August 4, 2012
For more than two weeks after the news broke on June 27, 2012, the “big six” news organizations all but ignored it; ABC and NBC actually did. CBS gave it just over 5 minutes of coverage with CNN coming in at just under 5 minutes. Fox signed up for just over a minutes worth, which was twice as much as MSNBC. So what happened after the first two weeks? For all practical purposes, it was more of the same.
ABC and NBC have continued to ignore what is most likely the biggest banking scandal in history; certainly in the 21st century; which is a whole new level of scandal. There have been plenty of banking scandals, but none quite like this. Wynton Hall said “It may go down as the biggest banking scandal in history, and yet many Americans have not even heard about it.” [bold added]
As you can see from the above chart, CBS decided to follow the other two TV networks, failing to mention it even once after the first two weeks, with Fox and MSNBC only slightly better. CNN appears to have risen to the occasion when compared to the others, but just 21 minutes and 43 seconds? For the entire eight-week period following the breaking news of the biggest banking scandal in history, the big six have dedicated a grand total of 44 minutes to it. That’s less than 1 minute per day.
How bad is this scandal? Matt Taibbi of Rolling Stone Magazine put it this way:
“This is the world’s biggest banks stealing money that would otherwise have gone toward textbooks and medicine and housing for ordinary Americans, and turning the cash into sports cars and bonuses for the already rich. It’s the equivalent of robbing a charity or church fund to pay for lap dances.”
And how serious is it?
Barclays Bank, which was at the core of the scandal, has already agreed to pay $450 million in fines (probably a very small fraction of one percent of what they earned from the scam). Eleven banks are expecting to pay out nearly $8 billion in civil suits, which include Bank of America, J.P. Morgan and Citigroup — all American banks (See chart below).
Yet – at best – the major news media has treated it as a ho-hum, by-the-way, story. The organizations that millions of Americans depend on to keep them informed have virtually ignored it. There can be only one answer for this: They are protecting the banks; at the expense of the citizens. But given the fact that many of our government officials knew about the scandal for years and did nothing about it, what can we expect from today’s corporate media?
Want to know why you should be upset that this hasn’t been giving proper attention? Take a look at this infographic which explains the scandal and how it affects you. Then read how your city got fleeced; which cost you dearly.