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Inside the New Print Edition of Our Subscriber-Only Newsletter!
How the Press Gave Madoff Four More Years to Steal His Billions
It’s one of the greatest and most shameful failures in the history of journalism. In the new edition of our newsletter Eamonn Fingleton traces how the Wall Street Journal was handed a precise outline of Madoff’s Ponzi scheme in 2005 and sat on it. The New York Times also passed on chances to nail Madoff. Thousands, poor as well as rich, lost their life savings in consequence. Read Fingleton on how the watchdogs of the Fourth Estate took good care to snooze in their kennels. ALSO in the new edition, Paul Craig Roberts concludes the shortest, sharpest outline of economics ever written with a brilliant essay on the economics of a full, green world. Get your new edition today by subscribing online or calling 1-800-840-3683 Contributions to CounterPunch are tax-deductible. Click here to make a donation. If you find our site useful please: Subscribe Now! CounterPunch books and gear make great presents.
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Today's Stories Feb. 27 - March 1, 2009 Harry Browne February 26, 2009 Dave Lindorff Jonathan Cook Patrick Cockburn Mike Whitney Eamonn McCann Tim Wise Tom Barry Harvey Wasserman Adam Turl David Macaray James McEnteer Website of the Day
February 25, 2009 Chris Sands M. Shahid Alam Chris Floyd Dave Lindorff Norman Solomon Rachel Godfrey Wood Niranjan Ramakrishnan Ron Jacobs Nadia Hijab Dennis Loo Website of the Day February 24, 2009 Paul Craig Roberts Uri Avnery Peter Morici Jonathan Cook Paul Fitzgerald / Andy Worthington Brian Horejsi Julia Stein Norm Kent Rachel Smolker / Dennis Loo James McEnteer Website of the Day February 23, 2009 Michael Hudson Mike Roselle Patrick Cockburn Franklin Spinney Einar Már Guðmundsson Ralph Nader Jordan Flaherty Helen Redmond Dennis Loo Harvey Wasserman Terry Lodge Website of the Day February 20 / 22, 2009 Alexander Cockburn Michael Neumann / Ismael Hossein-zadeh Paul Craig Roberts Linn Washington Jr. Saul Landau Marjorie Cohn Binoy Kampmark Dave Lindorff David Yearsley David Macaray James McEnteer Rick Salutin Wayne Clark Richard Rhames Stephen Martin Mitu Sengupta Charles R. Larson Richard Morse Lorenzo Wolff Poets' Basement Website of the Weekend February 19, 2009 Norman Finkelstein Harry Browne Robert Bryce Brian M. Downing Fred Gardner Andy Worthington Wajahat Ali Laura Carlsen Deb Reich Christopher Ketcham Website of the Day February 18, 2009 Paul Craig Roberts Mike Whitney M. Shahid Alam Patrick Cockburn Conn Hallinan Dave Lindorff Rannie Amiri Gareth Porter Eric Hobsbawm Christopher Brauchli Martha Rosenberg Website of the Day February 17, 2009 Michael Hudson Mike Whitney Ralph Nader Joanne Mariner John Ross Belén Fernández Mats Svensson David Macaray Gregory Vickrey M. Junaid Levesque-Alam Michael Dickinson Website of the Day February 16, 2009 Patrick Cockburn Oscar Guardiola-Rivera Paul Craig Roberts Uri Avnery P. Sainath Dedrick Muhammad / Michael Brown Carla Blank Patrick Irelan Dan Bacher Fidel Castro Harvey Wasserman Website of the Day February 13 - 15, 2009 Alexander Cockburn Joshua Frank Mike Whitney George Ciccariello-Maher Nikolas Kozloff Brian M. Downing Paul Craig Roberts Christopher Ketcham Ron Jacobs Dave Lindorff Alan Maass Chuck Spinney Phil Gasper Stephen Lendman Charles Thomson Kathy Sanborn Saul Landau Len Wengraf Harvey Wasserman David Macaray Tom Stephens Seth Sandronsky David Yearsley Lorenzo Wolff Kim Nicolini Poets' Basement Website of the Weekend February 12, 2009 P. Sainath Jean Bricmont Michael Hudson Peter Lee Dave Lindorff February 11, 2009 Neve Gordon Peter Morici Andy Worthington Marjorie Cohn Fred Gardner Niranjan Ramakrishnan Zoe Blunt Belén Fernández Martha Rosenberg Website of the Day Blues of the Day
February 10, 2009 Kathy Kelly Nikolas Kozloff Uri Avnery Michael J. Berg Russell Mokhiber Joe Bageant Gareth Porter Dave Lindorff Rannie Amiri Harvey Wasserman Niranjan Ramakrishnan Website of the Day February 9, 2009 Vicente Navarro Paul Craig Roberts Julio Sanchez / National Lawyers Guild Jonathan Cook Alana Smith Binoy Kampmark Sam Bahour Nicole Colson Ron Jacobs Website of the Day Norman Solomon David Macaray Website of the Day |
Weekend Edition Despite Layoffs, Bailed-Out Banks Hire Contractors on VisasThe Banks' War on WorkersBy MISCHA GAUS As hundreds of billions of taxpayer dollars flow into rickety U.S. banks, public outrage has followed revelations that executives planned to spend the money on Vegas getaways, $35,000 toilets, and fat bonuses. Less attention has been paid to how these bailed-out banks are driving down tech workers’ wages–and stoking anti-immigrant hostilities—while laying off tens of thousands of workers. Banks that took public money sought about 4,200 visas for skilled workers from abroad in the 2008 fiscal year, according to an Associated Press investigation. In response, Senators Bernie Sanders and Charles Grassley attached to the latest round of bailout funds a requirement that banks must try to find U.S. workers first, and not displace them three months before or after taking public funds. Unions trying to organize the notoriously fragmented technical workforce hailed the restrictions. They note a government study which found that 21 percent of the applications employers filed for work visas were fraudulent or contained violations. More than one-quarter of these employer violators failed to pay prevailing wages to foreign-born workers. “In a situation where U.S. taxpayers are funding the rescue of U.S. banks, nothing could be more appropriate than to protect against having federal money foster these abuses,” said Paul Almeida, the president of the AFL-CIO’s Department for Professional Employees. The top five banks receiving bailout funds have announced 131,700 layoffs since last summer, with thousands more expected. Unemployment among college graduates over 25 years old rose markedly in recent months, according to the Department of Labor. About 1.9 million educated workers were out of work in January, an increase of 800,000 in six months’ time. GILDED CAGES But workers in the tech industry and researchers who track the work visa program say the Sanders amendment affects only a small fraction of visa-holders who end up working for banks in the U.S. The major abuse of the program occurs through “bodyshops,” consulting firms that secure thousands of the 85,000 skilled visas available each year and then contract visa-holders to the banks, said Ron Hira, an outsourcing expert at the Rochester Institute of Technology. “The banks are major clients of these offshore outsourcing companies, which then exploit the loopholes,” he said. The DHS report says bodyshops often force visa-holders to repay thousands of dollars in fees. In Charlotte, North Carolina, a senior software engineer at Wachovia—recently purchased by Wells Fargo—said his company is replacing entire departments of local engineers through consultancies that bring in foreign-born workers. He said they tolerate lower wages and live four to an apartment, but don’t complain much because the pay is slightly better than in their home countries. “The visa is meant to bring in somebody with talent to augment a U.S. business,” said the engineer, a foreign-born worker who requested anonymity for fear of blacklisting. “It’s not intended to replace an entire local industry, which is exactly what’s happening in Charlotte.” Computer engineers across the country say visa-holders are forced to knuckle under at work because their legal residency here is tied to their employer. “They tell them to work on Sundays and they do it, because they work or they go back to India. It’s indentured servitude,” said Kim Berry, a Sacramento software developer and head of the Programmers Guild, a professional association. Among tech workers, open prejudice against foreign-born colleagues is common. But some point out that visa-holders have no bargaining power–and that it’s banks and big corporations, worming through the visa system’s loopholes, that are coming out ahead. The median wage for visa-holders in computing professions who entered the U.S. in 2005 was $50,000, according to Hira’s research—not even close to the $100,000 wage Microsoft’s Bill Gates touts in testimony—and less than entry-level wages for others in the industry. Steve Mount, a software engineer at GE Healthcare and a supporter of WashTech, a Communications Workers local organizing tech workers, said the banks’ acceptance of public money should force regulators take a hard look at the their employment practices. “The financial industry operates in a realm above the rest of us, in a place where the only thing bigger than the salaries are the bonuses,” he said. “Now that these companies are relying on our money, we have a vested interest that it doesn’t drive down our living standards.” Mischa Gaus is editor of Labor Notes, where this story originally appeared. |
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