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.

Last May, an elderly man was admitted to the Brooklyn branch of Mount Sinai Hospital for abdominal surgery. A blood test revealed that he was infected with a newly discovered germ as deadly as it was mysterious. Doctors swiftly isolated him in the intensive care unit. The germ, a fungus called Candida auris, preys on people with weakened immune systems, and it is quietly spreading across the globe. Recently C. auris reached New York, New Jersey and Illinois, leading the federal Centers for Disease Control and Prevention to add it to a list of germs deemed “urgent threats.” C. auris is so tenacious, in part, because it is impervious to major antifungal medications, making it a new example of one of the world’s most intractable health threats: the rise of drug-resistant infections. For decades, public health experts have warned that the overuse of antibiotics was reducing the effectiveness of drugs that have lengthened life spans by curing bacterial infections once commonly fatal. But lately, there has been an explosion of resistant fungi as well. Yet as the problem grows, it is little understood by the public — in part because the very existence of resistant infections is often cloaked in secrecy. With bacteria and fungi alike, hospitals and local governments are reluctant to disclose outbreaks for fear of being seen as infection hubs. Even the C.D.C., under its agreement with states, is not allowed to make public the location or name of hospitals involved in outbreaks.

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

Each year, state lawmakers across the U.S. introduce thousands of bills dreamed up and written by corporations, industry groups and think tanks. Disguised as the work of lawmakers, these so-called “model” bills get copied in one state Capitol after another, quietly advancing the agenda of the people who write them. A two-year investigation by USA TODAY, The Arizona Republic and the Center for Public Integrity reveals for the first time the extent to which special interests have infiltrated state legislatures using model legislation. USA TODAY and the Republic found at least 10,000 bills almost entirely copied from model legislation were introduced nationwide in the past eight years, and more than 2,100 of those bills were signed into law. In a separate analysis, the Center for Public Integrity identified tens of thousands of bills with identical phrases, then traced the origins of that language. Model bills passed into law have ... limited access to abortion and restricted the rights of protesters. In all, these copycat bills amount to the nation’s largest, unreported special-interest campaign, driving agendas in every statehouse and touching nearly every area of public policy. USA TODAY found more than 4,000 bills benefiting industry were introduced nationwide during the eight years it reviewed. More than 80 of those bills limit the public's ability to sue corporations, including limiting class-action lawsuits, a plaintiff's ability to offer expert testimony, and cap punitive damages for corporate wrongdoing.

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

On Sept. 7, 2017, the world heard an alarming announcement from credit ratings giant Equifax: In a brazen cyberattack, somebody had stolen sensitive personal information from more than 140 million people, nearly half the population of the U.S. The information included Social Security numbers, driver's license numbers, information from credit disputes and other personal details. Then, something unusual happened. The data disappeared. Completely. CNBC talked to eight experts. All of them agreed that a breach happened, and personal information from 143 million people was stolen. But none of them knows where the data is now. Security experts haven't seen the data used in any of the ways they'd expect in a theft like this — not for impersonating victims, not for accessing other websites, nothing. Most experts familiar with the case now believe that the thieves were working for a foreign government and are using the information not for financial gain, but to try to identify and recruit spies. One former senior intelligence official ... summarized the prevailing expert opinion on how the foreign intelligence agency is using the data. First, he said, the foreign government is probably combining this information with other stolen data, then analyzing it using artificial intelligence or machine learning to figure out who's likely to be — or to become — a spy for the U.S. government. Second, credit reporting data provides compromising information that can be used to turn valuable people into agents of a foreign government.

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

A federal jury dealt a huge blow to Monsanto, saying its popular weedkiller Roundup was a substantial factor in causing a California man's cancer. It's the second time in eight months that a jury has reached such a decision. But Edwin Hardeman's case against Monsanto is the first to be tried in federal court. And thousands of similar cases are still pending at the federal or state level. But this trial isn't over yet. While the first phase focused on whether Roundup caused Hardeman's cancer, the second phase ... focuses on whether Monsanto is liable. It's unclear how much the jury might award Hardeman in damages, if anything at all. But last August, in the first state trial over whether Roundup can cause cancer, California jurors awarded former school groundskeeper Dewayne Johnson $289 million in punitive and compensatory damages. A judge later reduced the total award to $78 million. Non-Hodgkin's lymphoma patients who used Roundup started suing Monsanto by the hundreds after a World Health Organization report ... said glyphosate is "probably carcinogenic to humans." While debate continues over whether glyphosate is safe, parts of the country are limiting or banning it, said the US Public Interest Research Group Education Fund. "Following the state court decision last year, we saw a huge uptick in local ordinances that would regulate the use of Roundup on playgrounds, schoolyards and public parks," said PIRG's Kara Cook-Schultz, who leads a campaign to ban Roundup.

Note: Internal FDA emails suggest that the food supply contains far more glyphosate than government reports indicate. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.

In September 2017, Aileen Black wrote an email to her colleagues at Google. Black, who led sales to the U.S. government, worried that details of the company’s work to help the military guide lethal drones would become public through the Freedom of Information Act. “We will call tomorrow to reinforce the need to keep Google under the radar," Black wrote. According to a Pentagon memo signed last year, however, no one at Google needed worry: All 5,000 pages of documents about Google’s work on the drone effort, known as Project Maven, are barred from public disclosure, because they constitute “critical infrastructure security information." The memo is part of a recent wave of federal decisions that keep sensitive documents secret on that same basis - thus allowing agencies to quickly deny document requests. In response to a Freedom of Information Act request I filed more than a year ago, seeking documents related to Project Maven’s use of Google technology, the Defense Department said that it had discovered 5,000 pages of relevant material - and that every single page was exempt from disclosure. Some of the pages included trade secrets, sensitive internal deliberations, and private personal information about some individuals, the department said. Such information can be withheld under the act. But it said all of the material could be kept private under “Exemption 3" of the act, which allows the government to withhold records under a grab bag of other federal statutes.

Note: Read more about Project Maven. Google employees strongly opposed working on war technology, and circulated a petition to stop the project. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.

The nation's eighth-largest nonprofit donated $56.1 million to a series of organizations identified as hate groups from 2015 to 2017, according to a report from Sludge. National Christian Foundation, which identifies itself as the largest Christian grant maker and one of the largest donor-advised funds in the nation, has served as a vehicle for individuals trying to anonymously send money. Donor-advised funds allow individuals sending the tax deductible contributions to remain anonymous from the IRS and instruct where they want the payments to be sent. For those donating via NCF, this meant sending money to 23 organizations that the Southern Poverty Law Center has labeled hate groups. Most of the hate organizations that received money from the NCF opposed LGBT rights. The report also found that the NCF donated to anti-Muslim and anti-immigrant organizations. Organizations receiving the most funds from NCF included the Alliance Defending Freedom, which has advocated for sterilizing transgender individuals, and the Family Research Council, which has advocated conversion therapy. Members of the Family Research Council including Tony Perkins, the organization's president, have sought to link pedophilia and homosexuality. The NCF's website says it has "accepted over $12 billion in contributions and made over $10 billion in giver-recommended grants to more than 55,000 charities."

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

Purdue Pharma has agreed to pay $270 million to settle a historic lawsuit brought by the Oklahoma attorney general, who accused the OxyContin maker of aggressively marketing the opioid painkiller and fueling a drug epidemic that left thousands dead in the state. The settlement comes after Purdue [sought] to delay the start of the trial, which is scheduled for May 28. Attorney General Mike Hunter said ... that $102.5 million of the settlement would be used to help establish a national addiction treatment and research center at Oklahoma State University. The company will also provide $20 million of addiction treatment and opioid rescue medications to the center. A remaining $12.5 million from the settlement will be used directly to help cities and counties with the opioid crisis. The Sackler family, who founded and own Purdue Pharma, will also contribute $75 million over the next five years to the treatment and research center. The lawsuit was brought by Hunter against some of the nation's leading makers of opioid pain medications, alleging that deceptive marketing over the past decade fueled the epidemic in the state. Hunter has said the defendants - Purdue Pharma, Johnson & Johnson, Teva Pharmaceuticals, Allergan and others - deceived the public into believing that opioids were safe for extended use. The settlement was only with Purdue Pharma, and the other defendants are still scheduled to go to trial. Thirty-six states have brought cases against Purdue and other opioid drugmakers.

Note: Many doctors also profited from excessive prescribing of dangerous opioids. And according to a former DEA agent, Congress helped drug companies fuel the opioid epidemic. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.

Yesterday afternoon a colleague forwarded me an article from the Daily Mail, asking me if it could possibly be true. The article in question is an expose on Snopes.com, the fact checking site used by journalists ... that Facebook recently partnered with to fact check news stories on its platform. The Daily Mail’s article makes a number of claims about the site’s principles and organization, [and questions] whether the site could possibly act as a trusted and neutral arbitrator of the “truth.” The Daily Mail appeared to be sourcing its claims from a series of emails and other documents from a court case. Neither Snopes nor its principles had issued any kind of statement ... disclaiming the story. When I reached out to David Mikkelson, the founder of Snopes, for comment, I fully expected him to respond with a lengthy email in Snopes’ trademark point-by-point format. It was with incredible surprise therefore that I received David’s one-sentence response which read in its entirety “I'd be happy to speak with you, but I can only address some aspects in general because I'm precluded by the terms of a binding settlement agreement from discussing details of my divorce.” This absolutely astounded me. Here was the one of the world’s most respected fact checking organizations, soon to be an ultimate arbitrator of “truth” on Facebook, saying that it cannot respond to a fact checking request because of a secrecy agreement. In short, when someone attempted to fact check the fact checker, the response was the equivalent of “it's secret.”

Note: For lots more on this, see this webpage. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the manipulation of public perception.

All over the western world banks are shutting down cash machines and branches. They are trying to push you into using their digital payments and digital banking infrastructure. Financial institutions ... are trying to nudge us towards a cashless society and digital banking. The true motive is corporate profit. Payments companies such as Visa and Mastercard want to increase the volume of digital payments services they sell, while banks want to cut costs. The nudge requires two parts. First, they must increase the inconvenience of cash. Second, they must vigorously promote the alternative. But a cashless society is not in your interest. It is in the interest of banks and payments companies. Their job is to make you believe that it is in your interest too, and they are succeeding in doing that. The recent Visa chaos, during which millions of people who have become dependent on digital payment suddenly found themselves stranded when the monopolistic payment network crashed, was a temporary setback. Digital systems may be “convenient”, but they often come with central points of failure. Cash, on the other hand, does not crash. It does not rely on external data centres, and is not subject to remote control or remote monitoring. The cash system allows for an unmonitored “off the grid” space. This is also the reason why financial institutions and financial technology companies want to get rid of it. Cash transactions are outside the net that such institutions cast to harvest fees and data.

Note: For more on this questionable trend, see this article and this one in the UK's Guardian. For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and the disappearance of privacy.

The vast majority of the people who propose and make changes to Wikipedia are volunteers. A few people, however, have figured out how to manipulate Wikipedia’s supposedly neutral system to turn a profit. That’s [paid Wikipedia editor Ed] Sussman’s business. And in just the past few years, companies including Axios, NBC, Nextdoor and Facebook’s PR firm have all paid him to manipulate public perception using a tool most people would never think to check. One of Wikipedia’s more well-known rules is its prohibition on editing pages that you have any sort of direct connection to. But ... anyone, even someone financially tied to the subject in question, is allowed to merely suggest edits in the hopes that a less conflicted editor might come by, agree, and implement the changes for them. This is where a paid editor like Sussman comes in. On his website, Sussman identifies himself as “a journalist, lawyer, academic and technology entrepreneur” who “is often called upon in ‘crisis management’ situations where inaccurate or misleading information has been placed in a Wikipedia article.” Sussman’s main strategy for convincing editors to make the changes his clients want is to cite as many tangentially related rules as possible (he is, after all, a lawyer). He often replies to nearly every single bit of pushback with walls of text arguing his case. Trying to get through even a fraction of it is exhausting, and because Wikipedia editors are unpaid, there’s little motivation to continue dealing with Sussman’s arguments. So he usually gets his way.

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

A broad new scientific analysis of the cancer-causing potential of glyphosate herbicides, the most widely used weedkilling products in the world, has found that people with high exposures to the popular pesticides have a 41% increased risk of developing a type of cancer called non-Hodgkin lymphoma. The findings by five US scientists contradict the US Environmental Protection Agency’s (EPA) assurances of safety over the weed killer and come as regulators in several countries consider limiting the use of glyphosate-based products in farming. Monsanto and its German owner Bayer AG face more than 9,000 lawsuits in the US brought by people suffering from NHL who blame Monsanto’s glyphosate-based herbicides for their diseases. The first plaintiff to go to trial won a unanimous jury verdict against Monsanto in August. The next trial, involving a separate plaintiff, is set to begin on 25 February, and several more trials are set for this year and into 2020. The new analysis could potentially complicate Monsanto’s defense of its top-selling herbicide. Three of the study authors were tapped by the EPA as board members for a 2016 scientific advisory panel on glyphosate. The new paper was published by the journal Mutation Research /Reviews in Mutation Research, whose editor in chief is EPA scientist David DeMarini. “This paper makes a stronger case than previous meta-analyses that there is evidence of an increased risk of NHL due to glyphosate exposure,” said [study] co-author Lianne Sheppard.

Note: Internal FDA emails suggest that the food supply contains far more glyphosate than government reports indicate. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.

Rutger Bregman had not really intended to stick it to the global elite. But when the Dutch historian decided to go off-piste at the World Economic Forum and tell the assembled billionaires they should stop avoiding paying tax, he became an overnight social media sensation. “It’s been a crazy week and just for stating the obvious,” said Bregman, when asked about a panel discussion at the WEF last month in which he said the issue was “taxes, taxes, taxes, and all the rest is bullshit in my opinion”. Bregman had not been to Davos before. He was invited on the basis of the book Utopia for Realists, which argued for a basic income and a shorter working week. But he grew more irritated as the week wore on. He was surprised and maddened by the pushback when he mentioned tax. As a result, Bregman decided to change his plan for a panel on inequality. What Bregman said, put simply, was the Davos emperors have no clothes. They talk a lot about how something must be done about inequality and the need to address social unrest, but cavil at the idea they might be a big part of the problem. He told his audience that people in Davos talked about participation, justice, equality and transparency, but “nobody raises the issue of tax avoidance and the rich not paying their share. It is like going to a firefighters’ conference and not talking about water.” As a historian, Bregman noted the most successful period for capitalism occurred in the years after the second world war, when the top rate of tax in the US was above 90%.

Note: This historian later confronted Tucker Carlson of Fox News, who had a few choice dirty words for him. For more along these lines, see concise summaries of deeply revealing news articles on income inequality and corporate corruption.

Amazon hasn't paid any taxes to the US government in the past two years. Actually, Amazon received hundreds of millions of dollars in federal tax credits in 2017 and 2018. That might seem nuts, considering Amazon is the third-most valuable company in the world and earned a record $10 billion last year. But critics of Amazon's tax bill aren't accusing Amazon of doing anything improper. "This is tax avoidance, not tax evasion. There's no indication of any wrongdoing, except on the part of Congress," said Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy. US tax code allows money-losing companies to reduce their future taxable income. Amazon's total earnings have easily topped its losses — many times over. But some of Amazon's earnings came from sales outside the United States, on which Amazon paid either lower or no US taxes. Many companies that lose money pay little or no federal income taxes. For example, General Motors (GM) has paid little federal tax money since emerging from bankruptcy in 2009, despite posting record profits for several years. Amazon declined to comment on its federal tax payments.

Note: Read how former tax lobbyists now run the tax-writing committees. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.

It may have shocked the world when the publisher of the National Enquirer allegedly tried to use nude pictures to coerce Jeff Bezos. But it came as no surprise to ... veterans of the Enquirer’s parent company, American Media Inc. “The threats, the blackmail, that’s their business model,” one former National Enquirer staffer told The Daily Beast. That model burst out into public view on Thursday night when Bezos - the world’s richest man, the founder of Amazon, and the owner of The Washington Post - published emails from AMI chief content officer Dylan Howard that threatened the release of a “d*ck pick” if the Post didn’t relent in its investigation of AMI. It was a familiar moment to Paul Barresi, a private investigator who spent years working on cases that informed stories in AMI. “The National Enquirer had some people who would go to a celebrity and say, ‘unless you give in to a one-on-one interview ... we’re going to report XYZ,” he said. “The nice way of calling it was quid pro quo, but really it was blackmail.” The supermarket tabloid company’s bag of dirty tricks is well-chronicled and includes catch-and-kill operations: paying for an exclusive interview only to bury it, as a favor to an ally or after using the dirt to convince a celebrity to play ball with them. Most infamously, AMI has admitted it paid ex-Playboy model Karen McDougal $150,000 in hush money for her story of an affair with Donald Trump, which never saw the light of day.

Note: WTK founder Fred Burks saw personally how the Enquirer is much more highly guarded than any other major media. He is almost certain it is a CIA front used to manage disinformation and discredit real stories that seem unbelievable. For more along these lines, see concise summaries of deeply revealing news articles on corruption in the corporate world and in mass media.

The inner-workings of a beef processing plant in Dakota Dunes, South Dakota, might not sound like compelling national news, but in 2012, ABC changed that with two little words: “pink slime.” As you probably recall, the news outlet questioned Beef Products, Inc. (BPI) about its ground beef filler known as “lean finely textured beef” (LFTI), utilizing the pejorative term “pink slime” in the process. The backlash from the report hit BPI’s bottom line hard, despite the fact that they maintained that LFTI is safe and made from 100 percent beef, and so the South Dakotan company sued ABC News. The news organization eventually settled out of court ... paying nine figures to BPI to end the whole mess. BPI survived the ordeal and are back in the news again for – guess what – lean finely textured beef. But don’t call it “LFTI.” And definitely don’t call it “pink slime.” According to Beef Magazine, the USDA has given its approval for BPI to call “lean finely textured beef” simply “ground beef.” “We approached USDA about the possibility of reclassifying our product,” Nick Ross, BPI vice president of engineering, [said] “After reviewing BPI’s submission of a new product and new production process, [the United States Department of Agriculture’s Food Safety and Inspection Service (FSIS)] determined that the product meets the regulatory definition of ground beef ... and may be labeled accordingly,” a FSIS spokesperson [confirmed]. But for consumers, the change won’t really mean that much.

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

Pharmaceutical giant Purdue Pharma LP secretly pursued a plan, dubbed "Project Tango," to become "an end-to-end pain provider" by selling both opioids and drugs to treat opioid addiction, all while owners on the board - members of one of America's richest families - reaped more than $4 billion in opioid profits, according to a lawsuit newly unredacted. The suit says the company and its owners, the Sackler family ... engaged in a decade of deception to push their pharmaceuticals, namely the painkiller OxyContin, on doctors and patients, publicly denying what internal documents show they privately knew to be true: that the highly addictive drugs were resulting in overdoses and deaths. Purdue examined selling overdose antidotes, including Narcan, as "complementary" products to the same doctors to whom it sold its opioids, the lawsuit claims, and although the company maintained a ledger of doctors it suspected of inappropriate opioid prescriptions and other forms of abuse, dubbed "Region Zero," it continued to collect revenue from those doctors. The Sacklers paid themselves more than $4 billion in opioid profits between April 2008 and 2018. In 2017, there were 47,600 opioid-linked drug fatalities in the United States. The unredacted complaint also says consulting firm McKinsey & Co. played a crucial role in advising the company on how to push its product on doctors and boost its profits.

Note: Many doctors also profited from excessive prescribing of dangerous opioids. And according to a former DEA agent, Congress helped drug companies fuel the opioid epidemic. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.

U.S. Senator Bernie Sanders plans to send a letter to Catalyst Pharmaceuticals on Monday asking it to justify its decision to charge $375,000 annually for a medication that for years has been available to patients for free. The drug, Firdapse, is used to treat Lambert-Eaton Myasthenic Syndrome (LEMS), a rare neuromuscular disorder. The disorder affects about one in 100,000 people in the United States. The government is intensifying its scrutiny of the pharmaceutical industry and rising prescription drug prices. Both the Democratic-led U.S. House of Representatives and the Senate, controlled by Republicans, have begun holding hearings this year on the rising costs of medicines. In the letter dated Feb. 4, Sanders asked Catalyst to lay out the financial and non-financial factors that led the company to set the list price at $375,000, and say how many patients would suffer or die as a result of the price and how much it was paying to purchase or produce the drug. For years, patients have been able to get Firdapse for free ... through a U.S. Food and Drug Administration (FDA) program called "compassionate use." The program allows patients with rare diseases and conditions access to experimental drugs outside of a clinical trial when there is no viable alternative. Florida-based Catalyst received FDA approval of Firdapse in November, along with exclusive rights to market the medication for several years. In December, Catalyst announced it would price Firdapse at $375,000 a year.

Note: Read how a major drug price increase nearly bankrupted the city of Rockford, Illinois. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.

When Will Schuller was an 18-year-old senior in high school in Overland Park, Kansas, something puzzling was happening. He was “big into running at the time” and seemingly in good health, but ...Will struggled to walk from the school parking lot to his classes, and he couldn’t exercise. Around Christmas 2014, Will was diagnosed with Lambert-Eaton Myasthenic Syndrome (LEMS), a rare neuromuscular disorder. LEMS is “a chronic autoimmune disorder that affects strength and muscle fatigue ability,” said Dr. Ted M. Burns, a professor of neurology. There is a drug to treat LEMS that up until recently was free for patients through an FDA program called “compassionate use.” When Schuller got the drug, called ... 3,4-DAP, he instantly felt better. Since 1992, 3,4-DAP, was made by Jacobus Pharmaceuticals, a small New Jersey company, until a different company, Catalyst, recently received the exclusive rights to the drug. Catalyst added a preservative, renamed it Firdapse, and is now charging north of $375,000 a year for the life-changing drug. Will's parents said doctors ... warned them about an impending price increase, but they never imagined it would start costing hundreds of thousands of dollars. “We're paying ... less than that,” said Bob Schuller, Will’s dad. “But everyone's premiums are going to go up as a result of this. So it's a cost to the entire system.” Sen. Bernie Sanders, I-Vt., sent a letter to Catalyst on Monday demanding an explanation for the new price of Firdapse, calling it "a blatant fleecing of American taxpayers."

Note: Read how a major drug price increase nearly bankrupted the city of Rockford, Illinois. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.

A national inquiry into Australia's scandal-plagued financial sector has proposed sweeping changes in an attempt to end rampant industry misconduct. The Royal Commission spent 12 months investigating wrongdoing by some of the nation's biggest institutions. Prominent scandals included the charging of fees for no service - sometimes to dead customers. The government said it would act on all 76 recommendations made by the inquiry. The Royal Commission - Australia's highest form of public inquiry - came after a decade of scandals that shook confidence in the country's largest industry. After the report was made public on Monday, Treasurer Josh Frydenberg said the public had paid an "immense" price for the misconduct. "It's a scathing assessment of conduct driven by greed and behaviour that was in breach of existing law and fell well below community expectations," he said. The Royal Commission received more than 10,000 public submissions. It interviewed over 130 witnesses in public hearings. The report made 76 recommendations for reform, including: More than 20 unidentified cases to be referred on to regulators, resulting in possible criminal or civil prosecutions; There should be an overhaul of the sector's sales culture to reduce conflicts of interest; Regulators need to more regularly prosecute breaches, or lose some of their powers. The government has been criticised for initially resisting the probe, which it later described as "regrettable but necessary" action to restore public trust.

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

President Trump reserved a few minutes of his State of the Union address to praise his tax reform law, which turned a year old last month. Mr. Trump ... promised Americans that drastically lowered corporate tax rates would bring home large sums of capital that had been stashed overseas and finance a surge of domestic investment. The White House argued they wanted a system that “encourages companies to stay in America, grow in America, spend in America, and hire in America.” Yet the bill he signed into law includes a sweetheart deal that allows companies that shift their profits abroad to pay tax at a rate well below the already-reduced corporate income tax. Now that a full year has passed since the tax bill became law, we have hard numbers. There is no wide pattern of companies bringing back jobs or profits from abroad. The global distribution of corporations’ offshore profits ... hasn’t budged from the prevailing trend. Eliminating the complex series of loopholes that encourage offshoring was a major talking point ... but most of them are still in place. The craftiest and largest corporations can still legally whittle down their effective tax rate into the single digits. (In fact, the new law encourages firms to move “tangible assets” - like factories - offshore). Overall, the Tax Cuts and Jobs Act amounted to ... sleight of hand. According to the Treasury Department’s tally for fiscal year 2018, corporate income tax receipts fell by 31 percent, an unprecedented year-over-year drop in a time of economic growth.

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

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.