Greedwashing on Wall Street

All eyes are on Wall Street this week as the big banks get ready to report their earnings and bonuses. Rebounding banks are preparing to pay out bonuses that rival those of the pre-crisis boom years.

During the first nine months of 2009, five of the largest banks that received federal aid — Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley — together set aside about $90 billion for compensation.

To avoid pitchforks and public outrage, most banks are tamping down on the cash payouts and beefing up long-term stock options. One bank is taking an even more novel approach. Dare we call it greedwashing?

Wash Post Called Out for Outsourcing "News" to the Fiscal Times

A conspicuously biased news article printed in the Washington Post on December 31, 2009 is raising the eyebrows of public policy experts, bloggers, media watchdogs other news outlets alike. Sign our petition to tell the Post no more fake news!

Titled "Support grows for tackling nation's debt," the article discusses a proposal to create a government commission to examine America's growing debt. The new commission, according to the article, would be charged with exploring "how to rein in skyrocketing spending on Medicare, Medicaid and Social Security," but the article failed to mention other significant sources of government spending, like the $663 billion military budget.

The story points to growing support for such a commission among political figures, but fails to mention the 40 or so prominent organizations that oppose the plan, including the NAACP, the Service Employees International Union (SEIU), AARP, Common Cause, the AFL-CIO, and the National Organization for Women (NOW). The article was not written by Post reporters, but was produced by a startup "news" organization called the Fiscal Times, whose byline describes it is an "independent news publication that reports on fiscal, budgetary, healthcare and international economic issues." But is it truly "independent"?

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