Iraq at the Brink: A Decade after the Invasion

Soon after the joint US-British bombing campaign ‘Operation Desert Fox’ devastated parts of Iraq in Dec 1998, I was complaining to a friend in the lobby of the Palestine Hotel in Baghdad. I was disappointed with the fact that our busy schedule in Iraq – mostly visiting hospitals packed with injured or Depleted Uranium Victims - left me no time to purchase a few Arabic books for my little daughter back in the states.

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Clothing to Die For: Garment Workers in Bangladesh

Source: In These Times

Well, isn’t that nice. A few weeks after a fabric-fueled inferno killed more than 100 locked-in garment workers at the Tazreen Fashion factory outside Dhaka, the 23rd Bangladesh Apparel and Textile Exposition gathered under a gold-colored “circular dome with dazzling lighting [like] a gala concert on a broad way [sic] theater,” the conference center’s website boasted. A minute of silence kicked off the proceedings, and then the reps and buyers turned to ensuring that Bangladesh, which has some of the world’s most poorly paid garment workers, wins the race to the bottom of low-wage countries. Last year clothing exports earned the country $19 billion, a whopping 78 percent of its total exports. read more

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“Alchemy” Investigation Alleges Wall Street Fraud at Standard & Poor’s

Source: CorpWatch

The medieval alchemists claimed they could turn ordinary metals into gold. Analysts at Standard & Poors (S&P), Wall Street’s top ratings agency, claimed that bad loans to poor people were wildly profitably. A U.S. government investigation alleges that S&P financial analysts are no different from the hucksters of yore.

On Monday, the U.S. Department of Justice sued S&P for $5 billion for misleading the Western Federal Corporate Credit Union, the first federally chartered credit union, which collapsed in 2008.  Sixteen states have joined the lawsuit while the U.S. Securities & Exchange Commission has also launched an investigation. S&P has offered to settle for $100 million instead without admitting any guilt. read more