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.

Advice about soft drinks and health from one of the nation's largest doctors groups will soon be brought to you by Coke. The American Academy of Family Physicians has prompted outcry and lost members over its new six-figure alliance with the Coca-Cola Co. The deal will fund educational materials about soft drinks for the academy's consumer health and wellness Web site, www.FamilyDoctor.org. "Coca-Cola, like other sodas, causes enormous suffering and premature death by increasing the risks of obesity, diabetes, heart attacks, gout, and cavities," Harvard University nutrition expert Dr. Walter Willett said in an e-mail. He said the academy "should be a loud critic of these products and practices, but by signing with Coke their voice has almost surely been muzzled." Dr. Henry Blackburn, a University of Minnesota public health specialist, said the deal "will inevitably have a chilling effect on the focus of their message in regards to sweet drinks."

Note: For more on corruption in the medical/corporate complex, click here.

When Islam Siddiqui appears for his Senate confirmation, possibly as early as next week, it will be time for some tough questions. The White House has nominated Mr. Siddiqui for the position of chief agricultural negotiator in the office of the United States trade representative. He is presently a vice president at CropLife America, a coalition of the major industrial players in the pesticide industry, including Syngenta, Monsanto, Dow Chemical and DuPont. That job doesn't seem to square with the Obama administration's professed interest in more sustainable, less chemically dependent approaches to agriculture. Nor does much of the rest of Mr. Siddiqui's resumĂ©. The White House has touted his role in the first phase of developing national organic standards. But those standards, as they first emerged in draft form in the Clinton years, were notoriously loose about allowing genetically engineered crops and the use of sewage-sludge fertilizers to be labeled as "organic." But the business of [Siddiqui's] CropLife – an arm of which openly scoffed at Michelle Obama's plans for an organic garden – is to increase exports of agricultural chemicals.

Note: For a powerful overview of the risks of genetically modified food, click here.

Among the many dubious provisions in the 2005 energy bill was one dubbed the Halliburton loophole, which was inserted at the behest of — you guessed it — then-Vice President Dick Cheney, a former chief executive of Halliburton. It stripped the Environmental Protection Agency of its authority to regulate a drilling process called hydraulic fracturing [commonly referred to as "fracking"]. Invented by Halliburton in the 1940s, it involves injecting a mixture of water, sand and chemicals, some of them toxic, into underground rock formations to blast them open and release natural gas. Hydraulic fracturing has been implicated in a growing number of water pollution cases across the country. It has become especially controversial in New York, where regulators are eager to clear the way for drilling in the New York City watershed, potentially imperiling the city’s water supply. Congress last week approved a bill that asks the E.P.A. to conduct a new study on the risks of hydraulic fracturing. An agency study in 2004 whitewashed the industry and was dismissed by experts as superficial and politically motivated. This time Congress is demanding “a transparent, peer-reviewed process.” Cumbersomely named the Fracturing Responsibility and Awareness of Chemicals Act, it would close the loophole and restore the E.P.A.’s rightful authority to regulate hydraulic fracturing. It would also require the oil and gas industry to disclose the chemicals they use.

Note: Energy-development corporations using the fracking process will not disclose the chemicals they inject into the subsurface because of the chemicals' high toxicity when they penetrate groundwater supplies. For many more examples from reliable sources of corporate and government secrecy, click here.

In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting. Goldman's sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled one of the nation's premier investment banks to pass most of its potential losses to others before a flood of mortgage loan defaults staggered the U.S. and global economies. Only later did investors discover that what Goldman promoted as triple-A investments were closer to junk. Now, pension funds, insurance companies, labor unions and foreign financial institutions that bought those dicey mortgage securities are facing large losses, and a five-month McClatchy Newspapers investigation has found that Goldman's failure to disclose that it made secret, exotic bets on an imminent housing crash may have violated securities laws. "The Securities and Exchange Commission should be very interested in any financial company that secretly decides a financial product is a loser and then goes out and actively markets that product or very similar products to unsuspecting customers without disclosing its true opinion," said Laurence Kotlikoff, a Boston University economics professor who's proposed a massive overhaul of the nation's big banks. "This is fraud and should be prosecuted."

Note: For an eye-opening, powerful PBS video which reveals how the economic crisis was conscously allowed to happen, click here. It reveals that Fed chairman Alan Greenspan was against investigating any fraud. For many reports from reliable sources on corruption at the core of the Wall Street collapse and bailout, click here.

It was 9/29/08 - a moment when a rare blast of populist democracy briefly singed the economic terrorists who hold the Capitol hostage. It had been a dark and stormy month of financial collapse, culminating in an attempted power grab. Pushed by his fellow Wall Street Ponzi schemers, Treasury Secretary Henry Paulson - a former Goldman Sachs CEO - was threatening Armageddon unless Congress ratified his ... decree for a no-strings-attached bank bailout. Today, the episode seems merely to have set minimum standards for chicanery. As evidenced by two little-noticed sections of the Obama administration's Wall Street "reform" bill, presidents and their bank benefactors are back to thinking they can pilfer whatever they want by burying their demands in the esoterica of lengthier bills. Finding this latest giveaway means digging all the way down to sections 1109 and 1604 of the White House's mammoth proposal. At a recent hearing, Rep. Brad Sherman, D-Sherman Oaks (Los Angeles County), called the language "TARP on steroids," noting the provisions would deliberately let the executive branch enact even bigger, more unregulated bailouts than ever - and by unilateral fiat. TARP on Steroids includes no specific oversight or executive pay constraints. TARP on Steroids allows taxpayer cash to go only to the behemoths (which, not coincidentally, tend to make the biggest campaign contributions). TARP on Steroids would let [the Treasury Secretary] spend as much as he wants.

Note: For many revealing reports from reliable sources on the continuing Wall Street bailout, click here.

Goldman Sachs defended a range of trading practices currently under regulatory scrutiny, including dark pools and short selling, in a report to the Securities and Exchange Commission and a series of postings on its Web site. In defending dark pools, private venues where large blocks of securities are traded anonymously, Goldman said they are simply the result of technology improving on the kind of non-displayed liquidity that has always existed in the market. Dark pools have been criticized by lawmakers and targeted by regulators seeking a better idea of how much trading takes place away from exchanges. While it reiterated its support for regulation of abusive, or "naked" short selling, Goldman said further regulation isn't necessary and could actually hurt the market. As for high-frequency trading, SEC Chairman Mary Schapiro at a Securities Industry and Financial Markets Association conference ... reiterated that she has asked SEC staff to propose ways the agency can collect more information about high frequency traders, noting that lightning speed trading now represents more than 50% of trading volume.

Note: To read this article without a subscription to the WSJ, click here. Is it a surprise that Goldman Sachs wants to keep its secret deals hidden? Full transparency for the banks would almost certainly reveal major manipulations.

Swiss drugmaker Novartis said sales would grow faster than expected this year, even without a shot in the arm of up to $700 million from its H1N1 swine flu pandemic vaccine. Third-quarter net profit at Novartis ... nudged up 1 percent to $2.1 billion. This year is turning out to be better than initially feared for Novartis and other major pharmaceutical companies, thanks to hefty price increases and windfall sales arising from the H1N1 outbreak. Both Pfizer, the world's biggest drugmaker, and Eli Lilly topped earnings forecasts this week. Roche reported a sharp jump in sales of its Tamiflu drug for flu last week and analysts expect GlaxoSmithKline's Relenza will also see strong sales in the third quarter. On the vaccine front, Glaxo, Sanofi-Aventis and AstraZeneca are all expected to highlight an expected jump in fourth-quarter sales due to swine flu. The H1N1 flu vaccine is expected to contribute about $400-700 million of sales in the fourth quarter.

Note: Donald Rumsfeld personally made millions as a direct result of the avian flu scare a few year ago. For more on this, click here. For more on pharmaceutical corporation profiteering from swine flu vaccines, click here.

Tony Blair has been cashing in on his contacts from the Iraq conflict and his role as Middle East peace envoy for a private business venture expected to earn him more than Ł5m a year. The former prime minister has sold his political and economic expertise to two countries, Kuwait and the United Arab Emirates, via his fledgling private consultancy. He also represents the investment bank JP Morgan in the region. Blair has been ... amassing a fortune from the American lecture circuit. By offering himself to the Arab states as a statesman for hire, he could comfortably double his annual earnings. His consultancy, the London-based Tony Blair Associates (TBA), emulates the New York partnership Kissinger Associates, which was founded by Henry Kissinger, the former national security adviser to President Nixon. Peter Brierley, 59, of Batley, West Yorkshire, whose 28-year-old son Shaun was killed near the Kuwait-Iraq border in 2003 and who refused to shake Blair’s hand at a memorial service this month, said: “This beggars belief. It’s absolutely scandalous that he’s now trying to make money from his contacts in the region. It’s money from the blood and lives of the soldiers who died in Iraq.” His fees for talks, along with contracts with JP Morgan and Zurich Financial Services, are estimated to put his earnings — excluding [a big] book deal — well in excess of Ł5m a year.

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

France's highest court has ruled that US agrochemical giant Monsanto had not told the truth about the safety of its best-selling weed-killer, Roundup. The court confirmed an earlier judgment that Monsanto had falsely advertised its herbicide as "biodegradable" and claimed it "left the soil clean". The company was fined 15,000 euros (Ł13,800; $22,400). Roundup is the world's best-selling herbicide. Monsanto also sells crops genetically-engineered to be tolerant to Roundup. French environmental groups had brought the case in 2001 on the basis that glyphosate, Roundup's main ingredient, is classed as "dangerous for the environment" by the European Union. Earlier this month, Monsanto reported a fourth quarter loss of $233m (Ł147m), driven mostly by a drop in sales of its Roundup brand.

Note: For an article on the dangers of Monsanto's RoundUp, click here.

Americans are still debating whether to roll up their sleeves for a swine flu shot, but companies have already figured it out: vaccines are good for business. Drug companies have sold $1.5 billion worth of swine flu shots, in addition to the $1 billion for seasonal flu they booked earlier this year. These inoculations are part of a much wider and rapidly growing $20 billion global vaccine market. "The vaccine market is booming," says Bruce Carlson, spokesperson at market research firm Kalorama, which publishes an annual survey of the vaccine industry. "It's an enormous growth area for pharmaceuticals at a time when other areas are not doing so well," he says. As always with pandemic flus, taxpayers are footing the $1.5 billion check for the 250 million swine flu vaccines that the government has ordered so far and will be distributing free to doctors, pharmacies and schools. In addition, Congress has set aside more than $10 billion this year to research flu viruses, monitor H1N1's progress and educate the public about prevention. Drugmakers pocket most of the revenues from flu sales. But some say it's not just drugmakers who stand to benefit. Doctors collect copayments for special office visits to inject shots, and there have been assertions that these doctors actually profit handsomely from these vaccinations. Pharmacies also charge co-payments or full price of about $25 to those without insurance.

Note: For a revealing article questioning the efficacy of vaccines, click here. And for a powerful CBS '60 Minutes' news clip clearly showing how the profit motive in vaccines endangers public health, click here.

No one, including himself, would argue that Bradley Birkenfeld, 44, is a saint. But at the same time, almost no one in the U.S. government would deny that Birkenfeld was absolutely essential to its landmark tax-evasion case against Swiss banking giant UBS. The former UBS employee turned whistle-blower exposed the previously hidden world of offshore tax shelters, which cheats the Treasury out of about $100 billion a year. Thanks to his insider information, UBS was fined $780 million, and it promised to "exit entirely" from the U.S. tax-shelter business and to provide the names of thousands of American tax dodgers, from which hundreds of millions of dollars still might be collected. It also led to new tax treaties with the Swiss that should provide unprecedented tax information in civil cases and better access to such data in criminal cases. Considering Birkenfeld's help, many observers wonder why the Justice Department decided to arrest and prosecute him. Many critics believe the decision to prosecute Birkenfeld, whom some consider the most important whistle-blower in years, sends the worst possible message to other financial-industry insiders who might be considering coming forward. The Government Accountability Project (GAP), a Washington watchdog organization that has extensive whistle-blower experience, says a chilling effect is already apparent: a senior executive at a European bank that offers similar U.S. tax shelters is having second thoughts about going public because of the Birkenfeld case.

Note: For lots more, including Obama's tight ties with UBS, see the New York Daily News article here.

The United States has long suspected that [many] of the billions of dollars it has sent Pakistan to battle militants has been diverted to the domestic economy and other causes, such as fighting India. Now the scope and longevity of the misuse is becoming clear: Between 2002 and 2008 ... only $500 million of the $6.6 billion in American aid actually made it to the Pakistani military, two army generals said. At the time of the siphoning, Pervez Musharraf, a Washington ally, served as chief of staff and president, making it easier to divert money intended for the military to bolster his image at home through economic subsidies. "The army itself got very little,'' said Mahmud Durrani, a retired general who was Pakistan's ambassador to the United States under Musharraf. "It went to things like subsidies, which is why everything looked hunky-dory." Generals and ministers say the diversion of the money hurt the military in several ways. Helicopters critical to the battle in rugged border regions were not available. At one point in 2007, more than 200 soldiers were trapped by insurgents in the tribal regions without a helicopter lift to rescue them. Equipment was broken, and training was lacking. The details on misuse of American aid come as Washington again promises Pakistan money. Legislation to triple general aid to Pakistan cleared Congress last week. "We don't have a mechanism for tracking the money after we have given it to them,'' said Lieutenant Colonel Mark Wright, a Pentagon spokesman.

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

When built in 2004, the agricultural storage facility in Nangarhar province was supposed to win the hearts and minds of the Afghan people. The U.S. government paid for its construction along with several other so-called "market centers" that would enable farmers to store crops and boost exports to nearby Pakistan. But construction and design flaws left it unusable, one of many dozens of similar failures in the country, critics say. Opponents say the Nangarhar project is just one example of massive waste of taxpayer dollars in aid programs since the U.S.-led invasion ousted the Taliban government in 2001. A Washington, D.C., company, Chemonics International, won the bid for [a] $145 million program - known as Rebuilding Agricultural Markets Program, or RAMP - that ran from 2003 to 2006. Chemonics then subcontracted the training and construction work to other Americans, who in turn subcontracted to numerous Afghan companies who did the work. At each level, the subcontractors deducted costs for salaries, office expenses and security. Only a small percentage of the original RAMP contract money actually reached farmers and other intended recipients. The exact percentage may never be known because neither Chemonics nor the U.S. government tracks such figures. Moreover, opponents note, many constructed market centers have deteriorated or are not being used for their original purpose. Afghanistan's foreign minister, Rangeen Dadfar Spanta, sharply criticized how U.S. aid is spent in his country. He estimates that only "$10 or $20" of every $100 reaches its intended recipients.

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

The Securities and Exchange Commission’s independent watchdog called for a sweeping overhaul of the agency’s investigation and enforcement practices on Tuesday, after a blistering report on the S.E.C.’s failure to detect Bernard L. Madoff’s extensive Ponzi scheme. Two reports, released by the S.E.C.’s inspector general, H. David Kotz, recommended dozens of changes in the way the agency evaluates tips, trains investigators and documents examinations of securities firms. The first report, which covers the S.E.C.’s inspections and examinations office, outlines 37 improvements that would revamp nearly every aspect of the division’s operations, including how investigators follow up on tips and creating step-by-step procedures in identifying potential violations of securities laws. Mr. Kotz also issued 21 recommendations to the S.E.C.’s division of enforcement, including the start of a formal process for handling complaints and improving working relationships within the division. One measure would mandate that tips and complaints be reviewed by at least two individuals experienced in the subject before taking further action. The proposed changes come after Mr. Kotz’s office completed an exhaustive investigation this month of the S.E.C.’s failure to detect the Madoff fraud despite many warnings and a flood of complaints from credible sources. At nearly every turn, the investigation found, the agency had failed to properly examine Mr. Madoff’s firm and had not adequately followed up on tips from as far back as 1992 that could have unearthed the estimated $65 billion scheme.

Note: For a treasure trove of key revelations on the realities behind the Wall Street crash and bailout, click here. Contact your political representatives urging them to support these recommendations.

The European security research programme (ESRP) has a €1.4bn EU budget and its twin objectives are to enhance European security and foster the growth of a globally competitive security industry in Europe. Unfortunately, in its haste to cash-in on the homeland security boom, the EU has effectively outsourced the design of its security research agenda to some of the corporations that have the most to gain from its implementation. It has created bodies outside the formal structure of the EU, beyond parliamentary scrutiny and democratic control. The result is a public research programme designed by lobbyists, for lobbyists, with corporations invited to shape the objectives and annual priorities, and then apply for the money on offer. ESRP was the brainchild of the "group of personalities", an EU advisory body convened in 2003 that included some of Europe's largest defence and IT contractors alongside the likes of NATO, the EU military committee and the Rand Corporation. The group's primary concern was the scale of the US government's investment in homeland security R&D, which meant that the US was "taking a lead" in the development of security "technologies and equipment which … could meet a number of Europe's needs", putting US multinationals in "a very strong competitive position".

Note: The author of this article, Ben Hayes, has written a detailed report, NeoConOpticon: the EU Security-Industrial Complex published by Statewatch and the Transnational Institute.

A freelance cameraman's appendix ruptured and by the time he was admitted to surgery, it was too late. A self-employed mother of two is found dead in bed from undiagnosed heart disease. A 26-year-old aspiring fashion designer collapsed in her bathroom after feeling unusually fatigued for days. What all three of these people have in common is that they experienced symptoms, but didn't seek care because they were uninsured and they worried about the hospital expense, according to their families. All three died. Research released ... in the American Journal of Public Health estimates that 45,000 deaths per year in the United States are associated with the lack of health insurance. If a person is uninsured, "it means you're at mortal risk," said one of the authors, Dr. David Himmelstein, an associate professor of medicine at Harvard Medical School. The researchers examined government health surveys from more than 9,000 people aged 17 to 64, taken from 1986-1994, and then followed up through 2000. They determined that the uninsured have a 40 percent higher risk of death than those with private health insurance as a result of being unable to obtain necessary medical care. The researchers then extrapolated the results to census data from 2005 and calculated there were 44,789 deaths associated with lack of health insurance.

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

Irving Kristol, the political writer and publisher known as the godfather of neo-conservatism,... died Friday. He was 89. A Trotskyist in the 1930s, Kristol would soon sour on socialism, break from liberalism after the rise of the New Left in the 1960s and in the 1970s commit the unthinkable — support the Republican Party, once as "foreign to me as attending a Catholic mass." He was a flagship in the network of think tanks, media outlets and corporations that helped make conservatism a reigning ideology for at least two decades. Former Vice President Dick Cheney was a longtime admirer and former President George W. Bush, whose administration was heavily populated by neo-conservatives, awarded Kristol a Presidential Medal of Freedom in 2002. Kristol himself would regard neo-conservatism as a job well done. But the Iraq War and the poor economy badly damaged the right's unity and credibility over the past few years. "If there is any one thing that neo-conservatives are unanimous about, it is their dislike of the counterculture," Kristol once said. With funding from Joseph Coors, Richard Mellon Scaife and others, the right created such think tanks as the Heritage Foundation and the Center for Strategic and International Studies. Kristol himself was a fellow at a key think tank, the American Enterprise Institute. Kristol also taught at New York University, worked for several years as a senior editor at the Basic Books publishing house and in the 1950s headed the anti-communist magazine Encounter, which turned out to have been funded — without Kristol's knowledge, he said — by the CIA.

Note: To learn how Kristol became a top manager in spreading fear to support the political elite, watch the powerful BBC documentary "The Power of Nightmares" at this link. This revealing film show how much of the fear spread by the media is consciously fabricated by people like Kristol and his colleagues.

Because of concerns about climate change, a lot of current environmentalist advocacy — including movies like “An Inconvenient Truth” — concentrates on the dire results of burning fossil fuels. Joe Berlinger’s “Crude,” a thorough and impassioned new documentary, focuses its gaze on production rather than consumption. The film, which follows the fitful progress of a class-action lawsuit undertaken on behalf of the people of the Ecuadorean Amazon, is not about the unintended consequences of using petroleum. Instead, it examines the terrible, frequently unacknowledged costs of extracting oil from the ground. “Crude,” in other words, investigates the local manifestations — cancer, contaminated water, cultural degradation — of a global problem. Even as “Crude” dwells on a single, relatively small slice of territory (about the size of Rhode Island), its action shifts from muddy villages in Amazonia to law offices and shareholders’ meetings in the steel-and-glass cities of North America, drawing into its purview a motley cast of scientists, human rights crusaders, civil servants and international celebrities. Like almost every other recent documentary on a politically charged topic, “Crude” does not pretend to neutrality. Yet while Mr. Berlinger’s sympathies clearly lie with the oddly matched pair of lawyers — Steven Donziger, a big, outgoing American, and Pablo Fajardo, a wiry, diffident Ecuadorean — who are consumed by the now 16-year-old suit against Chevron, he is fair-minded enough to include rebuttals from the company’s executives and in-house environmental scientists. And since this is, in part, a courtroom drama, both sides have a chance to be heard.

Capitalism is evil. That is the conclusion U.S. documentary maker Michael Moore comes to in his latest movie "Capitalism: A Love Story", which [premiered] at the Venice film festival on Sunday. Blending his trademark humour with tragic individual stories, archive footage and publicity stunts, the 55-year-old launches an all out attack on the capitalist system, arguing that it benefits the rich and condemns millions to poverty. "Capitalism is an evil, and you cannot regulate evil," the two-hour movie concludes. "You have to eliminate it and replace it with something that is good for all people and that something is democracy." The bad guys in Moore's mind are big banks and hedge funds which "gambled" investors' money in complex derivatives that few, if any, really understood and which belonged in the casino. The filmmaker also sees an uncomfortably close relationship between banks, politicians and U.S. Treasury officials, meaning that regulation has been changed to favour the few on Wall Street rather than the many on Main Street. He says that by encouraging Americans to borrow against the value of their homes, businesses created the conditions that led to the crisis, and with it homelessness and unemployment. Moore even features priests who say capitalism is anti-Christian by failing to protect the poor.

Note: For a treasure trove of reports from reliable sources on the realities of the Wall Street bailout, click here.

Its superfast, supersecret oil trading software was called the Hammer. And if the Commodity Futures Trading Commission is right, the name fit well with an intricate scheme that allowed commodity traders in Chicago working for Optiver, a little-known company based in Amsterdam, to put their orders first in line and subtly manipulate the price of oil to the company’s advantage. Transcripts and taped conversations of actions that took place in 2007 ... reveal the secretive workings of high-frequency trading, a fast-growing Wall Street business. Critics say this high-speed form of computerized trading, which is used in a wide range of financial markets, enables its practitioners to profit at other investors’ expense. Traders in the Chicago office of Optiver openly talked among themselves of “whacking” and “bullying up” the price of oil. But when called to account by officials of the New York Mercantile Exchange, they described their actions as just “providing liquidity.” In July 2008, the commission charged Optiver with manipulating the price of oil; negotiations over a settlement continue. The Securities and Exchange Commission has opened up an investigation into high-speed-trading practices, in particular the ability of some of the most powerful computers to jump to the head of the trading queue and — in a fraction of a millisecond — capture the evanescent trading spread before the rest of the market does.

Note: This and other reports likely show only the tip of the iceberg of how prices of key stocks and commodities are manipulated. For a great collection of reports from major media sources on the schemes and tricks used by financial corporations, click here.

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.