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.

The effective tax rate for America's largest and most profitable corporations has sharply declined in recent years, and one third of such companies paid zero taxes -- or less -- in at least one of the last three years. In 2003 alone, 46 of the 275 companies...paid no taxes at all in 2003, despite reporting a total of $42.6 billion in pre-tax profits. Indeed, these companies received $5.4 billion in tax rebates that year. Half of the "tax-break dollars" over the three-year period went to just 25 companies. All told, 82 companies paid zero or negative taxes in at least one of the last three years and 28, including Boeing, paid negative taxes for the entire period. The largest beneficiaries were some of the most profitable companies: General Electric, SBC Communications, Citigroup, IBM and Microsoft. Of the 10 most profitable U.S.-based companies on the Forbes 2000, only Wal-Mart and Freddie Mac do not appear on the study's list of top 25 tax break beneficiaries. At the same time, IRS data indicates that the overall share of federal taxes paid by corporations in now less than 10 percent, down from nearly 13 percent in 1997. This trend occurred against a backdrop of rising corporate earnings. The study attributes the trend to the widening availability of offshore tax shelters and other lawful avoidance techniques.

The NHS is seeking at least Ł100m compensation from two drug companies who it alleges "fixed" the price of an ulcer drug in the late 1990s. The allegations relate to the sale and supply of ranitidine between 1997 and 2000. The NHS's Counter Fraud Service [CFS]...is currently investigating similar concerns in regard to around 30 other drugs. As in any case where a drug comes off patent, the NHS expected its price to fall, but this did not happen with ranitidine. The investigation into why this failed to happen has led to the High Court action against Generics, a subsidiary of the German pharmaceutical company Merck, and the British arm of the Indian company Ranbaxy. The CFS estimates that the NHS could have lost out on at least Ł100m, and possibly as much as Ł110m. It has already said it will sue seven companies over the sale of common medicines including warfarin and penicillin-based drugs.

The Bilderberg group, an elite coterie of Western thinkers and power-brokers, has been accused of fixing the fate of the world behind closed doors. As the organisation marks its 50th anniversary, rumours are more rife than ever. On Thursday the Bilderberg group marks its 50th anniversary with the start of its yearly meeting. For four days some of the West's chief political movers, business leaders, bankers, industrialists and strategic thinkers will hunker down in a five-star hotel in northern Italy to talk about global issues. What sets Bilderberg apart from other high-powered get-togethers, such as the annual World Economic Forum (WEF), is its mystique. Not a word of what is said at Bilderberg meetings can be breathed outside. No reporters are invited in and while confidential minutes of meetings are taken, names are not noted. A former journalist, Mr Gosling runs a campaign against the group from his home in Bristol, UK." One of the first places I heard about the determination of US forces to attack Iraq was from leaks that came out of the 2002 Bilderberg meeting," says Mr Gosling.

A division of the pharmaceutical company Bayer sold millions of dollars of blood-clotting medicine for hemophiliacs -- medicine that carried a high risk of transmitting AIDS -- to Asia and Latin America in the mid-1980's while selling a new, safer product in the West. The Bayer unit, Cutter Biological, introduced its safer medicine in late February 1984 as evidence mounted that the earlier version was infecting hemophiliacs with H.I.V. Yet for over a year, the company continued to sell the old medicine overseas. Cutter officials were trying to avoid being stuck with large stores of a product. Yet even after it began selling the new product, the company kept making the old medicine for several months more. In Hong Kong and Taiwan alone, more than 100 hemophiliacs got H.I.V. after using Cutter's old medicine. Many have since died. Cutter also continued to sell the older product after February 1984 in Malaysia, Singapore, Indonesia, Japan and Argentina. While admitting no wrongdoing, Bayer and three other companies that made the concentrate have paid hemophiliacs about $600 million to settle more than 15 years of lawsuits accusing them of making a dangerous product. Federal regulators helped keep the overseas sales out of the public eye. The Food and Drug Administration's regulator of blood products, Dr. Harry M. Meyer Jr....asked that the issue be "quietly solved without alerting the Congress, the medical community and the public."

It's been a mystery in Washington for weeks. Just before President Bush signed the homeland security bill into law an unknown member of Congress inserted a provision into the legislation that blocks lawsuits against the maker of a controversial vaccine preservative called "thimerosal," used in vaccines that are given to children. Drug giant Eli Lilly and Company makes thimerosal. It's the mercury in the preservative that many parents say causes autism in thousands of children. But nobody in Congress would admit to adding the provision, reports CBS News Correspondent Jim Acosta – until now. House Majority Leader Dick Armey tells CBS News he did it to keep vaccine-makers from going out of business under the weight of mounting lawsuits. "I did it and I'm proud of it," says Armey, R-Texas. "It's a matter of national security," Armey says. Because Armey is retiring at the end of the year, some say the outgoing majority leader is the perfect fall guy to take the heat and shield the White House from embarrassment.

Note: A Reuters article reports that the former head of the US's CDC was later named president of Merck's vaccine division with accompanying high salary. Could this be payoff for her support in suppressing studies that cast doubt on vaccines?

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.