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Case Dismissed?
2007-09-20, Newsweek
http://www.msnbc.msn.com/id/20884696/site/newsweek/from/ET/

The nation’s biggest telecommunications companies, working closely with the White House, have mounted a secretive lobbying campaign to get Congress to quickly approve a measure wiping out all private lawsuits against them for assisting the U.S. intelligence community’s warrantless surveillance programs. The campaign — which involves some of Washington's most prominent lobbying and law firms — has taken on new urgency in recent weeks because of fears that a U.S. appellate court in San Francisco is poised to rule that the lawsuits should be allowed to proceed. If that happens, the telecom companies say, they may be forced to terminate their cooperation with the U.S. intelligence community — or risk potentially crippling damage awards for allegedly turning over personal information about their customers to the government without a judicial warrant. But critics say the language proposed by the White House — drafted in close cooperation with the industry officials — is so extraordinarily broad that it would provide retroactive immunity for all past telecom actions related to the surveillance program. Its practical effect, they argue, would be to shut down any independent judicial or state inquires into how the companies have assisted the government in eavesdropping on the telephone calls and e-mails of U.S. residents in the aftermath of the September 11 terror attacks. “It’s clear the goal is to kill our case," said Cindy Cohn, legal director of the Electronic Frontier Foundation, [which] filed the main lawsuit against the telecoms after The New York Times first disclosed, in December 2005, that President Bush had approved a secret program to monitor the phone conversations of U.S. residents without first seeking judicial warrants. “I find it a little shocking that Congress would participate in the covering up of what has been going on," added Cohn.

China Enacting a High-Tech Plan to Track People
2007-08-12, New York Times
http://www.nytimes.com/2007/08/12/business/worldbusiness/12security.html?ex=1...

At least 20,000 police surveillance cameras are being installed along streets here [in Shenzhen] in southern China and will soon be guided by sophisticated computer software from an American-financed company to recognize automatically the faces of police suspects and detect unusual activity. Starting this month in a port neighborhood and then spreading across Shenzhen, a city of 12.4 million people, residency cards fitted with powerful computer chips programmed by the same company will be issued to most citizens. Data on the chip will include not just the citizen’s name and address but also work history, educational background, religion, ethnicity, police record, medical insurance status and landlord’s phone number. Even personal reproductive history will be included, for enforcement of China’s controversial “one child” policy. Plans are being studied to add credit histories, subway travel payments and small purchases charged to the card. Security experts describe China’s plans as the world’s largest effort to meld cutting-edge computer technology with police work to track the activities of a population. But they say the technology can be used to violate civil rights. “We have a very good relationship with U.S. companies like I.B.M., Cisco, H.P., Dell,” said Robin Huang, the chief operating officer of China Public Security. “All of these U.S. companies work with us to build our system together.” The role of American companies in helping Chinese security forces has periodically been controversial in the United States. Executives from Yahoo, Google, Microsoft and Cisco Systems testified in February 2006 at a Congressional hearing called to review whether they had deliberately designed their systems to help the Chinese state muzzle dissidents on the Internet; they denied having done so.

U.S. dropped Enron-like fraud probe
2007-07-23, Sacramento Bee (Leading newspaper of California's capital city)
http://www.sacbee.com/101/story/286713.html

Two years into a fraud investigation, veteran federal prosecutor David Maguire told colleagues he'd uncovered one of the biggest cases of his career. Maguire described crimes "far worse" than those of Arthur Andersen, the accounting giant that collapsed in the wake of the Enron scandal. Among those in his sights: executives from a subsidiary of Berkshire Hathaway, the investment empire overseen by billionaire Warren Buffett. In May 2006, he felt strongly enough about his case that he prepared a draft indictment accusing executives from a Virginia insurer, Reciprocal of America, of concocting a series of secret deals to hide its losses from regulators. Although he didn't name anyone from Berkshire Hathaway's subsidiary, he described the company as a participant in the scheme. But Maguire never brought those charges. Months after preparing the draft, he was removed as the lead prosecutor on the case and reassigned. His replacement, a prosecutor who hadn't been involved in the case until then, soon announced that the Berkshire Hathaway subsidiary, General Reinsurance, would not be indicted. By April of this year, the entire investigation ... had fizzled. Former employees and policyholders of the Richmond-based insurer were astounded. Why had the Justice Department spent upward of $2 million to investigate the case only to decline to prosecute? Maguire and his team of investigators had secured two related guilty pleas, interviewed dozens of witnesses and gathered 7,000 boxes of documents. Tom Gober, a certified fraud examiner who worked on the case ... concluded that the Justice Department had buckled under pressure from defense lawyers. "It just stinks," he said. "You don't come in out of nowhere and in no time kill three years of sophisticated effort."

AAA wants gas-price inquiry
2007-05-16, The San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/05/16/BUGVAPRFRQ1.DTL

AAA asked the U.S. Senate Tuesday to investigate why oil companies are making huge profits at a time when glitches at gas refineries have caused pump prices to soar. "We are concerned about the number and frequency of refinery outages this year in light of the large profits the industry has been reporting," AAA Public Affairs Director Geoff Sundstrom told the Senate Committee on Energy and Natural Resources. "AAA doesn't know why refiners appear to be failing at this task, but we do think it would be worth the committee's time and trouble to find out." Sundstrom spoke at a Senate hearing at which lawmakers asked energy experts to explain the spell of unplanned refinery shutdowns that have thrown gas supplies into disarray from coast to coast, boosting average pump prices to a record $3.09 per gallon in the United States. California Energy Commission spokesman Bob Aldrich said his agency does not investigate the industry but does track its practices. This year the big story was a series of glitches in the annual switchover from winter gas to a differently formulated summer gas. Tom Kloza, publisher of the Oil Price Information Service ... said the surprise this year was that refineries outside California also had unplanned problems with their normal spring maintenance. "I did not think we'd see the same downtime elsewhere in the country," he said. Sean Comey, spokesman for AAA of Northern California, said the gas refining business is unusual because it seems that even when production goes down, prices and profits go up. "When most industries have production problems, profits suffer as a result," he said.

New fears over additives in children's food
2007-05-08, The Guardian
http://www.guardian.co.uk/frontpage/story/0,,2074349,00.html

Food safety experts have advised parents to eliminate a series of additives from their children's diet while they await the publication of a new study that is understood to link these ingredients to behaviour problems in youngsters. The latest scientific research into the effect of food additives on children's behaviour is thought to raise fresh doubts about the safety of controversial food colourings and a preservative widely used in sweets, drinks and processed foods. It will be several months before the results are published, despite the importance of the findings for children's health. Researchers at Southampton University have tested combinations of synthetic colourings and preservative that an average child might consume in a day to measure what effect they had on behaviour. A source at the university [said] their results supported findings first made seven years ago that linked the additives to behavioural problems, such as temper tantrums, poor concentration and hyperactivity, and to allergic reactions. Independent experts say that consumers should consider removing these additives from their children's diets now. Dr Alex Richardson, the director of Food and Behaviour Research and senior research scientist at Oxford University, said: "There are well-documented potential risks from these additives. In my view the researchers had done an excellent piece of work first time round and there was enough evidence to act. If this new study essentially replicates that, what more evidence do they need to remove these additives from children's food and drink?"

Note: For how drug companies collude with government to suppress this kind of information, click here.

Nicotine boost was deliberate, study says
2007-01-18, Boston Globe
http://www.boston.com/news/local/articles/2007/01/18/nicotine_boost_was_delib...

Data supplied by tobacco companies strongly suggest that in recent years manufacturers deliberately boosted nicotine levels in cigarettes to more effectively hook smokers, Harvard researchers conclude in a study being released today. The companies increasingly used tobacco richer in nicotine and made design changes to give smokers more puffs per cigarette, according to the analysis from the Harvard School of Public Health. The report expands on a landmark Massachusetts Department of Public Health study issued last August showing that the amount of nicotine that could be inhaled from cigarettes increased an average of 10 percent from 1998 through 2004. A 1996 state law required cigarette makers to test the nicotine that could be inhaled from their products, and the state ordered the use of machines that simulate a typical smoker's puffing. The Harvard researchers, who corroborated the basic findings of the state study, wanted to determine why cigarettes were delivering more nicotine. "Industry says it's changed," said Greg Connolly, an author of the Harvard study. "They've changed -- maybe for the worse." The Harvard study relies on information supplied by the industry. "It was systematic, it was pervasive, it involved all the manufacturers, and it was by design," said Dr. Howard Koh, an associate dean at the Harvard School of Public Health and an author of the study. Another author said that the likelihood that the nicotine increase happened by chance was less than 1 in 1,000.

CEOs earn 262 times pay of average worker
2006-06-21, ABC News/Reuters
http://abcnews.go.com/US/wireStory?id=2104151

Chief executive officers in the United States earned 262 times the pay of an average worker in 2005. In fact, a CEO earned more in one workday than an average worker earned in 52 weeks, said the Economic Policy Institute in Washington, D.C. The typical worker's compensation averaged just under $42,000 for the year, while the average CEO brought home almost $11 million. In 1965, U.S. CEOs at major companies earned 24 times a worker's pay. In recent years, compensation has been a hot issue with shareholders who have been bombarded with news stories about chief executives who are given multimillion dollar bonus and pay packages even if shares have declined. The chief executives of 11 of the largest companies were awarded a total of $865 million in pay in the last two years, even as they presided over a total loss of $640 billion in shareholder value, a recent study from governance firm the Corporate Library, found.

Donations tie drug firms and nonprofits
2006-05-28, Philadelphia Inquirer (Philadelphia's leading newspaper)
http://www.philly.com/mld/inquirer/living/health/14687073.htm

The American Diabetes Association...privately enlisted an Eli Lilly & Co. executive to chart its growth strategy. The National Alliance on Mental Illness...lobbies for treatment programs that also benefit its drug-company donors. The National Gaucher Foundation...gets nearly all its revenue from one drugmaker, Genzyme Corp. Many patient groups and drug companies maintain close, multimillion-dollar relationships while disclosing limited or no details about the ties. An Inquirer examination of six groups, each a leading advocate for patients in a disease area, found that the groups rarely disclose such ties when commenting or lobbying about donors' drugs. Combined, the six received at least $29 million from drug companies last year. The amount ranged from 2 percent to 7 percent of revenue at the Arthritis Foundation, to 89 percent to 91 percent at the much smaller National Gaucher Foundation. The funding usually comes from the companies' marketing or sales divisions, not charity offices. Grants often rise with promotional spending as a drug hits the market and fall when sales ebb. Donations from Merck and Pfizer Inc. to the Arthritis Foundation more than doubled, to at least $1.65 million combined, in 2000 as they launched Vioxx and Celebrex. Merck explicitly wove the foundation into sales strategies. In 2000-2001, the American Diabetes Association did not disclose an unusual gift from Lilly: a lent executive, Emerson "Randy" Hall Jr., who moved into its Alexandria, Va., headquarters and coached it on growth strategies, all paid by Lilly.

Note: If you want to understand how the huge pharmaceutical industry influences what you know about their drugs, this article is a must read. You may first want to read a riveting two-page summary of an exposé by the former editor-in-chief of the New England Journal of Medicine, who details major collusion and corruption in the pharmaceutical industry at http://www.WantToKnow.info/healthcoverup

U.S. corporations are sitting on huge stockpiles of cash
2006-05-28, Seattle Post-Intelligencer/Associated Press
http://seattlepi.nwsource.com/business/271828_market27.html

Imagine the dilemma of having so much cash in your bank account that you didn't know what to do with it. This pipe dream for the average American is now reality for the country's biggest corporations. The industrial companies that make up the Standard & Poor's 500 index...have a staggering $643 billion in cash and equivalents. "We're in a time that is out of whack with all historical numbers," said Howard Silverblatt, equity market analyst at Standard & Poor's. "People are demanding why corporations need so much cash, what are they going to do with it?" Companies began propping up their reserves through 16 straight quarters of double-digit profit growth. Leading the pack with the most cash is Exxon Mobil Corp., which has about $36.55 billion on its balance sheet. That amount is nearly equal to its 2005 profit of $36.13 billion, the highest ever for a U.S. company. Some results of the cash riches: An unprecedented $500 billion of stock buybacks. Last year, ExxonMobil spent $18.2 billion buying its shares. One of the biggest avenues in which companies have spent this excess money has been through mergers and acquisitions. Some 75.4 percent of all deals under $1 billion so far this year were done purely with cash.

Note: A Google search reveals that though this Associated Press article was widely picked up by medium-sized newspapers in the U.S., none of the top 10 papers picked it up. The Seattle newspaper above also removed the word "huge" from the title after it was published. $36 billion means that more than $100 for every man, woman, and child in the U.S. went into ExxonMobil profits last year, and another $100 for each person went into their cash reserves. If ExxonMobil and other oil companies have so much extra cash, why are gas prices so high? It's also quite interesting that the advertisements of these mega-corporations continually invite us to go into debt buying their products, while their profits and cash reserves grow ever higher.

A case for conspiracy theorists
2006-05-12, Newsweek
http://msnbc.msn.com/id/12759539/site/newsweek/

Is there a case for conspiracy theories about 9/11 and the Iraq war? About 10 minutes into the ultra-low-budget documentary 'Loose Change,' now making its way around the Internet, that late, great genius of addled truth-telling, Hunter S. Thompson, is heard giving his gonzo opinion of the way the American press behaved after 9/11. "Well, let's see, 'shamefully' is the word that comes to mind," he says. The kernel of truth in all the conspiracy theories is that the Bush administration's biggest supporters and closest political allies have benefited mightily from its policy of open-ended war. Halliburton, Vice President Dick Cheney's old company -- which is all about both oil and defense -- has seen its stock rise from about $12 a share to about $80 a share under this administration. ExxonMobil, which has contributed mightily to the Republican Party, has seen its stock soar from about $32 to $64 since Bush took office. Share prices in both companies, and in their industries, were plunging before the Bush administration came to office in early 2001. 'Loose Change' doesn't present a plausible case for conspiracy, only a collection of innuendoes. But the invasion of Iraq, well, that's a rather different matter. As a whole raft of books by former members of the administration, Bush admirers and outside analysts have established over the last couple of years, the president and vice president were hell-bent on toppling Saddam Hussein even before September 2001.

Note: Though the author belittles 'Loose Change,' he also makes some great points and alerts people to the fact that this free documentary has gained wide popularity.

You've got to find what you love [by Apple co-founder Steve Jobs]
2005-06-15, Stanford Report of Stanford University
http://news-service.stanford.edu/news/2005/june15/jobs-061505.html

I am honored to be with you today at your commencement from one of the finest universities in the world. I never graduated from college. This is the closest I've ever gotten to a college graduation. I dropped out of Reed College after the first 6 months. If I had never dropped out, I would have never dropped in on this calligraphy class, and personal computers might not have the wonderful typography that they do. You have to trust in something — your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life. I was lucky — I found what I loved to do early in life. Woz and I started Apple in my parents garage when I was 20. We worked hard, and in 10 years Apple had grown from just the two of us in a garage into a $2 billion company with over 4000 employees. We had just released our finest creation — the Macintosh — a year earlier, and I had just turned 30. And then I got fired. I didn't see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life. During the next five years, I started a company named NeXT, another company named Pixar, and fell in love with an amazing woman who would become my wife. Sometimes life hits you in the head with a brick. Don't lose faith. I'm convinced that the only thing that kept me going was that I loved what I did. You've got to find what you love. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.

Note: The full speech (available at the link above) is highly inspiring. For some excellent ideas on how to find what you love and develop the courage to follow your heart and intuition, click here.

A Serious Drug Problem
2005-05-06, New York Times
http://www.nytimes.com/2005/05/06/opinion/06krugman.html

Note: The following is the New York Times website's abstract of this article, which is a very good summary.

2003 Medicare bill is object lesson in how special interests hold America's health care system hostage; says law subsidizes private health plans, which have repeatedly failed to deliver promised cost savings, and creates unnecessary layer of middlemen by requiring that drug benefit be administered by private insurers; says it specifically prohibits Medicare from using its purchasing power to negotiate lower drug prices; notes that Rep Billy Tauzin, who shepherded drug bill through Congress, now heads all-powerful drug-industry lobbying group, and Thomas Scully, former Medicare administrator, negotiated for future health industry lobbying job at same time he was pushing drug bill; calls Medicare bill corrupt deal created by corrupt system.

Secret US plans for Iraq's oil
2005-03-17, BBC
http://news.bbc.co.uk/1/hi/programmes/newsnight/4354269.stm

The Bush administration made plans for war and for Iraq's oil before the 9/11 attacks, sparking a policy battle between neo-cons and Big Oil. Two years ago today - when President George Bush announced US, British and Allied forces would begin to bomb Baghdad - protesters claimed the US had a secret plan for Iraq's oil once Saddam had been conquered. In fact there were two conflicting plans, setting off a hidden policy war between neo-conservatives at the Pentagon, on one side, versus a combination of "Big Oil" executives and US State Department "pragmatists". "Big Oil" appears to have won. The latest plan [was] drafted with the help of American oil industry consultants. Insiders told Newsnight that planning began "within weeks" of Bush's first taking office in 2001, long before the September 11th attack on the US. The industry-favoured plan was pushed aside by a secret plan, drafted just before the invasion in 2003, which called for the sell-off of all of Iraq's oil fields. The new plan was crafted by neo-conservatives intent on using Iraq's oil to destroy the Opec cartel. Philip Carroll, the former CEO of Shell Oil USA who took control of Iraq's oil production for the US Government a month after the invasion, stalled the sell-off scheme. Mr Carroll told us he made it clear to Paul Bremer, the US occupation chief who arrived in Iraq in May 2003, that: "There was to be no privatisation of Iraqi oil resources or facilities while I was involved." Formerly US Secretary of State, [James] Baker is now an attorney representing Exxon-Mobil and the Saudi Arabian government.

"Capitalism is evil", says new Michael Moore film
2009-09-06, Calgary Herald/Reuters
http://www.calgaryherald.com/news/Capitalism+evil+says+Michael+Moore+film/196...

Capitalism is evil. That is the conclusion U.S. documentary maker Michael Moore comes to in his latest movie "Capitalism: A Love Story", which [premiered] at the Venice film festival on Sunday. Blending his trademark humour with tragic individual stories, archive footage and publicity stunts, the 55-year-old launches an all out attack on the capitalist system, arguing that it benefits the rich and condemns millions to poverty. "Capitalism is an evil, and you cannot regulate evil," the two-hour movie concludes. "You have to eliminate it and replace it with something that is good for all people and that something is democracy." The bad guys in Moore's mind are big banks and hedge funds which "gambled" investors' money in complex derivatives that few, if any, really understood and which belonged in the casino. The filmmaker also sees an uncomfortably close relationship between banks, politicians and U.S. Treasury officials, meaning that regulation has been changed to favour the few on Wall Street rather than the many on Main Street. He says that by encouraging Americans to borrow against the value of their homes, businesses created the conditions that led to the crisis, and with it homelessness and unemployment. Moore even features priests who say capitalism is anti-Christian by failing to protect the poor.

Note: For a treasure trove of reports from reliable sources on the realities of the Wall Street bailout, click here.

Pandemic flu shows need for pharma incentives: WHO
2009-07-14, Reuters News
http://www.reuters.com/article/healthNews/idUSTRE56D1XM20090714

Pharmaceutical firms need incentives, including lucrative patents, to keep creating drugs and vaccines against emergent threats such as the H1N1 influenza pandemic, the World Health Organization's head said on Tuesday. "Progress in public health depends on innovation. Some of the greatest strides forward for health have followed the development and introduction of new medicines and vaccines," said WHO Director-General Margaret Chan said. Chan, who last month declared a full pandemic underway from the H1N1 virus, said that patents can help ensure that companies develop medicines to "stay ahead of the development of drug resistance" in diseases like malaria and tuberculosis. The discovery of isolated H1N1 infections that resist the anti-viral Tamiflu, made by Roche and Gilead, and the global scramble to secure flu vaccines have shown the importance of robust research and development, Chan said. "Innovation is needed to keep pace with the emergence of new diseases, including pandemic influenza caused by the new H1N1 virus," she told a meeting on intellectual property and health, a contentious issue that has divided rich and poor nations.

Note: How much more blatant can it get? The WHO is telling us to pump money into the corrupt pharmaceutical corporations, who make huge profits from fear mongering and health disasters. When profit drives the health industry, which do you think comes first, money or public health? For lots more revealing, reliable information on the fear-mongering around swine flu, click here and here.

'Run on UK' sees foreign investors pull $1 trillion out of the City
2009-03-07, The Independent (One of the U.K.'s leading newspapers)
http://www.independent.co.uk/news/business/news/run-on-uk-sees=foreign-invest...

A silent $1 trillion "Run on Britain" by foreign investors was revealed yesterday in the latest statistical releases from the Bank of England. The external liabilities of banks operating in the UK – that is monies held in the UK on behalf of foreign investors – fell by $1 trillion (£700bn) between the spring and the end of 2008, representing a huge loss of funds and of confidence in the City of London. Some $597.5bn was lost to the banks in the last quarter of last year alone, after a ... massive $682.5bn haemorrhaged in the second quarter of 2008 – a record. About 15 per cent of the monies held by foreigners in the UK were withdrawn over the period. This is by far the largest withdrawal of foreign funds from the UK in recent decades – about 10 times what might flow out during a "normal" quarter. The revelation will fuel fears that the UK's reputation as a safe place to hold funds is being fatally compromised by the acute crisis in the banking system and a general trend to financial protectionism internationally. The slide in sterling – it has shed a quarter of its value since mid-2007 – has been both cause and effect of the run on London, seemingly becoming a self-fulfilling phenomenon. The danger is that the heavy depreciation of the pound could become a rout if confidence completely evaporates. Paranoia that the UK could follow Iceland into effective national insolvency and jibes about "Reykjavik on Thames" will find an unwelcome substantiation in these statistics.

Note: For many deep revelations of the realities of the world financial crisis from reliable sources, click here.

Bair Says Insurance Fund Could Be Insolvent This Year
2009-03-04, Bloomberg News
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=alsJZqIFuN3k

Federal Deposit Insurance Corp. Chairman Sheila Bair said the fund it uses to protect customer deposits at U.S. banks could dry up amid a surge in bank failures, as she responded to an industry outcry against new fees approved by the agency. “Without these assessments, the deposit insurance fund could become insolvent this year,” Bair wrote in a March 2 letter to the industry. “A large number” of bank failures may occur through 2010 because of “rapidly deteriorating economic conditions.” The fund, which lost $33.5 billion in 2008, was drained by 25 bank failures last year. Sixteen banks have failed so far this year, further straining the fund. Smaller banks are outraged over the one-time fee ... Camden Fine, president of the Independent Community Bankers of America, said yesterday. The agency, which has released the change for 30 days of public comment, could modify the assessment to shift the burden to the large banks “that caused this train wreck,” Fine said. “Community bankers are feeling like they are paying for the incompetence and greed of Wall Street,” he said. Consumers should watch this issue closely, said Edmund Mierzwinski, consumer program director at U.S. PIRG, a Boston- based consumer-watchdog group. “I wouldn’t take their money out of the bank yet,” Mierzwinski said. “If the FDIC is saying that there is this serious problem, then we should all be concerned. I think there is a chance the FDIC is going to have to ask taxpayers for money in the future.”

Note: For lots more on the financial crisis from reliable sources, click here.

Goldman, JPMorgan Won’t Feel Effects of Executive-Salary Caps
2009-02-05, Bloomberg News
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=azVLk.22AkLI

Executives at Goldman Sachs Group Inc., JPMorgan Chase & Co. and hundreds of financial institutions receiving federal aid aren’t likely to be affected by pay restrictions announced yesterday by President Barack Obama. The rules, created in response to growing public anger about the record bonuses the financial industry doled out last year, will apply only to top executives at companies that need “exceptional” assistance in the future. The limits aren’t retroactive, meaning firms that have already taken government money won’t be subject to the restrictions unless they have to come back for more. Pay caps may provide the political cover the administration needs to deliver additional infusions of capital into the financial sector. Obama ... “is not proposing to go back and get that $18.4 billion in bonuses back,” Laura Thatcher, head of law firm Alston & Bird’s executive compensation practice in Atlanta, said of the cash bonuses New York banks paid last year, the sixth-biggest haul in history. “Right now, we have not clamped down” on pay at banks. In addition, some executives may be compensated for the potential reduced salaries with restricted stock grants, which may result in huge paydays after the bank repays the government assistance with interest. “They’re just allowing companies to defer compensation,” said Graef Crystal, a former compensation consultant. The restrictions are “a joke,” he said, because “if the government is paid pack, you can be sure that the stock will have risen hugely.”

Note: For many revealing reports from reliable sources on the realities behind the Wall Street bailout, click here.

Panel Criticizes U.S. Effort on Nanomaterial Risks
2008-12-11, New York Times
http://www.nytimes.com/2008/12/11/science/11nano.html?partner=rss&emc=rss&pag...

In a sweeping critique ... an expert panel of the National Research Council said the federal government was not doing enough to identify potential health and environmental risks from engineered nanomaterials. Nanomaterials are engineered on the scale of a billionth of a meter, perhaps 1/10,000 the width of a human hair. They are turning up in a range of items including consumer products like toothpaste and tennis rackets and industrial products like degreasers or adhesives. But some experts say they may pose health or environmental risks. For example, researchers in Scotland reported this year that carbon nanotubes may pose the same health risks as asbestos. “Industry wants to run with it,” said Andrew D. Maynard, chief science adviser to the Project on Emerging Nanotechnologies at the Woodrow Wilson Institute, who was the chairman of the panel. But he added, “one of the big barriers at the moment is understanding how to use it safely.” The panel analyzed the risk research strategy of the National Nanotechnology Initiative, the program to coordinate federal efforts in nanotechnology research and development. Its report concluded that the initiative’s strategy “does not present a vision, contain a clear set of goals, have a plan of action for how the goals are to be achieved, or describe mechanisms to review and evaluate funded research and assess whether progress has been achieved.” An informal coalition of environmental and business organizations praised the report, saying that for three years they had been urging the federal government to do more to assess potential health and environmental effects of nanomaterials.

Note: For many important articles on health issues from reliable sources, click here.

Keating 5 ring a bell?
2008-09-25, Los Angeles Times
http://www.latimes.com/news/columnists/la-oe-brooks25-2008sep25,0,1039504.column

Once upon a time, a politician took campaign contributions and favors from a friendly constituent who happened to run a savings and loan association. The contributions were generous: They came to about $200,000 in today's dollars, and on top of that there were several free vacations for the politician and his family, along with private jet trips and other perks. The politician voted repeatedly against congressional efforts to tighten regulation of S&Ls, and in 1987, when he learned that his constituent's S&L was the target of a federal investigation, he met with regulators in an effort to get them to back off. That politician was John McCain, and his generous friend was Charles Keating, head of Lincoln Savings & Loan. While he was courting McCain and other senators and urging them to oppose tougher regulation of S&Ls, Keating was also investing his depositors' federally insured savings in risky ventures. In 1989, [Lincoln] went belly up -- and more than 20,000 Lincoln customers saw their savings vanish. Keating went to prison, and McCain's Senate career almost ended. Together with the rest of the so-called Keating Five ... McCain was investigated by the Senate Ethics Committee and ultimately reprimanded for "poor judgment." But the savings and loan crisis mushroomed. Eventually, the government spent about $125 billion in taxpayer dollars to bail out hundreds of failed S&Ls. The $125 billion seems like small change compared to the $700-billion price tag for the Bush administration's proposed Wall Street bailout. But the root causes of both crises are the same: a lethal mix of deregulation and greed.

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