Corporate Corruption News Articles

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The Institute for Policy Studies calculated that the average CEO compensation in 2020 was $15.3m, when looking at the 100 companies with the lowest median wage for workers in the S&P 500 index. The median worker pay was $28,187. This means that chief executives saw a 29% pay raise compared to 2019, while workers saw a 2% decrease. For all 100 companies, median worker pay was below $50,000 for 2020. The compensation hike came as companies gave their top leaders hefty bonuses and forgiving performance benchmarks during the pandemic, allowing the top executives to cash in while their low-wage employees were essential workers. Hilton's CEO, Christopher Nassetta, had a compensation package worth $55.9m in 2020, the highest of the executives analyzed in the report, while median pay at the company was $28,608, down from $43,695 in 2019. Since the pandemic affected the company's expected performance, and thus Nassetta's expected compensation, the company's board restructured its stock awards to give its CEO ample pay in 2020, according to the report. Other CEOs were met with friendly treatment from their respective corporate boards. Chipotle's board removed the company's poor financial results from the peak of the shutdown and excluded Covid-related costs when calculating CEO Brian Niccol's compensation. Niccol received $38m last year, which is 2,898 times more than the company's median worker pay of $13,127.

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

It's only when the tide goes out that you learn who's been swimming naked," the billionaire investor Warren Buffett has famously said. During the crash of 2008, the whole world learned just how dangerously nude Wall Street was. Now it may be happening again – this time not with residential mortgage-backed securities, based on loans for homes, but commercial mortgage-backed securities, or CMBS, based on loans for businesses. John M. Griffin and Alex Priest are, respectively, a prominent professor of finance and a Ph.D. candidate at the McCombs School of Business at the University of Texas at Austin. In a study released last November, they sampled almost 40,000 CMBS loans with a market capitalization of $650 billion underwritten from the beginning of 2013 to the end of 2019. "Overall," they write, "actual net operating income falls short of underwritten income by 5% or more in 28% of loans." This was just the average, however: Some originators – including an unusual company called Ladder Capital as well as the Swiss bank UBS, Goldman Sachs, Citigroup, and Morgan Stanley – were significantly worse, "having more than 35% of their loans exhibiting 5% or greater income overstatement." With almost every lender, including Ladder, the overstatement increased as time went on. These income overstatements might cause defaults under any circumstances. But it has been particularly dangerous in a severe economic downturn like the one caused by the coronavirus pandemic.

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

Asked about the future of Parkinson's disease in the US, Dr Ray Dorsey says, "We're on the tip of a very, very large iceberg." Dorsey, a neurologist ... believes a Parkinson's epidemic is on the horizon. Parkinson's is already the fastest-growing neurological disorder in the world; in the US, the number of people with Parkinson's has increased 35% the last 10 years, says Dorsey, and "We think over the next 25 years it will double again." Researchers increasingly believe that one factor is environmental exposure to trichloroethylene (TCE), a chemical compound used in industrial degreasing, dry-cleaning and household products such as some shoe polishes and carpet cleaners. To date, the clearest evidence around the risk of TCE to human health is derived from workers who are exposed to the chemical in the work-place. A 2008 peer-reviewed study in the Annals of Neurology, for example, found that TCE is "a risk factor for parkinsonism." And a 2011 study echoed those results, finding "a six-fold increase in the risk of developing Parkinson's in individuals exposed in the workplace to trichloroethylene (TCE)." While some countries heavily regulate TCE (its use is banned in the EU without special authorization) the EPA estimates that 250m lb of the chemical are still used annually in the US. TCE is currently estimated to be present in about 30% of US groundwater. Using activated carbon filtration devices (like Brita filters) can help reduce TCE in drinking water.

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

The factory that Pfizer Inc. plans to use to boost production of its covid-19 vaccine for the massive U.S. inoculation effort was cited by federal inspectors last year for repeated quality-control violations. Food and Drug Administration inspectors visited the McPherson, Kansas, plant at the end of 2019 into January 2020, according to an inspection report. They found the drug giant released medications for sale after failing to thoroughly review quality issues that arose in routine testing, the report shows. Additionally, the report says inspectors found bacteria and mold in supposedly sterile areas, an issue seen in previous visits to the facility. And the plant failed to properly sample drug products to ensure they didn't have excessive levels of certain toxins, the inspectors wrote. The FDA sent Pfizer a warning letter, the agency's strongest rebuke, concerning the factory in 2017 after the agency detected issues similar to those it found in 2020. The FDA concluded that Pfizer had addressed the violations in June 2018, a month before it returned to the facility and found more problems. The company plans to supply the U.S. with 200 million doses of its two-shot vaccine regimen by the end of May. The FDA halted all inspections of drugmaking facilities at the beginning of the Covid-19 pandemic, though it has since resumed some domestic visits. Pfizer's plant in Kansas is also authorized to make the Covid-19 treatment remdesivir.

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

Carlos is a Mexican businessman. Two associates accompanied him as he travelled [to] India. There, [he] met Manu Gupta, a businessman active in a variety of sectors. On 25 September 2018 he was arrested in the city of Indore, Madhya Pradesh, along with a Mexican associate and an Indian chemist. The three men were wearing masks and gloves – and were in possession of more than 10kg of fentanyl – an ultra-potent synthetic opioid. The case sheds light on the international networks which Mexican cartels have built up – and the business methods they employ to dominate the lucrative fentanyl market. Fentanyl increasingly displaced heroin on the underground market, causing record numbers of overdoses around the world. In 2018, fentanyl and similar synthetic drugs accounted for nearly half of the 67,367 drug overdose deaths in the US. This year, overdoses have rocketed during the coronavirus pandemic, with more than 40 US states reporting an increase in drug mortality rates – particularly from synthetic opioids like fentanyl. In theory, sales of precursors are highly regulated. In reality, the extent of the problem is revealed with a simple Google search. Entering keywords for fentanyl precursors quickly leads you to the social network Pinterest, where – nestled between wedding moodboards and home decor inspiration – are posts from Chinese companies offering fentanyl precursors for export – many directed towards Mexico.

Note: Pharmaceutical executives have been caught bribing doctors to prescribe fentanyl-containing painkillers. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.

Evidence of what appears to be aggressive animal abuse, practices leading to heightened disease risk and cows being passed off as organic at a Texan auctioneers has been presented to the US Department of Agriculture (USDA) by undercover welfare investigators. The ... investigation centres on Texan auctioneers, Erath County Dairy Sales (ECDS). Undercover video footage filmed at ECDS between January and March 2020 ... was delivered to the USDA by the US-Brazil based NGO, Strategies for Ethical and Environmental Development (Seed). In one video, the undercover investigator, hired as an animal handler, is told that removing a cowâ₏™s ear tags, and replacing them with new â₏Œback tagsâ₏ť that indicate a cow is organic, can triple or quadruple their meat sale value. The investigator said he witnessed the tag switching process. First, a bladed tool was used to remove the ear tags, which are part of the USDAâ₏™s animal disease traceability framework. These tags were not replaced. Instead, another tag, known as a back tag or sticker, was glued to the cowâ₏™s back. The stickers indicate the cow is organic and from Texas. A lawyer for California-based NGO, Animal Legal Defense Fund, said she was â₏Œnot too surprisedâ₏ť by the tag switching accusations. â₏ŒWe have seen this type of thing before,â₏ť said Kelsey Eberly. She fears the practice is â₏Œmore commonâ₏ť than people would expect, mainly â₏Œbecause the price premium is so much higherâ₏ť for organic and better welfare meat and dairy.

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

Rep. Katie Porter (D-Calif.) got out her marker and scrawled a figure on the whiteboard beside her: $13 million. “Do you know what this number is?” she asked Mark Alles, the former CEO of the pharmaceutical company Celgene, as he testified remotely before the House Oversight Committee on Wednesday. “Does it ring any bells?” Alles could hardly get his answer out before Porter scribbled more math on the board. That multimillion figure — his total compensation in 2017 — was already 200 times the average income in the United States, the congresswoman pointed out. It got even larger, she said, after Celgene needlessly tripled the cost of a cancer medication, thus securing himself hefty bonuses in return. As of early Thursday, the rapid-fire interrogation had been viewed more than 15 million times on Twitter — the latest in a long list of her viral cross-examinations. These stunning exchanges at congressional hearings have themselves gained plenty of attention beyond Capitol Hill — especially when Porter pulls out what one person on Twitter dubbed “her mighty whiteboard of truth.” It is this kind of clear, insistent inquiry that has made Porter — a consumer protection lawyer ... who studied bankruptcy law under Sen. Elizabeth Warren (D-Mass.) — so effective at grilling everyone from Mark Zuckerberg to little-known Trump appointees, all with a dry-erase marker and some simple math. “No one has ever wielded a weapon as terrifying as Katie Porter’s whiteboard,” wrote Molly Wood, a public radio journalist.

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

The Trump administration has compared Operation Warp Speed's crash program to develop a COVID-19 vaccine to the Manhattan Project. And like the notoriously secretive government project to make the first atomic bomb, the details of Operation Warp Speed's work may take a long time to unravel. One reason is that Operation Warp Speed is issuing billions of dollars' worth of coronavirus vaccine contracts to companies through a nongovernment intermediary, bypassing the regulatory oversight and transparency of traditional federal contracting mechanisms, NPR has learned. Instead of entering into contracts directly with vaccine makers, more than $6 billion in Operation Warp Speed funding has been routed through a defense contract management firm called Advanced Technologies International, Inc. ATI then awarded contracts to companies working on COVID-19 vaccines. As a result, the contracts between the pharmaceutical companies and ATI may not be available through public records requests, and additional documents are exempt from public disclosure for five years. [Robin] Feldman, of UC Hastings, says the administration's comparison of Operation Warp Speed to the Manhattan Project is troubling. "I think that's completely the wrong image," she says. "The right analogy, I think, for Operation Warp Speed is the penicillin effort in World War II. We can do a lot of good together, but we have to make sure pharma companies aren't taking advantage of the crisis."

Note: Read an excellent article showing how most of these contracts are linked to the CIA and DHS and more. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus from reliable major media sources.

Facebook has suspended the accounts of several environmental organizations less than a week after launching an initiative it said would counter a tide of misinformation over climate science on the platform. Groups such as Greenpeace USA, Climate Hawks Vote and Rainforest Action Network were among those blocked from posting or sending messages on Facebook over the weekend. Activists say hundreds of other individual accounts linked to indigenous, climate and social justice groups were also suspended. The suspended people and groups were all involved in a Facebook event from May last year that targeted KKR & Co, a US investment firm that is backing the Coastal GasLink pipeline, a 670km-long gas development being built in northern British Columbia, Canada. The suspensions, the day before another online action aimed at KKR & Co, has enraged activists who oppose the pipeline for its climate impact and for cutting through the land of the Wetʼsuwetʼen, a First Nations people. “Videos of extreme violence, alt-right views and calls for violence by militias in Kenosha, Wisconsin, are allowed to persist on Facebook,” said Delee Nikal, a Wet’suwet’en community member. “Yet we are banned.” Many of the accounts have now been restored, but a handful are still blocked. The suspensions came just a few days after the social media giant said it was launching a “climate science information center” to counter ... posts that reject the established science of the climate crisis.

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

Last August, NPR profiled a Harvard-led experiment to help low-income families find housing in wealthier neighborhoods. Every quoted expert is connected to the Bill & Melinda Gates Foundation, which helps fund the project. NPR itself receives funding from Gates. The story ... is one of hundreds NPR has reported about the Gates Foundation or the work it funds, including myriad favorable pieces written from the perspective of Gates or its grantees. And that speaks to a larger trend - and ethical issue - with billionaire philanthropists’ bankrolling the news. As philanthropists increasingly fill in the funding gaps at news organizations ... an underexamined worry is how this will affect the ways newsrooms report on their benefactors. Nowhere does this concern loom larger than with the Gates Foundation. During the pandemic, news outlets have widely looked to Bill Gates as a public health expert on covid - even though Gates has no medical training and is not a public official. PolitiFact and USA Today (run by the Poynter Institute and Gannett, respectively - both of which have received funds from the Gates Foundation) have even used their fact-checking platforms to defend Gates from “false conspiracy theories” and “misinformation,” like the idea that the foundation has financial investments in companies developing covid vaccines and therapies. In fact, the foundation’s website and most recent tax forms clearly show investments in such companies, including Gilead and CureVac.

Note: Watch an excellent 15-minute presentation by courageous journalist Ben Swann on the agenda of facebook fact checkers. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and media manipulation from reliable major media sources.

It's a fairly ordinary evening on TikTok, the video-sharing app. Things do not seem so different on Douyin, the Chinese version of TikTok, where a live streaming boom has minted new social media millionaires. Behind the scenes, however, Chinese streamers are subject to an elaborate regime of automated surveillance and censorship. One system can use facial recognition to scan live streamers' broadcasts and guess their age. Another checks whether users' faces match their state ID cards. Another system assigns streamers, who are expected to uphold "public order and good customs", a "safety rating", similar to a "credit score". If the score dips below a certain level, they are punished automatically. Meanwhile, speech and text recognition is used to ferret out sins such as "feudal superstition" [and] defamation of the Communist Party. These methods are laid bare in a little-known document from TikTok and Douyin's parent company, ByteDance, and unearthed by New York City journalist Izzy Niu, which explains how the apps have adapted China's strict internet censorship laws to the unprecedented speed and chaos of live streaming. The document raises difficult questions for TikTok, which faces privacy probes in the US and UK and has already been banned in India. Some of these methods are common in the West, too. Both Facebook and YouTube use AI to police their services, and have massively expanded their censorship during the pandemic.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the disappearance of privacy from reliable major media sources.

Scientists have devised a way to use the antibody-rich blood plasma of COVID-19 survivors for an upper-arm injection that they say could inoculate people against the virus for months. Using technology that's been proven effective in preventing other diseases such as hepatitis A, the injections would be administered to high-risk healthcare workers, nursing home patients, or even at public drive-through sites. But the idea exists only on paper. Federal officials have twice rejected requests to discuss the proposal, and pharmaceutical companies — even acknowledging the likely efficacy of the plan — have declined to design or manufacture the shots. The antibodies in plasma can be concentrated and delivered to patients through a type of drug called immune globulin, or Ig, which can be given through either an IV drip or a shot. Yet for the coronavirus, manufacturers are only developing an intravenous solution of Ig. Intravenous plasma products are traditionally the main economic driver for the industry. The money-making antibodies are also far more diluted in intravenous drugs than in injectable ones, which boosts profit margins. “They charge a fortune off of intravenous drugs in the hospital. They don't want to devote the manufacturing plant to something that won't make oodles of money,” said one infectious disease expert. Researchers also said industry executives have little incentive to produce the immunity shots for the coronavirus, given the possibility that a longer-lasting vaccine could replace it within a year.

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

As millions of jobless Americans line up for food and others risk their lives delivering essential services, the nation's billionaires are making conspicuous donations - $100 million from Amazon's Jeff Bezos for food banks, billions from Microsoft co-founder Bill Gates for a coronavirus vaccine, thousands of ventilators and N95 masks from Elon Musk, $25 million from the Walton family and its Walmart foundation. The list goes on. Much of this is self-serving rubbish. First off, the amounts involved are tiny relative to the fortunes behind them. Bezos' $100 million amounts to about 11 days of his income. The well-publicized philanthropy also conveniently distracts attention from how several of these billionaires are endangering their workers and, by extension, the public. Bezos still doesn't provide sick leave for Amazon workers unless they test positive. On March 20, four senators sent him a letter expressing concern that the company wasn't doing enough to protect its warehouse workers. [Another] way conspicuous philanthropy is self-serving is by suggesting that government shouldn't demand more from the super-rich, even in a national emergency. As Rupert Murdoch's Wall Street Journal editorial page put it, if we had a wealth tax like Elizabeth Warren proposed, "it's unlikely [Bill Gates] would have the capacity to act this boldly." That's absurd. Warren's tax would have cost Gates about $6 billion a year, roughly his annual income from his $100 billion. The worst fear of the billionaire class is that the government's response to the pandemic will lead to a permanently larger social safety net.

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus pandemic from reliable major media sources.

A Missouri jury’s $265 million award to peach grower Bill Bader in his lawsuit against herbicide providers Bayer and BASF has raised the stakes for the two companies as at least 140 similar cases head to U.S. courts. A jury in U.S. District Court in Cape Girardeau, Missouri, handed Bader, the state’s largest peach farmer, $15 million in actual and $250 million in punitive damages. He sued the companies saying his 1,000-acre orchard was irreparably harmed by herbicide that they produce, which drifted onto its trees from nearby farms. The three-week trial was the first case in the United States to rule on the use of dicamba-based herbicides alleged to have damaged tens of thousands of acres of U.S. cropland. The herbicide can become a vapor and drift for miles when used in certain weather, farmers have claimed. Bayer faces separate multi-billion-dollar litigation over the Roundup weedkiller made by Monsanto, the U.S. firm it took over for $63 billion in 2018. Monsanto made Roundup and dicamba, and Bayer is being sued over both products. Bader Farms, in southern Missouri near the Arkansas border, said it lost many trees when the herbicide containing dicamba was used on nearby soybean and cotton farms and drifted onto its property. The farm said repeated dicamba exposure beginning in 2015 killed or weakened the fruit trees. The U.S. Environmental Protection Agency imposed restrictions on the use of dicamba in November 2018 over concerns about potential damage to nearby crops.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in the food system and in the corporate world.

The U.S. Department of Education says it is opening an investigation into Yale and Harvard universities for failing to disclose hundreds of millions of dollars in gifts and contracts from foreign donors. The two Ivy League schools have been singled out in a federal crackdown on institutions of higher learning for allegedly not reporting foreign donations of more than $250,000, as required by law under Section 117 of the Higher Education Act. The Department of Education said Yale failed to disclosed a total of $375 million in foreign money and that it was concerned that Harvard may not have fully complied with reporting requirements. The investigation of Yale and Harvard is part of a larger examination by the DOE, which says its enforcement efforts, since July, have triggered the reporting of approximately $6.5 billion in previously undisclosed foreign money, much of it from China, Saudi Arabia, Qatar and the United Arab Emirates, according to the department. In the case of Yale, the letter from the DOE specifically requested all records from the school related to gifts or contracts from Saudi Arabia, Saudi nationals, China, Huawei Technologies and ZTE. Huawei and ZTE ... were placed on a U.S. sanctions blacklist last year. In February of last year, a Senate report described China's influence on the U.S. education system as "effectively a black hole," because universities were failing to report foreign money.

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

Wells Fargo has agreed to pay $3 billion to settle criminal charges and a civil action stemming from its widespread mistreatment of customers in its community bank over a 14-year period, the Justice Department announced on Friday. From 2002 to 2016, employees used fraud to meet impossible sales goals. They opened millions of accounts in customers’ names without their knowledge, signed unwitting account holders up for credit cards and bill payment programs, created fake personal identification numbers, forged signatures and even secretly transferred customers’ money. In court papers, prosecutors described a pressure-cooker environment at the bank, where low-level employees were squeezed tighter and tighter each year by sales goals that senior executives methodically raised, ignoring signs that they were unrealistic. Part of Friday’s deal ... is a deferred prosecution agreement, a pact that could expose the bank to charges if it engages in new criminal activity. During the final five years of abuse, the bank quietly fired thousands of employees for falsifying records in response to customer complaints. The practices covered by the settlement ... are not the only misbehavior the bank has revealed since 2016. The bank has also admitted it charged mortgage customers unnecessary fees and forced auto loan borrowers to buy insurance they did not need. The mortgage and auto loan claims are not part of Friday’s deal. Wells Fargo’s profits last year totaled nearly $20 billion.

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

NBC News just can’t seem to escape the talk of scandal. For weeks, the network has been rebutting allegations by a former correspondent, Ronan Farrow, that it suppressed his reporting on sexual assault allegations against movie producer Harvey Weinstein and covered up harassment and assault accusations against its former star, Matt Lauer. The story has been propelled by Farrow’s best-selling book, “Catch and Kill,” which asserts ... that NBC stopped Farrow’s reporting on Weinstein in mid-2017 after Weinstein threatened to reveal Lauer’s misconduct. Farrow published a blockbuster story about Weinstein in the New Yorker seven weeks later. In an extraordinary segment on her MSNBC show, Rachel Maddow urged NBC News to undertake an independent investigation of the network’s conduct. “The allegations about the behavior of Harvey Weinstein and Matt Lauer are gut-wrenching,” said Maddow, MSNBC’s biggest star and the second, after MSNBC host Chris Hayes, to call out her bosses on an NBC-owned platform. Brooke Nevils [is] a “Today” show producer who in Farrow’s book accuses Lauer of raping her. Network officials deny any pattern of harassment complaints or “hush-money” settlements, and say Lauer was fired just hours after Nevils came forward with her accusation in late 2017. But NBC has resisted calls for the kind of independent investigation that other news organizations have undertaken in the wake of harassment scandals.

Note: For more along these lines, see concise summaries of deeply revealing news articles on sexual abuse scandals from reliable major media sources.

The United States government has lost billions of dollars of oil and gas revenue to fossil-fuel companies because of a loophole in a decades-old law. The loophole dates from an effort in 1995 to encourage drilling in the Gulf of Mexico by offering oil companies a temporary break from paying royalties on the oil produced. However, the rule was poorly written, the very politicians who originally championed it have acknowledged, and the temporary reprieve was accidentally made permanent on some wells. As a result, some of the biggest oil companies in the world, including Chevron, Shell, BP, Exxon Mobil and others, have avoided paying at least $18 billion in royalties on oil and gas drilled since 1996, according to a new report from the Government Accountability Office. The companies, which hold government leases to drill in the Gulf, continue to extract oil and gas from those wells while not being required to pay royalties, a right the industry has gone to court to defend. Roughly 22 percent of oil production from federal leases in the Gulf of Mexico was royalty-free in 2018 because of the loophole, the Interior Department said. The report of the windfall to oil companies comes as the Trump administration has moved to further reduce the cost of offshore drilling for the industry, proposing to significantly weaken safety rules put in place after the deadly 2010 Deepwater Horizon explosion in the Gulf of Mexico.

Note: A 2013 Washington Post article suggests practices like this are common across major industries. For more along these lines, see concise summaries of deeply revealing news articles on government corruption from reliable major media sources.

Two summers ago, the head of Britain’s Financial Conduct Authority, Andrew Bailey, made news when he announced that LIBOR – the leading benchmark for setting global interest rates – had a “sustainability” issue. The rate is supposed to measure the rate at which banks borrow from each other, but Bailey said it wasn’t based on real borrowing. LIBOR, the London Interbank Offered Rate, helps set rates for hundreds of trillions of dollars worth of financial instruments. If Bailey was right, it meant a sizable portion of global economic activity rested on magical thinking. A secondary concern involved manipulation. If banks were inventing numbers to submit to the LIBOR committee, could they not also be manipulating rates to line pockets? The possibility ... seemed to exist that the world’s major investors – including localities and pension funds – were being systematically ripped off. A class of investors and retirement funds including Putnam Bank and the Hawaii Sheet Metal Workers Pension Fund did recently bring an antitrust suit alleging just such a scheme. The July 1 complaint is an amended version of a class action suit originally filed earlier this year. The action against JP Morgan Chase, Bank of America, Citigroup, Barclays, and numerous other banks uses both documentary evidence and data to argue that banks have been purposefully depressing interest rates. The idea would be to lower payouts to investors who are contractually due to receive LIBOR, while lessening costs for LIBOR borrowers.

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

In the fields of south Texas Mexican women work long hours in dangerous conditions under the ever-present threat of deportation. Many of them are paid on a contract basis, by the box. A box of cilantro will earn a worker $3; experienced farmworkers say they can fill one within an hour, which means a typical 5am to 6pm work day would earn them $39 total. The work can vary from physically uncomfortable and mundane (cilantro, lettuce, beets) to outright painful and dangerous (watermelon, parsley, grapefruit). The few women who work in the fields face even more hardships. Instances of workplace sexual harassment and rape are rampant and are both underreported and under-prosecuted. It is common for women to relent to a supervisor’s advances because she can’t risk losing her job or deportation. Most of these women are supporting children as well. [They] represent a diverse cross-section of lives upturned by drug-related and domestic violence in Mexico. Under new US immigration protocols, these are extraordinarily tense times for immigrants. A report by Human Rights Watch notes that although US law entitles undocumented workers to workplace protections, “the US government’s interest in protecting unauthorized workers from abuse conflicts with its interest in deporting them.” That report was written in 2015, but President Trump’s heightened drive for deportation and border closure has only made things more impossible for undocumented farmworkers attempting to protect their labor rights.

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

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