Corporate Corruption News Articles

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Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.

Americans for Prosperity ... is financed by the oil billionaires Charles G. and David H. Koch to advance conservative causes. In cities and counties across the country ... the Koch brothers are fueling a fight against public transit. At the heart of their effort is a network of activists who use a sophisticated data service built by the Kochs, called i360, that helps them identify and rally voters who are inclined to their worldview. It is a particularly powerful version of the technologies used by major political parties. In places like Nashville, Koch-financed activists are finding tremendous success. Early polling ... suggested that [a] $5.4 billion transit plan would easily pass. But the outcome of the May 1 ballot stunned the city: a landslide victory for the anti-transit camp. The Kochs’ opposition to transit spending ... dovetails with their financial interests, which benefit from automobiles and highways. Even as Americans for Prosperity opposes public investment in transit, it supports spending tax money on highways and roads. Since 2015, Americans for Prosperity has coordinated door-to-door anti-transit canvassing campaigns for at least seven local or state-level ballots. Americans for Prosperity and other Koch-backed groups have also opposed more than two dozen other transit-related measures ... by organizing phone banks, running advertising campaigns, staging public forums, issuing reports and writing opinion pieces in local publications.

Note: The Koch brothers built a secretive empire to manipulate the political process in the US. This empire spent nearly $1 billion on US elections in 2016. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the manipulation of public perception.

German conglomerate Bayer on Thursday closed its $63 billion merger with Monsanto after getting the required nod from U.S. and EU regulators. The closing sets the stage for the ... brand name "Monsanto" to be dropped by Bayer. Monsanto's agricultural biotechnology research and development operations that are going to Bayer are the largest in the world. "The entire business is essentially going over to Bayer intact," said ... analyst Seth Goldstein. "Taking away the Monsanto name is more of a branding. It should allow for easier PR for Bayer." The annual Harris Poll of corporate reputation ratings among America's "100 most visible companies" has regularly shown Monsanto rank toward the lower end of the list. Monsanto ranked 97 on the list of 100 companies in 2017 and survey results this year put it at 95. Monsanto has spent upwards of $100 million in some years on advertising costs. Some of the corporate efforts have been in direct response to social media attacks ... against genetically modified organisms. Monsanto also has faced protests over the American company's Roundup herbicide product containing glyphosate. The International Agency for Research on Cancer classified glyphosate as "probably carcinogenic" back in 2015. "It's not a surprise Bayer is dropping the Monsanto name since the brand has so many issues and there was international rejection of GMOs," said Andrew Kimbrell, executive director of the Center for Food Safety.

Note: Monsanto has become the target of a negative publicity campaign for very good reasons because of it's huge support of GMOs and RoundUp. Now, Bayer is hoping to erase this negative image, yet they are far from a responsible company. See this post documenting how Bayer collaborated with the Nazis to kill Jews and much more. For more along these lines, see concise summaries of deeply revealing news articles on corruption in the corporate world and in the food system.

As Facebook sought to become the world’s dominant social media service, it struck agreements allowing phone and other device makers access to vast amounts of its users’ personal information. Facebook has reached data-sharing partnerships with at least 60 device makers - including Apple, Amazon, BlackBerry, Microsoft and Samsung. The partnerships ... raise concerns about the company’s privacy protections and compliance with a 2011 consent decree with the Federal Trade Commission. Facebook allowed the device companies access to the data of users’ friends without their explicit consent, even after declaring that it would no longer share such information with outsiders. Some device makers could retrieve personal information even from users’ friends who believed they had barred any sharing. In interviews, several former Facebook software engineers and security experts said they were surprised at the ability to override sharing restrictions. “It’s like having door locks installed, only to find out that the locksmith also gave keys to all of his friends so they can come in and rifle through your stuff without having to ask you for permission,” said Ashkan Soltani, a research and privacy consultant who formerly served as the F.T.C.’s chief technologist.

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

The House’s bipartisan vote Tuesday to weaken Dodd-Frank, the banking and consumer reform legislation passed in the wake of the 2008 financial collapse and recession ... dramatically shrinks the number of institutions deemed important to the financial system and therefore subject to strict oversight. It raises the threshold automatically triggering such measures from $50 billion to $250 billion in assets. Small banks, defined as under $10 billion in assets, would also be exempt from the Volcker Rule, which prohibits certain risky investments of customers’ money. And an estimated 85 percent of banks would also be excused from reporting requirements meant to detect discrimination in home mortgage lending. Supporters of the regulatory retreat would have the public believe that Dodd-Frank constitutes a crushing burden on a struggling financial industry. Meanwhile, on the very day that the House approved the rollback, the Federal Deposit Insurance Corp. reported that the commercial banks and savings institutions it covers made $56 billion in the first quarter of the year, a 27.5 percent increase from a year earlier. Congress’ ... likely motivation is another figure: the $1.1 billion in contributions to federal campaigns attributed to financial institutions in the last two-year election cycle, according to the Center for Responsive Politics, more than any other sector spent. That haul favored Republicans only modestly, with 46 percent going to Democrats. Judging by this week’s vote, it was money well spent.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.

The first comprehensive study of the massive pay gap between the US executive suite and average workers has found that the average CEO-to-worker pay ratio has now reached 339 to 1, with the highest gap approaching 5,000 to 1. The study, titled "Rewarding Or Hoarding?," was published [by] US congressman Keith Ellison. Just the summary makes for sober reading. In 188 of the 225 companies in the report’s database, a single chief executive’s pay could be used to pay more than 100 workers; the average worker at 219 of the 225 companies studied would need to work at least 45 years to earn what their CEO makes in one. “Now we know why CEOs didn’t want this data released,” says Ellison, who championed the implementation of the pay ratio disclosure rule as it was written into the Dodd-Frank financial reform bill of 2010. “I knew inequality was a great problem in our society but I didn’t understand quite how extreme it was.” The requirements, long resisted by some of the largest US companies, simply tells companies to identify a median worker and then calculate how much the CEO makes in comparison to that person. According to a recent Bloomberg analysis of 22 major world economies, the average CEO-worker pay gap in the US far outpaces that of other industrialized nations. The average US CEO makes more than four times his or her counterpart in the other countries analyzed. Ellison said the data remains imperfect, as companies are still able to exclude contracted workers from their reporting.

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

Theres something eating at Google employees. Roughly one dozen employees of the search giant have resigned in the wake of reports that the ... company is providing artificial intelligence to the Pentagon. The employees resigned because of ethical concerns over the companys work with the Defense Department that includes helping the military speed up analysis of drone footage by automatically classifying images of objects and people, Gizmodo reported. Many of the employees who quit have written accounts of their decisions to leave the company. Their stories have been gathered and shared in an internal document. Google is helping the DoDs Project Maven implement machine learning to classify images gathered by drones, according to the report. Some employees believe humans, not algorithms, should be responsible for this sensitive and potentially lethal work - and that Google shouldnt be involved in military work at all. The 12 resignations are the first known mass resignations at Google in protest against one of the companys business decisions - and they speak to the strongly felt ethical concerns of the employees who are departing. In addition to the resignations, nearly 4,000 Google employees have voiced their opposition to Project Maven in an internal petition that asks Google to immediately cancel the contract and institute a policy against taking on future military work.

Note: You can read the full employee petition on this webpage. An open letter in support of google employees and tech workers was signed by more than 90 academics in artificial intelligence, ethics, and computer science. The New York Times also published a good article on this. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and war

One very expensive prescription drug threatened to financially cripple an entire city. Rather than using a health insurance company, Rockford, [Illinois] has, for years, paid its own health care costs for its 1,000 employees and their dependents. When Rockford got hit with the drug bill it was so enormous the mayor at the time set out to understand why. In 2015, two small children of Rockford employees were treated with Acthar, a drug that's been on the market since 1952. In 2001, Acthar sold for about $40 a vial. Today: more than $40,000. [Rockford Mayor Larry Morrissey] wanted to know how that could've happened. His investigation got nowhere until last year, when the Federal Trade Commission charged the drug manufacturer, Mallinckrodt, with violating antitrust laws. [The company] bought another drug that was Acthar's main competitor ... and put it on the shelf. Many of the doctors who prescribed a lot of Acthar also were getting money from the company that makes Acthar ... adding up to huge sums. Cities like Rockford [hire pharmacy benefit managers or PBMs] to negotiate down the price of drugs. The company negotiating prices for Rockford is Express Scripts. Express Scripts is many companies, not just the PBM. It also owns a pharmacy that sells expensive drugs, [as well as] a company that ships and packs expensive drugs. The city of Rockford was able to find out one more piece of the puzzle: that Express Scripts ... had a contract to be the exclusive distributor of Acthar.

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

Child sex dolls have been pulled from sale by online retail giant Amazon.com Inc after widespread criticism from a watchdog and charities in Britain over concerns that people who use such lifelike dolls may go on to sexually abuse children. More than a dozen child sex dolls were removed from sale, having been listed by third-party sellers, according to Amazon. “All Marketplace sellers must follow our selling guidelines and those who don’t will be subject to action including potential removal of their account,” an Amazon spokesman said in a statement. England Children’s Commissioner, Anne Longfield, said Amazon should explain how the dolls were permitted to be posted on their website, and ensure they cannot be put back up for sale. Britain allows people to manufacture and own child sex dolls yet it is illegal to import them. A British man was convicted last year for doing so in what police said was a landmark case in the fight against a new form of sex crime against children. Opinion is divided over the use of child sex dolls, which have the appearance, weight and anatomy of real children. Some charities argue such dolls should be made available on prescription to help prevent people who are sexually attracted to children acting on their desires. Other organizations, such as the National Society for the Prevention of Cruelty to Children (NSPCC), say sex dolls can be dangerous proxies to act out fantasies like rape or child abuse.

Note: Though the US House of Representatives passed a bill in June of 2018 banning sex dolls that look like children, it has yet to be approved by the Senate as of Oct., 2018. And this article shows amazon is still selling child-like sex dolls, though they are not listed as children.

I downloaded a copy of my Facebook data last week. I didn’t expect to see much. But when I opened my file, it was like opening Pandora’s box. I learned that about 500 advertisers - many that I had never heard of, like Bad Dad, a motorcycle parts store, and Space Jesus, an electronica band - had my contact information, which could include my email address, phone number and full name. Facebook also had my entire phone book, including the number to ring my apartment buzzer. The social network had even kept a permanent record of the roughly 100 people I had deleted from my friends list over the last 14 years. Facebook said unfamiliar advertisers might appear [in the file] because they might have obtained my contact information from elsewhere, compiled it into a list of people they wanted to target and uploaded that list into Facebook. Brands can obtain your information [by] buying ... from a data provider like Acxiom, which has amassed one of the world’s largest commercial databases on consumers. Let’s be clear: Facebook is just the tip of the iceberg when it comes to what information tech companies have collected on me. Knowing this, I also downloaded copies of my Google data with a tool called Google Takeout. The data sets were exponentially larger than my Facebook data. Here was the biggest surprise: In a folder labeled Ads, Google kept a history of many news articles I had read. Be warned: Once you see the vast amount of data that has been collected about you, you won’t be able to unsee it.

Note: Those who want to download their own Facebook data can use this link. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the disappearance of privacy.

Australia's financial intelligence czar Nicole Rose says she is shocked at the depth of money laundering in the economy involving organised crime, child exploitation and drug importation. "I thought coming from the Australian Criminal Intelligence Commission that I had a pretty good handle on serious and organised crime," she [said]. "I didn't appreciate the depth and breadth of involvement with private entities and banks. I didn't appreciate how many industries it does actually touch. There's a misperception that money laundering is a victimless white collar crime. It has a massive impact on everyday life whether that's child exploitation, serious and organised crime or drug importation. It all involves money laundering." A career public servant specialising in anti-terrorism strategy, Ms Rose was appointed chief executive of the Australian Transactions Reports & Analysis Centre (AUSTRAC) in November last year. Ms Rose, a former deputy head of the Australian Criminal Intelligence Commission, inherited AUSTRAC's high stakes case against the Commonwealth Bank which is fighting almost 54,000 allegations that it broke anti-money laundering and anti-terrorism financing laws. While not commenting directly on the CBA case, Ms Rose said she was confident that all Australian banks are now aware of the money laundering risk. However, Ms Rose was uncertain when the $10,000 reporting threshold on cash transactions would be extended from financial institutions to other high-risk sectors.

Note: Explore an eye-opening article by Fiona Barnett, which claims the Watergate break in's real purpose was steal a list of high level political pedophiles from both parties. As reported in this Sydney Morning Herald article, Ms. Barnett testified to Australia's Royal Commission into Institutional Responses to Child Sexual Abuse on being a victim of a high level pedophile ring. More on this is available in this article from the UK's Daily Mail.

Shocking hygiene failings have been discovered in some of the US’s biggest meat plants, as a new analysis reveals that as many as 15% (one in seven) of the US population suffers from foodborne illnesses annually. A joint investigation by the Bureau of Investigative Journalism (TBIJ) and the Guardian found that hygiene incidents are at numbers that experts described as “deeply worrying”. US campaigners are calling once again for the closure of a legal loophole that allows meat with salmonella to be sold in the human supply chain, and also warn about the industry’s push to speed up production in the country’s meat plants. Unpublished US- government records highlight numerous specific incidents including: Diseased poultry meat that had been condemned found in containers used to hold edible food products; Pig carcasses piling up on the factory floor after an equipment breakdown, leading to contamination with grease, blood and other filth; Meat destined for the human food chain found riddled with faecal matter and abscesses filled with pus; High-power hoses being used to clean dirty floors next to working production lines containing food products; Factory floors flooded with dirty water after drains became blocked by meat parts and other debris; Dirty chicken, soiled with faeces or having been dropped on the floor, being put back on to the production line after being rinsed with dilute chlorine.

Note: Read more on the unsafe and unethical high speed slaughterhouses on track for USDA approval. For more along these lines, see concise summaries of deeply revealing food system corruption news articles from reliable major media sources.

Next week marks the 10th anniversary of the run on Bear Stearns, the investment bank that collapsed under the weight of toxic subprime mortgages ... leading to the biggest economic crisis in nearly a century. That seems like a terrible political backdrop for the Senate to pass a bill that deregulates the banking sector. But that's exactly what's about to happen. The Economic Growth, Regulatory Relief and Consumer Protection Act, which pro-regulation groups have called the "Bank Lobbyist Act," advanced in the Senate this week. The ... Congressional Budget Office stated [that the] legislation would increase the risk of another [financial crisis] happening. The bill ... rolls back key pieces of the Dodd-Frank Act and includes giveaways to large institutions of the same size and scope as the ones that crashed the economy in 2008. The most important measure in the legislation raises the threshold for enhanced regulatory supervision by the Federal Reserve from $50 billion to $250 billion. The beneficiaries, 25 of the top 38 banks in America, could be called "stadium banks:" not big enough to count as Wall Street mega-banks, but big enough to have a sports stadium named after them. Nearly all giant foreign banks with operations in the U.S. could enjoy the same weaker rules. Why would more than one-third of the Senate Democratic caucus provide the margin of victory on [this] bill. The answer is simple: money. The top three recipients of campaign donations from commercial banks since 2017 are Democrats. This whole process reveals that bipartisanship usually arrives in Washington at the barrel of a money cannon.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.

Ohio Attorney General Mike DeWine sued agricultural giant Monsanto on Monday, alleging the company concealed dangers posed by a toxic chemical compound it manufactured for nearly a half century. In the suit ... prosecutors argued that the company should pay for the clean-up of what it says are dozens of rivers, lakes and other water bodies contaminated with polychlorinated biphenyls, or PCBs. The company stopped manufacturing the chemical in 1977 and it was banned in 1979 by the Environmental Protection Agency. According to the suit, Monsanto produced nearly all of the PCBs - which were used in everything from lubricants to electrical equipment - in the United States between 1929 and 1977. The chemical has been linked to cancer, liver damage and other negative health effects. The suit alleges that Monsanto learned of PCBs’ toxic effects in the 1930s, yet it kept producing the compound while concealing its effects. The suit claims the company acknowledged that prolonged exposure could produce "systemic toxic effects" in an internal memo in 1937, so it undertook a "decades-long campaign of misinformation and deception."

Note: Other major lawsuits are beginning to unfold over Monsanto's lies to regulators and the public on the dangers of its products, most notably Roundup. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.

Amazon won't pay any federal income taxes after topping $5.6 billion in income in 2017. The Seattle-based online retailer will end up paying out roughly $769 million in taxes for the year, but $724 million of that will be in foreign taxes. That's according to an analysis of the online behemoth's 2017 10-K form, which "provides a comprehensive overview of the company's business and financial condition," according to the Securities and Exchange Commission. Public companies are required to submit the form every year to the SEC. Without being privy to the company's tax return, no one can say exactly how CEO Jeff Bezos and Co. avoided what could have been more than $1.3 billion in federal taxes based solely on the annual financial report, but there is information to be gleaned. For example, Amazon took out a $917 million tax deduction on stock options exercised by current or former employees. Unlike wages ... the stock options don't require any cash expenditures by the company. Another ingredient in the low tax bill is likely capital expenditure depreciation ... where companies are allowed to write off the cost of some expenses - say those incurred while building a distribution center, for example - up front. [Amazon] earned a windfall from the Trump administration's U.S. Tax Cuts and Jobs Act of 2017, passed in December. Amazon readjusted estimates for taxes deferred under the old 35 percent corporate tax rate to meet the new tax law's 21 percent figure, which resulted in an estimated $789 million reduction.

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

A US court will today hear a request from Monsanto for access to a huge batch of internal communications by Avaaz, in a move that the campaign group says could have grave repercussions for online activism and data privacy. Monsanto is seeking the release of all lobby documents ... where the firm or its herbicide ingredient glyphosate have been mentioned. Avaaz says this would include personal information about its employees, as well as the email addresses of more than four million signatories to petitions against Monsanto’s GM and glyphosate policies. A victory for Monsanto in today’s hearing would cost the online advocacy group thousands of person-hours of work time, and hundreds of thousands of dollars, according to Avaaz’s lawyers. It could even raise the prospect of a migration out of online activism by campaigners concerned about corporate surveillance. Monsanto’s [request] demands all documents Avaaz employees have created, maintained, received, sent or copied, where these involve discussion about glyphosate, Monsanto, or the World Health Organization’s International Agency for Research on Cancer, which found glyphosate to probably be carcinogenic. Monsanto filed its request shortly after a bitter EU regulatory battle ended with its license for glyphosate – the core ingredient in Roundup – being extended by just five years, rather than the 15 years originally sought.

Note: Read more on Avaaz and the power of online activism. Major lawsuits are beginning to unfold over Monsanto's lies to regulators and the public on the dangers of its products, most notably Roundup. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.

Amazon has announced that it - along with Warren Buffett’s Berkshire Hathaway and the banking behemoth JPMorgan Chase - will be entering the dominion of health care. Word that Amazon was entering health care immediately depressed the value of old-school health-insurance companies. Anyone who has been a customer of either knows why. The U.S. health care system is the antithesis of Silicon Valley. Grossly inefficient and user-unfriendly, it may be the least transparent enterprise outside the Kremlin - and just as awash in money. The $3.3 trillion that Americans spent on health care in 2016 was close to Germany’s entire GDP that year. It accounted for an astounding 18% of the U.S. gross domestic product - twice the share other developed countries typically spend on health - and produced a return on investment that would get any CEO fired. Life expectancy in the U.S. is actually going down. David Cutler, a health economist at Harvard, made the striking calculation that administration accounts for about a quarter of the cost of health care. He once pointed out that Duke University Hospital had 900 beds and 1,300 billing clerks. If the triad of Amazon, Berkshire Hathaway and JPMorgan Chase can find a way to bring sense to health care, the savings will accrue first for those three companies, which are not acting out of altruism. But ... when the worker reaches a doctor without having to run a gauntlet, the vaunted, disruptive efficiency of tech will have produced a common good.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.

Over the past decade, nearly 21 million prescription painkillers have been shipped to a tiny town in West Virginia, a state where more people have overdosed on opioids and died than in any other in the nation. 20.8 million hydrocodone and oxycodone pills have been delivered to Williamson, W.Va., a town with ... fewer than 3,200 residents. [House Energy and Commerce] Committee leaders sent letters to two regional drug distributors, asking why the companies oversupplied this town, among others, with painkillers. “These numbers are outrageous,” Reps. Greg Walden (R-Ore.) and Frank Pallone Jr. (D-N.J.) said in a statement. Attorney General Jeff Sessions on Tuesday announced a nationwide crackdown on pharmacies and prescribers that are oversupplying opioids amid a deadly epidemic sweeping the United States. In the letters, dated Jan. 26, the congressional committee noted that between 2006 and 2016, drug distributors shipped large quantities of hydrocodone and oxycodone to two pharmacies in Williamson. During that time, Tug Valley Pharmacy received more than 10.2 million pills and Hurley Drug Company received more than 10.5 million pills. The pharmacies are 0.2 miles apart. The committee said in a letter to distributor Miami-Luken that from 2008 to 2015, the company had supplied more than half of all the prescription pain pills shipped to Tug Valley Pharmacy. And distributor H.D. Smith, the committee said, provided the pharmacies with nearly 5 million pills between 2007 and 2008.

Note: A CBS article titled, "Ex-DEA agent: Opioid crisis fueled by drug industry and Congress" describes major regulatory failures that contributed to this addiction crisis. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.

Rachael Denhollander had the first word and the last one. A former gymnast who became a lawyer and a coach, Ms. Denhollander told The Indianapolis Star in 2016 that Dr. Lawrence G. Nassar had molested her as a child. She had just read a report in The Star about U.S.A. Gymnastics’ mishandling of sexual misconduct allegations against coaches. But no one had yet spoken up about Dr. Nassar, who molested young athletes for about two decades while pretending the abuse was therapy. The Star soon published an article about the doctor, based on reports from two former gymnasts. One remained anonymous. The other was Rachael Denhollander. In a Michigan courtroom Wednesday, before Dr. Nassar received a prison sentence of 40 to 175 years for multiple counts of criminal sexual misconduct, Ms. Denhollander, 33, spoke again. This time, she was not alone. Over a seven-day sentencing hearing, 155 people had delivered victim impact statements to the court. Ms. Denhollander became the 156th, the final voice in a gathering of survivors who grew stronger by the day. Michigan State and U.S.A. Gymnastics, which made Dr. Nassar its longtime doctor for the national women’s team, were culpable in this case, too, Ms. Denhollander said. She mentioned that Dr. Nassar had used his phony medical treatments on her after four other women had complained about Dr. Nassar to employees in the M.S.U. athletic department.

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

Hospital executives have expressed frustration when essential drugs like heart medicines have become scarce, or when prices have skyrocketed. Now, some of the country’s largest hospital systems are taking an aggressive step to combat the problem: They plan to go into the drug business themselves, in a move that appears to be the first on this scale. “This is a shot across the bow of the bad guys,” said Dr. Marc Harrison, the chief executive of Intermountain Healthcare, the ... hospital group that is spearheading the effort. Several major hospital systems, including ... the nation’s largest nonprofit hospital group, plan to form a new nonprofit company, that will provide a number of generic drugs to the hospitals. The Department of Veterans Affairs is also expressing interest in participating. The idea is to directly challenge the host of industry players who have capitalized on certain markets, buying up monopolies of old, off-patent drugs and then sharply raising prices, stoking public outrage and prompting a series of Congressional hearings and federal investigations. The most notorious example is of Martin Shkreli, the former hedge fund manager who raised the price of a decades-old drug, Daraprim, to $750 a tablet in 2015, from $13.50. Hospitals have also struggled to deal with shortages of hundreds of vital drugs over the past decade, ranging from injectable morphine to sodium bicarbonate (the medical form of baking soda), shortfalls that are exacerbated when only one or two manufacturers make the product.

Note: Americans pay the highest prices for medications in the world, and many US government policies appear designed to keep drug prices high. For more along these lines, see concise summaries of deeply revealing Big Pharma profiteering news articles from reliable major media sources.

New York City is taking on the oil industry on two fronts, announcing a lawsuit Wednesday that blames the top five oil companies for contributing to global warming and saying the city will sell off billions in fossil fuel investments from the city's pension funds. Democratic Mayor Bill de Blasio received immediate blowback from some of the companies, while winning praise from environmentalists and others. "We're bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits," the mayor said. "As climate change continues to worsen, it's up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient." The city alleges the fossil fuel industry was aware for decades that burning fuel was impacting climate change. The defendants in the city's federal lawsuit are BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell. New York's lawsuit ... follows similar litigation filed by San Francisco, Oakland, and Santa Cruz in California. Also Wednesday, de Blasio and Comptroller Scott Stringer said they intend to divest the city's five pension funds of roughly $5 billion in fossil fuel investments out of its total of $189 billion. The divestment is the largest of any municipality in the U.S. to date. "Safeguarding the retirement of our city's police officers, teachers and firefighters is our top priority, and we believe that their financial future is linked to the sustainability of the planet," Stringer said.

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

Important Note: Explore our full index to revealing excerpts of key 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.