Archive for December 31st, 2011

US courts rubberstamp immunity for corporate crime wave

US courts rubberstamp immunity for corporate crime wave

A panel of three federal judges unanimously ruled Thursday that citizens cannot seek damages from private telecommunications companies that assist the US government as it conducts massive warrantless surveillance of American’s telephone conversations, e-mail correspondences and text messaging. The panel from the 9th U.S. Circuit Court of Appeals ruled against the Electronic Frontier Foundation and other plaintiffs who had sued the nation’s largest telecommunications companies because they were revealed to be cooperating with the federal government, which has been conducting massive surveillance on Americans since shortly after the terror attacks in 2001. In 2008, Congress passed a law that granted […]

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$6.3 trillion in market capital wiped out in 2011

At year’s end stock markets across the globe are reported to have lost over 12 percent of their value over the course of 2011. In the US, the Dow and S&P both closed the year essentially flat, the FTSE 500 fell 5.5 percent and the European blue chip stocks lost 11 percent of their worth. In its reporting, the Financial Times noted that Asian markets lost even more of their value; “Asian equity markets were hit particularly hard with Japan’s Nikkei index losing 17.3 percent this year, Hong Kong’s Hang Seng index 20 percent and the Shanghai Composite 22 percent.” […]

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