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.

Nine months after being labelled "a great vampire squid wrapped around the face of humanity", Goldman Sachs has issued a wide-ranging justification of its conduct before, during and after the financial crisis. In a letter to shareholders issued alongside Goldman's 2009 annual report, the Wall Street bank denied that it "bet against its clients" when it changed its position in the housing market in 2007, shortly before prices began to collapse. The eight-page letter, signed by chief executive Lloyd Blankfein and president Gary Cohn, also contained a detailed defence of the $12.9bn (Ł8.5bn) payout which Goldman received from AIG after the failed insurance giant was bailed out by the US government. The letter appears to be a detailed response to some of the allegations made nine months ago by Rolling Stone journalist Matt Taibbi. His article, which argued that Goldman had repeatedly profited by inflating unsustainable financial bubbles ... included the claim that the company [is] "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money". Goldman ... actually profited from the fiasco by short-selling the market before the credit crunch struck in summer 2007.

Note: Read Matt Taibbi's article on Goldman Sachs here.

The global economic collapse pushed the rise of green capitalism off business magazine covers, but it will surely resurface. Now, along comes Heather Rogers, who warns about the dangers of buying into this mind-set with Green Gone Wrong: How Our Economy Is Undermining the Environmental Revolution. She says green capitalism is actually undermining ecological progress. She says corporate America has led us into thinking that we can save the earth mainly by buying things like compact fluorescent light bulbs, hybrid gas-electric cars and carbon offsets. Green Gone Wrong ... doesn’t just go after easy targets like big corporations that she says are clearly more interested in making money than saving the earth. Some of the most poignant moments come when Ms. Rogers visits organic farmers in upstate New York. She laments that they can’t make a living because it is so expensive for them to comply with the federal certification requirements for organic foods. “What isn’t being talked about is that many of the small organic producers who are expected to lead the reinvention of the food system can barely make ends meet,” she says. [The book] would have been better had Ms. Rogers delved more deeply into another of her suggestions: instead of buying green, we simply need to buy less stuff. She seems reluctant to push this too hard because it’s a truly radical idea that flies in the face of capitalism — green or not.

Note: Heather Rogers is an established investigative journalist who is also the author of the acclaimed book Gone Tomorrow: The Hidden Life of Garbage.

A federal jury has awarded $1.37 million in damages to a former Pfizer scientist who claimed she was sickened by a genetically engineered virus at a company laboratory and then fired for raising safety concerns. The case ... has raised questions about the safety of workers in the biotechnology industry and about regulations to protect them. The jury ruled that Pfizer had violated laws protecting free speech and whistle-blowers by retaliating against Ms. McClain. The case has attracted the attention of some worker advocates, who say it shows the risks workers in biological labs encounter and the lack of rules to protect them. Ms. McClain, for example, claimed she encountered many difficulties in her attempts to learn the genetic content of the virus she suspected had infected her because it was protected as a trade secret. [She] had complained about what she saw as safety problems, including desks next to where biological experiments were done. Jeremy Gruber, president of the Council for Responsible Genetics, an advocacy group urging discussion of the ethical implications of biotechnology, applauded the award. �I personally believe that Becky McClain is really the canary in the coal mine,� he said. Regulations �have not kept pace with the explosion of research.�

Note: Why are they creating genetically engineered viruses that can sicken people? Could there be some credence to those who claim the AIDS virus was manufactured?

Imagine being charged with a crime, but an imaginary friend takes the rap for you. That is essentially what happened when Pfizer, the world's largest pharmaceutical company, was caught illegally marketing Bextra, a painkiller that was taken off the market in 2005 because of safety concerns. It's a story about the power major pharmaceutical companies have even when they break the laws intended to protect patients. The story begins in 2001, when Bextra was about to hit the market. The drug was part of a revolutionary class of painkillers known as Cox-2 inhibitors that were supposed to be safer than generic drugs, but at 20 times the price of ibuprofen. Pfizer and its marketing partner, Pharmacia, planned to sell Bextra as a treatment for acute pain, the kind you have after surgery. But in November 2001, the U.S. Food and Drug Administration said Bextra was not safe for patients at high risk of heart attacks and strokes. The FDA approved Bextra only for arthritis and menstrual cramps. It rejected the drug in higher doses for acute, surgical pain. Promoting drugs for unapproved uses can put patients at risk by circumventing the FDA's judgment over which products are safe and effective. For that reason, "off-label" promotion is against the law. Internal company documents show that Pfizer and Pharmacia (which Pfizer later bought) used a multimillion-dollar medical education budget to pay hundreds of doctors as speakers and consultants to tout Bextra.

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

Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do – that is, if they pay taxes at all. The most egregious example is General Electric. Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion. How did this happen? It's complicated. GE in effect consists of two divisions: General Electric Capital and everything else. The everything else – maker of engines, power plants, TV shows and the like – would have paid a 22% tax rate if it was a standalone company. It's GE Capital that keeps the overall tax bill so low. Over the last two years, GE Capital has displayed an uncanny ability to lose lots of money in the U.S. (posting a $6.5 billion loss in 2009), and make lots of money overseas (a $4.3 billion gain). Not only do the U.S. losses balance out the overseas gains, but GE can defer taxes on that overseas income indefinitely. It's the tax benefit of overseas operations that is the biggest reason why multinationals end up with lower tax rates than the rest of us.

Note: Forbes later changed the title of this article to a more innocuous "What The Top U.S. Companies Pay In Taxes." Can you believe that GE not only pays no taxes, they actually get credit from the US government? They ship US jobs overseas and then reap huge tax benefits as a result. What's wrong with this picture? For a wealth of media news articles on the hidden manipulations of major financial corporations, click here.

Despite months of dire warnings and millions in taxpayer dollars, less than half of the 229 million doses of H1N1 vaccine the government bought to fight the pandemic have been administered -- leaving an estimated 71.5 million doses that must be discarded if they are not used before they expire. Between 81 million and 91 million doses of swine flu vaccine were injected into peoples' arms or squirted up their noses through the end of February, according to federal officials, leaving about 138 million doses unused. An estimated 60 million of those will be donated to poor countries or saved for possible future use. But doses already in vials and syringes will be thrown away if not used before their expiration dates pass. The prospect of millions of doses of the once-precious vaccine being discarded is the latest twist in the $1.6 billion program -- the most ambitious immunization campaign in U.S. history. The government-led effort produced a vaccine in record time, but unexpected production problems delayed delivery of the bulk of supplies until after the second wave of infections had peaked.

Note: Yet the pharmaceutical companies get to keep the huge profits from the vaccines, paid for by the taxpayers. For key reports from major media sources on the government and pharmaceutical corporation corruption involving bird and swine flu vaccines, click here.

In "Food, Inc.", filmmaker Robert Kenner lifts the veil on our nation's food industry, exposing the highly mechanized underbelly that's been hidden from the American consumer with the consent of our government's regulatory agencies, USDA and FDA. Our nation's food supply is now controlled by a handful of corporations that often put profit ahead of consumer health, the livelihood of the American farmer, the safety of workers and our own environment. We have bigger-breasted chickens, the perfect pork chop, insecticide-resistant soybean seeds, even tomatoes that won't go bad, but we also have new strains of E. coli — the harmful bacteria that causes illness for an estimated 73,000 Americans annually. We are riddled with widespread obesity, particularly among children, and an epidemic level of diabetes among adults. Featuring interviews with such experts as Eric Schlosser Fast Food Nation, Michael Pollan The Omnivore's Dilemma along with forward thinking social entrepreneurs like Stonyfield Farms' Gary Hirschberg and Polyface Farms' Joel Salatin, "Food, Inc." reveals surprising — and often shocking truths — about what we eat, how it's produced, who we have become as a nation and where we are going from here.

Note: For reviews of this important documentary, click here.

For almost two years, molecular biologist Bénédicte Trouiller doused the drinking water of scores of lab mice with nano-titanium dioxide, the most common nanomaterial used in consumer products today. Halfway through, Trouiller became alarmed: Consuming the nano-titanium dioxide was damaging or destroying the animals' DNA and chromosomes. The biological havoc continued as she repeated the studies again and again. It was a significant finding: The degrees of DNA damage and genetic instability that [she] documented can be "linked to all the big killers of man, namely cancer, heart disease, neurological disease and aging," says Professor Robert Schiestl, a genetic toxicologist who ran the lab at UCLA's School of Public Health where Trouiller did her research. Nano-titanium dioxide is so pervasive that the Environmental Working Group says it has calculated that close to 10,000 over-the-counter products use it in one form or another. Other public health specialists put the number even higher. It's "in everything from medicine capsules and nutritional supplements, to food icing and additives, to skin creams, oils and toothpaste," Schiestl says.

Note: For a treasure trove of key reports on health issues, click here.

A former Pfizer scientist is suing the pharmaceuticals giant after alleging she contracted an artificial, HIV-like, virus created by a colleague. In her lawsuit, Becky McClain claims Pfizer unlawfully dismissed her while she suffered bouts of paralysis brought on by the man-made virus. Pfizer denies these accusations, and says McClain simply didn't come to work, and only linked her problems to engineered-disease exposure after she was fired. According to McClain, researchers in her lab genetically engineered an artificial lentivirus, a class of viruses that also includes HIV. McClain believes that she became infected by the virus due to faulty safety measures, resulting in complete body paralysis as often as 12 times every month. Most likely, we will never know if it is Pfizer's virus that caused McClain's health problems. The court case will focus mostly on safety procedures in the laboratory, not on what exactly from the lab caused the illness. Also, Pfizer refuses to release the genome of the suspected virus, preventing both identification of the disease, as well as the development of a possible cure.

Note: Isn't it interesting that Pfizer is involved in creating HIV-like viruses? How long has this been going on?

DREW GRIFFIN, CNN INVESTIGATIVE CORRESPONDENT: Pfizer, Incorporated, with 116,000 employees and revenues of $50 billion a year, is the world's largest pharmaceutical company. The government was building a case against Pfizer for fraudulently marketing a drug that had raked in hundreds of millions of dollars in profits, a painkiller called Bextra. Pfizer aggressively marketed it for uses and in doses not approved by the FDA. But our investigation found another story, ... about the power major pharmaceutical companies have, even when they break the laws intended to protect patients. In 2001, ... the FDA approved Bextra, but only for limited use and only for menstrual cramps and arthritis. Even so, Pfizer sales reps promoted it, illegally, for surgical pain in higher doses, uses the FDA had rejected due to safety concerns. Doctors responded. Instead of prescribing, say, ibuprofen at pennies a pill, they prescribed Bextra at nearly $3 a pill for all kinds of unapproved uses. Sales were very good. GLENN DEMOTT, FORMER PFIZER SALES REP: They said that the district manager approved it. They think it might not be legal, but if they don't make their numbers, they're not going to keep their job anyway. GRIFFIN : It brought Pfizer nearly $1 billion in profits. And it cost us all, because Medicare, Medicaid, and our private insurance picked up much of the tab. MICHAEL LOUCKS, FORMER FEDERAL PROSECUTOR: If the company is able to push the product for the unapproved indication, then it makes a mockery, if you will, of the FDA approval process.

Note: For an even deeper analysis on Mercola.com titled "Pulling Back the Curtain on the Organized Crime Ring That Is the Pharmaceutical Drug Cartel," click here. You can also watch a video of the above CNN segment at that link. For more on pharmaceutical industry corruption, see the deeply revealing reports from reliable major media sources available here.

Most pharmaceutical companies have sworn off ghostwriting, the practice of writing "research" papers for doctors and then paying them to add their names as authors even when they had little involvement or the results were trivial. Merck (MRK), Forest Labs (FRX), and GlaxoSmithKline (GSK) have all been caught doing it. But what happens to the articles that have been disavowed by companies or discredited by lawyers? Not much, it turns out. They sit inside prestigious online archives of academic material, unretracted, where they look just like real studies with robust results. Ghostwriting doesn't look good in lawsuits, either. Pfizer (PFE) must now pay $9.5 million to a woman who claimed menopause drug Prempro gave her breast cancer; Wyeth - the company that made the drug and was later acquired by Pfizer - commissioned ghostwritten articles about the drug. So it's interesting to note that many of those pay-for-play articles are still sitting in scholarly archives such as PubMed, notching up bibliography references and footnotes, even though they shouldn't be. You can search for more ghostwritten papers here.

Note: Big Pharma giant Merck created a fake medical journal and created a list of doctors to discredit in order to popularize a dangerous drug that may have killed as many as 500,000 people before it was finally recalled. For more along these lines, see concise summaries of deeply revealing pharmaceutical corruption news articles from reliable major media sources.

As Newton resident Lisa Dodson, a Boston College sociology professor in the thick of a research project, was interviewing a grocery story manager in the Midwest about the difficulties of the low-income workers he supervised, he asked her a curious question: “Don’t you want to know what this does to me too?’’ She did. And so the manager talked about the sense of unfairness he felt as a supervisor, making enough to live comfortably while overseeing workers who couldn’t feed their families on the money they earned. That inequality, he told her, tainted his job, making him feel complicit in an unfair system that paid hard workers too little to cover basic needs. The interview changed the way Dodson talked with other supervisors and managers of low-income workers, and she began to find that many of them felt the same discomfort as the grocery store manager. And many went a step further, finding ways to undermine the system and slip their workers extra money, food, or time needed to care for sick children. She was surprised how widespread these acts were. In her new book, The Moral Underground: How Ordinary Americans Subvert an Unfair Economy, she called such behavior “economic disobedience." Dodson concluded that [many] were following the American tradition of civil disobedience - this time, against the economy - and creating a “moral underground."

Two former employees of Blackwater Worldwide have accused the private security company of defrauding the government for years by filing bogus receipts, double billing for the same services and charging government agencies for strippers and prostitutes, according to court documents unsealed this week. In a December 2008 lawsuit, the former employees said top Blackwater officials had engaged in a pattern of deception as they carried out government contracts in Iraq and Afghanistan, and in Louisiana in the aftermath of Hurricane Katrina. The lawsuit, filed under the False Claims Act, also asserts that Blackwater officials turned a blind eye to “excessive and unjustified” force against Iraqi civilians by several Blackwater guards. Blackwater has earned billions of dollars from government agencies in the years since the Sept. 11 attacks, when the company won contracts to protect American diplomats in Iraq and Afghanistan. The former employees who filed the lawsuit, a married couple named Brad and Melan Davis, said there was little financial oversight of the money. The documents detailing the Davises’ accusations were unsealed after the Justice Department declined to join in the case against Blackwater, which last year changed its name to Xe Services.

Note: For lots more on corporate fraud and war profiteering from reliable sources, click here.

In a case that could have far-reaching implications for medical research and health care based on genetics, groups representing thousands of doctors, scientists and patients went to court ... to argue that no one should be able to patent human genes, a question that has long been controversial in scientific circles. The case involves a Utah company, Myriad Genetics, and the University of Utah Research Foundation, which in 1994 isolated the DNA sequence for the BRCA1 and later the BRCA2 genes, mutations of which can greatly increase a woman's chance of developing breast and ovarian cancer. Myriad sells a test for the genes. The American Civil Liberties Union and the Public Patent Foundation ... argued before federal district court Judge Robert Sweet that patents on genes are unconstitutional. The U.S. Patent Office allows genes to be patented as soon as someone isolates the DNA by removing it from the cell, says ACLU attorney Sandra Park. "We're arguing that isolating it does not make it patentable. It's a natural phenomenon, and the Supreme Court has always said natural phenomena are not patentable."

Note: For many key investigations from major media sources into corporate and governmental threats against civil liberties, click here.

Following the Supreme Court decision implicitly granting corporations the right to free speech (by determining that political spending is a kind of speech), a corporation has decided to take what it believes to be “democracy’s next step”: It is running for Congress. With more than a twinge of irony, Murray Hill Incorporated, a liberal public relations firm, recently announced that it planned to run in the Republican primary in Maryland’s 8th Congressional District.

Note: To watch the company’s first “campaign” ad, click on the link above.

Did you know you could be fired for not removing a political sticker from your car — or even having a beer after work? Lewis Maltby says it's more than possible — it has happened. His new book, Can They Do That? explores rights in the workplace. As he tells NPR's Ari Shapiro, "Freedom of speech is protected by the First Amendment — but only where the government is concerned. What most Americans generally don't know is that the Constitution doesn't apply to private corporations at all." In terms of monitoring its employees, the list of things a corporation can't do is a short one — it's basically confined to eavesdropping on a personal oral conversation, Maltby said. "Anything else is open season." And outside the workplace, personal blogs or social media pages on services like Twitter or Facebook offer no refuge. Asked if workers can be fired for things they write on those sites, Maltby said, "Absolutely. Happens every day. I've been getting calls from people for 20 years who've been abused in all sorts of ways," Maltby said. "When I tell them, 'Sorry, you don't have any legal rights,' they literally don't believe me," Maltby said.

Our federal and state governments have dragged their feet in addressing the risks of BPA exposure - due mainly to relentless lobbying by the chemical industry. The chemical industry has used every weapon at its disposal - including lawsuits, in the case of San Francisco - to keep BPA on the shelves and in our bodies. So the Food and Drug Administration deserves mild applause for reversing its position on BPA, calling it a "concern" and offering ways in which the public can reduce its exposure to the chemical. It would have been far better for the FDA to ban the chemical, or at least require manufacturers to label products that contain it. Instead, it offered the familiar "more study is needed" defense and said that it doesn't have enough data to support a legal crackdown.

Note: The Department of Health and Human Services has released a list of ways to reduce your exposure. It can be found at www.hhs.gov/safety/bpa.

Remember the warnings of 65,000 dead? Health chiefs should admit they were wrong – yet again – about a global pandemic. Let me recap. Six months ago [the] BBC was intoning nightly statistics on what "could" happen as "the deadly virus" took hold. The happy-go-lucky virologist, John Oxford, said half the population could be infected, and that his lowest estimate was 6,000 dead. The chief medical officer, Sir Liam Donaldson, bandied about any figure that came into his head, settling on "65,000 could die", peaking at 350 corpses a day. The media went berserk. The World Health Organisation declared a "six-level alert" so as to "prepare the world for an imminent attack". If anyone dared question this drivel, they were dismissed by Donaldson as "extremists". When people started reporting swine flu to be even milder than ordinary flu, he accused them of complacency and told them to "wait for next winter". He was already buying 32m masks and spending more than Ł1bn on Tamiflu and vaccines. It was pure, systematic government-induced panic – in which I accept that the media played its joyful part.

Note: For lots more on the gross profiteering and fear mongering of swine flu scare, click here.

More than half the scientists on the swine flu taskforce advising the [UK] Government have ties to drug companies. Eleven of the 20 members of the Scientific Advisory Group for Emergencies (SAGE) have done work for the pharmaceutical industry or are linked to it through their universities. Many have declared interests in GlaxoSmithKline, the vaccine maker expected to be the biggest beneficiary of the pandemic. The disclosure of the register of interests comes just days after a health expert branded the swine flu outbreak a 'false pandemic' driven by the drug companies which stood to profit. The Government is now trying to offload up to Ł1billion worth of unwanted swine flu vaccine. Last July, the Department of Health warned of up 65,000 deaths, with 350 a day at the pandemic's peak. But the death toll now stands at just 251. SAGE was created to give Ministers recommendations on how to control and treat the virus. Official documents show some members are linked to vaccine manufacturer Baxter and to Roche, which makes Tamiflu. GSK, Baxter and Roche stand to make up to Ł1.5billion between them from Government contracts related to swine flu.

Note: For lots more on the Swine Flu "false pandemic," click here.

A wave of American companies have been arriving in Iraq in recent months to pursue what is expected to be a multibillion-dollar bonanza of projects to revive the country’s stagnant petroleum industry, as Iraq seeks to establish itself as a rival to Saudi Arabia as the world’s top oil producer. Since the 2003 American-led invasion, nearly all of the biggest reconstruction projects in Iraq have been controlled by the United States. Many rebuilding contracts are expected to be awarded as soon as this month. Concerns have been heightened by the prominent role expected to be played by American companies that have been criticized in the past ... for overcharging by hundreds of millions of dollars, performing shoddy work and failing to finish hundreds of crucial projects while under contract in Iraq. Halliburton and its former subsidiary KBR, as well as Bechtel and Parsons, have been singled out for criticism by the Special Inspector General for Iraq Reconstruction for their previous work in Iraq.

Note: The contracts just keep on coming for this key group of US corporations with connections to the highest levels of the US government. For many revealing reports from reliable sources on the profiteering which is such a major drive to modern war, 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.