Wall Street Insiders Make a Killing, Government-Oil Industry Collusion Behind Gulf Oil Spill
Revealing News Articles
May 10, 2010
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Below are key excerpts of revealing news articles on Wall Street insiders making a killing from the stock market plunge, collusion between the oil industry and government regulators behind the Gulf of Mexico oil spill, lack of regulation of hundreds of cancer-causing chemicals, and more. Each excerpt is taken verbatim from the major media website listed at the link provided. If any link fails to function, click here. The most important sentences are highlighted. By choosing to educate ourselves and to spread the word, we can and will build a brighter future.
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The Trades of a Lifetime in 20 Minutes
May 8, 2010, New York Times
http://www.nytimes.com/2010/05/08/business/08cancel.html
Someone on Wall Street just made a killing. That was the subject of so much chatter among professional investors once the smoke cleared from the sudden panic and recovery on Thursday [May 6] that briefly knocked some stocks down to a penny or two a share. Who had kept his cool during those terrifying minutes and scooped up some dreamlike bargains? One thing, however, is certain: By luck, savvy, lightning speed or all three, there was money – gobs of it – to be made from the bargains that came and went in an instant. On Friday the blogosphere was alight with conspiracy theories suggesting that perhaps the whole thing had been instigated by a big bank or a hedge fund looking to make a quick profit. Some investment pros surely made a fortune from the trillion-dollar market swing. "Somebody got Accenture at a penny. They're ready to announce their retirement," joked Daniel Seiver, a finance professor at San Diego State University. Investors who owned gold or United States Treasuries ... saw big gains as global investors sought havens. But even those gains were small compared with those won by options traders who had placed bets on an index that rises in value when volatility increases. "The guys who probably made the most money in this were options players," said Larry Tabb, chief executive of the Tabb Group, a financial services consulting firm.
Note: This article refers to the record-breaking 1,000 point intra-day drop in the Dow Jones index on May 7. For an abundance of deep reporting on the hidden realities of Wall Street's shadowy operations, click here.
Origin of Wall Street's Plunge Continues to Elude Officials
May 8, 2010, New York Times
http://www.nytimes.com/2010/05/08/business/08trading.html
A day after a harrowing plunge in the stock market, federal regulators were still unable on Friday [May 7] to answer the one question on every investor's mind: What caused that near panic on Wall Street? The cause or causes of the market's wild swing remained elusive, leaving what amounts to a $1 trillion question mark hanging over the world's largest, and most celebrated, stock market. The initial focus of the investigations appeared to center on the way a growing number of high-speed trading networks interact with one another and with venerable exchanges like the New York Stock Exchange. Most investors are unaware that these competing systems have fractured the traditional marketplace and have displaced exchanges like the Big Board as the dominant force in stock trading. In a joint statement issued after the close of trading, the S.E.C. and the Commodity Futures Trading Commission said they were ... looking particularly closely at how different trading rules on different exchanges, which temporarily halted trading on some markets while activity in the same stocks continued on other markets, might have contributed to the problem. The pressure in the less-liquid markets was amplified by the computer-driven trades, which led still other traders to pull back.
Note: For more information on the impact of the new high-speed computer-driven trading methods, click here.
Stock Traders Find Speed Pays, in Milliseconds
July 24, 2009, New York Times
http://www.nytimes.com/2009/07/24/business/24trading.html
It is the hot new thing on Wall Street, a way for a handful of traders to master the stock market, peek at investors' orders and, critics say, even subtly manipulate share prices. It is called high-frequency trading – and it is suddenly one of the most talked-about and mysterious forces in the markets. Powerful computers, some housed right next to the machines that drive marketplaces like the New York Stock Exchange, enable high-frequency traders to transmit millions of orders at lightning speed and, their detractors contend, reap billions at everyone else's expense. These systems are so fast they can outsmart or outrun other investors, humans and computers alike. And after growing in the shadows for years, they are generating lots of talk. Nearly everyone on Wall Street is wondering how hedge funds and large banks like Goldman Sachs are making so much money so soon after the financial system nearly collapsed. High-frequency trading is one answer. And when a former Goldman Sachs programmer was accused this month of stealing secret computer codes – software that a federal prosecutor said could "manipulate markets in unfair ways" – it only added to the mystery. Goldman acknowledges that it profits from high-frequency trading, but disputes that it has an unfair advantage. Yet high-frequency specialists clearly have an edge over typical traders, let alone ordinary investors.
Note: For a wealth of deep reporting on the hidden realities of Wall Street's shadowy operations, click here.
Regulator Deferred to Oil Industry on Rig Safety
May 8, 2010, New York Times
http://www.nytimes.com/2010/05/08/us/08agency.html
Federal regulators warned offshore rig operators more than a decade ago that they needed to install backup systems to control the giant undersea valves known as blowout preventers, used to cut off the flow of oil from a well in an emergency. The warnings were repeated in 2004 and 2009. Yet the Minerals Management Service, the Interior Department agency charged both with regulating the oil industry and collecting royalties from it, never took steps to address the issue comprehensively, relying instead on industry assurances that it was on top of the problem, a review of documents shows. In the intervening years, numerous blowout preventers and their control systems have failed, though none as catastrophically as those on the well the Deepwater Horizon drilling rig was preparing when it blew up on April 20, leaving tens of thousands of gallons of oil a day spewing into the Gulf of Mexico. Agency records show that from 2001 to 2007, there were 1,443 serious drilling accidents in offshore operations, leading to 41 deaths, 302 injuries and 356 oil spills. Yet the federal agency continues to allow the industry largely to police itself. Critics say that, then and now, the minerals service has been crippled by this dependence on industry and by a climate of regulatory indulgence.
Note: For lots more from reliable souces on government corruption and collusion with industries it is supposed to be regulating, click here.
Since spill, feds have given 27 waivers to oil companies in gulf
May 7, 2010, Miami Herald/McClatchy Newspapers
http://www.miamiherald.com/2010/05/07/1619046/since-spill-feds-have-given-27.html
Since the Deepwater Horizon oil drilling rig exploded on April 20, the Obama administration has granted oil and gas companies at least 27 exemptions from doing in-depth environmental studies of oil exploration and production in the Gulf of Mexico. The waivers were granted despite President Barack Obama's vow that his administration would launch a "relentless response effort" to stop the leak and prevent more damage to the gulf. One of them was dated Friday – the day after Interior Secretary Ken Salazar said he was temporarily halting offshore drilling The exemptions, known as "categorical exclusions," were granted by the Interior Department's Minerals Management Service (MMS) and included waiving detailed environmental studies for a BP exploration plan to be conducted at a depth of more than 4,000 feet and an Anadarko Petroleum Corp. exploration plan at more 9,000 feet. "Is there a moratorium on off shore drilling or not?" asked Peter Galvin, conservation director with the Center for Biological Diversity, the environmental group that discovered the administration's continued approval of the exemptions. "Possibly the worst environmental disaster in U.S. history has occurred and nothing appears to have changed."
Note: For lots more from reliable souces on government corruption and collusion with industries it is supposed to be regulating, click here.
Feds Let BP Avoid Filing Blowout Plan For Gulf Rig
May 6, 2010, CBS News/Associated Press
http://www.cbsnews.com/stories/2010/05/06/ap/business/main6467264.shtml
Petrochemical giant BP didn't file a plan to specifically handle a major oil spill from an uncontrolled blowout at its Deepwater Horizon project because the federal agency that regulates offshore rigs changed its rules two years ago to exempt certain projects in the central Gulf region, according to an Associated Press review of official records. The Minerals Management Service, an arm of the Interior Department known for its cozy relationship with major oil companies, says it issued the rule relief because some of the industrywide mandates weren't practical for all of the exploratory and production projects operating in the Gulf region. Robert Wiygul, an Ocean Springs, Miss., environmental lawyer, said the lack of a blowout scenario "is kind of an outrageous omission, because you're drilling in extremely deep waters, where by definition you're looking for very large reservoirs to justify the cost. If the MMS was allowing companies to drill in this ultra-deep situation without a blowout scenario, then it seems clear they weren't doing the job they were tasked with," he said. "The MMS can't change the law just by telling people that they don't have to comply with it."
Note: For lots more from reliable souces on government corruption and collusion with industries it is supposed to be regulating, click here.
Americans 'Bombarded' with Cancer Causes
May 6, 2010, Fox News/Reuters
http://www.foxnews.com/story/0,2933,592303,00.html
Americans are being "bombarded" with chemicals, gases and radiation that can cause cancer, and the federal government must do far more to protect them, presidential cancer advisers said. The panel said many avoidable cancers were also caused by pollution, radon from the soil and medical imaging scans. Since so little is known about the possible risks of cell phones, people would be prudent to wear headsets and make calls quickly ... the panel advised. "The panel was particularly concerned to find that the true burden of environmentally induced cancer has been grossly underestimated," they wrote in the report. It is the first time the panel has taken such a sharp turn into what had long been disputed territory – whether pollution, cell phones and even household objects, such as water bottles, can cause cancer. Cancer is the No. 2 killer of Americans, after heart disease. "The incidence of some cancers, including some most common among children, is increasing for unexplained reasons," the report reads. "With nearly 80,000 chemicals on the market in the United States, many of which are used by millions of Americans in their daily lives and are un- or understudied and largely unregulated, exposure to potential environmental carcinogens is widespread," it adds.
Note: To read the President's Cancer Panel report, Reducing Environmental Cancer Risk, click here. For many other important reports from major media sources on potential cancer cures and treatments, click here.
New Alarm Bells About Chemicals and Cancer
May 6, 2010, New York Times
http://www.nytimes.com/2010/05/06/opinion/06kristof.html
The President's Cancer Panel is the Mount Everest of the medical mainstream, so it is astonishing to learn that it is poised to join ranks with the organic food movement and declare: chemicals threaten our bodies. The cancer panel is releasing a landmark 200-page report ... warning that our lackadaisical approach to regulation may have far-reaching consequences for our health. It calls on America to rethink the way we confront cancer, including much more rigorous regulation of chemicals. The President's Cancer Panel suggests ... giving preference to organic food, checking radon levels in the home and microwaving food in glass containers rather than plastic. In particular, the report warns about exposures to chemicals during pregnancy, when risk of damage seems to be greatest. Noting that 300 contaminants have been detected in umbilical cord blood of newborn babies, the study warns that: "to a disturbing extent, babies are born 'pre-polluted.'" The report blames weak laws, lax enforcement and fragmented authority, as well as the existing regulatory presumption that chemicals are safe unless strong evidence emerges to the contrary. "Only a few hundred of the more than 80,000 chemicals in use in the United States have been tested for safety," the report says. It adds: "Many known or suspected carcinogens are completely unregulated."
Note: To read the President's Cancer Panel report, Reducing Environmental Cancer Risk, click here. For many other important reports from major media sources on potential cancer cures and treatments, click here.
CIA drones have broader list of targets
May 5, 2010, Los Angeles Times
http://articles.latimes.com/2010/may/05/world/la-fg-drone-targets-20100506
The CIA received secret permission to attack a wider range of targets, including suspected militants whose names are not known, as part of a dramatic expansion of its campaign of drone strikes in Pakistan's border region. The expanded authority, approved two years ago by the Bush administration and continued by President Obama, permits the agency to rely on what officials describe as "pattern of life" analysis ... to target suspected militants, even when their full identities are not known, the officials said. Previously, the CIA was restricted in most cases to killing only individuals whose names were on an approved list. Instead of just a few dozen attacks per year, CIA-operated unmanned aircraft now carry out multiple missile strikes each week against safe houses, training camps and other hiding places used by militants in the tribal belt bordering Afghanistan. "There are a lot of ethical questions here about whether we know who the targets are," said Loch Johnson, an intelligence scholar at the University of Georgia and a former congressional aide. President Bush secretly decided in his last year in office to expand the program. Obama has continued and even streamlined the process, so that CIA Director Leon E. Panetta can sign off on many attacks without notifying the White House beforehand, an official said.
Note: How can the CIA be allowed to kill people whose names aren't even known? Why are they allowed to kill anyone without some form of judicial process? For more on this secret and expanding CIA assassination program, click here. For analysis, click here.
'Goldman Conspiracy' must kill reforms
May 4, 2010, MarketWatch (a Wall Street Journal Digital Network website)
http://www.marketwatch.com/story/goldman-conspiracy-must-kill-bank-reform-2010-05-04
Capitalism is dead. The economy has a new Invisible Hand, the Goldman Conspiracy of Wall Street bankers. This transfer of power happened suddenly. As recently as late 2008 the Invisible Hand was on life support, near death. Suddenly, miraculously the Treasury secretary, Goldman's former CEO, transferred the power into a new Invisible Hand of God, the free-market ideology of Reaganomics ... a power absolutely essential to the survival of Wall Street's mega-bonus culture. Yes, that's why the Goldman Conspiracy must kill financial reforms ... why they will kill effective reform with the backroom support of Obama. This was predicted back in late 2008, even before the bailouts, back when we thought Reaganomics dead. Shock Doctrine author Naomi Klein warned: "Free market ideology has always been a servant to the interests of capital ... During boom times it's profitable to preach laissez faire, because an absentee government allows speculative bubbles ... When those bubbles burst, the ideology becomes a hindrance and goes dormant while big government rides to the rescue," then a neo-Reaganomics "ideology will come roaring back when the bailouts are done. The massive debts the public is accumulating to bail out the speculators will then become part of a global budget crisis," setting up a new bubble, bigger meltdown, and the Great Depression 2 the world narrowly avoided in 2008.
Note: For a wealth of key reporting on the hidden realities of the Wall Street's shadowy operations, click here.
Climate change deniers accused of McCarthyism
May 6, 2010, The Telegraph (One of the UK's leading newspapers)
http://www.telegraph.co.uk/earth/earthnews/7686079/Climate-change-deniers-accused-of-McCarthyism.html
Climate change experts face a "McCarthy-like" persecution by politically-motivated opponents, some of the world's leading scientists have claimed. In a letter published in the journal Science, more than 250 members of the US National Academy of Sciences, including 11 Nobel Prize laureates, condemned the increase in "political assaults" on scientists who argue greenhouse gas emissions are warming the planet. In the US politicians have called for a criminal investigation of climate scientists, while in the UK eminent professors have received hate mail and even death threats. In a strongly worded letter, the group of scientists likened the situation to the 'McCarthy era' in the US where anyone suspected of Communist links was threatened with persecution. The period in the 1950s was named after the anti-communist pursuits of Senator Joseph McCarthy. "We call for an end to McCarthy-like threats of criminal prosecution against our colleagues based on innuendo and guilt by association, the harassment of scientists by politicians seeking distractions to avoid taking action, and the outright lies being spread about them," the letter read. The letter points out that there is uncertainty attached to theory of evolution and the Big Bang. But like these theories, climate change has been "overwhelmingly" accepted by scientists.
Were Russian secrets shared with 'space alien' visitors?
May 7, 2010, The Times (One of the UK's leading newspapers)
http://www.timesonline.co.uk/tol/news/world/europe/article7118769.ece
Russia has never been immune to spies and informers, but the latest claim must have struck President Medvedev as a little bizarre: he has been urged to investigate whether a regional politician passed official secrets to a group of aliens. The request came after Kirsan Ilyumzhinov, the millionaire President of Kalmykia, claimed on state television that he had been visited by aliens at his Moscow apartment several years ago and had spent hours in discussions with them on board their spaceship. The head of the republic said that the humanoid figures wore yellow spacesuits and gave him a tour of their craft, which he described as a "semi-transparent half-tube". They had brought him home in the morning, just as his worried driver and two advisers were about to call a citywide search after finding his apartment empty. "I am often asked which language I used to talk to them. Perhaps it was on a level of the exchange of ideas," Mr Ilyumzhinov, who is also president of the international chess federation FIDE, told the Vladimir Pozner programme on Russia's main First Channel. Mr Ilyumzhinov told his interviewer that his encounter had taken place in 1997. "I would not have believed it, if I had not had three witnesses."
Note: For lots more on UFOs, check out our information-packed UFO Information Center.
Could CO2 be the green fuel powering tomorrow's cars?
May 6, 2010, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/environment/2010/may/06/co2-green-fuel-car
Trees and algae have been turning CO2 into fuel since the dawn of time, unlocking the chemical energy within this molecule to power metabolic processes. With a little ingenuity, it is already possible to transform CO2 into anything from petrol to natural gas. Any conversion processes will take a lot of energy. The question is, can these processes be refined to ensure that less energy is used to create this fuel than is provided by it? The key challenge is to convert CO2 into carbon monoxide (CO), by removing one of its oxygen atoms. Once you have CO, the process of creating hydrocarbon fuels such as petrol is easy. It's achieved through a reaction known as the Fischer-Tropsch process – most commonly used to synthesise liquid fuel from coal. But getting from CO2 to CO requires ... a lot of energy. The US Government's Sandia National Laboratories, in Albuquerque, New Mexico, have opted for ... a system that takes its energy source from concentrated solar power. As Green Futures goes to press, researchers from Bristol and Bath Universities in the UK have also announced plans for solar-powered CO2-to-fuel conversion.
Note: If plants are able to convert CO2 to energy and have been doing this for billions of years, why can't scientists figure out a way to do this for human use?
DNA referees
May 3, 2010, Los Angeles Times
http://www.latimes.com/news/health/la-he-epigenetics-20100503,0,5900529.story
Scientists are just beginning to understand the effect lifestyle choices and other environmental factors have on altering gene behavior, a rapidly emerging field called epigenetics. Your life story depends upon a combination of the DNA you're stuck with plus your environment, including all the little choices and events that happen over that lifetime. But in recent years, researchers have discovered that, while DNA lays out the options, many of those life experiences – the foods you eat, the stresses you endure, the toxins you're exposed to – physically affect the DNA and tell it more precisely what to do. The cause: a kind of secondary code carried along with the DNA. Called the "epigenome," this code is a set of chemical marks, attached to genes, that act like DNA referees. They turn off some genes and let others do their thing. And although the epigenome is pretty stable, it can change – meaning lifestyle choices such as diet and drug use could have lasting effects on how the body works. "The thing I love about epigenetics is that you have the potential to alter your destiny," says Randy Jirtle, who studies epigenetics at Duke University Medical Center in Durham, N.C. Jirtle compares the system to a computer: The DNA is the hardware – set and unchanging – and the epigenome is the software that tells it when, where and how to work.
Note: For a fascinating article by DNA researcher Bruce Lipton delving into the intriguing finding that our DNA can be altered by our life choices, click here.
Man claims to have had no food or drink for 70 years
April 28, 2010, The Telegraph (One of the UK's leading newspapers)
http://www.telegraph.co.uk/news/worldnews/asia/india/7645857/Man-claims-to-have-had-no-food-or-drink...
Indian military scientists are studying an 82-year-old who claims he has not had any food or drink for 70 years. Prahlad Jani is being held in isolation in a hospital in Ahmedabad, Gurjarat, where he is being closely monitored by India's defence research organization, who believe he may have a genuine quality which could help save lives. He has now spent six days without food or water under strict observation and doctors say his body has not yet shown any adverse effects from hunger or dehydration. Mr Jani ... is regarded as a 'breatharian' who can live on a 'spiritual life-force' alone. He believes he is sustained by a goddess who pours an 'elixir' through a hole in his palate. His claims have been supported by an Indian doctor who specializes in studies of people who claim supernatural abilities. So far, Mr Prahlad appears to be standing up to scrutiny. He has not eaten or drunk any fluids in six days, and similarly has not passed urine or a stool in that time. He remains fit and healthy and shows no sign of lethargy. According to Dr Sudhir Shah, who examined him in 2003, he went without food or water for ten days in which urine appeared to be reabsorbed by his body after forming in his bladder. Doubts were expressed about his claim after his weight fell slightly at the end of the trial.
Note: To read an intriguing BBC News article about the 2003 study of this remarkable man, click here.
Norway Builds the World's Most Humane Prison
May 10, 2010, Time magazine
http://www.time.com/time/magazine/article/0,9171,1986002,00.html
Ten years and 1.5 billion Norwegian kroner ($252 million) in the making, [Halden Fengsel, Norway's newest prison,] is spread over 75 acres (30 hectares) of gently sloping forest in southeastern Norway. The facility boasts amenities like a sound studio, jogging trails and a freestanding two-bedroom house where inmates can host their families during overnight visits. The scent of orange sorbet emanates from the "kitchen laboratory" where inmates take cooking courses. "In the Norwegian prison system, there's a focus on human rights and respect," says Are Hoidal, the prison's governor. "We don't see any of this as unusual." Halden ... embodies the guiding principles of the country's penal system: that repressive prisons do not work and that treating prisoners humanely boosts their chances of reintegrating into society. "When they arrive, many of them are in bad shape," Hoidal says, noting that Halden houses drug dealers, murderers and rapists, among others. "We want to build them up, give them confidence through education and work and have them leave as better people." Within two years of their release, 20% of Norway's prisoners end up back in jail. In the U.K. and the U.S., the figure hovers between 50% and 60%.
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