News StoriesExcerpts of Key News Stories in Major Media
Note: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
The world finds itself in an age saturated with anxiety - at least, that’s the sense created by the daily deluge of news portraying a grim present of economic hardship, global tensions, terrorism, and political upheaval. The five-year-old site Upworthy doesn’t want you to see the world that way. In March of 2012, Eli Pariser - one of the leaders of the activist group MoveOn - and Peter Koechley - also of MoveOn and an editor at The Onion - launched Upworthy with several million dollars of seed money and a surfeit of hope. It was and is a bold attempt at reframing what constitutes news. Fear and anger are the currency of the media realm. Upworthy seeks to upend that formula and focus instead not on what is going wrong but on what might go right. Upworthy ... insists that stories “can make the world a better place” and engage people in a way that makes them want to do something instead of tuning out. On the numbers, Upworthy has 11 million subscribers, 20 million unique visitors to its website, and more important, substantial community engagement through its main distribution platform, Facebook. For those of you who think Upworthy has faded, Facebook’s own research ... demonstrates that the site and its stories have some of the highest community engagement of any Facebook page, behind Fox News but ahead of CNN. The site’s audience is surprisingly diverse in terms of politics and geography. Its experiment seems to be more one of tone: positive encouragement rather than inflammatory antagonism.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Dutch officials have opened what is being billed as one of the world’s largest offshore wind farms, with 150 turbines spinning far out in the North Sea. Over the next 15 years the Gemini windpark ... will meet the energy needs of about 1.5 million people. At full tilt the windpark has a generating capacity of 600 megawatts and will help supply 785,000 Dutch households with renewable energy, according to the company. “We are now officially in the operational stage,” the company’s managing director Matthias Haag said, celebrating the completion of a project first conceived in 2010. The €2.8bn ($3bn) project is a collaboration between the Canadian independent renewable energy company Northland Power, wind turbine manufacturer Siemens Wind Power, Dutch maritime contractor Van Oord and waste processing company HVC. Gemini would contribute about 13% of the country’s total renewable energy supply and about 25% of its wind power. The Netherlands remains dependant on fossil fuels which still make up about 95% of its energy supply, according to a 2016 report from the ministry of economics affairs. The Dutch government has committed to ensuring 14% of its energy comes from renewable sources such as wind and solar power by 2020, and 16% by 2023, with the aim of being carbon neutral by 2050. Gemini “is seen as a stepping stone” in the Netherlands and has “shown that a very large project can be built on time, and in a very safe environment”, Haag said.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
There was once a time - before the investigations, before the sexual abuse conviction - when rich and famous men loved to hang around with Jeffrey Epstein, a billionaire money manager who loved to party. President Trump called Epstein a “terrific guy” back in 2002, saying that “he’s a lot of fun to be with. He likes beautiful women as much as I do, and many of them are on the younger side.” Now, Trump is on the witness list in a Florida court battle over how federal prosecutors handled allegations that Epstein, 64, sexually abused more than 40 minor girls, most of them between the ages of 13 and 17. The lawsuit questions why Trump’s nominee for labor secretary, former Miami U.S. attorney Alexander Acosta ... cut a non-prosecution deal with Epstein a decade ago rather than pursuing a federal indictment that Acosta’s staff had advocated. Epstein pleaded guilty to a Florida state charge of felony solicitation of underage girls in 2008 and served a 13-month jail sentence. Epstein’s unusually light punishment - he was facing up to a life sentence had he been convicted on federal charges - has raised questions about how Acosta handled the case. In [a] 2011 letter explaining his decision in the Epstein case, Acosta said he backed off from pressing charges after “a year-long assault on the prosecution and the prosecutors” by “an army of legal superstars” who represented Epstein.
A Florida mother first brought billionaire Jeffrey Epstein’s peculiar caprices to the attention of Palm Beach police in 2005. Eventually, federal investigators and prosecutors built a case against Epstein ... that involved 17 witnesses and five other underaged women. But in September 2007, a Florida federal prosecutor named R. Alexander Acosta cut a secret plea deal with Epstein’s lawyers giving him ... an unusually lenient part-time, eight-hours a day county jail sentence, rather than the ten years or more in prison that a less powerful person might have gotten for repeated sex with minors. Acosta also deviated from legal norms when he granted the deal without first notifying the young women who had spoken to investigators about their experiences with the billionaire. Details of the deal were not made public until a federal judge unsealed it as part of a civil lawsuit brought by four women in 2015. Epstein was allowed to plead guilty to a single charge of soliciting prostitution from girls as young as 14. He ultimately served only 13 months in prison. On Wednesday, Acosta ... testified in front of the Senate Health Education Labor and Pensions Committee as Donald Trump’s nominee to be Secretary of Labor. Asked about the Epstein deal, he characterized it as within the bounds of normal prosecutorial behavior. “Acosta is pretending the failure to prosecute was routine,” [a] former prosecutor told Newsweek, asking for anonymity. “But that’s bullshit. What happened here was completely and totally out of the main.”
Residents in North Carolina are fighting back against one of the state's most prominent industries: hog farming. But the legislation may not be on their side - a group of lawmakers in the state passed House Bill 467 last week, legislation that limits how much residents can collect in damages from hog farms. Hog farms in North Carolina dispose of pig feces and urine by spraying it, untreated, into the air where residents live. In response, nearly 500 of those residents ... from eastern North Carolina, brought a class action suit against Murphy-Brown, the state's largest producer of hogs. The lawsuit has now made its way to federal court. Residents have said the process of waste disposal has caused health problems. Much of the waste disposal affects low-income residents and black communities. "It can, I think, very correctly be called environmental racism or environmental injustice that people of color, low-income people bear the brunt of these practices," [University of North Carolina professor] Steve Wing ... said. "I shut my hog operation down, and I got out of it. And I ... just couldn't do another person that way, to make them smell that," Don Webb, a former pig factory farm owner, told Democracy Now. "You get stories like, 'I can't hang my clothes out.' Feces and urine odor comes by and attaches itself to your clothes." HB 467 ... was passed by both houses of the North Carolina Legislature. The bill would prevent people from recovering damages like those for healthcare bills and pain and suffering.
Note: In 2014, video footage of toxic cesspools around North Carolina farms exposed shockingly lax agricultural waste disposal standards. In response, the North Carolina Legislature passed a law to prevent whistle-blowers from exposing corporate wrongdoing. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
Public appeals by families or individuals for help paying basic medical bills seem to be on the rise in the United States. Crowdfunding websites such as GoFundMe.com report that medical expenses rank as their largest single category of appeals; other sites such as HelpHopeLive have sprung up specifically for medical expense appeals. [This points] to a crisis in the American healthcare system in two ways. One involves the gaps and other problems with U.S. healthcare that make crowdfunding campaigns necessary. Lawmakers who support policies that drive people to expose their personal lives in order to obtain desperately needed care should be ashamed of themselves. The other crisis underscored by the rise of crowdfunding concerns the ethical issues raised by public appeals for medical care itself. Those are addressed in a new article in the Journal of the American Medical Assn.. Crowdfunding for expenses that should be met by private insurers or government healthcare programs ... can make the delivery of healthcare fundamentally unfair. They can direct resources away from patients who need them the most toward those whose campaigns are merely “more vocal, photogenic, or emotionally appealing.”
Many parents, quite reasonably, worry about germs and dirt finding their way into a child’s mouth. But many have also heard in recent years of the “hygiene hypothesis,” which holds that some exposure to germs and microorganisms in early childhood is actually good for us because it helps develop the immune system. Jack Gilbert, the director of the Microbiome Center and a professor of surgery at the University of Chicago ... was one of the authors of a well-known 2016 study ... which compared the immune profiles of Amish children, growing up on small single-family farms, and Hutterite children, who are similar genetically but grow up on large, industrialized farms. The Amish, living in an environment ... full of barnyard dust, had strikingly low rates of asthma. Since understanding that microbes cause disease, human beings have tried as hard as possible to wall off their bodies from the microbial world of bacteria, viruses and fungi. A study published in 2016 ... profiled the microbial development of a group of babies in the United States, examining the ways in which their bacterial populations were affected by mode of birth, by formula feeding versus breast-feeding, and by antibiotic exposure. What we have learned, Dr. Gilbert said, is that early life exposure to microbes can shape not only the immune system, affecting a child’s likelihood of developing autoimmune conditions ... but also the endocrine system, and even the child’s neurodevelopment.
Note: Dr. Gilbert is a co-author of a new book on the topic called “Dirt Is Good: The Advantage of Germs for Your Child’s Developing Immune System.” A 2013 New York Times article describes how waging an indiscriminate war on germs can lead to poor health outcomes. For more along these lines, see concise summaries of deeply revealing health news articles from reliable major media sources.
Rick Friday has been giving farmers a voice and a laugh every Friday for two decades through his cartoons in Farm News. Now the long-time Iowa farm cartoonist [says] he has been fired. Friday announced ... that his job was over after 21 years in a Facebook post that has since gone viral: "I am no longer the Editorial Cartoonist for Farm News due to the attached cartoon which was published yesterday. Apparently a large company affiliated with one of the corporations mentioned in the cartoon was insulted and cancelled their advertisement with the paper, thus, resulting in the reprimand of my editor and cancellation of its Friday cartoons after ... over 1,090 published cartoons to over 24,000 households per week in 33 counties of Iowa. "I did my research and only submitted the facts in my cartoon. The cartoon features two farmers talking about farming profits. The first says, "I wish there was more profit in farming." The second farm[er] answers, "There is. In year 2015 the CEOs of Monsanto, DuPont Pioneer and John Deere combined made more money than 2,129 Iowa farmers." Friday received an email from his editor at Farm News cutting off their relationship a day after the cartoon was published. Friday’s editor said a seed dealer pulled their advertisements with Farm News as a result of the cartoon, and others working at the paper disagreed with the jokes made about the agriculture corporations.
In a debate that has gone from office corridors to Britain's Parliament, lawmakers put their foot down Monday and told employers to stop making women wear high heels as part of corporate dress codes. Members of Parliament debated a ban on mandatory workplace high heels in response to a petition started by a receptionist who was sent home without pay for wearing flat shoes. The debate was nonbinding, but the government promised to act against heel-height rules, makeup guidelines and other corporate codes that apply to women but not to men. Labour lawmaker Helen Jones, who helped lead a parliamentary investigation into dress codes, said she and her colleagues were shocked by what they found. "We found attitudes that belonged more - I was going to say in the 1950s, but probably the 1850s would be more accurate, than in the 21st century," she told lawmakers at Parliament's Westminster Hall. The British government says the law already forbids companies from discriminating against women, but a report from Parliament's Women and Equalities Committee found that "discriminatory dress codes" remain commonplace in sectors including the retail and tourism industries. The committee said it had heard from hundreds of women "who told us about the pain and long-term damage caused by wearing high heels for long periods in the workplace, as well as from women who had been required to dye their hair blonde, to wear revealing outfits and to constantly reapply makeup."
Note: For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
Wild dolphins are struggling with high levels of mercury and industrial pollution in the oceans off the coasts of Florida and South Carolina. The pollution is putting their immune system on constant alert, which makes it less able to fight off bacteria, fungus, viruses and parasites in the water, according to a study in the journal PLOS ONE. The industrial pollution was strongest in the oceans near Charleston, South Carolina in the US. Organic compounds released into the water accumulate in microorganisms – that are eaten by fish, which are in turn eaten by dolphins. The toxins become more concentrated in each step of the food chain. Large amounts of mercury were found in dolphins that live in the Indian River Lagoon. Previous research has shown that the Indian River Lagoon dolphins developed a fungal skin disease because of their suppressed immune systems and new viruses. Some of these are also potentially infectious to humans. By comparison, the dolphins kept in the Georgia Aquarium had fewer diseases and their immune systems were under a lot less stress. This is because the environment at the aquarium is more tightly controlled for water quality. Keeping dolphins in captivity comes with its own impact on the overall health of the mammals. Dolphins are highly intelligent and have complex social structures that can't be maintained in small tanks. As a result, dolphins in captivity live shorter lives than those in the wild.
Note: For more along these lines, see concise summaries of deeply revealing news articles on dolphins and whales from reliable major media sources.
People rely on unbiased research to find out important statistics about all facets of nutrition. However, recent research from the Charles Perkins Centre at the University of Sydney suggests there is bias in industry-funded research studies ... the full extent of which is still unknown. [Professor Lisa] Bero and her team reviewed 775 reports in the medical literature ... to determine whether nutrition studies funded by the food industry were "associated with outcomes favourable to the sponsor". "Most of the studies only looked at the [author's interpretation] of the research. If it were industry sponsored, they were more likely to have a conclusion that favoured the industry sponsor," Bero said. This latest paper [follows] Bero's previous study which found nutrition studies funded by artificial sweetener companies are more likely to lead to favourable results. So, what happens if more industry sponsored nutrition studies are proven to be biased? "If you look at other areas where the effects of industry sponsorship have been shown, like in the pharmaceutical research area and the tobacco research area, people have actually applied more consistent quality criteria," Bero said. "You'd also want to try to make sure that all the data is being published. In the nutrition area they don't have things like clinical trial registries like they do for drug studies, for example. So if you have a study that's unfavourable or parts of it are unfavourable, it's hard to tell if ... all of it has gotten published. That's a huge bias in the pharmaceutical and tobacco studies."
Jim Estill was growing frustrated. Over the summer of 2015, the business executive from the ... Ontario town of Guelph watched the Syrian refugee crisis unfold. "I didn't think people were doing enough things fast enough," he says. So Estill ... devised a plan. He would put up CA$1.5m (US$1.1m/Ł910,000) of his own money to bring over 50 refugee families to Canada, and co-ordinate a community-wide effort to help settle them into their new life. Canada allows private citizens ... to directly sponsor refugees by providing newcomers with basic material needs. But Estill was looking to make a big impact, quickly. So he brought together 10 different faith-based organisations that were already looking at ways to help those affected by the Syrian civil war. Sara Sayyed remembers the night her husband, president of the Muslim Society of Guelph, came back from that meeting and told her about Estill's plan. "I was completely floored. I said: 'Let's get involved in this.'" In November 2015, the local Guelph paper published an article about the plan. It was translated into Arabic and spread around the Middle East. "People started emailing us directly from Turkey, from Lebanon, from within Syria, saying: 'Can you help us?'" says Sayyed. By December 2016, 47 of 58 families had arrived in Guelph. Many newcomers were having difficulty finding work because they lacked experience or English language skills. So [Estill] launched a program that provides Syrian refugees with jobs ... along with regular English lessons.
Note: Watch an inspiring two-minute video on this most generous man.
Icelandic teenagers are saying no to drugs by getting high on life. For the last 20 years, the island country has seen a dramatic decrease in adolescent drug and alcohol abuse after the federal government made a concerted effort to offer teens a more natural high. The multifaceted approach includes state-sponsored recreational activities and after-school programs meant to enhance family ties and community bonds. [Dr. Harvey Milkman, the psychologist behind Iceland's strategy], says the results have been exceptional. Since 1998, for example, the number of 15- to 16-year-olds that self-reported to have been drunk within the last 30 days dropped from 43 to 5 per cent. In 1992, Milkman and his team opened up their laboratory, Project Self-Discovery, in Denver. The program used art, music, dance, poetry, and nature activities to reduce stress in lieu of drugs and alcohol. Once teens embraced these natural highs, their risk of drug use decreased dramatically. At the same time, rates of teenage substance use were exceptionally high in Iceland. Following Milkman's success in Denver, the Icelandic government reached out to him to put his research into practice on a national scale. Over the last 20 years, Milkman's research has helped inform what's now known as the Iceland approach. "The whole country of Iceland kind of bought into that idea of creating opportunities for the kids to feel good without taking drugs," [said Milkman].
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Global poverty is in decline. Jim Pethokoukis writes, “Over the past 30 years, the share of our fellow humans living in extreme poverty has decreased to 21% from 52%. That’s a billion fewer people in extreme poverty. An extraordinary achievement.” People are living longer. The World Health Organization reports, “Global average life expectancy increased by 5 years between 2000 and 2015, the fastest increase since the 1960s. Those gains reverse declines during the 1990s. The 2000-2015 increase was greatest in the WHO African Region, where life expectancy increased by 9.4 years to 60 years.” Americans are extraordinarily charitable. The National Center for Charitable Statistics found, “Giving by individuals makes up the vast majority of contributions received by nonprofit organizations. Individual giving amounted to $258.51 billion in 2014, an increase of 7.1 percent in current dollars from 2013. This accounts for 72 percent of all contributions received in 2014.” We are becoming less violent. You’d never know it from listening to politicians or the media, but it is provably true. Psychologist Steven Pinker, author of “The Better Angels of Our Nature,” in an interview this year explained: “I looked at homicide, looked at war, looked at genocide, looked at terrorism. And in all cases, the long-term historical trend, though there are ups and downs ... is absolutely downward. The rate of violent crime in United States has fallen by more than half in just a decade. The rate of death in war fell by a factor of 100 over a span of 25 years.”
A new study suggests the best way to get over a breakup is to fake it until you make it. Simply believing you’re doing something positive to get over your ex can influence brain regions associated with emotional regulation and lessen the pain you’re feeling. Remaining open to the possibility that what you’re doing could potentially make you feel better works like a placebo. [Researchers at the University of Colorado Boulder] studied 40 young people who’d experienced an unwanted breakup in the past six months. The participants were asked to bring in two photos: one of their ex and one of a close friend. Inside a functional magnetic resonance imaging (fMRI) machine, the heartbroken parties were shown images of their exes and asked to reflect on the breakup. Then they saw the images of their friend (the control variable). They were also given a jolt of physical pain (a hot stimulus on their left forearm). As these stimuli were alternately repeated ... the fMRI machine tracked activity in the brain. Similar areas of the brain lit up during both emotional pain ... and physical pain - suggesting that the heartache you feel after a breakup is very real. The subjects were [then] given a nasal spray. Half were told the spray was a “powerful analgesic effective in reducing emotional pain,” while the rest were told it was merely a saline solution. [After experiencing] the same painful stimuli as before ... the placebo group felt less physical and emotional pain, [and] there was reduced activity in the areas of the brain associated with social rejection.
Why have sightings of unidentified flying objects around the nation more than tripled since 2001? Why did they spike in Texas in 2008, or in New Mexico in September 2015? These questions and many others emerge from the first comprehensive statistical summary of so-called close encounters: 121,036 eyewitness accounts, organized county by county in each state and the District of Columbia, from 2001 to 2015. The unlikely compendium, “U.F.O. Sightings Desk Reference,” is the work of a couple in Syracuse, who crunched unruly data on U.F.O. reports collected by two volunteer organizations: the Mutual U.F.O. Network, or Mufon, and the National U.F.O. Reporting Center, or Nuforc. It is the reference “U.F.O. researchers dreamed of having,” Gordon G. Spear, emeritus professor of physics and astronomy at Sonoma State University ... writes in the foreword. Rebutting a common perception that U.F.O. sightings are on the wane, the Costas’ book shows that sightings have risen in waves, to 11,868 nationwide in 2015 from 3,479 in 2001. Only a small fraction of sightings are actually reported to Mufon or Nuforc. The Costas refrain from speculating on what exactly is happening. For the U.F.O. enthusiast, the pages of graphs and charts are a treasure trove of hard-to-find detail. The arduous breakdown by the nation’s more than 3,000 counties was notable for revealing clusters of sightings in ... places where U.F.O.s are almost never mentioned. But every county in the United States appears to have seen at least one U.F.O.
Note: For more along these lines, see concise summaries of deeply revealing UFO news articles from reliable major media sources. Then explore the excellent, reliable resources provided in our UFO Information Center.
A doll called My Friend Cayla listens a little too well, according to German regulators who say the toy is essentially a stealthy espionage device that shares what it hears and is also vulnerable to takeover by third parties. "Cayla ist verboten in Deutschland," says Jochen Homann, the president of Germany's Federal Network Agency (the Bundessnetzagentur), announcing a ban on the doll in Germany on Friday. His agency oversees electronic privacy as part of its telecommunications mandate. Cayla looks like an everyday doll and gives no notice that it collects and transmits everything it hears - in this case, to [Nuance], a voice-recognition company in the U.S. whose other customers include intelligence agencies. The My Friend Cayla doll remains for sale in the U.S., including via Amazon. Much of what the German agency says echoes the concerns of privacy and consumer advocates in the U.S., who filed a complaint against Cayla during the recent Christmas shopping season. They criticized the scope of what the Internet-connected toy captures, as well as the vulnerabilities it poses for users who link the doll with their smartphones. Consumer groups have also criticized the doll for its habit of praising commercial products, in what's often seen as a stealth marketing campaign that targets children. "For example, Cayla will happily talk about how much she loves different Disney movies," Norway's Consumer Council says. "Meanwhile, the app-provider has a commercial relationship with Disney."
Note: The use of artificial intelligence in a new Barbie doll generated controversy in 2015, while a New York Times article from that same year called "smart objects" a "train wreck in privacy and security". For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the disappearance of privacy.
When Noa Shulman came home from school, her mother, Yael, sat her down to eat, then spoon-fed her mashed sweet potatoes - mixed with cannabis oil. Noa is part of the first clinical trial in the world to test the benefits of medicinal marijuana for young people with autism, a potential breakthrough. There is anecdotal evidence that marijuana’s main non-psychoactive compound - cannabidiol or CBD - helps children in ways no other medication has. Now this first-of-its-kind scientific study is trying to determine if the link is real. Israel is ...one of just three countries with a government-sponsored medical cannabis program, along with Canada and the Netherlands. Conducting cannabis research is also less expensive here and easier under Israeli laws, particularly compared to the United States. Autism is one of the fastest-growing developmental disorders, affecting 1 in 68 children in the United States. Only two medications have been approved in the United States by the Food and Drug Administration to treat the symptoms of autism. Both are antipsychotic drugs that are not always effective and carry serious side effects. Adi Aran, the pediatric neurologist leading the study, said nearly all the participants previously took antipsychotics and nearly half responded negatively. Anecdotal reports of autistic children who benefited from cannabis ... led Aran to pursue more scientific testing. After seeing positive results in 70 of his autistic patients in an observational study, Aran said, “OK we need to do a clinical trial."
Note: Dozens of studies have found evidence that CBD can treat epilepsy as well as a range of other illnesses. While more people are arrested in the US for marijuana use than for all violent crimes combined and the US federal government continues to regard non-psychoactive CBD as a dangerous drug, the UK government recently announced it will regulate CBD as medicine. For more along these lines, see concise summaries of deeply revealing health news articles from reliable major media sources.
People who drink diet sodas daily have three times the risk of stroke and dementia compared to people who rarely drink them, researchers reported Thursday. It's yet another piece of evidence that diet drinks are not a healthy alternative to sugary drinks, and suggests that people need to limit both, doctors said. The researchers, led by Matthew Pase ... and colleagues, studied more than 4,000 people for their report, published in the journal Stroke. "We found that those people who were consuming diet soda on a daily basis were three times as likely to develop both stroke and dementia within the next 10 years as compared to those who did not consume diet soda," Pase told NBC News. "Our study provides further evidence to link consumption of artificially sweetened beverages with the risk of stroke," the team wrote. "To our knowledge, our study is the first to report an association between daily intake of artificially sweetened soft drink and an increased risk of both all-cause dementia and dementia because of Alzheimer's disease." The team did not find the same risk for sugar-sweetened beverages. But they found other troubling signs. "Those who more frequently consume sugary beverages such as fruit juices and sodas had greater evidence of accelerated brain aging such as overall smaller brain volumes, they had poorer memory function and they also had smaller hippocampus, which is an area of the brain important for memory consolidation," Pase said.
Note: Previous research has linked diet soda with abdominal fat gain, as well as found a variety of serious health risks to be associated with the popular artificial sweetener aspartame. For more along these lines, see concise summaries of deeply revealing health news articles from reliable major media sources.
Spain’s National Court is summoning the former heads of Spain’s central bank and the stock market watchdog to be questioned for failing to stop the disastrous flotation of a savings bank that had to be bailed out. Eight officials, including former Bank of Spain governor Miguel Angel Fernandez Ordonez and Julio Seguro, the former president of market regulator CNMV, allegedly failed to stop Bankia’s listing in 2011 despite “repeated warnings” the bank was “unviable,” according to an investigation led by the court’s magistrates. Created by merging the assets of seven struggling Spanish banks, Bankia offered shares in an initial public offering in July 2011 and initially reported a profit for the year of 309 million euro ($327 million.) Months later, it amended its statements to show a 3 billion euro loss. The lender was nationalized in 2012 after a rescue that cost Spanish taxpayers around 22 billion euros ($23 billion). Former International Monetary Fund chief Rodrigo Rato stepped down as chairman of Bankia at the time of the IPO. Rato since has been investigated in separate, but related cases of alleged corruption. Internal central bank reports made clear the savings bank’s “severe and growing problems of profitability, liquidity and solvency,” a court order issued Monday stated.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.