Financial Media ArticlesExcerpts of Key Financial Media Articles in Major Media
Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
Deutsche Bank's head office and other locations in Frankfurt were raided by 170 police officers and tax investigators on Thursday. The German bank is suspected of helping clients to set up offshore companies in tax havens, prosecutors said. Investigators are also looking at whether Deutsche Bank failed to report suspicious transactions. Both the lender and prosecutors said the probe is related to the Panama Papers, a 2016 investigation into money laundering networks and shell companies set up by Panama-based law firm Mossack Fonseca. The investigation is yet another headache for Deutsche Bank. The lender struck a $7.2 billion deal with the US government in January 2017 to settle claims that it packaged and sold toxic mortgages. It was fined $630 million the same month over a Russian money laundering scheme. In September, Deutsche Bank was ordered by German regulators to tighten its controls. Other European lenders have also come under scrutiny for potential money laundering. HSBC (HBCYF) and ING (ING) have both settled money-laundering allegations in recent years. Danske Bank (DNKEY), the largest bank in Denmark, said in September that an internal investigation had uncovered a large number of suspicious accounts and transactions at its branch in Estonia. [Former US Treasury] Jimmy Gurulé ... said that stronger deterrents are needed. "Even in the most egregious cases, banks are often only required to pay a monetary penalty for engaging in criminal activity," he said.
Note: For lots more on the shady dealings of this bank, read this New Yorker article. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
On November 15, Ernst & Young and other private firms that were hired to audit the Pentagon announced that they could not complete the job. Congress had ordered an independent audit of the Department of Defense, the government’s largest single cost center - the Pentagon receives two of every three federal tax dollars collected - after the Pentagon failed for decades to audit itself. The firms concluded, however ... that a reliable audit was simply impossible. Now, a Nation investigation has uncovered an explanation for the Pentagon’s foot-dragging: For decades, the DoD’s leaders and accountants have been perpetrating a gigantic, unconstitutional accounting fraud, deliberately cooking the books to mislead the Congress and drive the DoD’s budgets ever higher, regardless of military necessity. DoD has literally been making up numbers in its annual financial reports to Congress - representing trillions of dollars’ worth of seemingly nonexistent transactions - knowing that Congress would rely on those misleading reports. When the DoD submits its annual budget requests to Congress, it sends along the prior year’s financial reports, which contain fabricated numbers. The fabricated numbers disguise the fact that the DoD does not always spend all of the money Congress allocates in a given year. However, instead of returning such unspent funds to the US Treasury, as the law requires, the Pentagon sometimes launders and shifts such moneys to other parts of the DoD’s budget.
Note: Other than the above article, and weak Bloomberg and Reuters articles, the major media blatantly failed to report on the Pentagon's outrageous accounting failure. CNN posted one article not about the problem, but how the Pentagon claims they are fixing the problem. This demonstrates the military-industrial complex's strangle hold over media reporting. To understand just how serious and deep this problem is, see our carefully researched article using reliable sources to show how trillions are missing and reveal rampant deception and outright lying on the part of the Pentagon.
For a long time entrepreneurs, investors and advocates of sustainable investing have spoken longingly about the $2 trillion of institutional investor dollars that have been reputed to be sitting skeptically on the sidelines, teasing everyone with the prospect of finally putting their sizeable investment muscle to work to scale the sector. Throughout this period, institutional investors have argued that they have withheld their dollars over sound investment concerns with the sector. For a number of years, innovative entrepreneurs in growth sectors like food, energy, water and waster have been doing the heavy lifting to demonstrate that some of these smaller-scale projects can provide attractive investment returns for those investors willing to step in and pioneer these structures. Institutional investors are taking notice. Now a new investor survey and report issued by Bright Harbor Advisors, a private fund advisor, provides some compelling evidence that institutional investors are warming to sustainable investing. 81% now have some type of sustainability, impact, or ESG [Environment, Social, and Governance] mandate as part of their formal investment policy. And an increasing number are allocating internal resources to implement these policies. About a third of respondents have someone on their team dedicated to the space and nearly 20% have sustainable private fund managers in a dedicated investment bucket.
Note: See this Forbes article for more on these inspiring shifts in investing. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
After the financial crisis 10 years ago, unhappy customers were expected to flee the megabanks for smaller competitors. It didn’t happen. And the big banks became even more entrenched. Now another wave of alternative banks are at it again. Chime, the biggest new name to pop up, has opened two million fee-free online checking accounts and is adding more customers each month than Wells Fargo or Citibank. Venture capitalists are pouring money into American start-ups that are offering basic banking services — known as neo-banks or challenger banks. In 2018 so far, American neo-banks have gotten ... 10 times as much funding as they did in 2015. “In consumer banking, you have what is one of the largest industries in the United States, in terms of profits, and at the same time one of the least disrupted industries, and the most unpopular with consumers,” said Andrei Cherny, the founder of Aspiration, a neo-bank that has attracted nearly a million customers. “Those three things create a perfect storm for disruption.” The banks are struggling to adapt because they have built an expensive infrastructure of local branches and have become increasingly reliant on revenue from fees. Surveys have shown that a wide array of fees, for everything from A.T.M. use to checking account maintenance, have been steadily rising in recent years. The big banks have also held on to the interest payments they get rather than passing them along to depositors.
Note: For more along these lines, see concise summaries of deeply revealing banking corruption news articles from reliable major media sources.
By the time Lehman Brothers filed for the largest bankruptcy in American history on Sept. 15, 2008, the country had been navigating stormy global financial waters for more than a year. Throughout the mess, the Federal Reserve and the U.S. Treasury had been permitting the largest banks in the country to funnel as much cash as they wanted to their shareholders ― even as it became clear those same banks could not pay their debts. Ben Bernanke, Hank Paulson and Timothy Geithner ... didn’t really rescue the banking system. They transformed it into an unaccountable criminal syndicate. Since the crash, the biggest Wall Street banks have been caught laundering drug money, violating U.S. sanctions against Iran and Cuba, bribing foreign government officials, making illegal campaign contributions to a state regulator and manipulating the market for U.S. government debt. Citibank, JPMorgan, Royal Bank of Scotland, Barclays and UBS even pleaded guilty to felonies for manipulating currency markets. Not a single human being has served a day in jail for any of it. As a percentage of each family’s overall wealth, the poorer you were, the more you lost in the crash. The top 1 percent of U.S. households ultimately captured more than half of the economic gains over the course of the Obama years, while the bottom 99 percent never recovered their losses from the crash. The result has been a predictable and terrifying resurgence of authoritarian politics unseen since the Second World War.
On Saturday, September 13th, 2008, the world was about to end. The New York Federal Reserve was a zoo. The crowd included future Treasury Secretary Timothy Geithner, then-Treasury Secretary (and former Goldman Sachs CEO) Hank Paulson, the representatives of multiple regulatory offices, and the CEOs of virtually every major bank in New York. In the twin collapses of top-five investment bank Lehman Brothers and insurance giant AIG, Wall Street saw a civilization-imperiling ball of debt hurtling its way. The legend of that meeting ... is that the tough-minded bank honchos found a way to scrape up just enough cash to steer the debt-comet off course. The plan included a federal bailout of incompetent AIG, along with key mergers – Bank of America buying Merrill, Barclays swallowing the sinking hull of Lehman, etc. The legend is bull. Accurate chronicles of the crisis period [include] the just-released Financial Exposure by Elise Bean of the Senate Permanent Subcommittee on Investigations. The crisis response dramatically accelerated two huge problems. First, we made Too Big To Fail worse by making the companies even bigger and more dangerous through ... state-aided mergers. In the next crisis, letting losers lose will be even more unimaginable. Secondly, an already-serious economic inequality issue became formalized. The people responsible for the crisis weren’t just saved, but made beneficiaries of another decade of massive unearned profits.
The Los Angeles City Council is preparing to ask voters if they want to create a publicly owned bank, something no city or state in the United States has done in nearly a century. Council members voted Tuesday to start the process of putting a measure on the Nov. 6 ballot that would allow for the creation of such a bank by amending the city charter. The move is an early step in council President Herb Wesson’s plan to create a public bank, which he said could offer accounts to scores of city cannabis businesses that are shunned by commercial banks because of federal drug laws. It also could help finance affordable housing, he said. David Jette, legislative director of advocacy group Public Bank L.A., said putting the issue to a citywide vote could be a make-or-break moment for public banking, an idea that has gained steam since the financial crisis and lately seen an influx of support from the cannabis industry. Los Angeles, Oakland, San Francisco and the state of California are all in the process of studying whether they can or should start public banks, in part to serve cannabis businesses. For now, though, the U.S. has just one public bank: the Bank of North Dakota, established in 1919. “We’re cautiously ecstatic,” Jette said after Tuesday’s vote. “This will be a referendum on the idea of public banking. I think this is an existential vote for our entire national movement.”
Note: The measure was approved and will be on the November ballot for LA voters. For more, see this excellent webpage. Read a revealing article on how the Bank of North Dakota allowed the state to sail through the 2008 financial crisis while all other 49 states suffered. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
The House’s bipartisan vote Tuesday to weaken Dodd-Frank, the banking and consumer reform legislation passed in the wake of the 2008 financial collapse and recession ... dramatically shrinks the number of institutions deemed important to the financial system and therefore subject to strict oversight. It raises the threshold automatically triggering such measures from $50 billion to $250 billion in assets. Small banks, defined as under $10 billion in assets, would also be exempt from the Volcker Rule, which prohibits certain risky investments of customers’ money. And an estimated 85 percent of banks would also be excused from reporting requirements meant to detect discrimination in home mortgage lending. Supporters of the regulatory retreat would have the public believe that Dodd-Frank constitutes a crushing burden on a struggling financial industry. Meanwhile, on the very day that the House approved the rollback, the Federal Deposit Insurance Corp. reported that the commercial banks and savings institutions it covers made $56 billion in the first quarter of the year, a 27.5 percent increase from a year earlier. Congress’ ... likely motivation is another figure: the $1.1 billion in contributions to federal campaigns attributed to financial institutions in the last two-year election cycle, according to the Center for Responsive Politics, more than any other sector spent. That haul favored Republicans only modestly, with 46 percent going to Democrats. Judging by this week’s vote, it was money well spent.
On Thursday, the Wall Street Journal reported that Wells Fargo recently discovered that employees were improperly altering the documents of business borrowers, adding information to the accounts without the consent or notifying the clients. The latest issue comes only a week after news came out that Wells Fargo admitted it had improperly collected fees on a Tennessee public pension fund. Improper fees could be a widespread problem in its pension fund business. The bank’s wealth management unit is also under investigation for pressuring clients into rolling over their low-cost 401(k) accounts into more expensive alternatives. Wells Fargo has regularly said its problems are in the past, without spending the money it should to actually put those problems in the past. Wells Fargo, like other banks, doesn’t break out what it spends on compliance, and says it’s generally spending more, but in its most recent quarter it’s hard to see where. In February, the Federal Reserve sanctioned Wells Fargo for not having proper risk controls in place. The bank has since told shareholders it plans to cut costs, not raise them in order to improve compliance. The most recent problem ... appears to have come as Wells Fargo raced to comply with an order from regulators that it collect information on more than 100,000 accounts that it was supposed to have. It appears employees improperly altered the files, potentially adding false information, as part this regulatory review, once again showing a lack of oversight.
Note: Last year, it was reported that a Wells Fargo insurance scam defrauded 570,000 customers. The year before, this bank was caught opening millions of fake accounts using stolen customer identities. Wells Fargo fires employees and pays fines whenever these crimes are uncovered. But no bank executives are criminally prosecuted. And new problems continue coming to light. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
The nation's six big Wall Street banks posted record, or near record, profits in the first quarter. While higher interest rates allowed banks to earn more from lending in the first quarter, the main boost ... came from the billions of dollars they saved in taxes under the tax law Trump signed in December. Combined, the six banks saved at least $3.59 billion last quarter, according to an Associated Press estimate, using the bank's tax rates going back to 2015. Before the change in tax law, the maximum U.S. corporate income tax rate was 35 percent, not including what companies paid in state income taxes. Banks historically paid some of the highest taxes among the major industries, due to their U.S.-centric business models. Before the Trump tax cuts, these banks paid between 28 to 31 percent of their income each year in corporate taxes. The results released over the past week show how sharply those rates have dropped. JPMorgan Chase said it had a first-quarter tax rate of 18.3 percent, Goldman Sachs paid just 17.2 percent in taxes, and ... Citigroup, had a tax rate of 23.7 percent. This is just one quarter's results. Bank executives at the big six firms have estimated that their full-year tax rates will be something closer to 20 percent to 22 percent. The AP's calculations are roughly in line with what Wall Street analysts predicted. Bank industry analyst Mike Mayo ... estimated that that the big U.S. banks combined would save roughly $19 billion in taxes for the full year.
An epic throw-down happened Thursday on Capitol Hill. The topic: the Consumer Financial Protection Bureau, the agency created in the wake of the 2007-08 financial crisis. The Trump administration's acting director, Mick Mulvaney ... believes the bureau's powers are excessive. Sen. Elizabeth Warren ... led the creation of the bureau to protect consumers from abuses by everything from big banks to student loan providers to fly-by-night loan sharks. Mulvaney ... calls the bureau Warren's "baby." But Democrats say that over the past five months, he has done a terrible job of taking care of it. Back when he was a Republican congressman, Mulvaney sponsored legislation that would have abolished the bureau. Since its creation, the bureau has returned a total of $12 billion to consumers by clawing back money from companies that cheated them. Thursday's hearing was part of Mulvaney's mandated semiannual report to Congress on the activities of the CFPB. In a hearing ... New York Democrat Carolyn Maloney said the bureau used to bring several enforcement actions a month against financial companies. She pressed Mulvaney: "So let me ask you how many enforcement actions has the bureau initiated since you took over?" Mulvaney: "We have initiated none since I've been there." Mulvaney ... is asking lawmakers to put the bureau's budget under the control of Congress. The bureau ... is funded by the Federal Reserve instead of by Congress, a move designed to shield it from political influence.
Note: In 2016, Wells Fargo paid a $100 million fine to the Consumer Financial Protection Bureau after getting caught ripping off millions of customers. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
Australia's financial intelligence czar Nicole Rose says she is shocked at the depth of money laundering in the economy involving organised crime, child exploitation and drug importation. "I thought coming from the Australian Criminal Intelligence Commission that I had a pretty good handle on serious and organised crime," she [said]. "I didn't appreciate the depth and breadth of involvement with private entities and banks. I didn't appreciate how many industries it does actually touch. There's a misperception that money laundering is a victimless white collar crime. It has a massive impact on everyday life whether that's child exploitation, serious and organised crime or drug importation. It all involves money laundering." A career public servant specialising in anti-terrorism strategy, Ms Rose was appointed chief executive of the Australian Transactions Reports & Analysis Centre (AUSTRAC) in November last year. Ms Rose, a former deputy head of the Australian Criminal Intelligence Commission, inherited AUSTRAC's high stakes case against the Commonwealth Bank which is fighting almost 54,000 allegations that it broke anti-money laundering and anti-terrorism financing laws. While not commenting directly on the CBA case, Ms Rose said she was confident that all Australian banks are now aware of the money laundering risk. However, Ms Rose was uncertain when the $10,000 reporting threshold on cash transactions would be extended from financial institutions to other high-risk sectors.
Note: Explore an eye-opening article by Fiona Barnett, which claims the Watergate break in's real purpose was steal a list of high level political pedophiles from both parties. As reported in this Sydney Morning Herald article, Ms. Barnett testified to Australia's Royal Commission into Institutional Responses to Child Sexual Abuse on being a victim of a high level pedophile ring. More on this is available in this article from the UK's Daily Mail.
Next week marks the 10th anniversary of the run on Bear Stearns, the investment bank that collapsed under the weight of toxic subprime mortgages ... leading to the biggest economic crisis in nearly a century. That seems like a terrible political backdrop for the Senate to pass a bill that deregulates the banking sector. But that's exactly what's about to happen. The Economic Growth, Regulatory Relief and Consumer Protection Act, which pro-regulation groups have called the "Bank Lobbyist Act," advanced in the Senate this week. The ... Congressional Budget Office stated [that the] legislation would increase the risk of another [financial crisis] happening. The bill ... rolls back key pieces of the Dodd-Frank Act and includes giveaways to large institutions of the same size and scope as the ones that crashed the economy in 2008. The most important measure in the legislation raises the threshold for enhanced regulatory supervision by the Federal Reserve from $50 billion to $250 billion. The beneficiaries, 25 of the top 38 banks in America, could be called "stadium banks:" not big enough to count as Wall Street mega-banks, but big enough to have a sports stadium named after them. Nearly all giant foreign banks with operations in the U.S. could enjoy the same weaker rules. Why would more than one-third of the Senate Democratic caucus provide the margin of victory on [this] bill. The answer is simple: money. The top three recipients of campaign donations from commercial banks since 2017 are Democrats. This whole process reveals that bipartisanship usually arrives in Washington at the barrel of a money cannon.
Fifty years after the federal Fair Housing Act banned racial discrimination in lending, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts. This modern-day redlining persisted in 61 metro areas even when controlling for applicants' income, loan amount and neighborhood, according to millions of ... records analyzed by Reveal from The Center for Investigative Reporting. Lenders and their trade organizations do not dispute the fact that they turn away people of color at rates far greater than whites, [and] singled out the three-digit credit score ... as especially important in lending decisions. Reveal's analysis included all records publicly available under the Home Mortgage Disclosure Act. Credit score was not included because that information is not publicly available. That's because lenders have deflected attempts to force them to report that data to the government. America's largest bank, JPMorgan Chase & Co., has argued that the data should remain closed off even to academics. At the same time, studies have found proprietary credit score algorithms to have a discriminatory impact on borrowers of color. The "decades-old credit scoring model" currently used "does not take into account consumer data on ... bill payments," Republican Sen. Tim Scott of South Carolina wrote in August. "This exclusion disproportionately hurts African-Americans, Latinos, and young people who are otherwise creditworthy."
The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined for manipulating global interest rates. One of the Trump administration waivers was granted to Deutsche Bank - which is owed at least $130 million by President Donald Trump ... and has also been fined for its role in a Russian money laundering scheme. The waivers were issued in a little-noticed announcement published in the Federal Register. Under laws designed to protect retirement savings, financial firms whose affiliates have been convicted of violating securities statutes are effectively barred from ... managing those savings. However, that punishment can be avoided if the firms manage to secure a special exemption from the U.S. Department of Labor. In late 2016, the Obama administration extended ... one-year waivers to five banks - Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank. Late last month, the Trump administration issued new, longer waivers for those same banks. Leading up to the new waiver for Deustche Bank, Trump’s financial relationship with the firm has prompted allegations of a conflict of interest. In 2016, the Wall Street Journal reported Trump and his companies have received at least $2.5 billion in loans from Deutsche Bank and co-lenders. In 2015, Deutsche Bank pled guilty in the U.S. to wire fraud for its role in the [LIBOR] scandal. Less than two years later ... Deutsche Bank agreed to a $7.2 billion settlement with the Justice Department for misleading investors.
Note: The megabanks again get away with huge manipulations resulting in financial losses for many millions, yet hardly any media focuses on how these banks hardly get a slap on the wrist for their huge criminal offenses. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
The US government has imposed sanctions on the Israeli billionaire Dan Gertler, whose African business dealings were exposed in the Paradise Papers, over “hundreds of millions of dollars’ worth of opaque and corrupt mining and oil deals” in the Democratic Republic of the Congo. In a strongly worded statement, the US president ... placed sanctions on 13 people and companies associated with them, declaring a state of “national emergency with respect to serious human rights abuse and corruption around the world”. In November, the Paradise Papers investigation unveiled new details of Gertler’s mining deals in strife-torn but resource-rich DRC, in particular over a $45m loan in shares to one of his companies from the world’s biggest miner, Glencore. In imposing sanctions on Gertler, the US Office of Foreign Assets Control (OFAC) said the Israeli billionaire’s corrupt dealings had deprived the state coffers of DRC of ... more than $1.36bn in revenues from the underpricing of mining assets that were sold to offshore companies linked to Gertler. Gertler’s involvement in the DRC spans nearly two decades. He was cited by a 2001 UN investigation that said he had given the DRC’s then-president $20m to buy weapons to equip his army against rebel groups in exchange for a monopoly on the country’s diamonds, and a 2013 Africa Progress Panel report said a string of mining deals struck by companies linked to him had deprived the country of more than $1.3bn in potential revenue.
Note: Gertler had close ties with Mark Rich, who was once on the FBI's 10 most wanted list only to later be pardoned by Bill Clinton. This revealing article on Gertler in the UK's Guardian shows corruption and abuse leading to very high places. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
The United States imposed sanctions on 52 people and entities Thursday for alleged human rights violations and corruption, a list that included Maung Maung Soe, a top Burmese general cited for an ongoing deadly crackdown on the Rohingya, a Muslim ethnic group. Maj. Gen. Maung Maung Soe was the chief of the Burmese Army’s Western Command during a crackdown that survivors say involved government soldiers stabbing babies, cutting off the heads of boys, gang-raping girls and burning entire families to death. Maj. Gen. Maung Maung Soe is the first high-level Burmese military official to be named in sanctions. “Today, the United States is taking a strong stand against human rights abuse and corruption globally by shutting these bad actors out of the U.S. financial system,” said Steven Mnuchin, the Treasury secretary. Among others penalized on Thursday was Yahya Jammeh, former president of Gambia. Mr. Jammeh created a terror and assassination squad ... that he used to intimidate, interrogate and kill people who threatened him. Benjamin Bol Mel of South Sudan, Dan Gertler, who did business in the Democratic Republic of Congo, and Mukhtar Hamid Shah of Pakistan were also on the list. The sanctions freeze any assets the individuals or entities hold in the United States and also prevent them from using any American financial institution.
Note: Importantly, billionaire Israeli mine kingpin Dan Gertler is on this list. This revealing article on Gertler in the UK's Guardian shows corruption and abuse leading to very high places. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
Earlier this year, a Michigan State University economist, working with graduate students and a former government official, found $21 trillion in unauthorized spending in the departments of Defense and Housing and Urban Development for the years 1998-2015. The work of Mark Skidmore and his team, which included digging into government websites and repeated queries to U.S. agencies that went unanswered, coincided with the Office of Inspector General, at one point, disabling the links to all key documents showing the unsupported spending. Now, the Department of Defense has announced it will conduct the first department-wide, independent financial audit in its history. The Defense Department did not say specifically what led to the audit. But the announcement came four days after Skidmore discussed his team’s findings on USAWatchdog, a news outlet run by former CNN and ABC News correspondent Greg Hunter. Skidmore got involved last spring when he heard Catherine Austin Fitts, former assistant secretary of Housing and Urban Development, refer to a report which indicated the Army had $6.5 trillion in unsupported adjustments, or spending, in fiscal 2015. Given the Army’s $122 billion budget, that meant unsupported adjustments were 54 times spending authorized by Congress. Typically, such adjustments in public budgets are only a small fraction of authorized spending. Skidmore thought Fitts had made a mistake. “Maybe she meant $6.5 billion and not $6.5 trillion,” he said. “So I found the report myself and sure enough it was $6.5 trillion.”
Note: Explore this webpage for additional background on this story. See also a detailed analysis of these missing trillions, which amount to $65,000 per man, woman, and child in the US. And don't miss this highly revealing interview with Prof. Mark Skidmore of Michigan State with even more startling news. Why isn't the major media reporting this huge news?
On July 26, 2016, the Office of the Inspector General (OIG) issued a report “Army General Fund Adjustments Not Adequately Documented or Supported”. The report indicates that for fiscal year 2015 the Army failed to provide adequate support for $6.5 trillion. Given that the entire Army budget in fiscal year 2015 was $120 billion, unsupported adjustments were 54 times the level of spending authorized by Congress. An appendix to the July 2016 report shows $2 trillion in changes to the Army General Fund balance sheet due to unsupported adjustments. On the asset side, there is $794 billion increase in the Army's Fund Balance with the U.S. Treasury. There is also an increase of $929 billion in the Army's Accounts Payable. What is the source of the additional $794 billion in the Army's Fund Balance? The July 2016 report is not the only such report of unsubstantiated adjustments. Mark Skidmore and Catherine Austin Fitts, former Assistant Secretary of Housing and Urban Development, conducted a search of government websites and found similar reports dating back to 1998. While the documents are incomplete, original government sources indicate $21 trillion in unsupported adjustments have been reported for the Department of Defense and the Department of Housing and Urban Development for the years 1998-2015. [And why] after Mark Skidmore began inquiring about OIG-reported unsubstantiated adjustments, [was] the OIG's webpage, which documented, albeit in a highly incomplete manner, these unsupported "accounting adjustments," ... mysteriously taken down?
Note: Explore this webpage for a brief background to this astounding news. See also a detailed analysis of these missing trillions, which amount to $65,000 per man, woman, and child in the US. And don't miss this highly revealing interview with Prof. Mark Skidmore of Michigan State with even more startling news.
Few people realize that the loans they take out to pay for their education could eventually derail their careers. But in 19 states, government agencies can seize state-issued professional licenses from residents who default on their educational debts. Another state, South Dakota, suspends driver’s licenses, making it nearly impossible for people to get to work. Firefighters, nurses, teachers, lawyers, massage therapists, barbers, psychologists and real estate brokers have all had their credentials suspended or revoked. Determining the number of people who have lost their licenses is impossible because many state agencies and licensing boards don’t track the information. Public records requests by The New York Times identified at least 8,700 cases in which licenses were taken away or put at risk of suspension in recent years, although that tally almost certainly understates the true number. With student debt levels soaring — the loans are now the largest source of household debt outside of mortgages — so are defaults. Lenders have always pursued delinquent borrowers: by filing lawsuits, garnishing their wages, putting liens on their property and seizing tax refunds. Blocking licenses is a more aggressive weapon, and states are using it on behalf of themselves and the federal government. Tennessee is one of the most aggressive states at revoking licenses. From 2012 to 2017, officials reported more than 5,400 people to professional licensing agencies. Many - nobody knows how many - lost their licenses. Some ... lost their careers.
Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.