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 topic of Satanic Ritual has long been taboo. Criminal cases are rare. One former Idaho woman says she was a victim of Satanic Ritual abuse while growing up in Eastern Idaho. Teal Swan says her life consisted of abuse, both physically and sexual - and murder. What Teal shared ... is the focus of dozens of investigations around the country. A Department of Justice report on cult rituals ... admits these crimes are hard to prove, but says it is imperative the cases be solved. In most documented cases of ritual abuse, the FBI says it is often a close friend or family who commits the crime. Teal [said] that she truly believes what she shared happened to her. She was taken in at age six. She escaped during a ritual in Eastern Idaho when she was 19. She left the state and found refuge with her friend in Utah. Teal says things started to turn around from there, but it took time. "It is because you have been traumatized and you have no option. It is too difficult to talk to someone who has been in a space of freedom. You can't explain to them what it is like to be in a situation where you would do anything you were told to do because you don't have another option," she [said]. Teal now lives in Utah and refuses to step foot back in Idaho. She spends much of her time providing assistance to those who claim to have been a part of cult.
Note: It is very rare that the major media will report on Satanic abuse. Watch the full, 10-minute news report. For powerful evidence that satanic abuse is real from reliable sources, watch this video to hear U.S. army colonel Michael Aquino defend his being a satanist. If you are open to more, read this essay by a professor who exposed the destruction being caused by these groups only then to be shut down. Then explore the reliable, verifiable sources in our Mind Control Information Center.
Fiona Woolf, who has been appointed to chair the government inquiry into historic child abuse, was subjected to an interrogation on Tuesday. Mrs Woolf appeared before the Home Affairs Select Committee of the House of Commons. The essential charge against her was that she was a member of the “Establishment” and therefore ... unsuitable for the task. She is the current Lord Mayor of London. As Mrs Woolf explained, she had, on five occasions, given or received dinner parties to or from her London neighbours, Lord and Lady Brittan. She felt it necessary to mention this because Lord Brittan, who was Home Secretary from 1983-5, is accused by some of having failed to deal adequately with allegations about child abuse by the late Geoffrey Dickens MP. Despite its outrageous bullying, the committee ... exposed the fact that Mrs Woolf was frightened. Instead of justifying her wholly reasonable links with the Brittans, she ran scared of them. No doubt she sincerely wants to perform a public service, but she gave every impression of not understanding ... why its subject is so problematic. This inquiry involves, to use Mrs Woolf’s own phrase, “hundreds of institutions and thousands of failures”. The whole thing is driven by the main emotion that nowadays dominates our enfeebled Establishment – fear: in this case, the fear of being accused of ignoring or covering up child abuse.
Note: Read an article in the UK's Guardian to understand more why the victims don't trust the Lord Mayor of London. For more along these lines, see concise summaries of deeply revealing sex abuse scandal news articles from reliable major media sources..
A scientist who apparently worked in some capacity for Lockheed Martin has claimed aliens on Earth are real and have made contact with Earth in a video posted shortly before his death. Boyd Bushman apparently drew on his own personal experiences to reveal that extraterrestrials were in Area 51. And in a bizarre interview he also claims anti-gravity is one of several technologies being hidden by the government. The controversial video was apparently made shortly before Mr Bushman died on 7 August 2014. He had several patents attributed to him that were assigned to Lockheed Martin, and he was apparently also a senior scientist at the company - although that claim is disputed. These patents include a magnetic drive, an light beam to find objects, a thermally energised electrical power source and a heat radiation detection system. Was Bushman delusional or telling the truth? Certainly, Bushman believed in what he was saying. As long ago as 2008 he passed a polygraph test, during which he claimed he had worked on antigravity projects, alien technologies and had even met and photographed an alien, and examined at least eight different types of alien spacecraft. Bushman also revealed that he had received death threats and that security personnel had attempted to discredit him and tried to keep him from talking to the public.
Note: Read about some of Mr. Bushman's inventions while working at Lockheed on this webpage. And don't miss the intriguing interview with him. For lots more verifiable evidence that UFOs are real, see our UFO Information Center.
The oil and gas industry ... must be prepared to employ tactics like digging up embarrassing tidbits about environmentalists and liberal celebrities, a veteran Washington political consultant told a room full of industry executives in a speech that was secretly recorded. The blunt advice from Richard Berman, the founder and chief executive of the Washington-based Berman & Company consulting firm, came as Mr. Berman solicited up to $3 million from oil and gas industry executives to finance an advertising and public relations campaign called Big Green Radicals. Executives ... must be willing to exploit emotions like fear, greed and anger and turn them against the environmental groups. And major corporations secretly financing such a campaign should not worry about offending the general public. “Think of this as an endless war,” Mr. Berman told the crowd ... whose members include Devon Energy, Halliburton and Anadarko Petroleum, which specialize in extracting oil and gas through hydraulic fracturing, also known as fracking. “I get up every morning and I try to figure out how to screw with the labor unions,” Mr. Berman said in his speech. “People always ask: "How do I know that I won’t be found out as a supporter of what you’re doing?" Mr. Berman told the crowd, “We run all of this stuff through nonprofit organizations that are insulated from having to disclose donors. There is total anonymity. People don’t know who supports us.”
The number of billionaires has doubled since the start of the financial crisis, according to a major new report from anti-poverty campaigners. According to Oxfam, the world’s rich are getting richer, leaving hundreds of millions of people facing a life “trapped in poverty” as global “inequality spirals out of control”. The report found that the number of billionaires in the world has more than doubled to 1,646 since the financial crisis of 2009, and Oxfam says is evidence that the benefits of a return to economic growth are “not being shared with the vast majority”. The influential report is supported by Bank of England chief economist Andrew Haldane and Nobel Prize-winning economist Joseph Stiglitz. Mark Goldring, Oxfam’s chief executive, said: “Inequality is one of the defining problems of our age. In a world where hundreds of millions of people are living without access to clean drinking water and without enough food to feed their families, a small elite have more money than they could spend in several lifetimes. Earlier this month the OECD said global inequality was at its worst levels since 1820. Mr Haldane agreed, saying: “In highlighting the problem of inequality Oxfam not only speaks to the interests of the poorest people but also the wider collective interest: there is rising evidence that extreme inequality harms, durably and significantly, the stability of the financial system and growth in the economy. It slows development of the human, social and physical capital necessary for raising living standards and improving well-being.”
Note: For more along these lines, see these concise summaries of deeply revealing income inequality news articles.
Who runs the world’s most lucrative shakedown operation? If you are a big business ... America’s regulatory system. The formula is simple: find a large company that may (or may not) have done something wrong; threaten its managers; force them to use their shareholders’ money to pay an enormous fine to drop the charges in a secret settlement. Repeat with another large company. In many cases, the companies deserved some form of punishment: BNP Paribas ... abetted genocide, American banks fleeced customers. BP despoiled the Gulf of Mexico. But justice should not be based on extortion. Regulators and prosecutors are in effect conducting closed-door trials. The agencies that pocket the fines have become profit centres: Rhode Island’s bureaucrats have been on a spending spree courtesy of a $500m payout by Google, while New York’s governor and attorney-general have squabbled over a $613m settlement from JPMorgan. Not only are regulators in effect judge and jury as well as plaintiff in the cases they bring; they can also use the threat of the criminal law. The public never finds out the full facts of the case, nor discovers which specific people — with souls and bodies — were to blame. Since the cases never go to court ... it is unclear what exactly is illegal. That enables future shakedowns. Nor is it clear how the regulatory booty is being carved up. This ... risks the prospect of a selective — and potentially corrupt — system of justice in which everybody is guilty of something and punishment is determined by political deals.
Here's the beginning of a little post-9/11 list: six incontestable areas where America is #1. Investment in our military and our national security state! No other country comes within a light year of us! In 2011, the defense budgets of the next 13 countries combined didn't quite equal ours and we've been dumping up to a trillion dollars yearly into the national security budget since 9/11. We're #1 in "renditions" ("kidnappings")! Post-9/11, at least 136 "terror suspects" (some certifiably innocent) were taken by the CIA and other American outfits off the streets of global cities. We're #1 in knocking off wedding parties from the air! At least eight of them in three countries! Bridal parties, brides and grooms, hundreds of wedding goers obliterated by American air power! We're #1 in military bases on foreign soil! We have hundreds of them across the planet, some the size of small American towns. We're number #1 in invading, occupying, and/or bombing Muslim countries, 14 of them since 1980! I challenge you, find me another country with such an accomplishment. We're number #1 in investing in militaries that won't "stand up"! At least $25 billion for the Iraqi military alone (and you know how successful we were there, since it recently collapsed, allowing us to rearm it and stand it up again). And that's nothing compared to the Afghan military into which our country had poured $51 billion by 2011 and billions more thereafter.
Note: For more along these lines, see these concise summaries of deeply revealing war news articles from reliable sources.
Did you know that when you buy an airline ticket and make other travel reservations, the federal government keeps a record of the details in a file called Passenger Name Record or PNR? If airlines don’t comply, they can’t fly in the U.S., explains Ed Hasbrouck, a privacy expert with the Identity Project who has studied the records for years and is considered the nation’s top expert. Before each trip, the system creates a travel score for you, generated by your PNR. Before an airline can issue you a boarding pass, the system must approve your passage, Hasbrouck explains. That’s one way people on the No Fly List are targeted. The idea behind extensive use of PNRs, he says, is not necessarily to watch known suspects but to find new ones. Want to appeal the process? “It’s a secret administrative process based on the score you don’t know, based on files you haven’t seen,” Hasbrouck says. The program collects seemingly trivial details. If you have an argument with an airline gate agent and that agent enters a notation ... that record stays in your PNR. “The U.S. government is getting the data and sharing it in ways we don’t fully know about with other governments,” Hasbrouck says. The information collected by the airlines is shared with third-party data companies who store it. Where? In the cloud. Make you feel safer? In Canada and the European Union, the collection of this information spurred public debate. But not here.
Note: Read this excellent article for lots more details on how the government spies on your travels. For more along these lines, see concise summaries of deeply revealing civil liberties news articles from reliable sources.
There is a certain genius in how we snug Election Day up against Halloween on the calendar. We scare each other for fun and profit on the last day of October every year. In even-numbered years ... we scare each other on the first Tuesday thereafter, too. This year, the closing argument from the Republican side is a whole bunch of ghastly fantasies: Ebola, the Islamic State, vague but nefarious aspersions about stolen elections and a whole bunch of terrifying fantasies about our border with Mexico. On the other side, Democrats want to keep control of the Senate, so their best fear pitch is that if Republicans take over, things in Washington will suddenly get worse. That’s a little hard to take as we coast into the closing days of what is literally the least productive Congress in the modern history of Congress. For all the politicking on the threat posed by the Islamic State, Congress decided to neither debate nor vote on the U.S. military fight against the group in Iraq or Syria. As the president announced expanded military deployments in the region, Congress cancelled its remaining workdays in October and November, until after the election. Congress thinks it’s more advantageous to run ads about how scary the Islamic State is than to face the real threat of actually taking a vote on what to do about that threat. Halloween is over, but the most deeply craven, vacuous political season in years has followed down its ghostly trail.
Note: For more along these lines, see these summaries of deeply revealing election news articles from reliable sources.
Within hours of Superstorm Sandy slamming the East Coast two years ago, Americans opened their wallets to help — donating millions to the first charity that came to mind: the American Red Cross. In the months after the disaster, the Red Cross touted its success in delivering food, clothes and shelter to tens of thousands of people left homeless by the storm. The venerable charity's track record in dealing with the megastorm is now being challenged. Multiple internal documents obtained by NPR and ProPublica along with interviews with top Red Cross officials ... depict an organization so consumed with public relations that it hindered the charity's ability to provide disaster services. Among NPR and ProPublica's findings: The Red Cross national headquarters in Washington "diverted assets for public relations purposes." A former Red Cross official managing the Sandy effort says 40 percent of available trucks were assigned to serve as backdrops for news conferences. Distribution of relief was "politically driven instead of [Red Cross] planned." Relief organizers were ordered to produce 200,000 additional meals one day — to drive up numbers. They did it at extraordinary cost, even though there was no one to deliver them to and most went to waste. It wasn't just Sandy. When Isaac hit Mississippi and Louisiana earlier in 2012 ... one Red Cross official had 80 trucks drive around empty or largely empty "just to be seen," as one of the drivers recalls.
Note: The above story follows up on this Salon/ProPublica article, where the Red Cross called its spending habits a "trade secret". For more along these lines, see concise summaries of deeply revealing stories about corporate corruption from reliable sources.
The CDC pledges “To base all public health decisions on the highest quality scientific data.” In the case of influenza vaccinations and their marketing, this is not so. Promotion of influenza vaccines is one of the most visible and aggressive public health policies today. Although proponents employ the rhetoric of science, the studies underlying the policy are often of low quality, and do not substantiate officials’ claims. The vaccine might be less beneficial and less safe than has been claimed, and the threat of influenza appears overstated. Twenty years ago, in 1990, 32 million doses of influenza vaccine were available in the United States. Today [the number is] around 135 million doses. This enormous growth has not been fueled by popular demand but instead by a public health campaign. Drug companies have long known that to sell some products, you would have to first sell people on the disease. In the 1950s and 1960s, Merck launched an extensive campaign to lower the diagnostic threshold for hypertension, and in doing so enlarging the market for its diuretic drug, Diuril. Could influenza ... be yet one more case of disease mongering? Marketing influenza vaccines ... involves marketing influenza as a threat of great proportions. The CDC’s website explains that “Flu seasons ... can be severe,” citing a death toll of “3000 to a high of about 49000 people.” However, a far less volatile and more reassuring picture of influenza seems likely if one considers that recorded deaths from influenza declined sharply over the middle of the 20th century ... all before the great expansion of vaccination campaigns in the 2000s. Yet across the country, mandatory influenza vaccination policies have cropped up ... precisely because not everyone wants the vaccination, and compulsion appears the only way to achieve high vaccination rates.
Note: Read the entire revealing article at this link. The author clearly shows how fear and profit are the driving force behind flu vaccines and not good science and health. And this US government webpage states, "Since the first National Vaccine Injury Compensation (VICP) claims were filed in 1989, 3,981 compensation awards have been made. More than $2.8 billion in compensation awards has been paid to petitioners." For other verifiable information on health corruption, see the excellent, reliable resources provided in our Health Information Center.
In August 2009, CBS News made a simple request of the Centers for Disease Control and Prevention for public documents, e-mails and other materials CDC used to communicate to states the decision to stop testing individual cases of Novel H1N1, or "swine flu." When the public affairs folks at CDC refused to produce the documents and quit responding to my queries altogether, I filed a formal Freedom of Information (FOI) request for the materials. Two months after my FOI request, the CDC has yet to produce any of these easily retrievable materials. This has become standard operating procedure in Washington. Today, I received a letter from the CDC Freedom of Information office ... to inform me that my request for "expedited" treatment of my FOI request has been denied because CDC has determined the request is "not a matter of widespread and exceptional media and public interest." The CDC may be the only agency on the planet to argue that testing and counting of swine flu cases is "not of widespread and exceptional media and public interest." CBS News reporting on the topic has been quoted and reproduced internationally by news organizations such as California NPR, radio talk shows and others. The Freedom of Information Act ... was supposed to stop federal agencies from using their power and control to withhold public information from the people who own it. Many federal agencies use it to obstruct the delay or release of obviously public information.
Note: See powerful media reports suggesting that both the Avian Flu and Swine Flu were manipulated to promote fear and boost pharmaceutical sales. For other verifiable information on health corruption, see the excellent, reliable resources provided in our Health Information Center.
More than 30 years ago, a teenager named Jadav "Molai" Payeng began planting seeds along a barren sandbar near his birthplace in India's Assam region. It was 1979 and floods had washed a great number of snakes onto the sandbar. When Payeng -- then only 16 -- found them, they had all died. "The snakes died in the heat, without any tree cover. I sat down and wept over their lifeless forms," Payeng told the Times Of India. "It was carnage. I alerted the forest department and asked them if they could grow trees there. They said nothing would grow there. There was nobody to help me," he told the newspaper. Now that once-barren sandbar is a sprawling 1,360 acre forest, home to several thousands of varieties of trees and an astounding diversity of wildlife -- including birds, deer, apes, rhino, elephants and even tigers. The forest, aptly called the "Molai woods" after its creator's nickname, was single-handedly planted and cultivated by one man -- Payeng, who is now 47. Today, Payeng still lives in the forest. He shares a small hut with his wife and three children. According to the Assistant Conservator of Forests, Gunin Saikia, it is perhaps the world’s biggest forest in the middle of a river. "We were surprised to find such a dense forest on the sandbar," Saikia told the Times Of India. "[Locals] wanted to cut down the forest, but Payeng ... treats the trees and animals like his own children. Seeing this, we, too, decided to pitch in," Saikia said.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
In 1959, Alva Earley ... attended a picnic at Lake Storey Park. Earley, who is black, went to the picnic with a group of friends. The group, which included other black and Hispanic people, decided to eat at a whites-only area of the park, despite having been told by a school counselor that doing so would result in serious repercussions. "We were just trying to send a message that we are people, too," Earley told NPR. "We just had lunch." After the gathering, Earley was notified by his school that he would not be allowed to graduate, nor would he receive his diploma. Last Friday, Earley, now 73, finally received that diploma. Though more than 50 years late, the graduation was made possible by a few of Earley's former high school classmates. Though the ceremony was a happy one, Earley says that he had been harboring pain over the incident. "The fact that I could not get a cap and gown on and march down the aisle with my classmates -- it meant the world to me. It hurt so bad," he told NPR. Because he was unable to receive a diploma, two colleges that had already accepted him withdrew their offers. He went to Knox College after a classmate persuaded his father and then-president of Knox College to allow Earley to enroll. Now, his other classmates are happy. "When people have been mistreated, we owe it to them to address the injustice," [said] former classmate Lowell Peterson. "This is just a little chance to make something right."
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
If you've ever volunteered in a soup kitchen, you know the feeling of having served others. But what about those on the other side of the food line? Are they getting what they need most? Robert Egger, the founder of DC Central Kitchen, didn't think so. He set out to train homeless people on the streets of Washington, D.C. — many of whom were drug addicts cycling in and out of a life of crime — how to cook and earn a food handler's license. The goal was to help them trade addiction and crime for stable employment in restaurants and other food enterprises. Egger's kitchen got its start turning surplus and donated food into meals that are provided to homeless shelters and other nonprofits. Later, DC Central Kitchen opened an arm that operates much like a private company, selling high-quality meals to schools and 60 corner stores in low-income neighborhoods of the city. Today ... it delivers 5,000 meals each day to local nonprofit organizations and another 5,000 meals to schools. It operates a culinary job-training program that trains 80 people each year, and gets many of its supplies from small, local farms. Sixty percent of its funding is revenue that it earns from sales. "This idea of everyone side by side — it's a powerful image," says Egger. "The president of the United States, someone from the shelter, a kid from Wilson High School — we're Washingtonians, side by side. This is the power of community!"
Note: The DC Kitchen model has been adopted by organizations around the country, and inspired The Campus Kitchens Project, where students help recover food that might be wasted and prepare meals for people in need in their communities.
The FBI confirmed Tuesday it faked an Associated Press story to catch a bomb threat suspect in 2007. Police in Lacey, near Olympia, sought the FBI's help as repeated bomb threats prompted a week of evacuations at Timberline High School in June 2007. The agency obtained a warrant from a federal magistrate judge to send a "communication" to a social media account ... which contained a software tool that could verify Internet addresses, (and) turned out to be a link to a phony AP story about the bomb threats posted on a Web page created by the FBI. The 15-year-old suspect clicked on the link, revealing his computer's location. The FBI did not initially respond to AP's request earlier Tuesday for further detail about the fake story, beyond saying the ruse was necessary. AP spokesman Paul Colford said Tuesday the FBI's "ploy violated AP's name and undermined AP's credibility." "We are extremely concerned and find it unacceptable that the FBI misappropriated the name of The Associated Press and published a false story attributed to AP." Kathy Best, editor of The Seattle Times, said in a statement that, "The FBI, in placing the name of The Associated Press on a phony story sent to a criminal suspect, crossed a line and undermined the credibility of journalists everywhere — including at The Times." The documents revealing the deception were publicized Monday on Twitter by Christopher Soghoian, the principal technologist for the American Civil Liberties Union.
Note: For more along these lines, see concise summaries of deeply revealing stories about questionable intelligence agency practices from reliable sources.
In June 2011, (WikiLeaks’ founder) Julian Assange received an unusual visitor: the chairman of Google, Eric Schmidt. The stated reason for the visit was a book. Schmidt was penning a treatise with Jared Cohen, the director of Google Ideas. Cohen had moved to Google from the U.S. State Department. Schmidt arrived first, accompanied by his then partner, Lisa Shields ... a vice president of the Council on Foreign Relations. Two months later, WikiLeaks’ release of State Department cables was coming to an abrupt end. Two years later, in the wake of his early 2013 visits to China, North Korea and Burma, it would come to be appreciated that the chairman of Google might be conducting, in one way or another, “back-channel diplomacy” for Washington. In 1999 ... Schmidt joined the New America Foundation. The foundation and its 100 staff serve as an influence mill, using its network of approved national security, foreign policy and technology pundits to place hundreds of articles and op-eds per year. In 2003, the U.S. National Security Agency (NSA) had already started systematically violating the Foreign Intelligence Surveillance Act (FISA). During the same period, Google ... was accepting NSA money to the tune of $2 million to provide the agency with search tools. In 2012, Google arrived on the list of top-spending Washington, D.C., lobbyists. Whether it is being just a company or “more than just a company,” Google’s geopolitical aspirations are firmly enmeshed within the foreign-policy agenda of the world’s largest superpower.
Note: Read the complete Newsweek article summarized above for Julian Assange's detailed accounting of the connections between Washington D.C. insiders, Google and related technology companies, intelligence agencies, and civil society organizations. For more about Wikileaks, read this news article summary. For more on the geopolitical big picture, see these concise summaries of deeply revealing news articles from reliable major media sources.
Attorneys general are now the object of aggressive pursuit by lobbyists and lawyers who use ... lavish corporate-sponsored conferences and other means to push them to drop investigations, change policies, negotiate favorable settlements or pressure federal regulators, an investigation by The New York Times has found. A robust industry of lobbyists and lawyers has blossomed as attorneys general have joined to conduct multistate investigations. But unlike the lobbying rules covering other elected officials, there are few revolving-door restrictions or disclosure requirements governing state attorneys general. The routine lobbying and deal-making occur largely out of view. “The current and increasing level of the lobbying of attorneys general creates, at the minimum, the appearance of undue influence,” said James E. Tierney, a former attorney general of Maine. “It is undermining the credibility of the office of attorney general.” Giant energy producers and service companies ... have retained their own teams of attorney general specialists, including Andrew P. Miller, a former attorney general of Virginia. “An attorney general is entrusted with the power to decide which lawsuits to file and how to settle them, and they have great discretion in their work,” said Anthony Johnstone, a former assistant attorney general in Montana. “It’s vitally important that people can trust that those judgements are not subject to undue influence because of outside forces. And from what I have seen ... those forces have intensified.”
Note: For more along these lines, see these concise summaries of deeply revealing government corruption news articles from reliable sources.
For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. She deposited the earnings at a small bank branch a block away — until last year, when two tax agents knocked on her door and informed her that they had seized her checking account. She has not been charged with any crime. The money was seized solely because she had deposited less than $10,000 at a time. Using a law designed to catch drug traffickers ... the government has gone after run-of-the-mill business owners and wage earners without so much as an allegation that they have committed serious crimes. The government can take the money without ever filing a criminal complaint. Richard Weber, the chief of Criminal Investigation at the I.R.S., said in a written statement ... that making deposits under $10,000 to evade reporting requirements, called structuring, is ... a crime. The Institute for Justice, a Washington-based public interest law firm ... analyzed structuring data from the I.R.S., which made 639 seizures in 2012, up from 114 in 2005. Only one in five was prosecuted as a criminal structuring case. Law enforcement agencies get to keep a share of whatever is forfeited. This incentive has led to the creation of a law enforcement dragnet, with more than 100 multiagency task forces combing through bank reports, looking for accounts to seize. There are often legitimate business reasons for keeping deposits below $10,000, said Larry Salzman, a lawyer with the Institute for Justice. For example, he said, a grocery store owner in Fraser, Mich., had an insurance policy that covered only up to $10,000 cash.
Note: For more along these lines, see concise summaries of deeply revealing civil liberties news articles.
The European Commission on Tuesday fined four major financial institutions 93.9 million euros, or about $120 million, over two types of activity that it deemed as cartel behavior. In one case, the European Commission fined JPMorgan Chase €61.7 million euros for manipulating the Swiss franc Libor benchmark interest rate in an “illegal bilateral cartel” with the Royal Bank of Scotland. Interest-rate derivatives – such as forward rate agreements, swaps, futures and options – are financial products intended to help manage interest-rate fluctuations. In December 2013, the European Union fined several global financial institutions a combined €1.7 billion to settle charges that they colluded to fix benchmark interest rates. Regulators accused R.B.S. and JPMorgan of trying to distort the process used to price interest rate derivatives. In a separate settlement also announced on Tuesday, the European Commission said R.B.S., UBS, JPMorgan and Credit Suisse, operated a cartel on bid-ask spreads of Swiss franc interest-rate derivatives, imposing fines worth a total of €32.4 million. from May to September 2007, R.B.S., UBS, JPMorgan and Credit Suisse agreed to quote to clients wider, fixed bid-ask spreads on certain categories of franc interest-rate derivatives. The banks maintained narrower spreads for trades among themselves. The aim was to lower the banks’ transaction costs and continue the flow of trades between themselves while preventing others from participating on the same terms in the franc derivatives market. Global financial institutions have paid more than $6 billion in fines over manipulating benchmark rates.
Note: For more along these lines, see the excellent, reliable resources provided in our Banking Corruption Information Center.
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.