The Wake Up Project

Climate Progress Stupak stunner: Oil well’s blowout preventer had leaks, dead battery, design flaws, “How can a device that has 260 failure modes be considered fail-safe?” Coast Guard Captain slams industry "self-certification" of BOP: "Manufactured by industry, installed by industry, with no government witnessing oversight of the installation or the construction." And the rig flew the Marshall Island flag to further escape U.S. oversight A senior House Democrat said that the blowout preventer that failed to stop an oil leak in the Gulf of Mexico had a dead battery in its control pod, leaks in its hydraulic system, a “useless” test version of one of the devices that was supposed to close the flow of oil and a cutting tool that wasn’t strong enough to shear through joints that made up 10 percent of the drill pipe. That’s the lede of the WashPost coverage on the devastating opening statement by Rep. Bart Stupak (D-MI) in a hearing of the House Energy and Commerce Com...

Alternet The financial crisis has unveiled a new set of public villains—corrupt corporate capitalists who leveraged their connections in government for their own personal profit. During the Clinton and Bush administrations, many of these schemers were worshiped as geniuses, heroes or icons of American progress. But today we know these opportunists for what they are: Deregulatory hacks hellbent on making a profit at any cost. Without further ado, here are the 10 most corrupt capitalists in the U.S. economy. 1. Robert Rubin Where to start with a man like Robert Rubin? A Goldman Sachs chairman who wormed his way into the Treasury Secretary post under President Bill Clinton, Rubin presided over one of the most radical deregulatory eras in the history of finance. Rubin's influence within the Democratic Party marked the final stage in the Democrats' transformation from the concerned citizens who fought Wall Street and won during the 1930s to a coalition of Republican-lite financial e...

In a market where 70 percent of all trades are executed by computer algorithms via High Frequency Trading, Goldman Sachs has the power to make the market crash or rise at will. Last week, the U.S. stock market suffered the greatest sudden drop in its history, for reasons that nobody on Wall Street can seem to decipher. But of all the explanations being examined—a tech glitch, Greek debt worries and fraud have all been discussed--the most troubling is not being given sufficient attention. Coming on the very day that Congress considered two key financial reforms, the timing of the "flash crash" raises concerns that Wall Street is resorting to extreme tactics in its efforts to intimidate politicians who want to rein in the capital markets casino. Thursday's market plunge could have been an act of financial terrorism. Wall Street has both the motive and the means: Goldman Sachs, which is currently under investigation for a very different kind of fraud, has the trading power ...

This image provided by the U.S. Coast Guard Saturday April 24, 2010, shows oil leaking from the drill pipe of the Deepwater Horizon drilling rig after it sank. A confidential government report on the unfolding spill disaster makes clear the Coast Guard now fears the well could be on the verge of becoming an unchecked gusher shooting millions of gallons of oil per day into the Gulf. WMR has been informed by sources in the US Army Corps of Engineers, Federal Emergency Management Agency (FEMA), and Florida Department of Environmental Protection that the Obama White House and British Petroleum (BP), which pumped $71,000 into Barack Obama's 2008 presidential campaign -- more than John McCain or Hillary Clinton, are covering up the magnitude of the volcanic-level oil disaster in the Gulf of Mexico and working together to limit BP's liability for damage caused by what can be called a "mega-disaster." Obama and his senior White House staff, as well as Interior Secretary Ken S...

Homeland Security Secretary Janet Napolitano uses a map of the Gulf of Mexico during the daily press briefing at the White House in Washington, Thursday, April 29, 2010. A leaked memorandum obtained by the Press-Register on the unfolding spill disaster in the Gulf makes clear the Coast Guard now fears the Deepwater Horizon well site could be on the verge of becoming an unchecked gusher shooting millions of gallons of oil per day into the Gulf. 'The following is not public' document states A confidential government report on the unfolding spill disaster in the Gulf makes clear the Coast Guard now fears the well could become an unchecked gusher shooting millions of gallons of oil per day into the Gulf. "The following is not public," reads the National Oceanic and Atmospheric Administration's Emergency Response document dated April 28. "Two additional release points were found today in the tangled riser. If the riser pipe deteriorates further, the flow could bec...