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.

Research universities that accept millions of dollars from oil companies have failed to shield themselves from corporate influence, according to a new study that faults UC Berkeley, UC Davis, Stanford and seven others. Such cozy relationships give energy companies too much control in deciding what research to fund and what faculty should study, says the report from the Center for American Progress, "Big Oil Goes to College". The contracts ... give more control to companies that foot the bill than to researchers, argues the report's author, Jennifer Washburn. "We want to see university research translate into commercial technology, but we don't want the research itself to be directed by individual corporations," she told The Chronicle. "They shouldn't turn California's flagship universities into the research arm of a private corporation." The report found that industry control over research is "poorly defined" in UC Davis' long-term contract with Chevron Technology Ventures. It says industry shares control with faculty at UC Berkeley, and control is fully corporate at Stanford. The report also says none of the three California contracts "requires peer review when selecting faculty research projects."

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

Doctors and patients are being misled about the effectiveness of some drugs because negative trial results are not published, experts have warned. Writing in the British Medical Journal, they say that pharmaceutical companies should be forced to publish all data, not just positive findings. The German team give the example of the antidepressant reboxetine, saying publications have failed to show the drug in a true light. Reboxetine (Edronax), made by Pfizer, is used in many European countries, including the UK. But its rejection by US drug regulators raised doubts about its effectiveness, and led some to hunt for missing data. This is not the first time a large drug company has come under fire about its published drug trial data. Pharmaceutical giant GlaxoSmithKline (GSK) was criticised for failing to raise the alarm on the risk of suicidal behaviour associated with its antidepressant Seroxat. GSK has also been forced to defend itself over allegations about hiding negative data regarding another of its drugs, Avandia, which is used to treat diabetes. "Our findings underline the urgent need for mandatory publication of trial data," [the researchers] say in the BMJ. They warn that the lack of all information means policy makers are unable to make informed decisions. In the US, it is already a requirement that all data - both positive and negative - is published.

Note: For a powerful summary of government/corporate corruption in the pharmaceutical industry by a respected former editor of a major medical journal, click here.

Forbes made Monsanto the company of the year last year in "The Planet Versus Monsanto." I know because I wrote the article. Since then everything that could have gone wrong for the genetically engineered seed company has gone wrong. Super-weeds that are resistant to its RoundUp weed killer are emerging, even as weed killer sales are being hit by cheap Chinese generics. An expensive new bioengineered corn seed with eight new genes does not look impressive in its first harvest. And the Justice Department is invesigating over antitrust issues. All this has led to massive share declines. Other publications are making fun of our cover story. Monsanto is destined to remain the dominant bioengineered seed company for some time to come. But unless it comes up with a hot new product, its growth years could all be behind it.

Note: WantToKnow.info's Fred Burks was blacklisted by Monsanto, likely for reporting stories like that above. For more on this, click here.

If you want to understand the way prescription drugs are marketed today, have a look at the 1928 book, Propaganda, by Edward Bernays, the father of public relations in America. For Bernays, the public relations business was less about selling things than about creating the conditions for things to sell themselves. When Bernays was working as a salesman for Mozart pianos, for example, he did not simply place advertisements for pianos in newspapers. That would have been too obvious. Instead, Bernays persuaded reporters to write about a new trend: Sophisticated people were putting aside a special room in the home for playing music. Once a person had a music room, Bernays believed, he would naturally think of buying a piano. As Bernays wrote, "It will come to him as his own idea." Just as Bernays sold pianos by selling the music room, pharmaceutical marketers now sell drugs by selling the diseases that they treat. The buzzword is "disease branding." To brand a disease is to shape its public perception in order to make it more palatable to potential patients. Once a branded disease has achieved a degree of cultural legitimacy, there is no need to convince anyone that a drug to treat it is necessary. It will come to him as his own idea. It is hard to brand a disease without the help of physicians, of course. So drug companies typically recruit academic "thought leaders" to write and speak about any new conditions they are trying to introduce.

Note: This key topic is discussed in great depth in the BBC's documentary "Century of the Self" available here. And for a top doctor's analysis that the cholesterol scare was largely manufactured for profit, click here.

Compensation on Wall Street is on pace to break a record high for a second consecutive year, as more than three dozen top banks and securities firms will pay $144 billion in salary and benefits ... a 4% increase from the $139 billion paid out in 2009. Compensation was expected to rise at 26 of the 35 firms. Overall, Wall Street is expected to pay 32.1% of its revenue to employees, the same as last year, but below the 36% in 2007. Profits, which were depressed by losses in the past two years, have bounced back from the 2008 crisis. But the estimated 2010 profit of $61.3 billion for the firms surveyed still falls about 20% short from the record $82 billion in 2006. Over that same period, compensation across the firms in the survey increased 23%. "Until focus of these institutions changes from revenue generation to long-term shareholder value, we will see these outrageous pay packages and compensation levels," said Charles Elson, director of the Weinberg Center for Corporate Governance.

Note: For many key reports from reliable sources on Wall Street's profiteering, click here.

Chris Miller nearly doubled his $3,500 stock investment in a renewable-energy firm in 2008. It was a perfectly legal bet, but he's no ordinary investor. Mr. Miller is the top energy-policy adviser to Nevada Democrat and Senate Majority Leader Harry Reid, who helped pass legislation that wound up benefiting the firm. Mr. Miller isn't the only Congressional staffer making such stock bets. At least 72 aides on both sides of the aisle traded shares of companies that their bosses help oversee, according to a Wall Street Journal analysis of more than 3,000 disclosure forms covering trading activity by Capitol Hill staffers for 2008 and 2009. The Journal analysis showed that an aide to a Republican member of the Senate Banking Committee bought Bank of America Corp. stock before results of last year's government stress tests eased investor concerns about the health of the banking industry. A top aide to the House Speaker profited by trading shares of Freddie Mac and Fannie Mae in a brokerage account with her husband two days before the government authorized emergency funding for the companies. The aides identified by the Journal say they didn't profit by making trades based on any information gathered in the halls of Congress. Even if they had done so, it would be legal, because insider-trading laws don't apply to Congress. Unlike many Executive Branch employees, lawmakers and aides don't have restrictions on their stock holdings and ownership interests in companies they oversee.

Note: Why is Congress exempt from so many of its own laws? Who is willing to start a movement to stop this? For lots more on government corruption from major media sources, click here.

A mushrooming crisis over potential flaws in foreclosure documents is threatening to throw the real estate industry into chaos as Bank of America [today] became the first bank to stop taking back tens of thousands of foreclosed homes in all 50 states. The move ... adds to growing concerns that mortgage lenders have been evicting home­owners using flawed court papers, without verifying the information in them. Bank of America Corp., the nation’s largest bank, said [its decision] applies to homes that the bank takes back itself and those that it transfers to investors such as mortgage giants Fannie Mae and Freddie Mac. The bank did so in reaction to mounting pressure from public officials inquiring about the accuracy of foreclosure documents. A document obtained last week by The Associated Press showed a Bank of America official acknowledging in a legal proceeding that she signed thousands of foreclosure documents a month and typically didn’t read them. The official, Renee Hertzler, said in a February deposition that she signed up to 8,000 such documents a month.

Note: For any who might be facing home foreclosure, don't miss the CNN News clip with important advice from a courageous congresswoman available here. For many key reports from reliable sources on the corrupt practices of major banks, click here.

Americans die sooner than citizens of a dozen other developed nations and the usual suspects -- obesity, traffic accidents and a high murder rate -- are not to blame. Instead, poor healthcare may be to blame, the team at Columbia University in New York reported. They found that 15-year survival rates for men and women aged 45 to 65 have fallen in the United States relative to the other 12 countries over the past 30 years. In June, the Commonwealth Fund, which advocates on and does research focusing on healthcare reform, reported that Americans spend twice as much on healthcare as residents of other developed countries -- $7,290 per person -- but get lower quality and less efficiency. Between 1975 and 2005, medical costs went up in all the countries, as did life expectancy. But costs went up far more in the United States and life expectancy increased to a far lower degree. "In 1950, the United States was fifth among the leading industrialized nations with respect to female life expectancy at birth, surpassed only by Sweden, Norway, Australia, and the Netherlands," [the report authors] wrote. At last count, the United States was 46th in female life expectancy; 49th for both sexes.

Note: For key reports from reliable sources on important health issues, click here.

For months, companies have been sitting on the sidelines with record piles of cash. Now they're starting to deploy some of that money - not to hire workers or build factories, but to prop up their share prices. Sitting on these unprecedented levels of cash, U.S. companies are buying back their own stock in droves. So far this year, firms have announced they will purchase $273 billion of their own shares, more than five times as much compared with this time last year, according to Birinyi Associates, a stock market research firm. But the rise in buybacks signals that many companies [do not plan to] spend their cash on the job-generating activities that could produce economic growth. "They don't know what they want to do with all the cash they're sitting on," said Zachary Karabell, president of RiverTwice Research. Historically low interest rates are also prompting some companies to borrow to repurchase shares. Microsoft, for instance, borrowed $4.75 billion last month by issuing new bonds at rock-bottom interest rates and announced it would use some of that money to buy back shares. The company already has nearly $37 billion in cash. A share buyback is a quick way to make a stock more attractive to Wall Street. It improves a closely watched metric known as earnings per share, which divides a company's profit by the total number of shares on the market. Such a move can produce a sudden burst of interest in a stock, improving its price.

Note: For lots more from reliable sources on the massive profiteering by corporate recipients of government financial largesse, click here.

Nearly a million workers won't get a consumer protection in the U.S. health reform law meant to cap insurance costs because the government exempted their employers. Thirty companies and organizations, including McDonald's and Jack in the Box, won't be required to raise the minimum annual benefit included in low-cost health plans, which are often used to cover part-time or low-wage employees. The Department of Health and Human Services, which provided a list of exemptions, said it granted waivers in late September so workers with such plans wouldn't lose coverage from employers who might choose instead to drop health insurance altogether. Without waivers, companies would have had to provide a minimum of $750,000 in coverage next year, increasing to $1.25 million in 2012, $2 million in 2013 and unlimited in 2014.

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

Government scientists wanted to tell Americans early on how bad the BP oil spill could get, but the White House denied their request to make the worst-case models public, a report by the staff of the national panel investigating the spill said Wednesday. Although not a final report, it could raise questions over whether the Obama administration tried to minimize the extent of the BP oil spill, the worst man-made environmental disaster in U.S. history. The staff paper said that underestimating the flow rates "undermined public confidence in the federal government's response" by creating the impression that the government was either incompetent or untrustworthy. The paper said that the loss of trust "fuels public fears." In a separate report, the commission's staff concluded that despite the Coast Guard's insistence that it was always responding to the worst-case scenario, the failure to have an accurate flow rate slowed the response and lulled Obama administration officials into a false belief that the spill would be controlled easily. The first report said that the "decision to withhold worst-case discharge figures" may have been made at a high level. It said that in late April or early May, the National Oceanic and Atmospheric Administration "wanted to make public some of its long-term, worst-case discharge models for the Deepwater Horizon spill, and requested approval to do so from the White House's Office of Management and Budget. Staff was told that the Office of Management and Budget denied NOAA's request."

Note: For key reports on government corruption, click here.

Monsanto, the giant of agricultural biotechnology, has been buffeted by setbacks this year that have prompted analysts to question whether its winning streak of creating ever more expensive genetically engineered crops is coming to an end. The latest blow came last week, when early returns from this year’s harvest showed that Monsanto’s newest product, SmartStax corn, which contains eight inserted genes, was providing yields no higher than the company’s less expensive corn, which contains only three foreign genes. Monsanto has already been forced to sharply cut prices on SmartStax and on its newest soybean seeds, called Roundup Ready 2 Yield, as sales fell below projections. Sales of Monsanto’s Roundup, the widely used herbicide, has collapsed this year under an onslaught of low-priced generics made in China. Weeds are growing resistant to Roundup, dimming the future of the entire Roundup Ready crop franchise. And the Justice Department is investigating Monsanto for possible antitrust violations. Until now, Monsanto’s main challenge has come from opponents of genetically modified crops, who have slowed their adoption in Europe and some other regions. Now, however, the skeptics also include farmers and investors who were once in Monsanto’s camp.

Note: For those who are not aware of how Monsanto executives are quite consciously endangering your health, click here.

U.S. companies are rebounding quickly from the recession and posting near-historic profits, the result of aggressively re-tooling their operations to cope with lower revenue and an uncertain outlook. An analysis by The Wall Street Journal found that companies in the Standard & Poor's 500-stock index posted second-quarter profits of $189 billion, up 38% from a year earlier and their sixth-highest quarterly total ever, without adjustment for inflation. For all U.S. companies, the Commerce Department estimates second-quarter after-tax profits rose to an annual rate of $1.208 trillion, up 3.9% from the first quarter and up 26.5% from a year earlier. That annual rate is the highest on record, though it doesn't account for inflation. As a percentage of national income, after-tax profits were the third-highest since 1947, surpassed only by two quarters in 2006, near the peak of the last economic expansion. The data indicate that big companies are recovering from the downturn faster and more strongly than the overall economy, helping send stock prices higher this year. To achieve that performance, companies laid off hundreds of thousands of workers, closed less-profitable units, shifted work to cheaper regions and streamlined processes. Despite the hefty profits, executives aren't expected to boost spending on new employees, products and equipment anytime soon. "We've focused on permanent changes that won't have to be undone as sales improve," said John Riccitiello, chief executive of Electronic Arts.

Note: For highly revealing reports on income inequality, click here.

The astounding revelation that U.S. medical researchers intentionally gave Guatemalans gonorrhea and syphilis more than 60 years ago is so horrifying that we want to believe that what happened then could never happen today. A report from the United States Department of Health and Human Services noted that roughly 80 percent of drug approvals in 2008 were based in part on data from outside the U.S. Susan Reverby, a distinguished historian at Wellesley College in Massachusetts, has ... long researched the infamous Tuskegee Syphilis Study, the experiment where poor, black men in rural Alabama were deliberately left untreated for syphilis by government researchers. The study, somehow, was allowed to run from 1932 to 1972. More recently, Reverby came across documents that showed that Dr. John C. Cutler, a physician who would later be one of the researchers involved in the Tuskegee study, was involved in a completely unethical research study much earlier in Guatemala. Cutler, who went to his grave defending the Tuskegee experiment, directly inoculated unknowing prisoners in Guatemala with syphilis and also encouraged them to have sex with diseased prostitutes for his research from 1946-48. His work was sponsored by lauded organizations such as the United States Public Health Service, the National Institutes of Health with collaboration of the Pan American Health Sanitary Bureau (now the Pan American Health Organization), and the Guatemalan government.

Note: The author of this commentary is Arthur Caplan, director of the Center for Bioethics at the University of Pennsylvania. For many other examples of government-sponsored experimentation on human guinea pigs, click here.

A federal court yesterday struck down an Ohio ban on dairy products whose labels say they're made from milk that's free of hormones that increase cows' milk production. That means companies that want to say their products are "rbGH free" and "rbST free" and "artificial hormone free" are now free to do so. The ruling challenges the FDA's 17-year-old finding that there's "no significant difference" between the milk of cows given growth hormone and those that aren't. Just that sort of distinction ... is part of the ongoing debate about how to label genetically engineered salmon. The Court of Appeals for the Sixth Circuit said there is a "compositional difference" between milk from cows given growth hormones and those without. The court gave three reasons they're different: * Increased levels of the hormone IGF-1; * A period of milk with lower nutritional quality during each lactation; and * Increased somatic cell counts (i.e. more pus in the milk). But the FDA concluded in 1993 when it approved the growth hormone that the milk shows "no significant difference" in milk from untreated cows.

Note: To learn more about how your health has been endangered by previous media and government decisions, click here. For a stunning 10-minute video clip showing how crazy this can get, click here.

Ahmed Wali Karzai, the half-brother of Afghanistan’s president and boss of the strategically important Kandahar province, has been on the CIA payroll for over a decade, Bob Woodward writes in his new book, Obama’s Wars. By the fall of 2008, Woodward says, “Ahmed Wali Karzai had been on the CIA payroll for years, beginning before 9/11. He had belonged to the CIA's small network of paid agents and informants inside Afghanistan. In addition, the CIA paid him money through his half-brother, the president.” Hamid Karzai was plucked from obscurity and installed as president after U.S.-backed Afghan forces chased the Taliban from power following the Sept. 11, 2001, attacks. There have been many accounts of his brother’s relationship with the CIA over the years, leaving the impression that he is a CIA “agent,” i.e., a controlled asset of the spy agency. But Woodward’s account of the CIA’s relationship with Karzai, who has also been accused repeatedly -- but not charged with -- protecting the illicit opium trade, is more nuanced. “He was not in any sense a controlled agent who always responded to U.S. and CIA requests and pressure,” Woodward writes. “He was his own man, playing all sides against the others -- the United States, the drug dealers, the Taliban and even his brother if necessary.”

Note: What this article fails to mention is that President Karzai was also an employee of the major oil company Unocal, as reported in this Chicago Tribune article.

Johnson & Johnson CEO William Weldon delivered both a mea culpa and clear admission to [the Committee on Oversight and Government Reform] that his company let the public down through numerous recent drug recalls. He also admitted that the company secretly bought up defective drugs without informing regulators and consumers of its actions. The committee has been investigating circumstances that have led to more than half a dozen recalls this year of non-prescription cold and pain drugs such as Tylenol, Benadryl and Motrin made by Johnson & Johnson's McNeil Consumer Healthcare unit. Weldon's [pledge] to never let this happen again was met with some skepticism. [Committee Chairman Edolphus Towns (D-NY)] said [the] testimony indicates some very serious problems in "the way Johnson & Johnson viewed its responsibility to the public and its day-to-day relationship with the FDA." There is often a thin line between "working cooperatively" and having a "cozy relationship," he said. "The documents we have seen in this case indicate this line may have been crossed early and often."

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

The Bill and Melinda Gates Foundation ... is being heavily criticised in Africa and the US for getting into bed not just with notorious GM company Monsanto, but also with agribusiness commodity giant Cargill. Trouble began when a US financial website published the foundation's annual investment portfolio, which showed it had bought 500,000 Monsanto shares worth around $23m. Seattle-based Agra Watch - a project of the Community Alliance for Global Justice - was outraged. "Monsanto has a history of blatant disregard for the interests and well being of small farmers around the world… [This] casts serious doubt on the foundation's heavy funding of agricultural development in Africa," it [said]. South Africa-based watchdog the African Centre for Biosafety then found that the foundation was teaming up with Cargill in a $10m project to "develop the soya value chain" in Mozambique and elsewhere. Who knows what this corporate-speak really means, but in all probability it heralds the big time introduction of GM soya in southern Africa. The fact is that Cargill is a faceless agri-giant that controls most of the world's food commodities and Monsanto has been blundering around poor Asian countries for a decade giving itself and the US a lousy name for corporate bullying. Does the foundation actually share their corporate vision of farming and intend to work with them more in future?

Note: To read how WantToKnow.info manager Fred Burks was blacklisted by Monsanto for reporting on its blatant disregard of the dangers of genetically modified foods, click here.

The Food and Drug Administration has wrapped up three days of hearings and public comment on the effort by AquaBounty Technologies, a Massachusetts company, to sell salmon genetically engineered to grow twice as fast as normal salmon. But the meetings ended without an FDA decision on whether the company can move ahead with sales. USA TODAY's Elizabeth Weise [answers questions about the issue]: Q: What are the issues? A: There are really two: Are these fish safe to eat, and are they safe for the environment? FDA staff, in a report released earlier this month, found the genetically engineered (or GE) salmon to be as safe to eat as normal salmon. But several members of the agency's Veterinary Medicine Advisory Committee felt that the tests for food safety could have included more data and encouraged the agency to request more from the company. Q: What's the environmental issue? A: Some scientists and environmental groups worry that if these fast-growing salmon escaped into the ocean, they might out-compete native salmon populations for both food and mates. As almost all wild Atlantic salmon are endangered, anything that could harm them is of concern.

Note: For lots more from reliable sources on corporate and government corruption, click here and here. For a highly-informative overview of the threats posesd to health and the environment by genetically modified foods, click here.

A Berkshire family say they are devastated at being forced to leave their pet dog in France after his pet passport microchip failed. Matt Roberts and his family returned to Arborfield, near Reading, without their dog Indy because the technology had stopped working. Indy has undergone surgery costing Ł1,000 to remove the chip. It could take up to six months for him to be issued with a new pet passport. Mr Roberts had just finished a two week holiday in the south of France with his wife Dorota and six-month-old daughter Harriet when he tried to return to the UK via Dunkirk. However, when the dogs tried to re-enter the country the scanners could not read Indy's microchip. The family had spent spent Ł400 on pet passports for his two Shih Tzu dogs, Indy and Buzz. Indy will remain in kennels in France unless the manufacturer can confirm that the chip they have removed from him matches the documentation on the pet passport. However, vets have said that the chip has corrupted and will be difficult to read. Mr Roberts may have to apply for a new pet passport for Indy or put the dog into quarantine. He said he was reluctant to do this, and was already spending Ł15 a night to keep his dog in kennels. A Defra spokesman said: "Around 100 pets a year have a failed or missing microchip on arrival to the UK. "In the majority of cases the microchip number can be removed and identified or read by the manufacturer, and the pet eventually allowed to enter."

Note: Another media article shows the same thing happened to a second couple. Explore an excellent website on the risks and dangers of microchipping your pets.

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.