gabriel Zucman has put it at $7.6tn, while the TJN’s James Henry, a former chief economist at consultancy McKinsey, estimated three years ago it could be more than $21tn. The US states of Delaware, Wyoming and Nevada have for decades been operating as onshore secrecy havens, specialising in setting up shell companies catering to overseas individuals and companies seeking to hide assets. “The US has not seriously addressed its own role in attracting illicit financial flows and supporting tax evasion,” the TJN report found. Like the US, Britain too remains a central player in the vast financial secrecy industry despite championing corporate transparency on the international stage.
On Page 5 of a credit card contract used by American Express ... is a clause that most customers probably miss. If cardholders have a problem with their account, American Express explains, the company “may elect to resolve any claim by individual arbitration.” Those nine words are at the center of a far-reaching power play orchestrated by American corporations. By inserting individual arbitration clauses into a soaring number of consumer and employment contracts, companies like American Express devised a way to circumvent the courts and bar people from joining together in class-action lawsuits, realistically the only tool citizens have to fight illegal or deceitful business practices. It has become increasingly difficult to apply for a credit card, use a cellphone, get cable or Internet service, or shop online without agreeing to private arbitration. The same applies to getting a job, renting a car or placing a relative in a nursing home. By banning class actions, companies have essentially disabled consumer challenges to ... predatory lending, wage theft and discrimination. “This is among the most profound shifts in our legal history,” William G. Young, a federal judge ... said in an interview. “Ominously, business has a good chance of opting out of the legal system altogether and misbehaving without reproach.” Thousands of cases brought by single plaintiffs over fraud, wrongful death and rape are now being decided behind closed doors. And the rules of arbitration largely favor companies.
Earlier this week, Saudi Prince Abdul Mohsen bin Walid bin Abdul Aziz al-Saud was arrested in Lebanon. According to reports, the prince and four other Saudis were attempting to fly out of the Beirut airport in a private jet - chock full of drugs. "Apparently most of it was called Captagon ... a kind of amphetamine," [said Robert Fisk], Middle East correspondent for the Independent newspaper. He says that a customs guard at Beirut airport became suspicious when the prince showed up with 40 suitcases. Fisk explains, "So he said, 'You put the baggage through the x-ray machine,' and the Saudi said, 'No, no, I have a diplomatic passport,' and he said, 'You have a diplomatic passport but the baggage does not have diplomatic clearance." The prince was immediately detained. "The photographs which have been leaked out, show boxes, very large boxes with the Saudi royal coat of arms on the front which is a bit unfortunate," Fisk quips. "I think what's actually happening is that the Lebanese do not want to embarrass the Saudis." According to Fisk, the story has already disappeared from the papers and it is still unclear where the drugs were intended to be delivered. "This after all, is a state that chops off the heads of drug traffickers usually from poor countries like Pakistan or Sri Lanka," Fisk adds. "They certainly don't want too much publicity when a Prince is suddenly found possessing all this stuff and trying to cheat his way through the airport."
Note: Despite being caught red-handed in what may be Lebanon's biggest drug bust ever, Fisk believes this royal prince will escape punishment. Remember Saudi Arabia is run by the royal family. How many other governments are secretly involved in drug running? Reports from 25-year veteran of the DEA turned best-selling author and journalist Michael Levine point towards a troubling answer.
Over 100 protesters gathered outside of the Centers for Disease Control offices in Atlanta demanding transparency when it comes to vaccines. [They] say that the information being provided to the public about vaccines isn’t honest. On August 27, 2014 [CDC scientist Dr. William Thompson] made an admission that got very little media coverage. But it was a major statement. That statement read in part, “I regret that my co-authors and I omitted statistically significant information in our 2004 article published in the journal Pediatrics. “The omitted data suggested that African American males who received the MMR (mumps, measles and rubella) vaccine before age 36 months were at increased risk for autism. Decisions were made regarding the findings ... and I believe that the final study protocol was not followed.” Thompson ... hired a whistleblower attorney and turned over documents to Congress. As many as 100,000 documents were turned over. Congressman [Bill] Posey brought this information to the floor of Congress and what he read there was stunning - that authors of the study not only hid the actual findings, but also attempted to destroy evidence [by throwing it] into a trash can. What you might not know is that all vaccines in all quantities for all people are not safe. Every year hundreds of children are injured by vaccines, and since 1986 the United States Government has paid out $3 billion to the vaccine injury compensation program. Raise even one question about why that is, and you’ll get pushback.
Note: Strangely, CBS 46 in Atlanta appears to have removed this from their website. You can see a video of the CBS broadcast at this link. Read further commentary on this important topic in an article by Robert F. Kennedy, Jr. For more along these lines, see concise summaries of deeply revealing vaccine controversy news articles from reliable major media sources.
According to the New York Department of Financial Services, a banking regulator, Goldman hired Rohit Bansal from the Federal Reserve Bank of New York in May 2014, "in large part for the regulatory experience and knowledge he had gained while working at the New York Fed." Goldman hired Bansal despite the fact that he had been forced to resign from the Fed for breaking the rules there. Once at Goldman, Bansal was instructed to work on a bank that he had supervised while at the Fed, despite explicit prohibitions against him doing so, NYDFS said. Bansal later used confidential information, some of which he obtained from his prior employment at the NY Fed and some of which he obtained from from a former NY Fed colleague, in his work on the bank. To resolve the matter, Goldman has agreed to pay $50 million and accept a three-year "voluntary abstention" from accepting new consulting engagements of NYDFS regulated entities. Goldman also agreed to admit that a former employee engaged in the criminal theft of confidential information and that Goldman management "failed to effectively supervise its employee to prevent this theft from occurring," NYDFS said. In September 2014, for example, Bansal attended the birthday dinner of a former Fed colleague at Peter Luger's. Immediately after the dinner, Bansal emailed his boss at Goldman "divulging confidential information concerning the regulated entity, specifically, the relevant component of the upcoming examination rating," NYDFS said.
The U.S. federal-prison population swelled from 24,000 prisoners in 1980 to 219,000 in 2013. And federal prisons are just the tip of the iceberg — factor in state prisons and local jails, and there are 2.2 million people locked up in this country. The U.S. Sentencing Commission ... is charged with setting and adjusting the detailed schedule of penalties for those convicted of federal crimes. In April 2014, the commission approved a reduction in sentences for certain drug crimes going forward. In his final months in office, President Obama has focused more on the need for criminal-justice reform. He has used the executive power of clemency to commute some of the most egregiously unfair sentences of 89 federal drug convicts. But a handful of pardons don't amount to much when there are hundreds of thousands of federal prisoners. Nearly half of federal inmates are serving time for drug crimes. Of those, 60 percent were subject to mandatory minimums when they were sentenced. Stephanie George was a 26-year-old mother of three when she was convicted on drug-conspiracy charges because the man she was dating had kept drugs and money in her house. Under the federal three-strikes-and-you're-out law, she was sentenced to life in prison. George was locked up nearly 18 years before Obama commuted her sentence. One of her sons died shortly before her release. She says she doesn't think most politicians consider the costs a mandatory-minimum sentence brings.
Note: For more along these lines, see concise summaries of deeply revealing prison system corruption news articles from reliable major media sources.
A Saudi prince has been detained at Beirut airport in Lebanon after two tons of an amphetamine drug popular with Syrian rebels was found on a private jet. Prince Abdel Mohsen Bin Walid Bin Abdulaziz and four other men were held after what was described as the biggest ever drugs bust at the city’s main Rafik Hariri International Airport. They were allegedly "attempting to smuggle about two tons of Captagon pills and some cocaine", a security source was quoted as saying. Captagon is a brand name for the widely used amphetamine phenethylline. Although this type of amphetamine has been prescribed in the past to treat childhood and other behavioural disorders, it is now used overwhelmingly as a stimulant in the Middle East. It has long been banned in the West. It is the drug of choice for front-line fighters on both sides in the Syrian war. It is unclear where the pills allegedly found in Beirut were ultimately to be sold, although the plane was said to be heading back to Saudi Arabia. That would fit one of the more unexpected side-effects noted of the Syrian war – the country’s growing role as an exporter of illegal drugs. There have been reports that Syrian suppliers to both sides of the conflict have become so successful in manufacturing Captagon that it is now an export product, smuggled through Lebanon to a broader Middle East market. The drugs were stuffed into 40 suitcases, according to reports.
Note: So the Saudi royals are caught red-handed in possibly Lebanon's biggest drug bust ever. Remember Saudi Arabia is run by the royal family. How many other governments are secretly involved in drug running? Reports from 25-year veteran of the DEA turned best-selling author and journalist Michael Levine point towards a troubling answer. Read this report to learn more about how Saudi crimes are covered up by powerful forces and why this prince will be freed.
A former Goldman Sachs banker suspected of taking confidential documents from a source inside the government has agreed to plead guilty, a rare criminal action on Wall Street, where Goldman itself is facing an array of regulatory penalties over the leak. The banker and his source, who at the time of the leak was an employee at the Federal Reserve Bank of New York, one of Goldman’s regulators, will accept a plea deal from federal prosecutors that could send them to prison for up to a year. Under a tentative deal ... Goldman would pay a fine of $50 million. For Goldman and the New York Fed, the case is likely to give new life to an embarrassing episode that illustrated the blurred lines between their institutions. Perhaps more than any other bank, Goldman swaps employees with the government, earning it the nickname “Government Sachs.” While the so-called revolving door is common on Wall Street, the investigation [affirms] the public’s concerns that regulators and bankers, when intermingled, occasionally form unholy alliances. The Goldman banker, Rohit Bansal, previously spent seven years as a regulator at the New York Fed.
The U.S. closely monitored Israel’s military bases and eavesdropped on secret communications in 2012, fearing its longtime ally might try to carry out a strike on Fordow, Iran’s most heavily fortified nuclear facility. Nerves frayed at the White House after senior officials learned Israeli aircraft had flown in and out of Iran in what some believed was a dry run for a commando raid on the site. Worried that Israel might ignite a regional war, the White House sent a second aircraft carrier to the region and readied attack aircraft, a senior U.S. official said, “in case all hell broke loose.” The two countries, nursing a mutual distrust, each had something to hide. Instead of talking to each other, the allies kept their intentions secret. To figure out what they weren’t being told, they turned to their spy agencies to fill gaps. They employed deception, not only against Iran, but against each other. After working in concert for nearly a decade to keep Iran from an atomic bomb, the U.S. and Israel split over the best means: diplomacy, covert action or military strikes. In 2010, the risk of covert action became clear. A computer virus dubbed Stuxnet, deployed jointly by the U.S. and Israel to destroy Iranian centrifuges ... had inadvertently spread across the Internet. The Israelis wanted to launch cyberattacks against a range of Iranian institutions, according to U.S. officials. But the breach made Mr. Obama more cautious, officials said, for fear of triggering Iranian retaliation, or damaging the global economy if a virus spread uncontrollably.
Note: This article is also available at this link. When the Stuxnet computer virus got loose, it began attacking European companies. For more along these lines, see concise summaries of deeply revealing intelligence agency corruption news articles from reliable major media sources.
While British and American bankers who brought the world's economy to its knees in 2008 have barely faced the consequences for their actions, in Iceland, it's a different story. The Nordic nation, which was one of the worst affected by the 2008 financial crisis, has sentenced 26 bankers to a combined 74 years in prison. In two separate rulings last week, the Supreme Court of Iceland and Reykjavik District Court sentenced six top managers of two national banks for crimes committed in the lead up to the banking sector's collapse, bringing the total number of people who have faced the music for their roles in the crash to 26. At the moment the maximum penalty for white collar crime in Iceland is six years. Iceland deregulated its financial sector in 2001, and manipulation of the markets by bankers led to a system-wide meltdown when the global economy tanked in 2008. Iceland's economy is now in comparatively [good] health since the country was forced to borrow heavily from the International Monetary Fund seven years ago. As Iceland's president Olafur Ragnar Grimsson said when asked how the country recovered so quickly: "We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the poor, and we didn’t introduce austerity measures like you’re seeing in Europe." In the US and the UK, of course, we just bailed them out.
Confidential files containing evidence of violations committed during El Salvador’s civil war have been stolen from a Washington-based human rights group days after it launched legal proceedings against the CIA over classified files on a former US-backed military commander implicated in massacres, death squads and forced disappearances. A computer and hard drive containing testimonies from survivors were stolen from the office of the director of the University of Washington Center for Human Rights (UWCHR) last week. The director’s office was the only one raided, there were no signs of forced entry, and items of monetary value were left behind. The stolen files contained details of investigations related to the 1980-1992 civil war, which left at least 75,000 people dead, 8,000 missing and a million displaced. The vast majority of crimes were committed by US-backed military dictatorships against civilians ... suspected of supporting the leftist guerrillas, according to the UN. Perpetrators were granted immunity from prosecution by a 1993 amnesty law, which remains intact despite being ruled illegal by the Inter American Court of Human Rights. The UWCHR has uncovered previously unseen information held by federal agencies such as the CIA and DEA, which it has shared with relatives of victims. The group filed a freedom of information suit against the CIA on 2 October. The sensitive files were stolen two weeks later. Several rights groups in El Salvador investigating war crimes have suffered similarly suspicious robberies.
The Federal Communications Commission voted to cap the price that phone companies can charge for calls to and from prison inmates, which they say can run up to a staggering $14 per minute. The rates for prison phone calls far exceed those of the general public, with the financial burden falling on the families of the more than 2 million incarcerated Americans. Under the new rules, scheduled to go into effect in early 2016, most prison inmates will not be charged more than 11 cents per minute for any call. The rules will ... also curb the extra charges that can often tack on up to an extra 70 percent, according to the commission. “The truth is that each of us is paying a heavy price for what is now a predatory, scaled market regime,” said Democratic FCC Commissioner Mignon Clyburn. “Not one of us here would ever consider paying $500 a month for a voice-only service where calls are dropped routinely for no reason.” While they don’t ban them outright, the new FCC rules also strongly discourage what they describe as kickbacks, the commission phone companies usually pay correctional facilities to win lucrative phone service contracts. “Incarceration is a policy choice, and it’s imminently unfair to then ask the families to pay for the correctional budgets,” said Aleks Kajstura, legal director at the Prison Policy Initiative ... citing the case of one inmate who faced a $56 bill for a four-minute conversation with a pro bono attorney.
Note: For more along these lines, see concise summaries of deeply revealing prison industry corruption news articles from reliable major media sources.
The Navy is poised to promote the admiral in charge of its elite SEAL teams and other commando units even though Pentagon investigators determined that he illegally retaliated against staff members who he mistakenly suspected were whistleblowers. Rear Adm. Brian L. Losey was investigated five times by the Defense Department’s inspector general after subordinates complained that he had wrongly fired, demoted or punished them during a vengeful but fruitless hunt for the person who had anonymously reported him for a minor travel-policy infraction. After conducting separate, years-long investigations that involved more than 100 witnesses and 300,000 pages of e-mails, the inspector general upheld complaints from three of the five staff members. In each of those cases, it recommended that the Navy take action against Losey for violating whistleblower-protection laws, the documents show. The Navy, however, dismissed the findings this month and decided not to discipline Losey. He now leads the Naval Special Warfare Command. The previously undisclosed investigations into one of the Navy’s top SEALs underscore the weakness of the military’s whistleblower-protection law and how rarely violators are punished. Of the 1,196 whistleblowercases closed by the Defense Department during the 12 months ending March 31, only 3 percent were upheld by investigators. The complaints against Losey also illustrate the Pentagon’s long-standing reluctance to discipline top brass for wrongdoing and how the military typically conceals misconduct investigations from public view.
Note: For more along these lines, see concise summaries of deeply revealing military corruption news articles from reliable major media sources.
U.S. President Barack Obama’s pledge Thursday to keep American troops in Afghanistan through 2016 was the last thing Mary Hladky wanted to hear. “It’s what we were dreading,” said the mother of three, whose son Ryan is in the National Guard after serving in the Army from 2009 to 2013 and in Afghanistan during the surge in 2011. She said announcements such as the one Obama made last week no longer surprise her, but they are still very upsetting. In May 2014, Obama said it was “time to turn the page on ... the wars in Afghanistan and Iraq,” saying he would withdraw the last American troops from the former country by 2016. Thursday, the president reversed course, saying the U.S. would keep at least 9,800 troops in the Central Asian nation through most of 2016, with at least 5,500 of them there at the end of next year. Obama ... was joined by Vice President Joe Biden and top military leaders when he made the announcement in Washington. After her son’s deployment, Hladky joined a group called Military Families Speak Out (MFSO), which has for years urged lawmakers to bring U.S. troops back from the conflicts in Afghanistan and Iraq. Although Obama said last week he opposes the idea of what he called “endless war,” it appears the decision to conclude what is now a 14-year-old conflict in Afghanistan will no longer be his to make, given the end of his term in office in January 2017. Meanwhile, his move has resulted in a tremendous amount of anger and betrayal being felt among many military families.
Note: For more along these lines, see concise summaries of deeply revealing war news articles from reliable major media sources.
David Talbot despises Allen Dulles. As director of the CIA, Talbot declares, Dulles exemplified the “frightening amorality that prevailed at the pinnacle of American power” at the height of the Cold War. As a lawyer for Sullivan and Cromwell in the 1930s, Dulles protected and promoted Nazi-controlled cartels. He used his influence in the Office of Strategic Services and the CIA to shield former Nazis from prosecution for war crimes in the ’40s and ’50s. Dulles organized the disastrous Bay of Pigs invasion of Cuba, [and was] willing to manipulate and undercut American presidents. In “The Devil’s Chessboard,” David Talbot, the founder and former editor in chief of Salon and former senior editor at Mother Jones, examines Dulles’ career and adds several more “achievements” to his dark resume. Talbot’s indictment is long. He suggests that had President Franklin D. Roosevelt lived, Dulles might well have faced criminal charges for hiding the U.S. assets of German corporations and destroying incriminating evidence. By 1963, Talbot insists, a clear consensus had emerged among corporate leaders “and within America’s deep state” that Kennedy was a threat to national security and had to be removed. Dulles, they concluded, “was the only man with the stature, connections, and decisive will to make something of this enormity happen." [Dulles] then lobbied Lyndon Johnson to appoint him to the Warren Commission, where he saw to it that Lee Harvey Oswald would take the fall as the “lone gunman.”
Note: Read another good article on Talbot's book revealing evidence in the JFK killing. And isn't it interesting that no other major media seemed to find this book worth a review, even though Talbot is well known as the founder of the website Salon.
From 2011 to 2013, the most elite forces in the U.S. military, supported by the CIA and other elements of the intelligence community, set out to destroy the Taliban and al Qaeda forces that remained hidden ... along Afghanistan’s northeastern border with Pakistan. Dubbed Operation Haymaker, the campaign has been described as a potential model for the future of American warfare. The military’s own analysis demonstrates that the Haymaker campaign was in many respects a failure. The vast majority of those killed in airstrikes were not the direct targets. Nor did the campaign succeed in significantly degrading al Qaeda’s operations in the region. The frequency with which “targeted killing” operations hit unnamed bystanders is among the more striking takeaways from the Haymaker slides. [Documents obtained by The Intercept] show that during a five-month stretch of the campaign, nearly nine out of 10 people who died in airstrikes were not the Americans’ direct targets. Larry Lewis, formerly a principal research scientist at the Center for Naval Analyses, ... found that drone strikes in Afghanistan were 10 times more likely to kill civilians than conventional aircraft. This month, an American airstrike on a hospital run by the international organization Médecins Sans Frontičres ... killed at least a dozen members of the humanitarian group’s medical staff and 10 patients, including three children. A nurse on the scene recalled seeing six victims in the intensive care unit ablaze in their beds.
Former U.S. House Speaker Dennis Hastert is expected to plead guilty in a hush-money case stemming from allegations of sexual misconduct. Federal prosecutors have accused him of agreeing to pay $3.5 million to an unidentified person from his hometown of Yorkville, Illinois, to conceal past misconduct. He was a teacher at Yorkville High School in the 1960s and 1970s. That person has not surfaced publicly, but anonymous law enforcement sources have told several media outlets that Hastert was trying to cover up sexual abuse of a male student when he worked as a high school teacher and wrestling coach. Hastert's agreement, to change his plea to guilty from not guilty in the case, is expected to be submitted to U.S. District Judge Thomas Durkin on Monday, attorneys for Hastert said. "One of the best side effects of taking the plea is that material regarding reported sexual abuse will not come out," said [attorney Amy] Richardson, of the firm Harris, Wiltshire & Grannis. According to the indictment, Hastert withdrew $1.7 million in cash from his bank accounts from 2010 to 2014. He is charged with structuring $952,000 of the withdrawals, taking the funds out in increments of under $10,000 to evade a requirement that banks report large cash transactions. Hastert then told the FBI that he was keeping the cash for himself, which the indictment said was a false statement.
Note: Read more about this powerful politician's sexual misconduct cover up. If you want to understand how pedophile rings have infiltrated the highest levels of government, don't miss the powerful Discovery Channel documentary on this available here. For more along these lines, see concise summaries of deeply revealing news articles on sexual abuse scandals from reliable major media sources.
Giant Wall Street banks continue to threaten the well-being of millions of Americans. Back in 2000, before they almost ruined the economy and had to be bailed out, the five biggest banks on Wall Street held about 25 percent of the nation's banking assets. Now they hold more than 45 percent. In 2012, JPMorgan Chase, the largest bank on Wall Street, lost $6.2 billion betting on credit default swaps - and then publicly lied about the losses. It later came out that the bank paid illegal bribes to get the business in the first place. In May, the Justice Department announced a settlement of the biggest criminal price-fixing conspiracy in modern history, in which the biggest banks manipulated the $5.3 trillion-a-day currency market in a "brazen display of collusion," according to Attorney General Loretta Lynch. Wall Street's investment bankers, key traders, top executives, and hedge-fund and private-equity managers wield extraordinary power. They're major sources of campaign contributions to both parties. In addition, a lucrative revolving door connects the Street to Washington. Key members of Congress, especially those involved with enacting financial laws or overseeing financial regulators, have fat paychecks waiting for them on Wall Street when they retire. Which helps explain why no Wall Street executive has been indicted for the fraudulent behavior that led up to the 2008 crash. Or for the criminal price-fixing scheme settled in May. Or for other excesses since then.
Note: Does it at all seem strange that after the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled? Could this possibly have been planned? For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.