Government Corruption News ArticlesExcerpts of key news articles on government corruption
Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.
Tons of contaminated groundwater from the stricken Fukushima nuclear plant have overwhelmed an underground barrier and are emptying daily into the Pacific, creating what a top regulator has called a crisis. The water contains strontium and cesium, as well as tritium. The plant was already struggling to store hundreds of thousands of tons of contaminated water that flowed through the buildings housing three reactors where [three] meltdowns occurred in 2011. But the contamination in this new groundwater problem is from different sources, Tepco said. The company has admitted that it failed to respond quickly enough to the latest groundwater contamination, saying it was preoccupied with more pressing issues like cooling the damaged reactors. Tepco appears overwhelmed in dealing with what is a very serious problem, said Akio Yamamoto, a professor of nuclear engineering at Nagoya University, who serves as outside expert for the Nuclear Regulation Authority, Japans nuclear watchdog. Critics contend that the plant has emitted far more radioactive materials than it is saying, based in part on levels of contaminants discovered in the harbor, which are well above safe levels in some places. The contamination appears to be spreading, with tests last month by Tepco showing high levels of tritium and other radioactive elements like strontium starting at other locations near the two other crippled reactors.
Note: Declaring the situation an "emergency", the Japanese government has stepped in to take over control of the response from Tepco. For more on this, click here. For a National Geographic article on what you need to know about the radioactive contamination of the Pacific Ocean by the Fukushima disaster, click here. It reports that scientists have estimated that contaminated seawater could reach the West Coast of the United States in five years or less. For more on the environmental devastation of nuclear power, see the deeply revealing reports from reliable major media sources available here.
The FBI gave its informants permission to break the law at least 5,658 times in a single year, according to newly disclosed documents that show just how often the nation's top law enforcement agency enlists criminals to help it battle crime. The U.S. Justice Department ordered the FBI to begin tracking crimes by its informants more than a decade ago, after the agency admitted that its agents had allowed Boston mobster James "Whitey" Bulger to operate a brutal crime ring in exchange for information about the Mafia. The FBI submits that tally to top Justice Department officials each year, but has never before made it public. Agents authorized 15 crimes a day, on average, including everything from buying and selling illegal drugs to bribing government officials and plotting robberies. FBI officials have said in the past that permitting their informants who are often criminals themselves to break the law is an indispensable, if sometimes distasteful, part of investigating criminal organizations. USA TODAY obtained a copy of the FBI's 2011 report under the Freedom of Information Act. The report does not spell out what types of crimes its agents authorized, or how serious they were. It also did not include any information about crimes the bureau's sources were known to have committed without the government's permission. Crimes authorized by the FBI almost certainly make up a tiny fraction of the total number of offenses committed by informants for local, state and federal agencies each year.
Note: As reported in this USA Today article, the DEA and ATF don't even track crimes committed by their informants. For more on the realities of intelligence agency activities, see the deeply revealing reports from reliable major media sources available here.
It's long been suspected that ratings agencies like Moody's and Standard & Poor's helped trigger the meltdown. A new trove of embarrassing documents shows how they did it. Everybody else got plenty of blame: the greed-fattened banks, the sleeping regulators, the unscrupulous mortgage hucksters. But what about the ratings agencies? Thanks to a mountain of evidence gathered for a pair of major lawsuits by the San Diego-based law firm Robbins Geller Rudman & Dowd, ... we now know that the nation's two top ratings companies, Moody's and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash. In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked. Ratings agencies are the glue that ostensibly holds the entire financial industry together. Their primary function is to help define what's safe to buy, and what isn't. But the financial crisis happened because AAA ratings stopped being something that had to be earned and turned into something that could be paid for. The Financial Crisis Inquiry Commission published a case study in 2011 of Moody's in particular and discovered that between 2000 and 2007, the agency gave nearly 45,000 mortgage-backed securities AAA ratings. One year Moody's doled out AAA ratings to 30 mortgage-backed securities every day, 83 percent of which were ultimately downgraded. "This crisis could not have happened without the rating agencies," the commission concluded.
Note: This is another great, well researched article by Rolling Stone's Matt Taibbi. Why isn't the major media coming up with anything near the quality of this man's work? For deeply revealing reports from reliable major media sources on financial corruption, click here.
The 9/11 Consensus Panel now offers four evidence-based points about the alleged phone calls from the 9/11 flights. The famous "let's roll" drama of the passenger revolt on UA 93 was relayed by passenger Todd Beamer's 13-minute unrecorded seat-back call to GTE telephone supervisor Lisa Jefferson, who reported Beamer as strangely tranquil, declining to speak to his wife. Eerily, Beamer's line remained open for 15 minutes after the crash. Oddly, the Verizon wireless record shows that 19 calls were made from Beamer's cell phone long after the crash of UA 93. Initial media reports and FBI interviews detailed more than a dozen cell phone calls from the planes at high elevation. Yet in 2001, a telephone spokesperson stated that sustained mobile calls were not possible above 10,000 feet. During the 2006 Moussaoui Trial, the FBI (under oath) reduced the number of cell phone calls to two calls made from 5,000 feet, and presented evidence of only one (not two) "unconnected" call from Barbara Olson, lasting "0 seconds." In another twist, two other women reported that Caller-ID showed their husband's cell numbers on their answering machines, which while lasting several minutes, had been made from elevations of 25,000 and 35,000 feet. Although the FBI conducted a massive investigation into the calls, none of the telephone billing, nor any of the cell phone location data stored in standard phone company records has been publicly released.
Note: The 9/11 Consensus Panel, consisting of scientists, pilots, professors, attorneys, and journalists, has developed 32 Points of evidence contradicting specific claims made by the official account of 9/11. For many unanswered questions about 9/11 raised by highly credible former government officials and professors, click here and here. For our 9/11 Information Center filled with reliable, verifiable 9/11 resources, click here.
For more than a decade, wads of American dollars packed into suitcases, backpacks and, on occasion, plastic shopping bags have been dropped off every month or so at the offices of Afghanistans president courtesy of the Central Intelligence Agency. All told, tens of millions of dollars have flowed from the C.I.A. to the office of President Hamid Karzai, according to current and former advisers to the Afghan leader. We called it ghost money, said Khalil Roman, who served as Mr. Karzais deputy chief of staff from 2002 until 2005. It came in secret, and it left in secret. The C.I.A. ... has long been known to support some relatives and close aides of Mr. Karzai. But the new accounts of off-the-books cash delivered directly to his office show payments on a vaster scale, and with a far greater impact on everyday governing. Moreover, there is little evidence that the payments bought the influence the C.I.A. sought. Instead, some American officials said, the cash has fueled corruption and empowered warlords, undermining Washingtons exit strategy from Afghanistan. The biggest source of corruption in Afghanistan, one American official said, was the United States. Now, Mr. Karzai is seeking control over the Afghan militias raised by the C.I.A. to target ... insurgent commanders, potentially upending a critical part of the Obama administrations plans for fighting militants as conventional military forces pull back this year. But the C.I.A. has continued to pay.
Note: For deeply revealing reports from reliable major media sources on government corruption, click here.
The Denver Post, on February 15th, ran an Associated Press article entitled "Homeland Security aims to buy 1.6b rounds of ammo". It confirmed that the Department of Homeland Security has issued an open purchase order for 1.6 billion rounds of ammunition. Some of this purchase order is for hollow-point rounds, forbidden by international law for use in war, along with a frightening amount specialized for snipers. Also reported elsewhere, at the height of the Iraq War the Army was expending less than 6 million rounds a month. Therefore 1.6 billion rounds would be enough to sustain a hot war for 20+ years. DHS now is [also] showing off its acquisition of heavily armored personnel carriers, repatriated from the Iraqi and Afghani theaters of operation. The Department of Homeland Security is apparently taking delivery (apparently through the Marine Corps Systems Command, Quantico VA, via the manufacturer Navistar Defense LLC) of an undetermined number of [recently retrofitted] Mine Resistant Protected MaxxPro MRAP vehicles for service on the streets of the United States. Why would they need such over-the-top vehicles on U.S. streets to withstand IEDs, mine blasts, and 50 caliber hits to bullet-proof glass? In a war zone yes, definitely. [But] on the streets of America?
Note: For a U.S. Army field manual titled "Internment and Resettlement Operations" (FM 3-39.40) describing how large numbers of American citizens could be sent to internment camps if involved in "terrorist" activities, click here. The introduction to this document states, "Commanders will use technology and conduct police intelligence operations to influence and control populations, evacuate detainees and, conclusively, transition rehabilitative and reconciliation operations to other functional agencies." For a disturbing report on the massive expansion of drones over US skies, click here.
The newly disclosed white paper offering a legal reasoning behind the claim that President Obama has the power to order the killing of American citizens ... coyly describes another, classified document ... that actually provided the legal justification for ordering the killing of American citizens. That document still has not been provided to Congress, despite repeated demands from lawmakers. According to the white paper, the Constitution and the Congressional authorization for the use of force after the attacks of Sept. 11, 2001, gave Mr. Obama the right to kill any American citizen that an informed, high-level official decides is a senior operational leader of Al Qaeda or an associated force and presents an imminent threat of violent attack. It never tries to define what an informed, high-level official might be, and the authors of the memo seem to have redefined the word imminent in a way that diverges sharply from its customary meaning. It takes the position that the only oversight needed for such a decision resides within the executive branch, and there is no need to explain the judgment to Congress, the courts or the public or, indeed, to even acknowledge that the killing took place. The paper argues that judges and Congress dont have the right to rule on or interfere with decisions made in the heat of combat. The white paper is a confusing blend of self-defense and law of war concepts said Kate Martin, director of the Center for National Security Studies. Its due process analysis is especially weak.
Note: To read the entire 'white paper' on drone strikes on Americans, click here. For a more detailed analysis by a distinguished lawyer, click here. What this means is that if the president doesn't like someone and deems him an imminent threat, he can have that person killed and legally keep it all a secret. Is America drifting towards a police state?
Are police officers necessarily more trustworthy than alleged criminals? The police have a special inclination toward confabulation ... because, disturbingly, they have an incentive to lie. In this era of mass incarceration, the police shouldnt be trusted any more than any other witness, perhaps less so. That may sound harsh, but numerous law enforcement officials have put the matter more bluntly. Peter Keane, a former San Francisco Police commissioner, wrote [that] Police officer perjury in court to justify illegal dope searches is commonplace. One of the dirty little not-so-secret secrets of the criminal justice system is undercover narcotics officers intentionally lying under oath. It is a perversion of the American justice system that strikes directly at the rule of law. Yet it is the routine way of doing business in courtrooms everywhere in America. The New York City Police Department is not exempt from this critique. New York City officers have been found to engage in patterns of deceit in cases involving charges as minor as trespass. Jeannette Rucker, the chief of arraignments for the Bronx district attorney, explained in a letter that it had become apparent that the police were arresting people even when there was convincing evidence that they were innocent. To justify the arrests, Ms. Rucker claimed, police officers provided false written statements, and in depositions, the arresting officers gave false testimony.
Note: For deeply revealing reports from reliable major media sources on police and prisons corruption, click here.
In October, the Washington Post's Greg Miller reported that the administration was instituting a "disposition matrix" to determine how terrorism suspects will be disposed of, all based on this fact: "among senior Obama administration officials, there is broad consensus that such operations are likely to be extended at least another decade." As Miller puts it: "That timeline suggests that the United States has reached only the midpoint of what was once known as the global war on terrorism." The polices adopted by the Obama administration ... leave no doubt that they are accelerating, not winding down, the war apparatus that has been relentlessly strengthened over the last decade. In the name of the War on Terror, the current president has diluted decades-old Miranda warnings; codified a new scheme of indefinite detention on US soil; plotted to relocate Guantanamo to Illinois; increased secrecy, repression and release-restrictions at the camp; minted a new theory of presidential assassination powers even for US citizens; renewed the Bush/Cheney warrantless eavesdropping framework for another five years, as well as the Patriot Act, without a single reform; and just signed into law all new restrictions on the release of indefinitely held detainees. Does that sound to you like a government anticipating the end of the War on Terror any time soon? Or does it sound like one working feverishly to make their terrorism-justified powers of detention, surveillance, killing and secrecy permanent? There's a good reason US officials are assuming the "War on Terror" will persist indefinitely: namely, their actions ensure that this occurs.
Note: For deeply revealing reports from reliable major media sources on the War on Terror, click here.
New documents prove what was once dismissed as paranoid fantasy: totally integrated corporate-state repression of dissent. It was more sophisticated than we had imagined: new documents show that the violent crackdown on Occupy last fall so mystifying at the time was not just coordinated at the level of the FBI, the Department of Homeland Security, and local police. The crackdown, which involved, as you may recall, violent arrests, group disruption, canister missiles to the skulls of protesters, people held in handcuffs so tight they were injured, people held in bondage till they were forced to wet or soil themselves was coordinated with the big banks themselves. The Partnership for Civil Justice Fund, in a groundbreaking scoop that should once more shame major US media outlets (why are nonprofits now some of the only entities in America left breaking major civil liberties news?), filed this request. The document reproduced here in an easily searchable format shows a terrifying network of coordinated DHS, FBI, police, regional fusion center, and private-sector activity so completely merged into one another that the monstrous whole is, in fact, one entity: in some cases, bearing a single name, the Domestic Security Alliance Council. And it reveals this merged entity to have one centrally planned, locally executed mission. The documents, in short, show the cops and DHS working for and with banks to target, arrest, and politically disable peaceful American citizens.
Note: For analysis of these amazing documents revealing the use of joint government and corporate counterterrorism structures against peaceful protestors of financial corruption, click here and here. For a Democracy Now! video segment on this, click here.
The US is the world's largest prison state, imprisoning more of its citizens than any nation on earth, both in absolute numbers and proportionally. It imprisons people for longer periods of time, more mercilessly, and for more trivial transgressions than any nation in the west. This sprawling penal state has been constructed over decades, by both political parties, and it punishes the poor and racial minorities at overwhelmingly disproportionate rates. But not everyone is subjected to that system of penal harshness. It all changes radically when the nation's most powerful actors are caught breaking the law. With few exceptions, they are gifted not merely with leniency, but full-scale immunity from criminal punishment. Thus have the most egregious crimes of the last decade been fully shielded from prosecution when committed by those with the greatest political and economic power: the construction of a worldwide torture regime, spying on Americans' communications without the warrants required by criminal law by government agencies and the telecom industry, an aggressive war launched on false pretenses, and massive, systemic financial fraud in the banking and credit industry that triggered the 2008 financial crisis. This two-tiered justice system was the subject of [the] book, With Liberty and Justice for Some. On Tuesday, not only did the US Justice Department announce that HSBC would not be criminally prosecuted, but outright claimed that the reason is that they are too important, too instrumental to subject them to such disruptions.
Note: For deeply revealing reports from reliable major media sources on government corruption, click here.
On 20 November, district court Judge David D Dowd Jr sentenced three anarchists with the Occupy Cleveland movement to prison terms ranging from 8 to 11.5 years for attempting to bomb a highway bridge last spring. Shaquille Azir, a paid FBI informant with a 20-year criminal record, facilitated every step in the plot. Azir molded the five's childish bravado and drunken fantasies into terrorism. He played father figure to the lost men, providing them with jobs, housing, beer and drugs. Every time the scheme threatened to collapse into gutterpunk chaos, he kept it on track. FBI tapes reveal Azir led the brainstorming of targets, showed them bridges to case out, pushed them to buy C-4 military-grade explosives, provided the contact for weapons, gave them money for the explosives and demanded they develop a plan because "we on the hook" for the weapons. This case could have put on trial the post-September 11 strategy of "preventative prosecution", in which the FBI dispatches provocateurs to infiltrate targeted religious and political groups to see what they can stir up. Anarchists are inherently suspect. A recent FBI document calls anarchists "criminals seeking an ideology to justify their activities." Pardiss Kebriaei, a senior attorney specializing in national security at the Center for Constitutional Rights, claims standard operating procedure in terror cases "starts with surveillance and profiling on the basis of religion, politics and national origin". She notes parallels between the Cleveland anarchists and the "Newburgh Four", named for the upstate New York town in which the plot was hatched.
Note: For information on how to contact Brandon Baxter, Joshua Stafford, Connor Stevens and Douglas Wright, see cleveland4solidarity.org. For the Newburgh Four, see projectsalam.org For deeply revealing reports from reliable major media sources on entrapment operations and other manipulations by the FBI and intelligence agencies, click here.
When the people of Greece saw their democratically elected Prime Minister George Papandreou forced out of office in November of 2011 and replaced by an unelected Conservative technocrat, Lucas Papademos, most were unaware of the bigger picture of what was happening. Most of us in the United States were [equally] ignorant when, in 2008, [Congress] voted yes at the behest of Bush's Treasury Secretary Henry Paulsen and jammed through the biggest bailout of Wall Street in our nations history. But now, as the Bank of England ... announces that former investment banker Mark Carney will be its new chief, we cant afford to ignore whats happening around the world. Steadily and stealthily Goldman Sachs is carrying out a global coup detat. Theres one tie that binds Lucas Papademos in Greece, Henry Paulsen [and Timothy Geithner] in the United States, and Mark Carney in the U.K., and thats Goldman Sachs. All were former bankers and executives at the Wall Street giant, all assumed prominent positions of power, and all played a hand after the global financial meltdown of 2007-08, thus making sure Goldman Sachs weathered the storm and made significant profits in the process. As Europe descends [into] economic crisis, Goldman Sachs's people are managing the demise of the continent. As the British newspaper The Independent reported earlier this year, the Conservative technocrats currently steering or who have steered post-crash fiscal policy in Greece, Germany, Italy, Belgium, France, and now the UK, all hail from Goldman Sachs. In fact, the head of the European Central Bank itself, Mario Draghi, was the former managing director of Goldman Sachs International.
Note: Once again truth-out.org carries this important article and vital information which no major media has covered. Strangely, the entire website went down for a while not long after the article was published. If the article cannot be found at the link above, click here. For deeply revealing reports from reliable major media sources on financial corruption, click here.
A paid informant for the New York Police Department's intelligence unit was under orders to "bait" Muslims into saying inflammatory things as he lived a double life, snapping pictures inside mosques and collecting the names of innocent people attending study groups on Islam. Shamiur Rahman, a 19-year-old American of Bangladeshi descent who has now denounced his work as an informant, said police told him to embrace a strategy called "create and capture." He said it involved creating a conversation about jihad or terrorism, then capturing the response to send to the NYPD. For his work, he earned as much as $1,000 a month and goodwill from the police after a string of minor marijuana arrests. Rahman's account shows how the NYPD unleashed informants on Muslim neighborhoods, often without specific targets or criminal leads. Much of what Rahman said represents a tactic the NYPD has denied using. The AP corroborated Rahman's account through arrest records and weeks of text messages between Rahman and his police handler. Informants like Rahman are a central component of the NYPD's wide-ranging programs to monitor life in Muslim neighborhoods since the 2001 terrorist attacks. Police officers have eavesdropped inside Muslim businesses, trained video cameras on mosques and collected license plates of worshippers. Informants who trawl the mosques known informally as "mosque crawlers" tell police what the imam says at sermons and provide police lists of attendees, even when there's no evidence they committed a crime. The programs were built with unprecedented help from the CIA.
Note: For deeply revealing reports from reliable major media sources on the games intelligence agencies and units play, click here.
It was perhaps the most famous presidential briefing in history. On Aug. 6, 2001, President George W. Bush received a classified review of the threats posed by Osama bin Laden and his terrorist network, Al Qaeda. That mornings presidential daily brief the top-secret document prepared by Americas intelligence agencies featured the now-infamous heading: Bin Laden Determined to Strike in U.S. On April 10, 2004, the Bush White House declassified that daily brief and only that daily brief in response to pressure from the 9/11 Commission. [But] the Aug. 6 document, for all of the controversy it provoked, is not nearly as shocking as the briefs that came before it. The direct warnings to Mr. Bush about the possibility of a Qaeda attack began in the spring of 2001. By May 1, the Central Intelligence Agency told the White House of a report that a group presently in the United States was planning a terrorist operation. Weeks later, on June 22, the daily brief reported that Qaeda strikes could be imminent, although intelligence suggested the time frame was flexible. Operatives connected to Bin Laden, one [warning] reported on June 29, expected the planned near-term attacks to have dramatic consequences, including major casualties. Yet, the White House failed to take significant action. In the aftermath of 9/11, Bush officials attempted to deflect criticism that they had ignored C.I.A. warnings by saying they had not been told when and where the attack would occur.
Note: For many revealing reports from major media sources on 9/11, click here.
The rightwing transparency group, Judicial Watch, released [on August 28] a new batch of documents showing how eagerly the Obama administration shoveled information to Hollywood film-makers about the Bin Laden raid. Obama officials did so to enable the production of a politically beneficial pre-election film about that "heroic" killing, even as administration lawyers insisted to federal courts and media outlets that no disclosure was permissible because the raid was classified. The newly released emails [were] between Mark Mazzetti, the New York Times's national security and intelligence reporter, and CIA spokeswoman Marie Harf. The CIA had evidently heard that [NY Times columnist] Maureen Dowd was planning to write a column on the CIA's role in pumping the film-makers with information about the Bin Laden raid in order to boost Obama's re-election chances, and was apparently worried about how Dowd's column would reflect on them. This exchange ... is remarkably revealing of the standard role played by establishment journalists and the corruption that pervades it. Here we have a New York Times reporter who covers the CIA colluding with its spokesperson to plan for the fallout from the reporting by his own newspaper ("nothing to worry about"). Beyond this, that a New York Times journalist ostensibly devoted to bringing transparency to government institutions is pleading with the CIA spokesperson, of all people, to conceal his actions and to delete the evidence of collusion is so richly symbolic.
Note: For deeply revealing reports from reliable sources on corruption in the major media, click here.
Regulators on both sides of the Atlantic failed to act on clear warnings that the Libor interest rate was being falsely reported by banks during the financial crisis, it emerged last night. A cache of documents released yesterday by the New York Federal Reserve showed that US officials had evidence from April 2008 that Barclays was knowingly posting false reports about the rate at which it could borrow in order to assuage market concerns about its solvency. An unnamed Barclays employee told a New York Fed analyst, Fabiola Ravazzolo, on 11 April 2008: "So we know that we're not posting, um, an honest Libor." He said Barclays started under-reporting Libor because graphs showing the relatively high rates at which the bank had to borrow attracted "unwanted attention" and the "share price went down". The verbatim note of the call released by the Fed represents the starkest evidence yet that Libor-fiddling was discussed in high regulatory circles years before Barclays' recent 290m fine. The New York Fed said that, immediately after the call, Ms Ravazzolo informed her superiors of the information, who then passed on her concerns to Tim Geithner, who was head of the New York Fed at the time. Mr Geithner investigated and drew up a six-point proposal for ensuring the integrity of Libor which he presented to the British Bankers Association, which is responsible for producing the Libor rate daily. Mr Geithner, who is now US Treasury Secretary, also forwarded the six-point plan to the Governor of the Bank of England, Sir Mervyn King.
Note: For deeply revealing reports from reliable major media sources on regulatory and financial corruption and criminality, click here. For our highly revealing Banking Corruption Information Center, click here.
Motorists may have been paying too much for their petrol because banks and other traders are likely to have tried to manipulate oil prices in the same way they rigged interest rates, an official report has warned. Concerns are growing about the reliability of oil prices, after a report for the G20 found the market is wide open to manipulation or distortion. Traders from banks, oil companies or hedge funds have an incentive to distort the market and are likely to try to report false prices, it said. Petrol retailers use oil price benchmarks to decide how much to pay for future supplies. The rate is calculated by data companies based on submissions from firms which trade oil on a daily basis such as banks, hedge funds and energy companies. However, like Libor ... the market is unregulated and relies on the honesty of the firms to submit accurate data about all their trades. This is one of the major concerns raised in the G20 report, published last month by the International Organisation of Securities Commissions (IOSCO). In the study for global finance ministers, including George Osborne, the regulator warns that traders have opportunities to influence oil prices for their own profit. It points out that the whole market is voluntary, meaning banks and energy companies can choose which trades to make public. IOSCO says this creates opportunity for a trader to submit a partial picture in order to influence the [price] to the traders advantage.
Note: For deeply revealing reports from reliable major media sources on regulatory and financial corruption and criminality, click here.
A scandal over the rigging of key interest rates could plunge the global banking industry into a legal morass for years, analysts said. The head of the Bank of England said there needed to be "real change" in the industry's culture. Referring to what he called the "deceitful manipulation" of rates, Mervyn King told a news conference [that] the London Interbank Offer Rate (LIBOR) should be reformed to reflect actual market transactions. U.S. and British authorities fined Barclays $453 million on Wednesday for manipulating LIBOR, which underpins some $360 trillion of loans and financial contracts around the world - and analysts forecast more banks would soon be named for collusion. Others predicted Barclays and other banks could face billions in costs from litigation, especially in the United States, in much the same way that oil major BP ran into drawn-out legal rows over its oil spill. Barclays was the first bank to settle in an investigation which is looking at other large financial institutions in Europe, Japan and North America.
Note: This article states that LIBOR underpins some $360 trillion of loans and financial contracts around the world. That's $50,000 for every man, woman, and child on this planet. And it is being hugely manipulated. For more vitally important information on this, learn about the huge amounts of derivatives being manipulated at this link and explore the excellent, reliable information in our Banking Corruption Information Center available here.
Louisiana is the worlds prison capital. The state imprisons more of its people, per head, than any of its U.S. counterparts. First among Americans means first in the world. Louisianas incarceration rate is nearly triple Irans, seven times Chinas and 10 times Germanys. That paragraph opens a devastating eight-part series published this month by The Times-Picayune of New Orleans about how the states largely private prison system profits from high incarceration rates and tough sentencing, and how many with the power to curtail the system actually have a financial incentive to perpetuate it. The picture that emerges is one of convicts as chattel and a legal system essentially based on human commodification. One in 86 Louisiana adults is in the prison system, which is nearly double the national average. More than 50 percent of Louisianas inmates are in local prisons, which is more than any other state. The national average is 5 percent. Louisiana leads the nation in the percentage of its prisoners serving life without parole. Nearly two-thirds of Louisianas prisoners are nonviolent offenders. The national average is less than half. In the early 1990s, the state was under a federal court order to reduce overcrowding, but instead of releasing prisoners or loosening sentencing guidelines, the state incentivized the building of private prisons. But, in what the newspaper called a uniquely Louisiana twist, most of the prison entrepreneurs were actually rural sheriffs. They saw a way to make a profit and did.
Note: To read the powerful 8-part investigation of the Louisiana prison system from the New Orleans Times-Picayune, click here. For more on the cruelty and corruption of the prison-industrial complex, click here.
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