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Corporate Corruption News Stories
Excerpts of Key Corporate Corruption News Stories 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: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.


Prisons, Privatization, Patronage
2012-06-22, New York Times
Posted: 2012-06-26 11:12:00
http://www.nytimes.com/2012/06/22/opinion/krugman-prisons-privatization-patro...

The New York Times has published several terrifying reports about New Jersey’s system of halfway houses — privately run adjuncts to the regular system of prisons. The horrors described are part of a broader pattern in which essential functions of government are being both privatized and degraded. So what’s really behind the drive to privatize prisons? One answer is that privatization can serve as a stealth form of government borrowing, in which governments avoid recording upfront expenses (or even raise money by selling existing facilities) while raising their long-run costs in ways taxpayers can’t see. Another answer is that privatization is a way of getting rid of public employees. But the main answer, surely, is to follow the money. As more and more government functions get privatized, states become pay-to-play paradises, in which both political contributions and contracts for friends and relatives become a quid pro quo for getting government business. One thing the companies that make up the prison-industrial complex are definitely not doing is competing in a free market. They are, instead, living off government contracts. And ... despite many promises that prison privatization will lead to big cost savings, such savings — as a comprehensive study by the Bureau of Justice Assistance, part of the U.S. Department of Justice, concluded — “have simply not materialized.” A corrupt nexus of privatization and patronage [is] undermining government across much of our nation.

Note: Few are aware that violent crime rates have dropped to 1/3 of what they were in 1993, yet prison spending continues to skyrocket. Is something wrong with this picture? For key major media new articles exposing more on corruption within the "prison-industrial complex," click here.


The Jamie Dimon Cufflinks Mystery
2012-06-14, CNBC
Posted: 2012-06-26 10:50:24
http://www.cnbc.com/id/47820947

There's been a lot of speculation about the cufflinks [JPMorgan Chase CEO] Jamie Dimon wore during [his Congressional] testimony. They caught the eye of folks because they seemed to bear some sort of official government stamp. As it turns out, they were emblazoned with the seal of the President of the United States. CNN's Lizzie O'Leary first confirmed the story last night over Twitter. They were, in fact, a gift from a resident of the White House. But people close to the JPMorgan Chase CEO won't say which president gave them to him. Dimon's got a bunch of official U.S. government cufflinks. Search for images of him and you'll see FBI cufflinks, for example. Was Dimon trying to send any particular message by wearing the presidential cufflinks? Was he, for instance, trying to remind the Democrats he supported Obama? Or subtly hinting that he's really the guy in charge?

Note: For powerful reports on financial corruption, click here.


Why the U.S. Senate Sucks Up to Public Enemy Jamie Dimon
2012-06-20, Alternet
Posted: 2012-06-26 10:45:52
http://www.alternet.org/news/155962/why_the_u.s._senate_sucks_up_to_public_en...

When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the Senate Banking Committee on June 13, he was wearing cufflinks bearing the presidential seal. “Was Dimon trying to send any particular message by wearing the presidential cufflinks?” asked CNBC editor John Carney. “Was he . . . subtly hinting that he’s really the guy in charge?” The groveling of the Senators was so obvious that Jon Stewart did a spoof news clip on it. JPMorgan Chase is the biggest campaign donor to many of the members of the Banking Committee. Financial analysts Jim Willie and Rob Kirby think it may be something far larger, deeper, and more ominous. They contend that the $3 billion-plus losses in London hedging transactions that were the subject of the hearing can be traced, not to European sovereign debt (as alleged), but to the record-low interest rates maintained on U.S. government bonds. The national debt is growing at $1.5 trillion per year. Ultra-low interest rates must be maintained to prevent the debt from overwhelming the government budget. Near-zero rates also need to be maintained because even a moderate rise would cause multi-trillion dollar derivative losses for the banks, and would remove the banks’ chief income stream, the arbitrage afforded by borrowing at 0% and investing at higher rates. The low rates are maintained by interest rate swaps, called by Willie a “derivative tool which controls the bond market in a devious artificial manner.”

Note: We don't usually use alternet.org as a reliable source, but because the major media failed to ask the hard, very important questions posed in this article, we've included it here. For powerful reports on financial corruption, click here.


Faulty computer modeling caused San Onofre equipment problems
2012-06-19, Los Angeles Times
Posted: 2012-06-26 10:41:52
http://www.latimes.com/news/local/la-me-san-onofre-20120619,0,3178971.story

Faulty computer modeling caused the equipment problems that are expected to keep the San Onofre nuclear plant dark through the summer, federal regulators said Monday. The plant has been out of service since Jan. 31, when operators discovered a small leak in one of the thousands of steam generator tubes that carry hot, radioactive water used to create steam to turn turbines that generate electricity. That led to the discovery that other tubes were rubbing against support structures and adjacent tubes, and wearing out more quickly than expected. Eight tubes failed pressure testing, which NRC officials said ... is the first time in the nuclear industry that more than one tube at a plant has failed. The wear is a safety concern because tube ruptures can release radiation. The plant's operator, Southern California Edison; the NRC; and Mitsubishi Heavy Industries, the manufacturer of the steam generators, have been studying the cause and extent of the wear. The NRC has ordered Edison to keep the plant shuttered until it has determined the cause and how to fix it. "This is a significant, serious safety issue," said NRC regional administrator Elmo Collins. "This is a very difficult technical issue, and to be honest, it's not one we've seen before." NRC officials said it appears that simulations by Mitsubishi underpredicted the velocity of steam and water flowing among the tubes by a factor of three or four. The high rate of flow caused the tubes to vibrate and knock against each other, leading to the wear. It was not clear why the computer modeling was so far off.

Note: For lots more on corruption in the nuclear power industry, click here.


Japan’s plutonium glut: Plan to make more raises red flag as country reassesses nuclear future
2012-06-01, Washington Post
Posted: 2012-06-12 09:40:08
http://www.washingtonpost.com/world/asia_pacific/japans-plutonium-glut-plan-t...

Last year’s tsunami disaster in Japan clouded the nation’s nuclear future, idled its reactors and rendered its huge stockpile of plutonium useless for now. So, the industry’s plan to produce even more has raised a red flag. Nuclear industry officials say they hope to start producing a half-ton of plutonium within months, in addition to the more than 35 tons Japan already has stored around the world. That’s even though all the reactors that might use it are either inoperable or offline while the country rethinks its nuclear policy after the tsunami-generated Fukushima crisis. “It’s crazy,” said Princeton University professor Frank von Hippel, a leading authority on nonproliferation issues and a former assistant director for national security in the White House Office of Science and Technology. “There is absolutely no reason to do that.” Japan’s nuclear industry produces plutonium — which is strictly regulated globally because it also is used for nuclear weapons — by reprocessing spent, uranium-based fuel in a procedure aimed at decreasing radioactive waste that otherwise would require long-term storage. Fuel reprocessing remains unreliable and it is questionable whether it is a viable way of reducing Japan’s massive amounts of spent fuel rods, said Takeo Kikkawa, a Hitotsubashi University professor specializing in energy issues. “Japan should abandon the program altogether,” said Hideyuki Ban, co-director of a respected anti-nuclear Citizens’ Nuclear Information Center. “Then we can also contribute to the global effort for nuclear non-proliferation.”

Note: For a state-of-the-art analysis revealing that radioactive fallout from the Fukushima meltdown is at least as big as Chernobyl and more global in reach, click here.


National debt: Will the U.S. be like Japan?
2012-05-24, CNN
Posted: 2012-06-12 09:33:18
http://money.cnn.com/2012/05/24/news/economy/national-debt-us-japan/index.htm

Political gridlock. High national debt. Rock-bottom bond rates. An aging population. Warnings about more downgrades. Sound like the United States? Indeed. But those characteristics also describe Japan -- the country that fiscal experts often point to as a cautionary tale about the risk of carrying too much national debt for too long. Ever since a stock market crash and banking crisis more than 20 years ago, Japan has suffered from anemic growth for much of that time and its debt has soared. The country's debt is projected to be 239% of the size of its economy by the end of this year. U.S. gross debt, by contrast, is a little over 100% of GDP. On almost every economic and demographic measure, U.S. fiscal problems are still less urgent than the ones facing Japan today, said Nariman Behravesh, chief economist at IHS Global Insight. In his view, the biggest debt-related problem facing Americans today is gridlock in Washington. "We have a political crisis in the United States," he said. There are plenty of ideas for how Washington could curb the growth in debt without undermining the economy. For example, lawmakers could phase in tax increases and spending cuts over time. They could agree on a credible plan that puts off serious fiscal restraint until the economy is stronger. What's missing though is political cooperation. But, Behravesh said, "If we're careful, we can resolve this sensibly."

Note: For an alternative analysis by Paul Craig Roberts, click here. He notes that "Unlike Japan, whose national debt is the largest of all, Americans do not own their own public debt. Much of US debt is owned abroad, especially by China, Japan, and OPEC, the oil exporting countries. This places the US economy in foreign hands." Roberts is a former Assistant Secretary of the US Treasury, Associate Editor of the Wall Street Journal, columnist for Business Week, and professor of economics.


The Austerity Agenda
2012-06-01, New York Times
Posted: 2012-06-05 09:31:06
http://www.nytimes.com/2012/06/01/opinion/krugman-the-austerity-agenda.html

Slashing spending while the economy is deeply depressed is a self-defeating strategy, because it just deepens the depression. So why is Britain doing exactly what it shouldn’t? Unlike the governments of, say, Spain or California, the British government can borrow freely, at historically low interest rates. So why is that government sharply reducing investment and eliminating hundreds of thousands of public-sector jobs, rather than waiting until the economy is stronger? The great American economist Irving Fisher explained it all the way back in 1933, summarizing what he called “debt deflation” with the pithy slogan “the more the debtors pay, the more they owe.” Recent events, above all the austerity death spiral in Europe, have dramatically illustrated the truth of Fisher’s insight. So why have so many politicians insisted on pursuing austerity in [the] slump? And why won’t they change course even as experience confirms the lessons of theory and history? When you push “austerians” ... they almost always retreat to assertions along the lines of: “But it’s essential that we shrink the size of the state.” These assertions often go along with claims that the economic crisis itself demonstrates the need to shrink government. So the austerity drive in Britain isn’t really about debt and deficits at all; it’s about using deficit panic as an excuse to dismantle social programs. And this is, of course, exactly the same thing that has been happening in America.

Note: For lots more on the devastating impacts created by the corruption of governments and financial corporations, click here.


Chevron-Ecuador Fight Comes to Canada
2012-05-31, Bloomberg/Businessweek
Posted: 2012-06-05 09:23:15
http://www.businessweek.com/articles/2012-05-31/chevron-ecuador-fight-comes-t...

A peripatetic, two-decade-old pollution lawsuit against Chevron has bounced from New York to Ecuador, back to New York, and now on to the Superior Court of Justice in Toronto, Canada. There is no end in sight for the highly mobile litigation. The case began in federal court in New York in 1993, when lawyers representing residents of the rainforest in eastern Ecuador filed suit against Texaco, blaming the multinational oil company for contamination of the Amazon beginning in the late 1960s. Texaco fought for nine years to get the case dismissed based on the argument that it ought to have been brought in Ecuador. In 2001, near the end of Texaco’s ultimately successful campaign to avoid a U.S. legal battle, Chevron acquired Texaco. Having promised the U.S. judiciary it would abide by the dictates of the Ecuadorian courts, Chevron discovered itself on a slippery slope toward legal disaster. In February 2011, a trial judge in Lago Agrio [Ecuador] entered an $18 billion verdict against Chevron, the largest environmental judgment ever. Chevron had declared that the Ecuadorian judicial proceedings were shot through with fraud and that it would not pay a dime to the plaintiffs or their team of American and Ecuadorian lawyers. Now the plaintiffs have launched a fresh suit in Toronto, asking a Canadian judge to enforce the Ecuadorian verdict against Chevron in Canada, where the company has a subsidiary and ample assets.

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


JPMorgan's top-down role in risky investments
2012-05-20, San Francisco Chronicle (San Francisco's leading newspaper)
Posted: 2012-05-28 14:15:23
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/05/19/BUD41OJUG3.DTL

Congress gets into the JPMorgan Chase affair Tuesday with the first in a series of hearings into how a federally insured bank incurred [huge] losses on the kind of risky bets some, mistakenly, thought were a thing of the past. The losses, as suspected, look to be far higher than the $2 billion initially estimated. As of Friday, the number was $5 billion. What did CEO Jamie Dimon know, and when did he know it? "Dimon personally approved the concept behind the disastrous trades," according to the Wall Street Journal. Reportedly, similar trades, involving credit derivatives, date to 2006, ramping up with ever bigger bets as risk controls were eased in 2011.On the one hand, JPMorgan and other U.S. corporations are banking record profits and ever-growing piles of cash - $2 trillion at last count. On the other, U.S. unemployment remains unacceptably high, people are still losing their homes, small businesses are screaming for credit, local governments are cutting services left and right, and the nation's infrastructure is crumbling. Tons of money [are] sloshing around, courtesy of the Federal Reserve, but banks and corporations ... are hoarding it.

Note: For lots more from reliable sources on corruption and criminality in the finance industry, click here.


Heist of the century: Wall Street's role in the financial crisis
2012-05-20, The Guardian (One of the UK's leading newspapers)
Posted: 2012-05-28 14:13:53
http://www.guardian.co.uk/business/2012/may/20/wall-street-role-financial-crisis

Wall Street bankers could have averted the global financial crisis, so why didn't they? In this exclusive extract from his book Inside Job: The Financiers Who Pulled Off the Heist of the Century, Charles Ferguson argues that they should be prosecuted: The Securities and Exchanges Commission has been deservedly criticised for not following up on years of complaints about [Bernard L.] Madoff. But not a single bank that had suspicions about Madoff made such a call. Instead, they assumed he was probably a crook, but either just left him alone or were happy to make money from him. It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud. The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accident. This behaviour is criminal. We are talking about deliberate concealment of financial transactions that aided terrorism, nuclear weapons proliferation and large-scale tax evasion; assisting in major financial frauds and in concealment of criminal assets; and committing frauds that substantially worsened the worst financial bubbles and crises since the Depression. And yet none of this conduct has been punished in any significant way.

Note: For lots more from reliable sources on corruption and criminality in the finance industry, click here.


Spent Fuel Rods Drive Growing Fear Over Plant in Japan
2012-05-27, New York Times
Posted: 2012-05-28 14:06:44
http://www.nytimes.com/2012/05/27/world/asia/concerns-grow-about-spent-fuel-r...

Fourteen months after the accident [at the Fukushima Daiichi nuclear plant], a pool brimming with used fuel rods and filled with vast quantities of radioactive cesium still sits on the top floor of a heavily damaged reactor building, covered only with plastic. The public’s fears about the pool have grown in recent months as some scientists have warned that it has the most potential for setting off a new catastrophe ... as frequent quakes continue to rattle the region. The jury-rigged cooling system for the pool has already malfunctioned several times, including a 24-hour failure in April. Had the outages continued, they would have left the rods at risk of dangerous overheating. “The No. 4 reactor is visibly damaged and in a fragile state, down to the floor that holds the spent fuel pool,” said Hiroaki Koide, an assistant professor at Kyoto University’s Research Reactor Institute and one of the experts raising concerns. “Any radioactive release could be huge and go directly into the environment.” The worst-case situations for Reactor No. 4 would be for the pool to run dry if there is another problem with the cooling system and the rods catch fire, releasing enormous amounts of radioactive material, or for fission to restart if the metal panels that separate the rods are knocked over in a quake. That would be especially bad because the pool, unlike reactors, lacks containment vessels to hold in radioactive materials.

Note: For extensive coverage from reliable sources on corruption in the nuclear power industry, click here.


So Young and So Many Pills
2010-12-28, Wall Street Journal
Posted: 2012-05-28 13:54:58
http://online.wsj.com/article/SB10001424052970203731004576046073896475588.html

These days, the medicine cabinet is truly a family affair. More than a quarter of U.S. kids and teens are taking a medication on a [longterm] basis. Nearly 7% are on two or more such drugs. Doctors and parents warn that prescribing medications to children can be problematic. There is limited research available about many drugs' effects in kids. And health-care providers and families need to be vigilant to assess the medicines' impact, both intended and not. Although the effects of some medications, like cholesterol-lowering statins, have been extensively researched in adults, the consequences of using such drugs for the bulk of a patient's lifespan are little understood. Many medications kids take on a regular basis are well known, including treatments for asthma and attention-deficit hyperactivity disorder. But children and teens are also taking a wide variety of other medications once considered only to be for adults, from statins to diabetes pills and sleep drugs, according to figures provided to The Wall Street Journal by IMS Health, a research firm. Prescriptions for antihypertensives in people age 19 and younger could hit 5.5 million this year.

Note: For a powerful article by Dr. Mercola showing how the drug companies get away with killing literally tens of thousands of people, click here.


JPMorgan losses look familiar to Phil Angelides
2012-05-15, San Francisco Chronicle (San Francisco's leading newspaper)
Posted: 2012-05-22 11:36:47
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/05/14/BUOO1OHO2G.DTL

What strikes Phil Angelides the most about the $2 billion (and counting) loss sustained by JPMorgan Chase on a big trade gone bad, is how little has changed since the financial crash of 2008. "The big banks continue to be casinos," said the chairman of the government-appointed Financial Crisis Inquiry Commission, which laid out how such trades, referred to in some quarters as "bets," contributed to the crash that the country is still struggling to pull itself out of. "It has to be stopped," he said. Trouble is - as Angelides, the former California state treasurer, and others point out - no one is stopping them. Jamie Dimon, JPMorgan's CEO, dismissed initial concerns about the trades last month as a "complete tempest in a teapot." His main concern, he told analysts, was how the affair "plays right into the hands of a bunch of pundits out there." Dimon was referring to those who have been pushing for regulations to prevent federally insured banks like JPMorgan from indulging in such trades in the first place. "They've been fighting a ferocious rear-guard, no-holds-barred action," said Angelides, referring to the army of lobbyists hired and millions of dollars spent to beat back the regulations. The Securities and Exchange Commission is investigating the trades, which involved the use of complex financial instruments called credit default swaps as a hedge against the value of U.S. bonds.

Note: For a most excellent two-minute video of former U.S. Labor Secretary Robert Reich presenting five of the most urgent problems with the economy and an easy solution all in two minutes, click here. For an enlightening five-minute TED talks video further showing how the rich getting richer while they pay increasingly less taxes is at the root of most economic woes, click here. For a treasure trove of revealing reports from reliable sources on the criminality and corruption of major financial corporations and their "regulators" in government, click here.


Dimon's Unshakable Hubris
2012-05-16, MSNBC
Posted: 2012-05-22 11:33:51
http://powerwall.msnbc.msn.com/politics/dimons-unshakable-hubris-1718428.story

Jamie Dimon was reelected chairman and CEO of JPMorgan Chase yesterday afternoon. He got to keep his $23 million pay package, too. This means that at ... three of the top five bank holding companies dominating U.S. derivatives exposure, loans, assets, and deposits, the same man holds the chairman and CEO positions -— at Goldman Sachs, Wells Fargo, and JPM Chase. At the shareholders meeting there was no mention of the details behind the “mistake” that cost the bank $2 billion, just that it “should never have happened.” The fact that after a formal announcement, a friendly Meet the Press chat, and a face-to-face with the firm's shareholders, Dimon can still call it a mistaken hedge is ludicrous. It was a directional bet on the health of North American corporate bonds that the firm got wrong, enacted via the synthetic derivatives market, to worsen the blow. To the extent that it's betting wrong, it's a mistake, but it's not a hedge. Included in the proxy materials in the shareholder package that went out before the vote was ... a wealth of negativity about regulations. The letter stressed that ... two regulations would actively hurt the bank's “competitive ability, the Volker Rule and the derivatives rules.” JPM Chase holds nearly $70 trillion of derivatives exposure on $1.8 trillion of assets. Bank chairmen, like Jamie Dimon ... claim that regulation is too complex, too anti-competitive, and too un-American (putting U.S. banks at a disadvantage against other global banks). [Yet] pretending that it's okay to allow dormant volcanoes of risk to remain embedded in big bank balance sheets, supported by customer money and taxpayer guarantees is not sensible.

Note: For a treasure trove of revealing reports from reliable sources on the criminality and corruption of major financial corporations and their "regulators" in government, click here. For disturbing news articles on the derivatives market time bomb, click here.


Goldman, Merrill E-Mails Show Naked Shorting, Filing Says
2012-05-16, Businessweek/Bloomberg News
Posted: 2012-05-22 11:31:52
http://www.businessweek.com/news/2012-05-15/goldman-merrill-e-mails-show-nake...

Goldman Sachs and Merrill Lynch employees discussed helping naked short-sales by market-maker clients in e-mails the banks sought to keep secret, including one in which a Merrill official told another to ignore compliance rules, Overstock.com ... said in a court filing. The online retailer accused Merrill, now part of Bank of America and Goldman Sachs of manipulating its stock from 2005 to 2007, causing its shares to fall. Lawyers for Overstock ... asked a judge to make public e-mails sent in 2005 and 2006 that it said “reflect business decisions to put profits and corporate ambition over compliance” at Goldman Sachs and Merrill. The banks’ decisions to intentionally fail to deliver Overstock shares caused large-scale naked short selling of the company’s stock, according to the filing. Four media organizations, including Bloomberg, the New York Times, Wenner Media and The Economist, intervened in the Overstock case and joined the company’s request to unseal court files. Bloomberg News obtained a copy of the filing describing the e-mails.

Note: For more on this from reporter Matt Taibbi, click here.


Video Reveals Torture of Horses Trained to Win Championships
2012-05-16, ABC News
Posted: 2012-05-22 10:37:28
http://abcnews.go.com/Blotter/tennessee-walking-horses-abused/story?id=163608...

Large numbers of the famed Tennessee Walking Horses have been tortured and beaten in order to make them produce the high-stepping gait that wins championships, an ABC News investigation has found. "All too often, you have to cheat to win in this sport," said Keith Dane of the Humane Society of the United States. In the most recent example, an undercover video made by an investigator for the Humane Society documents the cruelty of one of the sport's leading trainers, Jackie McConnell of Collierville, Tennessee. The tape shows McConnell and his stable hands beating horses with wooden sticks and using electric cattle prods on them as part of a training protocol to make them lift their feet in the pronounced gait judges like to see. In another scene, McConnell oversees his hands as they apply caustic chemicals to the ankles of the horses and them wrap them with plastic wrap so the chemicals eat into the skin. "That creates intense pain and then the ankles are wrapped with large metal chains so the horses flinch, or raise their feet even higher," said Dane. Leaders of the Tennessee Walking Horse industry maintain that such brutality is rare and that trainers do not have to cheat to win championships, which can add millions of dollars to the value of horses. But a random inspection by the agents of the Department of Agriculture at last year's annual championship found that 52 of 52 horses tested positive for some sort of foreign substance around front hooves, either to cause pain or to hide it.

Note: The good news is that as a result of this report, Pepsi has dropped its support of the annual Tennessee Walking Horse championship. For more on this, click here.


Before Loss, JPMorgan Was One of Volcker Rule's Fiercest Foes
2012-05-11, New York Times
Posted: 2012-05-15 16:02:19
http://dealbook.nytimes.com/2012/05/11/before-big-loss-jpmorgan-was-one-of-vo...

The $2 billion trading loss that JPMorgan Chase disclosed late on Thursday provided ample ammunition for supporters of the Volcker Rule, which would restrict government-backed banks' ability to conduct proprietary trading. But it also prompted a fair amount of finger-wagging toward the company, given JPMorgan's stance as one of the rule's fiercest opponents. JPMorgan has been among the most outspoken detractors of the proposed financial regulation that is making its way through Washington. The firm has laid bare its feelings about the Volcker Rule several times, including in a Feb. 13 comment letter to the Federal Reserve. In that document, JPMorgan argued that the proposal would restrict its efforts to rein in risk-taking and would harm the firm's ability to compete against foreign rivals that did not face the same restrictions. In the letter, JPMorgan specifically mentions its chief investment office, the trading group which caused the $2 billion trading loss. JPMorgan also happens to run one of the most active and best-financed lobbying operations within the commercial banking industry. In the first four months of 2012, the firm has spent $1.92 million, barely trailing Wells Fargo in terms of banks' lobbying expenses. Last year, JPMorgan spent $7.62 million; two years ago, it spent $7.41 million, the most in its industry. And JPMorgan's chief, Jamie Dimon has been among the most frequent visitors to Washington to press his case.

Note: For lots more from major media sources on the corruption of major financial corporations, click here.


The Best-Selling Drugs In America
2012-04-19, Forbes
Posted: 2012-05-15 15:51:55
http://www.forbes.com/sites/matthewherper/2011/04/19/the-best-selling-drugs-i...

Why is a me-too drug for which there are much cheaper alternatives the second-best selling medicine in the United States? Today, IMS Health released its annual look at the sales of prescription drugs in America. It is the first year in which all of the top ten medicines in America are generics. This year, cancer drugs passed antipsychotic medicines as the top revenue generators. The biggest surprise ... is in the second-place spot: Nexium, ... from AstraZeneca, which generated $6.3 billion in sales. Abilify, from Otsuka and Bristol-Myers Squibb, passed Seroquel from Astra as the top-selling antipsychotic drug for disease like schizophrenia, bipolar disorder, and depression. Crestor, AstraZeneca’s cholesterol drug, has delivered a pretty stunning 5-year sales increase of 190%, apparently grabbing patients for whom Lipitor, from Pfizer, is not powerful enough. Sales do not equal popularity. Only three of these drugs (Lipitor, Plavix, and Singulair) rank among the top 25 most popular medicines. Price is often as big a component in making money as volume.


Analysts See Merck Victory in Vioxx Settlement
2007-11-10, New York Times
Posted: 2012-05-15 15:48:05
http://www.nytimes.com/2007/11/10/business/10merck.html

Three years after withdrawing its pain medication Vioxx from the market, Merck has agreed to pay $4.85 billion to settle 27,000 lawsuits by people who claim they or their family members suffered injury or died after taking the drug. The settlement, one of the largest ever in civil litigation, comes after nearly 20 Vioxx civil trials over the last two years from New Jersey to California. After losing a $253 million verdict in the first case, Merck has won most of the rest of the cases that reached juries, giving plaintiffs little choice but to settle. Based on the fact that the 27,000 suits cover about 47,000 sets of plaintiffs, the average plaintiff will receive just over $100,000 before legal fees and expenses, which usually swallow between 30 and 50 percent of payments to plaintiffs. Plaintiffs who do not want to accept the settlement can pursue their own claims, but with so many of the top trial lawyers in the United States agreeing to the deal, they may have difficulty doing so. The settlement does not end the government investigations that Merck faces, which include both civil and criminal inquires from several states and the Justice Department. But for Merck, which has already spent more than $1.2 billion on Vioxx-related legal fees, the settlement will put to rest any fears that Vioxx lawsuits might bankrupt the company, or even have a significant financial impact.

Note: For lots more from reliable sources on corruption in the pharmaceutical industry, click here.


Swine flu vaccine 'linked to' sleeping disorder
2012-03-29, The Telegraph (One of the UK's leading newspapers)
Posted: 2012-05-08 12:52:40
https://www.telegraph.co.uk/news/health/news/9171414/Swine-flu-vaccine-linked...

A study in Finland has found that children vaccinated against the H1N1 swine flu virus with Pandemrix were more likely to develop the sleep disorder narcolepsy. The condition causes excessive daytime sleepiness and sufferers can fall asleep suddenly and unintentionally. The researchers found that between 2002 and 2009, before the swine flu pandemic struck, the rate of narcolepsy in children under the age of 17 was 0.31 per 100,000. In 2010 this was about 17 times higher at 5.3 per 100,000 while the narcolepsy rate remained the same in adults. Markku Partinen of the Helsinki Sleep Clinic and Hanna Nohynek of the National Institute for Health and Welfare in Finland, also collected vaccination and childhood narcolepsy data for children born between January 1991 and December 2005. They found that in those who were vaccinated the rate of narcolepsy was nine per 100,000 compared to 0.7 per 100,000 unvaccinated children, or 13 times lower. Pandemrix was the main vaccine used in Britain against the swine flu epidemic in which six million people were vaccinated. It was formulated specifically for the swine flu pandemic virus and is no longer in use.

Note: The WHO stated "more than 12 countries reported cases of narcolepsy in children and adolescents using GlaxoSmithKline's swine flu vaccine." For powerful media reports suggesting that both the Avian Flu and Swine Flu were incredibly manipulated to promote fear and boost pharmaceutical sales, click here. For many news articles showing that vaccines are not tested adequately for safety and are at times politically and financially motivated, click here. For lots more from reliable sources on pharmaceutical corruption, click here.


Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.

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