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.

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The new documentary-exposĂ© Victoria's Secret: Angels and Demons [reveals] that the multibillion-dollar lingerie chain that marketed its models as the last word in hotness and glamour was a ruthless capitalist enterprise dogged by accusations of harassment, corruption and abuse. We meet old friends from the modern sexual abuse and violence documentary circuit. Jeffrey Epstein and Ghislaine Maxwell, of course, but also Jean-Luc Brunel, whose predations against the girls and women he met as the head of Karin Models Agency and MC2 Model Management (financed, would you believe, by Epstein) were recently outlined in Sky documentary Scouting for Girls – alongside those of fellow agents John Casablancas, Claude Haddad and GĂ©rald Marie, the last of whom vehemently denies all sexual abuse allegations against him from several women. The new guy in the mix is Leslie Wexner, owner of the eponymous lingerie firm. He became acquainted with Epstein in the 1980s when Wexner needed an entrĂ© into New York society. It was Wexner who sold him the townhouse that would become infamous as the spycam site of his abusive operations, and who sold him the private jet that would become known as the "Lolita Express" as it ferried underage girls wherever Epstein and his fellow predators needed them to go. Wexner gave Epstein power of attorney over his entire estate – worth hundreds of millions of dollars – and didn't revoke it until 2007, well after Epstein's first arrest in 2006.

Note: Watch an eye-opening video on the top 10 shocking reveals of this documentary. For more along these lines, see concise summaries of deeply revealing news articles on Jeffrey Epstein's child sex ring from reliable major media sources.

For decades, mallgoers, slightly confused teenage girls and horny teenage boys have wondered what secret this mysterious Victoria is hiding. The new three-part Hulu docuseries "Victoria's Secret: Angels and Demons" explores these secrets and, well, they are less "she only wears thongs (wink)" and more "wait, was this brand just a lot of pink thongs covering up the very real exploitation of underage girls?" The business was sold to Les Wexner [in 1982]. With Victoria's Secret in about 100 stores across America, Les Wexner hired Jeffrey Epstein as an investment advisor. Then Wexner quite suddenly gave him power of attorney in 1991, the most expensive home in New York City in the mid-'90s and sold Epstein his private jet well below market value. That private jet became known in the press as the Lolita Express, aka the jet where Epstein is accused of taking underage girls to be abused and exploited. Epstein allegedly began describing himself to women he'd meet as a recruiter for Victoria's Secret models in 1993. Wexner claims he cut all ties with Epstein after his first arrest, and he would go on to publicly condemn Epstein after his death in 2019, but the documentary alleges that L Brands directly paid for Epstein's legal defense, which was never publicly reported. There [was] a reported instance where Epstein, while staying in the guest house on Wexner's property, held a woman hostage for 12 hours after he and Ghislaine Maxwell allegedly assaulted her, leading her to call the police for help.

Note: Watch an eye-opening video on the top 10 shocking reveals of this documentary. For more along these lines, see concise summaries of deeply revealing news articles on Jeffrey Epstein's child sex ring from reliable major media sources.

Big Pharma spent more than any other industry to lobby Congress and federal agencies this year, a Reuters analysis shows, but is still on course for a major defeat by failing to stop a bill that allows the government to negotiate prices on select drugs. The $430 billion Inflation Reduction Act to change climate, health, and tax policies cleared its largest hurdle last week when Democratic lawmakers passed it in the Senate. The U.S. House of Representatives is also expected to pass it on Friday, allowing President Joe Biden to sign it into law. A Kaiser Family Foundation poll in October found that 83% of Americans, including 95% of Democrats and 71% of Republicans, want the federal Medicare health plan for seniors to negotiate prices. The industry's powerful trade association, Pharmaceutical Research and Manufacturers of America (PhRMA), urged senators in a public letter to reject the bill. A Reuters analysis ... shows that the pharmaceutical industry has spent at least $142.6 million on lobbying Congress and federal agencies in the first half of 2022, more than any industry, and at least $16.1 million on campaign contributions during the current mid-term election cycle. Almost two thirds of the money spent on lobbying ... came from PhRMA and its member companies. The bill's provision for drug price negotiations was scaled back in November, allowing Medicare to focus on an annual maximum of 20 of the costliest medicines by 2029, instead of an initial proposal to help reduce prices for 250 treatments.

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Global capitalism is an incredible machine for extracting fossil fuels from our planet, refining them, shipping them to every corner of the Earth and making staggering amounts of money doing so. Unfortunately the machine is also poisoning us all. But one of its exquisitely evolved functions is to make it almost impossible to turn it off. Oil and gas profits in the most recent quarter were astounding. Exxon Mobil made $18bn in profits in the past three months. Shell and Chevron each made nearly $12bn. Those are all record numbers. A recent study showed that for the past 50 years, the oil industry has made profits of more than $1tn a year, close to $3bn a day. These profits are driven [by] cartels, mega-corporations and the regulatory capture of governments, conspiring to create a market free of both competition and of a price that reflects the actual cost to the world of the product that is being sold. These profits are illusory. They are plagued by an externality large enough to outweigh a trillion dollars a year – the costs that the climate crisis will impose on billions of people who are alive now and many generations to come. The fossil fuel industry as a whole is not just another business, providing a service to meet a demand; it is a predatory drug dealer that works every day to keep the world addicted to its poisonous product, knowing full well that it will eventually prove fatal. It fights to keep the population fooled. It is a problem to be solved.

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https://www.theguardian.com/us-news/2022/jul/09/weedkiller-glyphosate-cdc-study...

More than 80% of urine samples drawn from children and adults in a US health study contained a weedkilling chemical linked to cancer, a finding scientists have called "disturbing" and "concerning". The report by a unit of the Centers for Disease Control and Prevention (CDC) found that out of 2,310 urine samples, taken from a group of Americans intended to be representative of the US population, 1,885 were laced with detectable traces of glyphosate. This is the active ingredient in herbicides sold around the world, including the widely used Roundup brand. Almost a third of the participants were children. [Lianne] Sheppard co-authored a 2019 analysis of people highly exposed to glyphosate, which concluded there was a "compelling link" between glyphosate and an increased risk of non-Hodgkin lymphoma. Both the amount and prevalence of glyphosate found in human urine has been rising steadily since the 1990s when Monsanto Co. introduced genetically engineered crops designed to be sprayed directly with Roundup, according to research published in 2017. The weedkiller is sprayed directly over genetically engineered crops such as corn and soybeans, and also over non-genetically engineered crops such as wheat and oats as a desiccant to dry crops out prior to harvest. It is considered the most widely used herbicide in history. The International Agency for Research on Cancer, a unit of the World Health Organization ... classified glyphosate as a probable human carcinogen in 2015.

Note: Instead of relying on independent science, the EPA used industry studies to determine that glyphosate was safe. For more along these lines, see concise summaries of deeply revealing news articles on GMOs and health from reliable major media sources.

One in three people across America have detectable levels of a toxic herbicide linked to cancers, birth defects and hormonal imbalances, a major nationwide survey has found. Human exposure to the herbicide 2,4-D has substantially risen amid expanding use among farmers despite a multitude of health and environmental concerns, according to the first nationally representative study evaluating the footprint of the chemical. Researchers from George Washington university examined the urine samples of 14,395 people (aged six and older) from all walks of life who take part in the annual National Health and Nutrition Examination Survey. They looked for biomarkers to the pesticide, and compared the exposure levels detected with the use of 2,4-D from 2001 until 2014. As the pesticide grew in popularity among farmers and gardeners, so did evidence of human exposure, rising from a low of 17% in 2001-02 to a high of almost 40% a decade later. Exposure to high levels of 2,4-D, an ingredient of Agent Orange used against civilians during the Vietnam war, has been linked to cancers including leukemia in children, birth defects and reproductive problems among other health issues. The study, published online in Environmental Health, found exposure was not uniform, with several subgroups including children aged six to 11 and women of childbearing age showing substantially higher levels of 2,4-D in their urine. Overall, the amount of 2,4-D applied in agriculture increased 67% between 2012 and 2020.

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Today it's my great pleasure to introduce two Pulitzer Prize-winning Washington Post journalists, Sari Horwitz and Scott Higham, who are going to discuss their new book, "American Cartel." We're talking about companies that create and fuel the opioid crisis. We've heard this story about the Sacklers and indeed the Sacklers have been identified, and if criminal charges haven't been brought at least they've been vilified in the press. But ... this goes way beyond the Sacklers. This is not just the story of one bad apple. "It's so much bigger than that," [said Horwitz]. "We found, in our two-year investigation ... a constellation of companies that fuel the deadliest epidemic, drug epidemic, in American history. Some of these companies are some of the largest in this country. Some we've heard of. They are household names - Walgreens, Walmart, Johnson & Johnson. We found internal emails from these companies where the people in the companies were laughing at the addicts. They were mocking them. Meanwhile, the drug companies, they are smart. They decide to lure away the best and the brightest if they can from the DEA and the Justice Department to help them as they are selling opioids, and they are very successful. They hired dozens of people from DEA and the Justice Department to work for these companies. So again, these are the people who are trying to protect us, working for the DEA and the Justice Department. They are lured away to the companies who are selling addictive painkillers that are killing people."

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What happens when government leaders leave Washington for cushy jobs on corporate boards? Former Food and Drug Administration (FDA) Commissioner Scott Gottlieb is just the latest administration official to go through the revolving door after his second tour at the FDA. Gottlieb recently resigned from his spot as the top federal drug regulator to take on a role at Pfizer–the top drug producer in the United States. But Gottlieb's hiring is just the latest in a long line of moves to fortify the industry's influence in Washington. Big Pharma spending on lobbying eclipses every other industry according to the Center for Responsive Politics. Current Health and Human Services Secretary Alex Azar - Gottlieb's former boss - used to be president of Lilly USA, the U.S. branch of pharmaceutical giant Eli Lilly. Trump lauded his appointment by calling Azar a "star for better healthcare and lower drug prices," but during his time there the company raised the brand's insulin prices threefold creating a crisis and drawing public outrage. A study last year found more than 160 former lobbyists serving in the Trump administration - and those industry ties point to an administration that puts the priorities of large corporations over those of the American people. Corporate executives and industry lobbyists cannot be effective regulators of the industries that have made them millions. The revolving door is an age-old problem in Washington but the scope and volume of the conflicts in the current administration ... is unprecedented.

Note: For lots more on the revolving door between government and big Pharma, see the "Revolving Door Project" and read this revealing article. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and Big Pharma profiteering from reliable major media sources.

Glyphosate, an herbicide that remains the world's most ubiquitous weed killer, raises the cancer risk of those exposed to it by 41%, a new analysis says. Researchers from the University of Washington evaluated existing studies into the chemical – found in weed killers including Monsanto's popular Roundup – and concluded that it significantly increases the risk of non-Hodgkin lymphoma (NHL), a cancer of the immune system. "All of the meta-analyses conducted to date, including our own, consistently report the same key finding: exposure to GBHs (glyphosate-based herbicides) are associated with an increased risk of NHL," the authors wrote in a study published in the journal Mutation Research. In 2015 ... the World Health Organization's International Agency for Research on Cancer classified glyphosate as "probably carcinogenic to humans." Moreover, the chemical has triggered multiple lawsuits from people who believe that exposure to the herbicide caused their non-Hodgkin's lymphoma. In 2017 ... more than 800 people were suing Monsanto; by the following year, that figure was in the thousands. The authors of the University of Washington report analyzed all published studies on the impact of glyphosate on humans. Co-author ... Rachel Shaffer said: "This research provides the most up-to-date analysis of glyphosate and its link with Non-Hodgkin Lymphoma, incorporating a 2018 study of more than 54,000 people who work as licensed pesticide applicators." The scientists also assessed studies on animals.

Note: Instead of relying on independent science, the EPA used industry studies to determine that glyphosate was safe. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health from reliable major media sources.

Dr. Anthony Fauci, White House Press Secretary Karine Jean-Pierre, other Biden administration officials and five social media companies have 30 days to respond to subpoenas in a lawsuit alleging collusion to suppress freedom of speech. Discovery requests were served to ask for information and documents from ... NIAID, CDC, ... Surgeon General Vivek Murthy, and Nina Jankowicz, who led the DHS Disinformation Governance Board until it was disbanded. Also requested were any communications to any social media platform relating to the "Great Barrington Declaration," [which] was published in response to COVID-19 policies that recommended "focused protection," an approach to reaching herd immunity by allowing those at minimal risk of death to live normal lives by building up immunity through natural infection while protecting those at highest risk. A media release from [Missouri Attorney General Eric] Schmitt ... stated information requested was identifying all communications with any social media platform relating to content modulation and/or misinformation. It requests all communications with Mark Zuckerberg from Jan. 1, 2020, to the present. "In May, Missouri and Louisiana filed a landmark lawsuit against top-ranking Biden Administration officials for allegedly colluding with social media giants to suppress free speech on topics like COVID-19 and election security," Schmitt said. "Earlier this month, a federal court granted our motion for expedited discovery. We will fight to get to the bottom of this alleged collusion and expose the suppression of freedom of speech by social media giants at the behest of top-ranking government officials.”

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It's estimated that more than 107,000 people in the United States died due to opioid overdoses in 2021. Washington Post journalist Scott Higham notes it's "the equivalent of a 737 Boeing crashing and burning and killing everybody on board every single day." In the new book, American Cartel, Higham and co-author Sari Horwitz make the case that the pharmaceutical industry operated like a drug cartel, with manufacturers at the top; wholesalers in the middle; and pharmacies at the level of "street dealers." The companies collaborated with each other – and with lawyers and lobbyists – to create legislation that protected their industry, even as they competed for market share. "It really is the companies that run the show," Higham says. "People were dying by the thousands while these companies were lobbying members of Congress ... to pass legislation and to lobby members of the Department of Justice and try to slow down the DEA enforcement efforts." Big pharma fought to create legislation that would limit the DEA's ability to go after drug wholesalers. The efforts were effective; more than 100 billion pills were manufactured, distributed and dispensed between 2006 and 2014. Meanwhile, both federal and state DEA agents are frustrated by the ways in which their enforcement efforts have been curtailed. Right now there are 40,000 Americans who are in jail on marijuana charges. And not one executive of a Fortune 500 company involved in the opioid trade has been charged with a crime.

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

Lowering prescription drug prices is among the Biden administration's most urgent priorities. But the drug industry is spending big to keep that from happening. A new compromise on Capitol Hill would offer some relief from high prices by gradually allowing Medicare to negotiate drug prices similar to private insurers for the first time, while capping out of pocket costs at $2,000 and setting limits on the cost of insulin. The pharmaceutical industry has spent nearly $263 million on lobbying so far this year, employing three lobbyists for every member of Congress, according to OpenSecrets, which tracks money in politics. Millions of those dollars are in the form of campaign donations. "They have really endless resources to throw at shaping the outcomes of legislation," said Sheila Krumholz, the executive director of OpenSecrets. Congressman Scott Peters, a Democrat, sparked protests outside his San Diego district office when he came out against a plan to cut drug costs for seniors earlier this year. He's received nearly $130,000 from the industry this year. About $100,000 has been donated to Democratic Senator Kyrsten Sinema this year. Senator Robert Menendez, also a Democrat, has taken nearly $80,000 in 2021. "Bottom line is I'm supporting a price negotiation bill that has been worked out," ... Menendez said when asked what message he's sending by taking money from the pharmaceutical industry.

Note: This article fails to mention that big Pharma spends more than any other sector on lobbying and also is the largest sponsor of advertising in the major media. Do you think the media and Congress are biased by this? For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the pharmaceutical industry from reliable major media sources.

Jeff Smith, a partner with the influential consulting firm McKinsey & Company, accepted a highly sensitive assignment in December 2017. The opioid manufacturer Purdue Pharma ... sought out Dr. Smith. His team reviewed business plans and evaluated new drugs that Purdue hoped would help move the company beyond the turmoil associated with OxyContin, its addictive painkiller that medical experts say helped to spark the opioid epidemic. But the corporate reorganization was not Dr. Smith's only assignment. He was also helping the Food and Drug Administration overhaul its office that approves new drugs – the same office that would determine the regulatory fate of Purdue's new line of proposed products. A review ... of internal McKinsey documents found that the firm repeatedly allowed employees who served pharmaceutical companies, including opioid makers, to also consult for the F.D.A., the drug industry's primary government regulator. And, the documents show, McKinsey touted that inside access in pitches to private clients. In an email in 2014 to Purdue's chief executive, a McKinsey consultant highlighted the firm's work for the F.D.A. and stressed "who we know and what we know." McKinsey also allowed employees advising Purdue to help shape materials that were intended for government officials and agencies, including a memo in 2018 prepared for Alex M. Azar II. References to the severity of the opioid crisis in a draft version of the memo ... were cut before it was sent to Mr. Azar.

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

More than a quarter of the Food and Drug Administration employees who approved cancer and hematology drugs from 2001 through 2010 left the agency and now work or consult for pharmaceutical companies, according to research published by a prominent medical journal. [Dr. Vinay] Prasad and his colleague Dr. Jeffrey Bien ... tracked 55 FDA reviewers in the hematology-oncology field from 2001 through 2010, using LinkedIn, PubMed and other publicly available job data. The researchers found that of the 26 reviewers who left the FDA during this period, 15 of them, or 57 percent, later worked or consulted for the biopharmaceutical industry. Put another way, about 27 percent of the total number of reviewers left their federal oversight posts to work for the industry they previously regulated. Prasad and Bien published their findings as a research letter in The BMJ, formerly The British Medical Journal. "If you know in the back of your mind that your career goal may be to someday work on the other side of the table, I wonder whether that changes the way you regulate," Prasad said. "There's a lot of room for interpretation in deciding whether or not a cancer drug should be approved," he said, because so many studies of cancer drugs rely on what's called a "surrogate endpoint." But ... there isn't always evidence that surrogate endpoints are linked to better health outcomes for patients, suggesting that some approved drugs aren't as beneficial as they appear.

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

The oil and gas industry has delivered $2.8bn (Ł2.3bn) a day in pure profit for the last 50 years, a new analysis has revealed. The vast total captured by petrostates and fossil fuel companies since 1970 is $52tn, providing the power to "buy every politician, every system" and delay action on the climate crisis, says Prof Aviel Verbruggen, the author of the analysis. The huge profits were inflated by cartels of countries artificially restricting supply. The analysis, based on World Bank data, assesses the "rent" secured by global oil and gas sales, which is the economic term for the unearned profit produced after the total cost of production has been deducted. The study has yet to be published in an academic journal but three experts at University College London, the London School of Economics and the thinktank Carbon Tracker confirmed the analysis as accurate, with one calling the total a "staggering number". It appears to be the first long-term assessment of the sector's total profits, with oil rents providing 86% of the total. Emissions from the burning of fossil fuels have driven the climate crisis and contributed to worsening extreme weather. Oil companies have known for decades that carbon emissions were dangerously heating the planet. The average annual profit from 1970-2020 was $1tn but [Verbruggen] said he expected this to be twice as high in 2022. The fossil fuel industry also benefits from subsidies of $16bn a day, according to the International Monetary Fund.

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

The CEO of the biggest power company in the US had a problem. A Democratic state senator was proposing a law that could cut into Florida Power & Light's (FPL) profits. Landlords would be able to sell cheap rooftop solar power directly to their tenants – bypassing FPL and its monopoly on electricity. "I want you to make his life a living hell ... seriously," FPL's CEO Eric Silagy wrote in a 2019 email to two of his vice-presidents about state Senator JosĂ© Javier RodrĂ­guez, who proposed the legislation. Within minutes, one of them forwarded the directive to the CEO of Matrix, LLC, a powerful but little-known political consulting firm that has operated behind the scenes in at least eight states. RodrĂ­guez was ousted from office in the next election. Matrix employees spent heavily on political advertisements for a candidate with the same last name as RodrĂ­guez, who split the vote. That candidate later admitted he was bribed to run. Hundreds of pages of internal documents – which are only coming to light now because Matrix's founders are locked in an epic feud – detail the firm's secret work to help power companies like FPL protect their profits and fight the transition to cleaner forms of energy. The Matrix saga illustrates the political obstacles policymakers and experts face as they attempt to cut climate pollution from the power sector. Matrix affiliated groups have also worked to advance power companies' interests in Arizona, Louisiana, Mississippi, Georgia, and in front of the Environmental Protection Agency, public records show.

Note: A telling analysis shows a 235% profit jump for big oil funded by us at the gas pumps. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the energy industry from reliable major media sources.

The US's biggest oil companies pumped out record profits over the last few months as Americans struggled to pay for gasoline, food and other basic necessities. On Friday, ExxonMobil reported an unprecedented $17.85bn (Ł14.77bn) profit for the second quarter, nearly four times as much as the same period a year ago, and Chevron made a record $11.62bn (Ł9.61bn). The sky-high profits were announced one day after the UK's Shell shattered its own profit record. The record profits came after similarly outsized gains in the first quarter when the largest oil companies made close to $100bn in profits. High energy prices are one of the leading factors driving inflation to a four-decade high in the US. Gas prices have fallen slightly in recent weeks but are now averaging $4.25 a gallon across the US, more than $1 a gallon higher than a year ago. Soaring energy prices are being baked into delivery costs, which is driving up the cost of everything from apples to toilet paper. In addition to oil company executives, shareholders also reaped the benefits of high energy prices during the quarter. Since the start of 2022, Exxon and Chevron shares have risen close to 46% and 26%, respectively.

Note: A telling analysis shows a 235% profit jump for big oil funded by us at the gas pumps. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the energy industry from reliable major media sources.

Pfizer made nearly $37bn (Ł27bn) in sales from its Covid-19 vaccine last year – making it one of the most lucrative products in history – and has forecast another bumper year in 2022, with a big boost coming from its Covid-19 pill Paxlovid. The US drugmaker's overall revenues in 2021 doubled to $81.3bn. The bumper sales prompted accusations from campaigners of "pandemic profiteering". The group Global Justice Now said the annual revenue of $81bn was more than the GDP of most countries. Pharmaceutical companies have been accused of not sharing the recipe for their vaccines, which would enable drugmakers in poorer countries to produce cheaper versions of them. Global Justice Now pointed out that Pfizer's Covid-19 jab was invented by BioNTech, supported by â‚Ź100m (Ł84m) in debt financing from the publicly owned European Investment Bank and a â‚Ź375m grant from the German government. Tim Bierley, a pharma campaigner at the group, said: "The development of mRNA vaccines should have revolutionised the global Covid response. "But we've let Pfizer withhold this essential medical innovation from much of the world, all while ripping off public health systems." According to Reuters, Pfizer has sold the vaccine to African countries at $3 to $10 a shot. It has indicated that a non-profit dose costs just $6.75, or Ł4.98, to produce, but it has reportedly charged the NHS Ł18 a dose for the first 100m jabs bought and Ł22 a dose for the next 89m, totalling Ł3.76bn ... amounting to an eye-watering 299% mark-up.

Note: If big Pharma really cared about public healthy, don't you think they'd be willing to sacrifice some of their huge profits and charge much less for their injections? Unfortunately, it's the old story of the rich get richer and the rest are left behind. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering from reliable major media sources.

Medicare's drug program could have saved up to $3.6 billion in 2020 by mirroring the pricing strategy of entrepreneur and Shark Tank judge Mark Cuban's online pharmacy, according to a new study. Cuban's Cost Plus Drug Co. offers a selection of generic drugs at the cost of manufacturing them plus a flat 15% markup. The direct-to-consumer pharmacy does not accept insurance. The study's authors suggest that Medicare is overpaying for many generic drugs and could save billions a year if it purchased them directly from Cuban's online pharmacy. "The lower prices from a direct-to-consumer model highlight inefficiencies in the existing generic pharmaceutical distribution and reimbursement system, which includes wholesalers, pharmacy benefit managers, pharmacies, and insurers," wrote researchers at Brigham and Women's Hospital and Harvard Medical School in a brief published ... in the journal Annals of Internal Medicine. Cuban and his pharmacy did not fund or have any involvement in the study. Cost Plus Drug Co. says it engages in price negotiations with drugmakers. Medicare's drug program, Part D, however, prohibits the government from directly negotiating pharmaceutical prices. Researchers compared 2020 Medicare spending for a total of 89 drugs ... to their prices at Cost Plus Drug Co. in February. They estimate that Medicare overpaid for 77 generic drugs, spending $8.1 billion compared with $4.5 billion if the federal agency had purchased at the same prices as Cost Plus Drug Co. charges.

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

On September 19, 2019, House Speaker Nancy Pelosi introduced the Elijah Cummings Lower Drug Costs Now Act. The bill ... would allow the federal government to negotiate drug prices on behalf of Medicare, a right assumed by the governments of every other major economy. Polls showed support ranging from 80 to an eye-popping 90-plus percent. H.R. 3 was delivered stillborn into Mitch McConnell's Senate in November of 2019. Two years later, when Joe Biden released the massive social-spending and climate-change bill dubbed Build Back Better, H.R. 3's reforms were nowhere to be found. And at every level of government, Pharma's endless river of money continues to flow, the widest, steadiest current of lobbying largesse the capitol has ever known. In 2021, the industry reported spending $124 million on a fleet of 846 lobbyists, roughly two for every member of Congress. Sixty-five percent were former government employees. Pharmaceutical manufacturers are part of a larger coalition that includes the insurance, medical-device, and hospital industries. Its combined resources flow downstream through dozens of lobbying firms, communications shops, and front groups. "If a freshman Democrat so much as signs a letter related to drug prices, the lobby hammers them with phone calls and meeting requests, completely locking up the calendar," says Alex Lawson, executive director of Social Security Works. "The calls come in from ex-Democratic officials and staffers, so they have to take the meetings."

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

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.