The Shock Doctrine

The Shock Doctrine

On this website, you can receive the latest news about Naomi Klein's latest book, The Shock Doctrine, read reviews, and see where you can purchase a copy. ShockDoctrine.com is designed to serve as a living companion to the book for readers who want to delve deeper into the book's material and themes, and who want to see the evidence for themselves.

One Year After the Publication of The Shock Doctrine:
A Response to the Attacks


--------------------------------------------------------------------------------

Disaster Capitalism in Action
SEC to Examine Boards' Role in Financial Crisis
Zachary A. Goldfarb, Washington Post, February 20, 2009

oversight
"Securities and Exchange Commission Chairman Mary Schapiro plans to look into whether the boards of banks and other financial firms conducted effective oversight leading up to the financial crisis, according to SEC officials, part of efforts to intensify scrutiny of the top levels of management and give new powers to shareholders to shape boards.

"As she examines what went wrong, Schapiro is also considering asking boards to disclose more about directors' backgrounds and skills, specifically how much they know about managing risk, said the officials, who spoke on condition of anonymity because no policy initiative has been launched....

"The boards signed off on the risks the companies took and the compensation packages awarded to top executives. But many corporate watchdogs say the boards of top financial firms had characteristics that promoted risky business practices and harmed shareholders....

"Watchdogs point to flawed boards at many firms -- including Countrywide, American International Group and Wachovia -- involved in the crisis. [Nell] Minow points out that at Bear Stearns, the compensation committee had nine criteria to decide on the chief executive's compensation, such as total return to shareholders and earnings per share. But in the end, it could choose to award the maximum compensation to the chief executive based on only one of the criteria."


--------------------------------------------------------------------------------

Scientists Say Biotechnology Seed Companies Are Thwarting Research
Andrew Pollack, New York Times, February 20, 2009

GMOs
Biotechnology companies are keeping university scientists from fully researching the effectiveness and environmental impact of the industry’s genetically modified crops, according to an unusual complaint issued by a group of those scientists....

"The problem, the scientists say, is that farmers and other buyers of genetically engineered seeds have to sign an agreement meant to ensure that growers honor company patent rights and environmental regulations. But the agreements also prohibit growing the crops for research purposes.

"So while university scientists can freely buy pesticides or conventional seeds for their research, they cannot do that with genetically engineered seeds. Instead, they must seek permission from the seed companies. And sometimes that permission is denied or the company insists on reviewing any findings before they can be published, they say....

"'If a company can control the research that appears in the public domain, they can reduce the potential negatives that can come out of any research,' said Ken Ostlie, an entomologist at the University of Minnesota."


--------------------------------------------------------------------------------

Jobless Paying Fees to Banks When Collecting Unemployment Benefits
Christopher Leonard, Associated Press, February 19, 2009

Bailout Unemployment
"For hundreds of thousands of workers losing their jobs during the recession, there's a new twist to their financial pain: Even when they're collecting unemployment benefits, they're paying the bank just to get the money — or even to call customer service to complain about it.

"Thirty states have struck such deals with banks that include Citigroup Inc., Bank of America Corp., JP Morgan Chase and US Bancorp, an Associated Press review of the agreements found. All the programs carry fees, and in several states the unemployed have no choice but to use the debit cards. Some banks even charge overdraft fees of up to $20 — even though they could decline charges for more than what's on the card....

"With the national unemployment rate now at 7.6 percent, the market for bank-issued unemployment cards is booming. In 2003, states paid only $4 million of unemployment insurance through debit cards. By 2007, it had ballooned to $2.8 billion, and by 2010 it will likely rise to $10.5 billion, according to a study conducted by Mercator Advisory Group, a financial industry consulting firm."

» More
Home