Corporate Corruption Media Articles

Excerpts of Key Corporate Corruption Media Articles in Major Media

Below are key excerpts of revealing news articles on corporate corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.

Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.

What strikes Phil Angelides the most about the $2 billion (and counting) loss sustained by JPMorgan Chase on a big trade gone bad, is how little has changed since the financial crash of 2008. "The big banks continue to be casinos," said the chairman of the government-appointed Financial Crisis Inquiry Commission, which laid out how such trades, referred to in some quarters as "bets," contributed to the crash that the country is still struggling to pull itself out of. "It has to be stopped," he said. Trouble is - as Angelides, the former California state treasurer, and others point out - no one is stopping them. Jamie Dimon, JPMorgan's CEO, dismissed initial concerns about the trades last month as a "complete tempest in a teapot." His main concern, he told analysts, was how the affair "plays right into the hands of a bunch of pundits out there." Dimon was referring to those who have been pushing for regulations to prevent federally insured banks like JPMorgan from indulging in such trades in the first place. "They've been fighting a ferocious rear-guard, no-holds-barred action," said Angelides, referring to the army of lobbyists hired and millions of dollars spent to beat back the regulations. The Securities and Exchange Commission is investigating the trades, which involved the use of complex financial instruments called credit default swaps as a hedge against the value of U.S. bonds.

Note: For a most excellent two-minute video of former U.S. Labor Secretary Robert Reich presenting five of the most urgent problems with the economy and an easy solution all in two minutes, click here. For an enlightening five-minute TED talks video further showing how the rich getting richer while they pay increasingly less taxes is at the root of most economic woes, click here. For a treasure trove of revealing reports from reliable sources on the criminality and corruption of major financial corporations and their "regulators" in government, click here.

The $2 billion trading loss that JPMorgan Chase disclosed late on Thursday provided ample ammunition for supporters of the Volcker Rule, which would restrict government-backed banks' ability to conduct proprietary trading. But it also prompted a fair amount of finger-wagging toward the company, given JPMorgan's stance as one of the rule's fiercest opponents. JPMorgan has been among the most outspoken detractors of the proposed financial regulation that is making its way through Washington. The firm has laid bare its feelings about the Volcker Rule several times, including in a Feb. 13 comment letter to the Federal Reserve. In that document, JPMorgan argued that the proposal would restrict its efforts to rein in risk-taking and would harm the firm's ability to compete against foreign rivals that did not face the same restrictions. In the letter, JPMorgan specifically mentions its chief investment office, the trading group which caused the $2 billion trading loss. JPMorgan also happens to run one of the most active and best-financed lobbying operations within the commercial banking industry. In the first four months of 2012, the firm has spent $1.92 million, barely trailing Wells Fargo in terms of banks' lobbying expenses. Last year, JPMorgan spent $7.62 million; two years ago, it spent $7.41 million, the most in its industry. And JPMorgan's chief, Jamie Dimon has been among the most frequent visitors to Washington to press his case.

Note: For lots more from major media sources on the corruption of major financial corporations, click here.

Biotechnology's promise to feed the world did not anticipate "Trojan corn," "super weeds" and the disappearance of monarch butterflies. In the Midwest and South - blanketed by more than 170 million acres of genetically engineered corn, soybeans and cotton - an experiment begun in 1996 with approval of the first commercial genetically modified organisms is producing questionable results. Those results include vast increases in herbicide use that have created impervious weeds now infesting millions of acres of cropland, while decimating other plants, such as milkweeds that sustain the monarch butterflies. More than a million people have signed a petition to the Food and Drug Administration to require labeling of genetically engineered food. The stakes on labeling such foods are huge. The crops are so widespread that an estimated 70 percent of U.S. processed foods contain engineered genes. The U.S. Department of Agriculture has approved more than 80 genetically engineered crops while denying none. Genetically engineered crops ... have spawned an infestation of "super weeds" now covering at least 13 million acres in 26 states. The crops led to a 400-million-pound net increase in herbicide applications. Dave Mortensen, a weed ecologist at Pennsylvania State University, said the number of "super weed" species grew from one in 1996 ... to 22 today. Last month, scientists definitively tied heavy use of glyphosate to an 81 percent decline in the monarch butterfly population. It turns out that the herbicide has obliterated the milkweeds on Midwest corn farms where the monarchs lay their eggs after migrating from Mexico. Iowa State University ecologist John Pleasants, one of the study's authors, said the catastrophic decline in monarchs is a consequence of the genetically engineered crops that no one foresaw.

Note: Multiple reliable sources have shown that you may be eating genetically modified food daily which scientific experiments have repeatedly demonstrated can cause sickness and even death in lab animals. For key reports from major media sources on hidden facts on the dangers of genetically modified food, click here.

A published report says Apple Inc. uses subsidiaries in Ireland, the Netherlands and other low-tax nations as part of a strategy that enables the technology giant to cut its global tax bill by billions of dollars every year. The New York Times on [April 29] outlined legal methods used by Cupertino, Calif.-based Apple to avoid paying billions of dollars in federal and state taxes. One approach highlighted in the report: Even though the company is based in California, Apple has set up a small office in Reno, Nev. to collect and invest its profits. The corporate tax rate in Nevada is zero. In California, it's 8.84 percent. While many major corporations try to reduce their tax bills, technology companies like Apple, Google Inc., Microsoft Corp. and others have more options to do so. That's because some of their revenue comes from digital products or royalties on patents, which makes it easier for them to move profits to tax-friendly states or countries. Apple has legally allocated about 70 percent of its profits overseas, where tax rates are often much lower than in the U.S., according to company filings. The Times cites a study by former Treasury Department economist Martin A. Sullivan that estimates Apple's federal tax bill would have been $2.4 billion higher last year without such tactics.

Note: For lots more from reliable sources on corporate corruption, click here.

In September 2004, Merck, one of America's largest pharmaceutical companies, issued a sudden recall of Vioxx, its anti-pain medication widely used to treat arthritis-related ailments. The recall came just days after Merck discovered that a top medical journal was about to publish a study by an FDA (Food and Drug Administration) investigator indicating that the drug in question greatly increased the risk of fatal heart attacks and strokes and had probably been responsible for at least 55,000 American deaths during the five years it had been on the market. It soon turned out Merck had known of potential lethal side effects even before launching Vioxx in 1999, but had brushed all such disturbing tests under the rug. A class-action lawsuit dragged its way through the courts for years, eventually being settled for $4.85 billion in 2007. [Researcher Ron] Unz makes the point that the users of Vioxx were almost all elderly, and it was not possible to determine whether a particular victim's heart attack had been caused by Vioxx or other factors. But he concludes: "Perhaps 500,000 or more premature American deaths may have resulted from Vioxx, a figure substantially larger than the 3,468 deaths of named individuals acknowledged by Merck during the settlement of its lawsuit. I'm just as astonished. From 2004 onwards, huge numbers of America's toughest trial lawyers were suing Merck for billions based on Vioxx casualties - didn't they notice the dramatic drop in the national death rate [after Vioxx was discontinued]?"

Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.

Protesters enraged about the country's economic miasma disrupted Wells Fargo's annual summit [on April 24], as shareholders celebrated the bank's record profit and awarded its chief executive a pay package of nearly $20 million. Hundreds of activists - including union members, Occupy activists and people whose homes have been foreclosed - surrounded the Merchants Exchange Building in downtown San Francisco, where about 250 shareholders gathered on the 15th floor to hear details of the bank's 28 percent profit increase last year. Fifteen protesters, allowed into the meeting because they own stock in Wells Fargo, shouted over CEO John Stumpf as he presented a PowerPoint slide show about the bank's $15.9 billion profit last year. Police escorted out the protesters, who were cited for disrupting the meeting and released. It was the bank's involvement in foreclosures ... that brought hundreds of protesters to the meeting. Some came from as far away as Minnesota. They filled the air with lively chants, led by people using loudspeakers set up on a flatbed truck alongside an 8-foot-high, inflated rat smoking a cigar. A protester-built, 10-foot-high mockup of Wells Fargo's signature stagecoach stood in the street, covered with slogans denouncing the bank.

Note: For key reports from reliable sources on Occupy and other protests against the criminal profiteering of banks and other financial corporations, click here.

Drug maker Novartis is taking legal action in Britain to make state-run hospitals use an eye drug that costs about 700 pounds ($1,130) per shot instead of a cheaper one that costs 60 pounds ($97). In a statement, Novartis said it was calling for a judicial review “as a last resort” because it believed patient safety was being potentially compromised. According to the U.K.’s health watchdog, Novartis’ Lucentis is the only drug recommended to treat the eye problem macular degeneration in the country’s state-run National Health Service hospitals. However, several NHS hospitals have been prescribing the much cheaper Avastin, a cancer drug made by Genentech Inc., a subsidiary of Roche, for the same problem even though it has not been officially approved. A study published in the New England Journal of Medicine last year showed Avastin worked just as well as Lucentis for treating the eye disorder. Lucentis and Avastin act on the same biological protein in the body to spur blood vessel growth. In the U.S., eye doctors have often used tiny amounts of Avastin and billed the government for the cost, rather than buying Lucentis. Patient groups called for an independent analysis to determine which drug should be used.

Note: For lots more from reliable sources on corporate corruption, click here.

Why is a me-too drug for which there are much cheaper alternatives the second-best selling medicine in the United States? Today, IMS Health released its annual look at the sales of prescription drugs in America. It is the first year in which all of the top ten medicines in America are generics. This year, cancer drugs passed antipsychotic medicines as the top revenue generators. The biggest surprise ... is in the second-place spot: Nexium, ... from AstraZeneca, which generated $6.3 billion in sales. Abilify, from Otsuka and Bristol-Myers Squibb, passed Seroquel from Astra as the top-selling antipsychotic drug for disease like schizophrenia, bipolar disorder, and depression. Crestor, AstraZeneca’s cholesterol drug, has delivered a pretty stunning 5-year sales increase of 190%, apparently grabbing patients for whom Lipitor, from Pfizer, is not powerful enough. Sales do not equal popularity. Only three of these drugs (Lipitor, Plavix, and Singulair) rank among the top 25 most popular medicines. Price is often as big a component in making money as volume.

Jailed for unpaid debts? It happened to breast cancer survivor Lisa Lindsay. She got a $280 medical bill in error and was told she didn't have to pay it. But the bill was turned over to a collection agency, and eventually state troopers showed up at her home and took her to jail in handcuffs. Debt collectors have become so aggressive in some parts of Illinois that they commonly use taxpayer-financed courts, sheriff's deputies and county jails to squeeze poor people who fall behind on small payments of $25 or $50 a month, according to supporters of the proposed legislative reforms. Lawmakers in Springfield are pushing to make it harder to jail poor people who miss court dates or are found in contempt of court as they struggle with unpaid debts — an aggressive practice that got worse, some say, during the recession. Lindsay, a teaching assistant from Herrin in southern Illinois, ended up paying more than $600 because legal fees had been added to the original amount. "I paid it in full so they couldn't do it to me again," Lindsay said. The Illinois bill would require court appearance notices to be served to a debtor's home, rather than merely mailed. It would require arrest warrants to expire after a year, and it would return most bail money to the debtor, rather than allow it to be used to pay off the debt.

Note: For more on this, click here.

A spate of earthquakes across the middle of the U.S. is "almost certainly" man-made, and may be caused by wastewater from oil or gas drilling injected into the ground, U.S. government scientists said in a study. Researchers from the U.S. Geological Survey said that for the three decades until 2000, seismic events in the nation's midsection averaged 21 a year. They jumped to 50 in 2009, 87 in 2010 and 134 in 2011. Those statistics, included in the abstract of a research paper to be discussed at the Seismological Society of America conference next week in San Diego, will add pressure on an energy industry already confronting more regulation of the process of hydraulic fracturing. An abstract of the federal study, which was led by William Ellsworth, Earthquake Science Center staff director for the U.S. Geological Survey in Menlo Park, California, was published online earlier this month. "A naturally-occurring rate change of this magnitude is unprecedented outside of volcanic settings or in the absence of a main shock, of which there were neither in this region," Ellsworth and his colleagues wrote.

Note: Few are aware that Canada's province Quebec has banned fracking. Many other places are considering similar measures.

Gregg Williams' profanity-filled speech to the New Orleans Saints' defensive players the night before their mid-January playoff game against the San Francisco 49ers included a target list: Alex Smith's chin. Vernon Davis' ankles. Kyle Williams' head. Frank Gore's head. And, according to audio captured ... Williams chillingly suggested that 49ers wide receiver Michael Crabtree "becomes human when we (expletive) take out that outside ACL." [This] provided more evidence against the Saints on a day when coach Sean Payton, assistant head coach Joe Vitt and general manager Mickey Loomis met with NFL Commissioner Roger Goodell to appeal penalties for their roles in a bounty scandal that has rocked the league. The audio also raised anew some questions for the NFL. Has the league lost control of what is supposed to be the controlled violence of America's most popular game? And how might the sport be affected by its professional level's apparent disregard for player safety. While Williams' speech ... could easily be criticized for ill intent, it also illustrated the type of macho mentality that has existed in pro football since its inception. A former linebacker [Coy Wire] played under Williams with the Buffalo Bills when players were also paid cash in a similar bounty scheme. "Gregg Williams was part of a culture of relentlessness," says Wire. "It wasn't just him. It was a group of people who wanted to find a competitive edge." In its findings announced in early March, the league maintained that between 22 and 27 players from the Saints defenses from 2009 to 2011 were involved in the bounty program.

The Rothschild dynasty is to merge its British and French banking operations to secure long-term control of the business and to boost the firm's financial strength ahead of the introduction of tougher capital requirements for banks. The 200-year-old banks will be reunited under a single shareholding that will bring together the fortunes of the French and English sides of the renowned family as they attempt to safeguard the business against the effects of new regulation and the fallout from the global financial crisis. Paris Orleans, the Rothschild Group's Paris-based holding company, will convert into a French limited partnership, securing the families' control of the bank against potential takeovers. The new partnership will then buy out minority investors in NM Rothschild & Sons, the UK business, as well as outstanding minority interests in the French operations. Paris Orleans has a market value of more than €500m (Ł415m) and is about 30pc owned by outside investors. The Rothschild Group employs 3,000 people in 42 countries and is one of the world's leading independent investment banks, advising some of the largest international companies on capital raisings and mergers and acquisitions. The bank also remains a player in the private equity industry and operates several merchant banking operations that invest directly in business across Europe and the rest of the world.

Note: Why is that these two hugely wealthy families get so little press coverage? Could it be that their wealth and influence exerts control over the major media? For more on secret societies which command huge hidden power, see the deeply revealing reports from reliable major media sources available here.

The operator of Japan’s tsunami-hit nuclear plant says tons of highly radioactive water appears to have leaked into the ocean from a purification unit. The leak comes as Tokyo Electric Power Co. struggles to keep the melted reactors cool and contain radiation and raises concerns about its ability to keep the plant stable. Similar leaks have occurred several times since last year, and officials say they do not pose an immediate health threat.

Note: For an abundance of major media articles showing major problems with nuclear power, click here.

Conservationists counted 615 dead dolphins along a 90-mile stretch of beaches in Peru ... and the leading suspect is acoustic testing offshore by oil companies. "If you can count 615 dead dolphins, you can be sure there are a great many more out at sea and the total will reach into the thousands,” Hardy Jones, head of the conservation group BlueVoice.org, said in a statement after he and an expert with ORCA Peru walked the beaches. BlueVoice.org stated that "initial tests ... show evidence of acoustical impact from sonic blasts used in exploration for oil." The ORCA Peru expert, veterinarian Carlos Yaipen Llanos, said that while "we have no definitive evidence," he suspects acoustic testing created ... a sonic blast that led to internal bleeding, loss of equilibrium and disorientation. Another possibility is that the dolphins suffered from a disease outbreak, Yaipen Llanos said. "It is a horrifying thought that these dolphins would die in agony over a prolonged period if they were impacted by sonic blast," said Jones. Numerous dolphins first started washing ashore in January, with the largest amount coming in early February. Thousands of dead anchovies were also seen. BlueVoice.org noted that the U.S. has suspended similar testing in the Gulf of Mexico due to recent sightings of dead and sick dolphins. The ban was set to last through the dolphins' calving season, which ends in May.

Note: A San Francisco Chronicle article on this a few days later states, "All of the 20 or so animals ... examined showed middle-ear hemorrhage and fracture of the ear's periotic bone. ... Most of the dolphins apparently were alive when they beached." Clearly sonic blasts of some sort are driving these intelligent animals to beach themselves and commit suicide. For clear evidence this is the result of oil exploration, click here. For many other excellent media articles on whales on dolphins, click here.

A new study of dolphins living close to the site of North America's worst ever oil spill – the BP Deepwater Horizon catastrophe two years ago – has established serious health problems afflicting the marine mammals. The report, commissioned by the National Oceanic and Atmospheric Administration [NOAA], found that many of the 32 dolphins studied were underweight, anaemic and suffering from lung and liver disease. More than 200m gallons of crude oil flowed from the well after a series of explosions on 20 April 2010, which killed 11 workers. The spill contaminated the Gulf of Mexico and its coastline in what President Barack Obama called America's worst environmental disaster. The research follows the publication of several scientific studies into insect populations on the nearby Gulf coastline and into the health of deepwater coral populations, which all suggest that the environmental impact of the five-month long spill may have been far worse than previously appreciated. The study of the dolphins ... followed two years in which the number of dead dolphins found stranded on the coast close to the spill had dramatically increased. Although all but one of the 32 dolphins were still alive when the study ended, lead researcher Lori Schwacke said survival prospects for many were grim. A study of deep ocean corals seven miles from the spill source jointly funded by the NOAA and BP has found dead and dying corals coated "in brown gunk". Chemical analysis of oil found on the dying coral showed that it came from the Deepwater Horizon spill.

Note: For other informative major media articles dealing with dolphins and whales, click here.

The biggest forum for sex trafficking of under-age girls in the United States appears to be a Web site called Backpage.com. This emporium for girls and women — some under age or forced into prostitution — is in turn owned by an opaque private company called Village Voice Media. Until now it has been unclear who the ultimate owners are. The owners turn out to include private equity financiers, including Goldman Sachs with a 16 percent stake. Goldman Sachs was mortified when I began inquiring last week about its stake. It began working frantically to unload its shares. Backpage has 70 percent of the market for prostitution ads. Village Voice Media makes some effort to screen out ads placed by traffickers and to alert authorities to abuses, but neither law enforcement officials nor antitrafficking organizations are much impressed. A Goldman managing director, Scott L. Lebovitz, sat on the Village Voice Media board for many years. Goldman says he stepped down in early 2010. The two biggest owners are Jim Larkin and Michael Lacey, the managers of the company, and they seem to own about half of the shares. The best known of the other owners is Goldman Sachs, which invested in the company in 2000 (before Backpage became a part of Village Voice Media in a 2006 merger). That said, for more than six years Goldman has held a significant stake in a company notorious for ties to sex trafficking, and it sat on the company’s board for four of those years. There’s no indication that Goldman or anyone else ever used its ownership to urge Village Voice Media to drop escort ads or verify ages.

Note: For an abundance or major media articles revealing massive sex scandals implication top authorities, click here.

Scientists have been alarmed and puzzled by declines in bee populations in the United States and other parts of the world. They have suspected that pesticides are playing a part, but to date their experiments have yielded conflicting, ambiguous results. In Thursday’s issue of the journal Science, two teams of researchers published studies suggesting that low levels of a common pesticide can have significant effects on bee colonies. One experiment, conducted by French researchers, indicates that the chemicals fog honeybee brains, making it harder for them to find their way home. The other study, by scientists in Britain, suggests that they keep bumblebees from supplying their hives with enough food to produce new queens. The authors of both studies contend that their results raise serious questions about the use of the pesticides, known as neonicotinoids. “I personally would like to see them not being used until more research has been done,” said David Goulson, an author of the bumblebee paper who teaches at the University of Stirling, in Scotland. “If it confirms what we’ve found, then they certainly shouldn’t be used when they’re going to be fed on by bees.” Environmentalists say that both studies support their view that the insecticides should be banned. The insecticides, introduced in the early 1990s, have exploded in popularity; virtually all corn grown in the United States is treated with them. Neonicotinoids are taken up by plants and moved to all their tissues — including the nectar on which bees feed.

Note: For many disturbing reports from reliable sources on the mysterious mass deaths of animals, click here.

A study in Finland has found that children vaccinated against the H1N1 swine flu virus with Pandemrix were more likely to develop the sleep disorder narcolepsy. The condition causes excessive daytime sleepiness and sufferers can fall asleep suddenly and unintentionally. The researchers found that between 2002 and 2009, before the swine flu pandemic struck, the rate of narcolepsy in children under the age of 17 was 0.31 per 100,000. In 2010 this was about 17 times higher at 5.3 per 100,000 while the narcolepsy rate remained the same in adults. Markku Partinen of the Helsinki Sleep Clinic and Hanna Nohynek of the National Institute for Health and Welfare in Finland, also collected vaccination and childhood narcolepsy data for children born between January 1991 and December 2005. They found that in those who were vaccinated the rate of narcolepsy was nine per 100,000 compared to 0.7 per 100,000 unvaccinated children, or 13 times lower. Pandemrix was the main vaccine used in Britain against the swine flu epidemic in which six million people were vaccinated. It was formulated specifically for the swine flu pandemic virus and is no longer in use.

Note: The WHO stated "more than 12 countries reported cases of narcolepsy in children and adolescents using GlaxoSmithKline's swine flu vaccine." For powerful media reports suggesting that both the Avian Flu and Swine Flu were incredibly manipulated to promote fear and boost pharmaceutical sales, click here. For many news articles showing that vaccines are not tested adequately for safety and are at times politically and financially motivated, click here. For lots more from reliable sources on pharmaceutical corruption, click here.

The Vatican has launched a rare criminal investigation to uncover who is behind leaks of highly sensitive documents that allege corruption and financial mismanagement in Vatican City. The documents also shed light on purported infighting over the Vatican Bank's compliance with international money-laundering regulations. A television show in late January on an independent network first revealed letters addressed last year to Pope Benedict XVI from the then-deputy governor of Vatican City, Archbishop Carlo Maria Vigano. Vigano complained of corruption within the church and protested orders to remove him from his post and send him to be the papal nuncio, or ambassador, to Washington. Under Vigano's watch, the Holy See balance sheet went from $10 million in the red to almost $45 million in the black in just 12 months. By being kicked upstairs, Vigano wrote, his efforts to clean up the Vatican would be stopped and would also tarnish the pontiff's image by bringing into question his resolve to establish transparency inside the Vatican. Italian authorities are investigating the origin of $33 million in Vatican funds deposited in Italian banks. The Italian media have reported that JP Morgan Chase is closing the Vatican Bank's account with its Milan branch because it felt the Holy See had failed to provide sufficient data on money transfers.

Note: The fact that JP Morgan is closing it's Vatican accounts is a major sign of the intense changes happening behind the scenes.

Photographs of a plaque thanking [a drug cartel] kingpin for building [a] new modernist church with a 20-metre high metal cross ... caused a scandal when they were published in a national newspaper in October 2010. The scandal has faded but the plaque remains – an uncomfortable reminder of the influence of the drugs culture in the Mexican Catholic church. Narco-church relations are nothing new. In 1993 the leaders of the Tijuana cartel held a secret meeting with the papal nuncio in Mexico City as part of an effort to distance themselves from a chaotic shootout that had killed a cardinal. The meeting was brokered by a Tijuana priest who had received bountiful donations over the years. Pope Benedict [expressed] concern about such relations at the start of his papacy. But while the bishops have since periodically stressed that drug money can never be purified ... they have done little else. While the pope is expected to talk about the violence battering Mexico during his three-day visit ... observers believe he is unlikely to make more than a passing reference to corrosion of the church itself. In the meantime one cartel has sought to take propagandistic advantage of the visit. Banners signed by the Knights Templar cartel hung up around Guanajauto on Sunday welcomed the pope and promised to refrain from "acts of war" during his visit. That same cartel was suspected to be responsible for the appearance of 10 severed heads outside a slaughterhouse in another state on the same day.

Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.