Corporate Corruption Media ArticlesExcerpts of Key Corporate Corruption Media Articles in Major Media
Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
Since the 2008 banking crisis led to multibillion-pound bailouts, some bankers have ended up behind bars. However, to many, the list seems short when compared with the $235bn of fines that Reuters calculates have been imposed on 20 major banks in the past seven years for market rigging, sanctions busting, money laundering and mis-selling mortgage bonds in the runup to the 2008 crisis. Robert Jenkins, a former Bank of England policymaker [says] one reason regulators backed away from proceedings against individuals is fear. This dates back to 2002, when accountancy firm Arthur Andersen was convicted of destroying documents related to its audits of Enron. The prosecution was overturned in 2005, too late to save what had been one of the world’s biggest accountants from collapse. There was, Jenkins said, “fear by the US authorities of a banking version of Arthur Andersen at a time of financial fragility”. But he lists other problems, [such as] lobbying by bankers and the naivete of regulators. Jenkins added the banks should ... face the threat of being broken up: “When it comes to the systematic wrongdoing on their watch, either the senior executives knew, did not know or cannot be expected to know. If they knew they are complicit. If they did not know they are incompetent. And if the banks are so large and complex that they cannot be expected to know, then they are a walking argument for breaking up the banks.”
Note: After the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled. Could this possibly have been planned? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
Twenty of the world's biggest banks have paid more than $235 billion in fines and compensation in the last seven years for a litany of misdeeds. The scale of the payouts, equivalent to the annual economy of Greece or Portugal, has hampered banks' efforts to rebuild capital, reduced dividends for investors and cut the amount firms are able to lend. The misconduct bill is expected to rise by tens of billions more dollars, and many politicians, regulators and industry observers said more needs to be done. Mark Taylor, dean of the business school at the University of Warwick in central England [says] bonuses are too high, there is little threat of jail for wrongdoers and bosses are not held responsible. "The problem is the incentives for cheating markets is massive. If you can shift a rate fractionally you can make millions and millions of dollars for your bank and then for bonuses. "Once senior executives feel they are personally at risk if the culture doesn't change, and individual traders feel they are at risk of being put in prison, then you'll get a culture change," he said. Despite the scale of fines and compensation paid by banks, relatively few individuals have been punished. Data compiled by Reuters ... showed U.S. banks have paid $140 billion in litigation and compensation for mortgage related issues since 2008. Bank of America has paid out twice as much as any other bank in settlements and compensation, with a bill of almost $80 billion.
Note: Big bank settlements often amount to "cash for secrecy" deals that are ultimately profitable for banks. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
Five of the world’s largest banks have agreed to pay more than $5 billion in fines to settle charges made by regulatory agencies and the Justice Department that the banks had acted in concert to manipulate international interest and foreign currency exchange rates. Attorney General Loretta E. Lynch said the banks had engaged in “brazenly illegal behavior on a near-daily basis.” The scale of the price-fixing scandal is hard to grasp. It touched ... almost every company and individual in the financial markets. By tweaking global benchmarks used to set foreign exchange and interest rates for a staggering number of transactions a day, the banks — over several years — bilked billions of dollars of extra profits by altering rates in their favor. Critics complained that the Justice Department had failed to prosecute any additional individuals. Wall Street watchdog group Better Markets called it a “slap on the wrist,” and Sen. Elizabeth Warren (D-Mass.) said in an e-mail: “That’s not accountability for Wall Street. It’s business as usual, and it stinks.” Barclays, along with JPMorgan Chase, Royal Bank of Scotland Group and Citigroup, will plead guilty to conspiring to manipulate the price of U.S. currency and euros, authorities said. JPMorgan Chase said it had agreed to plead guilty to a single antitrust violation and pay a fine of $550 million. Under the resolution with the Fed, the firm will pay a fine of $342 million. The bank said it had previously set aside reserves for these settlements.
Note: When it comes to international banking, it appears that almost everything is rigged. For more along these lines, see concise summaries of deeply revealing news articles about the systemically corrupt financial industry.
As part of a PR offensive to rebrand coal as a “21st-century fuel” that can help solve global poverty, it has emerged that at the height of Ebola’s impact in Africa, Peabody Energy promoted its product as an answer to Africa’s devastating public health crisis. Greg Boyce, the chief executive of Peabody, a US-based multinational with mining interests around the world, included a slide on Ebola and energy in a presentation to a coal industry conference in September last year. The slide suggested that more energy would have spurred the distribution of a hypothetical Ebola vaccine. Public health experts who were involved in fighting the spread of Ebola were outraged at Peabody’s suggestion that expanding energy access with coal generation could have hindered the spread of Ebola and helped with the distribution of a vaccine – especially as there is no approved vaccine against the disease. Skip Burkle, a senior fellow of the Harvard Humanitarian Initiative ... said Peabody’s claims were “absolutely ludicrous”. He went on: “The coal industry is going down but there are other answers to this and it is not to dump it in Africa. It is just an insult to the population.” The Ebola claims surfaced amid growing pressure on Peabody Energy from the downturn in coal and a global anti-apartheid style fossil fuel divestment campaign.
Fossil fuel companies are benefitting from global subsidies of $5.3tn (Ł3.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund. The IMF ... says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments. The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. The biggest single source of air pollution is coal-fired power stations and China, with its large population and heavy reliance on coal power, provides $2.3tn of the annual subsidies. The next biggest fossil fuel subsidies are in the US ($700bn), Russia ($335bn), India ($277bn) and Japan ($157bn), with the European Union collectively allowing $330bn in subsidies to fossil fuels. Subsidy reforms are beginning in dozens of countries including Egypt, Indonesia, Mexico, Morocco and Thailand. In India, subsidies for diesel ended in October 2014. Coal use has also begun to fall in China for the first time this century. Shelagh Whitley, a subsidies expert at the Overseas Development Institute, said: “Our research shows that many of the energy subsidies highlighted by the IMF go toward finding new reserves of oil, gas and coal, which we know must be left in the ground if we are to avoid catastrophic, irreversible climate change.”
Note: The additional cost of suppressing new energy technologies does not appear to have been included in these IMF estimates.
Royal Dutch Shell has been accused of pursuing a strategy that would lead to potentially catastrophic climate change after an internal document acknowledged a global temperature rise of 4C, twice the level considered safe for the planet. A paper used for guiding future business planning at the Anglo-Dutch multinational assumes that carbon dioxide emissions will fail to limit temperature increases to 2C, the internationally agreed threshold to prevent widespread flooding, famine and desertification. Instead, the New Lens Scenarios document refers to a forecast by the independent International Energy Agency (IEA) that points to a temperature rise of up to 4C in the short term, rising later to 6C. Louise Rouse, an investor relations specialist and consultant to Greenpeace, said the New Lens document undermined Shell’s claim that ongoing oil and gas exploration helps raise living standards in the developing world by supplying the energy for rapidly expanding economies. “There is an incoherence at best between oil companies on the one hand positioning themselves as being on the side of the world’s developing countries and while on the other actively pursuing strategies which will entail catastrophic climate change which we already know is having a significant impact on the global south,” she said. Shell’s carbon dioxide emissions have risen in 2014 and are set to increase further as it expands the business through a planned Ł47bn takeover of rival BG.
Grant David Gillham, former legislative staffer ... knows how to work the system. Three major manufacturers of fire retardants went to the right person in 2007 when they enlisted him to help defeat legislation that would ban two classes of retardants believed to cause cancer. Their instructions to him: Don’t worry about the science. Run a political campaign. Oh, and by the way, he was not to reveal his association with the industry. Now Gillham is speaking out in a big way, and his story ... illustrates the extent to which the legislative process can be manipulated. The chemical industry’s main trade group, the American Chemistry Council, denied any connection with Gillham after a 2012 Chicago Tribune series exposed that the advocacy group he created, Citizens for Fire Safety, was not as it claimed, “a coalition of fire professionals, educators, community activists, burn centers, doctors, fire departments and industry leaders,” [but] was funded by three manufacturers who controlled 40 percent of the global market for the targeted chemicals. The strategy worked in California — Leno’s bill to ban chlorinated and brominated fire retardants died on the Senate floor on Aug. 26, 2008 — and Citizens for Fire Safety went on to help defeat similar bills in other states. The manufacturers’ claims of the lifesaving benefits of fire retardants have been contradicted by scientific studies that suggests their flame-resisting properties are minimal, and are more than offset by their negative effect in making fires more toxic.
The world’s biggest and most profitable fossil fuel companies are receiving huge and rising subsidies from US taxpayers, a practice slammed as absurd by a presidential candidate given the threat of climate change. A Guardian investigation of three specific projects, run by Shell, ExxonMobil and Marathon Petroleum, has revealed that the subsidies were all granted by politicians who received significant campaign contributions from the fossil fuel industry. “At a time when scientists tell us we need to reduce carbon pollution to prevent catastrophic climate change, it is absurd to provide massive taxpayer subsidies that pad fossil-fuel companies’ already enormous profits,” said senator Bernie Sanders, who announced on 30 April he is running for president. Sanders, with representative Keith Ellison, recently proposed an End Polluter Welfare Act, which they say would cut $135bn of US subsidies for fossil fuel companies over the next decade. “Between 2010 and 2014, the oil, coal, gas, utility, and natural resource extraction industries spent $1.8bn on lobbying,” according to Sanders and Ellison. Globally in 2013, the most recent figures available, the coal, oil and gas industries benefited from subsidies of $550bn, four times those given to renewable energy. In 2009, President Barack Obama called on the G20 to eliminate fossil fuel subsidies but since then US federal subsidies have risen by 45%. Every single well, pipeline, refinery, coal and gas plant in the country is heavily subsidised.
Congress is in an intense debate over trade bills that will shape the course of the US economy for decades. Modern “trade” agreements are often less about trade and more about giant multinational corporations finding new ways to rig the economic system to benefit themselves. The president argues that the TPP is about who will “write the rules” for 40 percent of the world’s economy — the United States or China. But who is writing the TPP? The text has been classified and the public isn’t permitted to see it, but 28 trade advisory committees have been intimately involved in the negotiations. Of the 566 committee members, 480, or 85 percent, are senior corporate executives or representatives from industry lobbying groups. Many of the advisory committees are made up entirely of industry representatives. A rigged process leads to a rigged outcome. By definition, massive trade deals like the TPP override domestic laws written, debated, and passed by Congress. Treasury Secretary Jack Lew has testified before Congress that trade negotiations involve “pressure to lower standards” on financial regulations and other public interest laws, and that President Obama has resisted that pressure. But Obama will soon leave office, and he cannot bind a future president. This legislation risks giving a future president a powerful tool to undermine public interest regulations under the guise of promoting commerce.
Note: US senator Elizabeth Warren and US representative Rosa DeLauro wrote the above article, which further clarifies why the Trans-Pacific Partnership may be a pending disaster. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.
This week, the Senate will vote on whether to grant Obama “fast track” authority to negotiate the TPP agreement, which involves a dozen countries around the Pacific. [Senator Elizabeth] Warren has previously claimed that the TPP’s controversial Investor-State Dispute Settlement provision, or ISDS, could undermine or chill public interest regulations in the U.S. and other participating countries, and could even undercut Dodd Frank financial reform, one of Obama’s signature achievements. Obama has strongly rejected Warren’s arguments in [an] interview with Yahoo and elsewhere. "The president said ... that he’s confident that when people read the agreement for themselves, that they’ll see it’s a great deal. But the president won’t actually let people read the agreement for themselves, [and] has committed only to letting the public see this deal after Congress votes to authorize fast track. At that point it will be impossible for us to amend the agreement or to block any part of it without tanking the whole TPP." Senator Warren went into more detail: “Congress will decide whether to give the President Fast Track authority. That authority would prevent Congress from amending trade deals and reduce its ability to block trade deals ... for ANY trade deal cut by ANY president over the next six years. Big banks on both sides of the Atlantic are gearing up to use that agreement to water down financial regulations. A six-year Fast Track bill is the missing link they need to make that happen.”
Note: Senator Warren's opposition to the TPP is further explained in this Washington Post article. Former U.S. Secretary of Labor Robert Reich and many others are also vocally opposed to the TPP and how this pending disaster is being pushed through under a veil of secrecy with little public debate.
Former House Intelligence Committee Chairman Mike Rogers has formed a new pressure group ... to serve as the “premiere national security and foreign policy organization during the 2016 debate” and to “help elect a president who supports American engagement and a strong foreign policy.” Roger’s group, Americans for Peace, Prosperity, and Security, is hosting candidate events and intends to host a candidate forum later this year. A look at the business executives helping APPS steer presidential candidates towards more hawkish positions reveals that many are defense contractors who stand to gain financially from continued militarism. Rogers may have a conflict of interest as well. Explaining the goals of his group to a news outlet in Indiana, Rogers lamented the lack of “surveillance capabilities” and warned of increasing threat of cyberwarfare. “It’s not unusual for the arms industry to use front groups to press for a more aggressive foreign policy,” says William Hartung, director of the Arms & Security Project at the Center for International Policy. “It sounds a lot more credible when a group called ‘Americans for Peace, Prosperity and Security’ calls for a policy shift than if the same argument comes out of the mouth of an arms executive or lobbyist whose livelihood is tied to the spread of tension and conflict,” Hartung said.
Note: Read a powerful essay by a top US general exposing the war machine titled "War is a Racket." For more, see concise summaries of deeply revealing electoral process corruption news articles from reliable major media sources.
More than a dozen areas in the U.S. have been shaken in recent years by small earthquakes triggered by oil and gas drilling, a government report released Thursday found. The man-made quakes jolted once stable regions in eight states, including parts of Alabama, Arkansas, Colorado, Kansas, New Mexico, Ohio, Oklahoma and Texas, according to researchers at the U.S. Geological Survey. Experts said the spike in seismic activity is mainly caused by the oil and gas industry injecting wastewater deep underground, which can activate dormant faults. A few instances stem from hydraulic fracturing, in which water, sand and chemicals are pumped into rock formations to free oil or gas. Many studies have linked the rise in small quakes to the injection of wastewater into disposal wells, but the Geological Survey’s report takes the first comprehensive look at where the man-made quakes are occurring. Oklahoma lately has been rocked by more magnitude 3 quakes than California, the most seismically active of the Lower 48 states, Petersen said. Oklahoma was not on scientists’ radar until recently, when the state experienced a spate of quakes, the largest registering a magnitude 5.6 in 2011. This week, the Oklahoma Geological Survey acknowledged that it is very likely most of the recent shaking is from wastewater disposal. Many faults awakened by drilling have not moved in millions of years, Geological Survey geophysicist William Ellsworth said.
Note: Even this article avoids the obvious. The big change since these quakes started is fracking.
L.A. County health officials investigate and confirm an infection outbreak inside one of the county's hospitals once or twice a month. The public rarely finds out which hospital is involved, how many patients were stricken or whether any died. The secrecy surrounding hospital outbreaks runs counter to the push toward more public disclosure in healthcare. In recent years, consumers have benefited from data comparing some health outcomes by hospital, the fees hospitals charge for various procedures and the payments doctors receive from drug and device manufacturers. Keeping outbreaks confidential is a common practice of federal, state and local health investigators across the country. The rationale: It encourages hospitals to be open and quickly report suspected surges of infections. The secrecy can prevent hospitals from learning from one another's mistakes. More than six years ago, a lethal bacteria struck two hospitals in Florida, killing 15 patients. The case was nearly identical to the recent outbreaks at UCLA and Cedars-Sinai medical centers. In each case, a hard-to-clean medical scope transferred the same superbug from patient to patient. Since that 2008 Florida outbreak, investigators have tied the same scopes to scores of patient infections in other states. Most of the outbreaks were not disclosed until months or years later, often only when doctors wrote about them in medical journals.
Note: For more along these lines, see concise summaries of deeply revealing news articles about healthcare cover-ups from reliable major media sources.
To wage war in Yemen, Saudi Arabia is using F-15 fighter jets bought from Boeing. Pilots from the United Arab Emirates are flying Lockheed Martin’s F-16 to bomb both Yemen and Syria. Soon, the Emirates are expected to complete a deal with General Atomics for a fleet of Predator drones to run spying missions in their neighborhood. As the Middle East descends into proxy wars, sectarian conflicts and battles against terrorist networks, countries in the region that have stockpiled American military hardware are now actually using it and wanting more. American defense firms are following the money. Boeing opened an office in Doha, Qatar, in 2011, and Lockheed Martin set up an office there this year. Lockheed created a division in 2013 devoted solely to foreign military sales, and the company’s chief executive, Marillyn Hewson, has said that Lockheed needs to increase foreign business — with a goal of global arms sales’ becoming 25 percent to 30 percent of its revenue. Daryl Kimball, executive director of the Arms Control Association ... said he viewed the increase in arms sales to the region “with a great deal of trepidation, as it is leading to an escalation in the type and number and sophistication in the weaponry in these countries.” Meanwhile, the deal to sell Predator drones to the Emirates is nearing final approval. If the sale goes through, it will be the first time that the drones will go to an American ally outside of NATO.
Note: If you look at history from the viewpoint that most wars are fostered and enflamed by the military-industrial complex, a lot of things make sense. Read a powerful essay by a top US general exposing the war machine titled "War is a Racket." For more along these lines, see concise summaries of deeply revealing war news articles from reliable major media sources.
Weeks before Pacific Gas and Electric Co. released a long-awaited seismic report about the Diablo Canyon nuclear plant last year, Nuclear Regulatory Commission officials had already drafted talking points declaring the plant safe from earthquakes, Sen. Barbara Boxer said Wednesday. An internal commission memo showed that the agency was planning to tell the public that “the NRC had reviewed the report, and it had concluded Diablo Canyon was seismically safe” — before even seeing the report. Boxer ... used it to illustrate what she called the commission’s lax attitude toward seismic safety, even in the wake of the 2011 meltdown of three reactors at Japan’s Fukushima Daiichi power plant. Her comments shone new light on a controversy that has simmered since the seismic safety report’s release last fall. PG&E released the report on Sept. 10. That same day, the commission — the federal agency that regulates nuclear plants — formally rejected complaints from one of its own former inspectors at Diablo Canyon, who had argued that the plant should be closed. Several newly discovered faults nearby, he said, could produce more violent shaking than Diablo was designed to withstand. Environmental groups ... accused the commission and PG&E of colluding to release both the report and the rejection of the inspector’s complaint on the same day, generating positive press about Diablo’s safety.
Note: Why would Nuclear Regulatory Commission officials ignore their responsibility to protect the public from the potentially disastrous combination of earthquakes and nuclear power plants?
Not long ago I was asked to speak to a religious congregation about widening inequality. Shortly before I began, the head of the congregation asked that I not advocate raising taxes on the wealthy. I had a similar exchange last year with the president of a small college who had invited me to give a lecture that his board of trustees would be attending. “I’d appreciate it if you didn’t criticize Wall Street,” he said. It seems to be happening all over. A nonprofit group devoted to voting rights decides it won’t launch a campaign against big money in politics for fear of alienating wealthy donors. A Washington think tank releases a study on inequality that fails to mention the role big corporations and Wall Street have played ... presumably because the think tank doesn’t want to antagonize its corporate and Wall Street donors. A major university shapes research and courses around economic topics of interest to its biggest donors, notably avoiding any mention of the increasing power of large corporations and Wall Street on the economy. It’s bad enough that big money is buying off politicians. It’s also buying off nonprofits that used to be sources of investigation, information and social change, from criticizing big money. Our democracy is directly threatened when the rich buy off politicians. But no less dangerous is the quieter and more insidious buy-off of institutions democracy depends on to research, investigate, expose and mobilize action against what is occurring.
Note: The above article was written by former U.S. Secretary of Labor and UC Berkeley professor Robert Reich. For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
Last week, FAIR noticed that not one major media organization in the United States has covered the charge, reported in Colombia, “that US military soldiers and contractors had sexually abused at least fifty-four children in Colombia between 2003 and 2007 and, in all cases, the rapists were never punished–either in Colombia or stateside–due to American military personnel being immune from prosecution under diplomatic immunity agreements.” One of the rapes ... was allegedly committed by Army sergeant Michael J. Coen and an employee of a private security contractor, César Ruiz. The victim was a 12-year-old girl. They abducted her, they drugged her, they took her to the air base near the town of Melgar and raped her, they took videos of her. Colombian prosecutors issued arrest warrants [that] were “not executed because of the immunity of Coen and Ruiz.” Under a series of treaties ... members of the US military stationed in Colombia are immune from prosecution. That immunity has since been extended to private security firms. Another serious sexual assault that, like the rape described above, was covered by the Colombian press, both in print and on TV, but ignored in the United States: in 2004, “53 underage girls were sexually abused by mercenaries, who filmed and sold the tapes as pornographic material.” The private security firm involved [was identified as] DynCorp, a Virginia-based contractor.
Note: Dyncorp is only slightly less infamous than Blackwater, having been involved in numerous international outrages, including a child sex slavery ring in Bosnia in 1999. Explore powerful evidence from a suppressed Discovery Channel documentary showing that child sexual abuse scandals reach to the highest levels of government. For more along these lines, see concise summaries of deeply revealing news articles about sexual abuse scandals from reliable major media sources.
Many Oklahomans can still vividly recall the day they experienced their first earthquake. Ever since 2009/2010, earthquakes in the state have increased exponentially – leading to what are called “seismic swarms”. In 2000 there was not a single earthquake, but in 2014 we experienced 585 quakes of magnitude three or larger. For some time now, scientists have wondered whether fracking-related activities, such as wastewater injection, might be the source of increased seismic activity in Oklahoma. In May of last year, the Oklahoma Geological Survey, an affiliate entity of the University of Oklahoma, released a statement in conjunction with the United States Geological Survey, saying that wastewater injection was a “likely contributing factor the increase in earthquakes”. Not long after this statement, David Boren, president of the university, summoned the Oklahoma Geological Survey’s lead seismologist Austin Holland, who was also one of the authors of the statement, to a meeting with Harold Hamm, CEO of ... one of Oklahoma’s largest oil and gas exploration and production companies. Boren facilitated the meeting despite the fact that he also serves as a member of the Continental Resources board of directors. In July 2014, Continental Resources released a presentation positing an alternative theory for the seismic swarms and downplaying the influence of induced seismicity. One can only imagine the pressure this meeting must have brought upon Holland and his team of scientists.
Note: Jason W Murphey, an Oklahoma State Representative, wrote the above. For more on this, read this informative New York Times article titled "As Quakes Rattle Oklahoma, Fingers Point to Oil and Gas Industry." For more along these lines, see concise summaries of deeply revealing news articles about corruption in science.
More than 750 plaintiffs are suing the Johns Hopkins Hospital System Corp. over its role in a series of medical experiments in Guatemala in the 1940s and 1950s during which subjects were infected with venereal diseases. The lawsuit in Baltimore seeks $1 billion in damages for individuals, spouses and children of people infected with syphilis, gonorrhea and other sexually transmitted diseases through a U.S. government program between 1945 and 1956. The suit claims Johns Hopkins officials had "substantial influence" over the studies, controlling some advisory panels, and were involved in planning and authorizing the experiments. A Hopkins spokesperson ... confirmed that faculty members took part in reviewing funding applications, but said this did not warrant a lawsuit against the medical center. The statement expressed "profound sympathy for individuals and families impacted by the deplorable 1940s syphilis study conducted by the U.S. Government in Guatemala," and noted that the ethical standards for conducting medical research have changed significantly in the decades since then. It's the latest in a series of lawsuits over the studies. A federal judge in 2012 dismissed a lawsuit against the U.S. government involving the same study.
Note: Explore an excellent list of dozens of studies over the years in which humans were used unknowingly as guinea pigs in clear breach of ethical standards. Links are provided for verification of each study. For more along these lines, see concise summaries of deeply revealing news articles about corruption in the medical industry and in government.
Change.org is a B Corporation — a for-profit company committed to social or environmental goals in addition to its financial obligations. Because the San Francisco firm tries to benefit not just its shareholders, but also society, Change.org is an especially appealing place to work for civic-minded job-seekers, said David Hanrahan, head of global human resources. Hanrahan has an eye toward recruiting Millennials. B (for beneficial) Corporations are the creation of B Lab, a Pennsylvania nonprofit that awards the certification to companies that meet its standards of social and environmental performance, accountability, and transparency. A 2014 Brookings Institution report, “How Millennials Could Upend Wall Street and Corporate America,” found that the “desire on the part of Millennials for their daily work to reflect and be a part of their societal concerns will make it impossible for corporate chieftains to motivate Millennial employees simply by extolling profits.” In 2012 ... California [became] the 28th state to provide a legal structure allowing companies to become certified B Corps. Since then, such firms have flocked to the Bay Area. The region is home to the highest concentration of certified B Corps on the planet. The certification process is a way to tell the difference between “good companies” and good marketing, [consultant Ryan] Honeyman wrote in his book, "The B Corp Handbook: How to Use Business as a Force for Good." Many companies want to do good, but they don’t know how to do it,” said Honeyman. “The B Corp certification process gives them the tools to do so.”
Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.