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.
In August 2015, Turing Pharmaceuticals and its then-chief executive, Martin Shkreli, purchased a drug called Daraprim and immediately raised its price more than 5,000 percent. Within days, Turing contacted ... PSI, a charity that helps people meet the insurance copayments on costly drugs. Turing wanted PSI to create a fund for patients with toxoplasmosis, a parasitic infection that is most often treated with Daraprim. Having just made Daraprim much more costly, Turing was now offering to make it more affordable. But this is not a feel-good story. It’s a story about why expensive drugs keep getting more expensive, and how U.S. taxpayers support a billion-dollar system in which charitable giving is, in effect, a very profitable form of investing for drug companies - one that may also be tax-deductible. PSI, which runs similar programs for more than 20 diseases, jumped at Turing’s offer. PSI is a patient-assistance charitable organization, commonly known as a copay charity. It’s one of seven large charities ... offering assistance to some of the 40 million Americans covered through the government-funded Medicare drug program. A million-dollar contribution from a pharmaceutical company to a copay charity can keep hundreds of patients from abandoning a newly pricey drug. Fueled almost entirely by drugmakers’ contributions, the seven biggest copay charities, which cover scores of diseases, had combined contributions of $1.1 billion in 2014. For that $1 billion in aid, drug companies “get many billions back” from insurers.
Note: For more along these lines, see concise summaries of deeply revealing pharmaceutical industry corruption news articles from reliable major media sources.
Would you read a story if this was the headline: "New study raises questions about an experimental treatment that might not work and won't be ready for a long time." That description would apply to most medical studies that make the news but would be unlikely to generate the clicks, taps, likes and shares that propel a story through cyberspace and social media. What gets clicks? Words like "breakthrough," "groundbreaking," "game changer" and "lifesaver." Since the 1970s, the use of positive words in scientific abstracts increased by 880 per cent, according to a study last December in the British Medical Journal. And now, the world's stem cell scientists have been told to stop the hype. The International Society for Stem Cell Research (ISSCR) issued new guidelines last week that urge scientists to dial back their enthusiasm when talking publicly about their research. Because people are getting hurt. Last December, the Food and Drug Administration in the U.S. issued a warning letter to a U.S.-based company offering stem cell therapies for a range of diseases, including autism, multiple sclerosis and Parkinson's disease. And a U.K. newspaper claims its undercover investigation lead to the closure of a controversial clinic in Germany where a child died after having stem cells injected into his brain. "There is ... an industry already out there that is marketing unproven therapies directly to patients," said George Daley, a member of the ISSCR and a professor at Harvard Medical School. "It is part of the concern that has raised the alarm."
Note: According to Richard Horton, chief editor of The Lancet, up to half of all science journal claims may be untrue. Read also the revealing comments of Marcia Angell, former editor-in-chief of the New England Journal of Medicine, on the massive corruption she found in the health industry. For more along these lines, see concise summaries of deeply revealing science corruption news articles from reliable major media sources.
Say the name Bernie Madoff, and chances are everyone will immediately remember the Ponzi scheme that bilked investors of $64 billion. What likely won’t spring to mind is JPMorgan Chase’s role in the more than decadelong fraud. And the link is all the more egregious, Helen Davis Chaitman, an attorney who represents 1,600 of Madoff’s victims, and Lance Gotthoffer write in “JPMadoff: The Unholy Alliance Between America’s Biggest Bank and America’s Biggest Crook,” because the federal government has failed to prosecute any of the bankers involved. Madoff trustee Irving Picard laid out JPMorgan’s involvement in a complaint, which was turned into a list of stipulations the government entered as part of a deferred prosecution agreement with JPMorgan. The stipulations outline two violations of the Bank Secrecy Act, under which banks are responsible for alerting authorities to suspected illegal activity by customers. JPMorgan, the world’s sixth-largest bank by total assets, pleaded ignorance of wrongdoing but accepted the stipulations and paid a $1.7 billion fine. [When] Madoff began kiting checks ... Bankers Trust Co. spotted the illegal activity and closed Madoff’s account. That’s when Madoff moved his business to JPMorgan, depositing $150 billion from 1986 through 2008. JPMorgan handled only Madoff’s illegal investment advisory business, not the successful stock trading business that employed 190 of Madoff’s 200 employees. And though the bank was prosecuted, none of the bankers involved with Madoff’s account were.
Note: JP Morgan Chase's role in the Madoff scandal is outrageous, but it is relatively minor in comparison to the massive securities fraud and cover-up perpetrated by this and other corrupt financial institutions.
I’m a science journalist. That keeps me busy, because, as you know, most peer-reviewed scientific claims are wrong. So I’m a skeptic, but with a small s, not capital S. “The Science Delusion” is common among Capital-S Skeptics. You don’t apply your skepticism equally. You are extremely critical of belief in God, ghosts, heaven, ESP, astrology, homeopathy and Bigfoot. Meanwhile, you neglect [many] dubious and even harmful claims promoted by major scientists and institutions. Let’s take a look at ... mainstream medicine. Over the past half-century, physicians and hospitals have introduced increasingly sophisticated, expensive tests. They assure us that early detection of disease will lead to better health. But tests often do more harm than good. For every woman whose life is extended because a mammogram detected a tumor, up to 33 receive unnecessary treatment, including biopsies, surgery, radiation and chemotherapy. For men diagnosed with prostate cancer after a PSA test, the ratio is 47 to one. Similar data are emerging on colonoscopies and other tests. Mental-health care suffers from similar problems. The biological theory that really drives me nuts is the deep-roots theory of war. According to the theory, lethal group violence is in our genes. But the evidence is overwhelming that war was a cultural innovation. I hate the deep-roots theory not only because it’s wrong, but also because it encourages fatalism toward war. War is our most urgent problem.
Note: The above was written by John Horgan, director of the Center for Science Writings at the Stevens Institute of Technology. For more along these lines, see concise summaries of deeply revealing science corruption news articles from reliable major media sources.
Manufacturing jobs used to be a path to the middle class. But now many skilled, working Americans need some form of public assistance because their wages don’t pay for basic living expenses. Over 2 million supervised manufacturing workers, or about a third of the total, need food stamps, Medicaid, tax credits for the poor or other forms of publicly subsided assistance while they work on goods that can carry the tag “Made in the U.S.A.,” according to research of official government wage and welfare data released Tuesday by the University of California, Berkeley. The cost of these benefits to the U.S. taxpayer? From 2009 to 2013, federal and state governments subsidized the low manufacturing wages paid by the private sector to the tune of $10.2 million per year. “In decades past, production workers employed in manufacturing earned wages significantly higher than the U.S. average, but by 2013 the typical manufacturing production worker made 7.7 percent below the median wage for all occupations,” said the paper. The research aimed to extend an already well-established national debate on wages paid in the service industry, which are often juxtaposed to the factory work that lifted millions of Americans out of poverty for much of the 20th century. The research comes as U.S. workers overall are experiencing one of the lowest paces of wage growth on record.
Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
We live in a time when people are less optimistic, more cynical and have lower expectations, in part because they see government and other institutions as ineffective and unresponsive. Of course the challenges we face today are as solvable as any problems we have confronted in the past. We as individuals still can make a difference. How? Well, one way is through our investments. We don’t have to wait for governments to take action. We can actually increase our influence over world events, and potentially have a greater impact (and feel a little less powerless) not just through civic participation, or voting, or supporting non-profits - all of which remain vitally important - but through our role as investors. Rather than investing in fossil fuel companies, you can invest in energy efficiency and renewable energy; clean water and pollution control; sustainable food and agriculture. The bottom line: As investors, we have more power than we realize. We can prod and pressure and cajole companies into doing the right thing. Unfortunately, too many of us fail to leverage this power. Investors are not powerless. We can move the needle. And ... it is both a moral imperative and an economic imperative that the needle be moved.
The Panama Papers affair has widened, with a huge database of documents relating to more than 200,000 offshore accounts posted online. The papers belonged to Panama-based law firm Mossack Fonseca and were leaked by a source simply known as "John Doe". The documents have revealed the hidden assets of hundreds of politicians, officials, current and former national leaders, celebrities and sports stars. They list more than 200,000 shell companies, foundations and trusts set up ... around the world. Offshore companies are not illegal but their function is often to conceal both the origin and the owners of money, and to avoid tax payments. 11.5 million documents [were] originally given to the German newspaper, Sueddeutsche Zeitung. The paper allowed the ICIJ to have access. Hundreds of journalists ... then worked on the data. Their reporting was published last month. On Monday, 300 economists signed a letter urging world leaders to end tax havens, saying they only benefited rich individuals and multinational corporations, while boosting inequality. Last week, "John Doe" issued an 1,800-word statement, citing "income equality" as his motive [for leaking the documents]. He said: "Banks, financial regulators and tax authorities have failed. Decisions have been made that have spared the wealthy while focusing instead on reining in middle- and low-income citizens." He revealed he had never worked for a spy agency or a government and offered to help law authorities make prosecutions in return for immunity.
Note: Explore an excellent webpage on how to use this database of the Panama Papers. For more along these lines, see concise summaries of deeply revealing news articles about financial industry corruption and income inequality.
After four years of feuding over the legacy of Joe Paterno, with a few vague details about what he may have known about allegations of sexual abuse by one of his coaches, it is becoming clear there may be much more. There are now two allegations by men who say they were sexually abused by Jerry Sandusky, who also say they reported their abuse to the legendary coach in the 1970s. One of those allegations was made public in a court order related to a lawsuit ... over who should have to pay settlements to the more than 30 men who have come forward as victims of Sandusky. The other [allegation's source] has spoken to CNN, in great detail, explaining how he was a troubled young kid in 1971 when he was raped in a Penn State bathroom by Jerry Sandusky. Then, he says, his complaint about it was ignored by Paterno. "I'd be willing to sit on a witness stand and confront Joe Paterno," he told CNN last year. "Unfortunately he died and I didn't get to." This man ... was just 15 in 1971 when he says Sandusky raped him. Sandusky was 27, a budding public figure ... and was one year into his tenure as an assistant linebacker coach. This was long before he started his now-closed children's charity, The Second Mile, which prosecutors would later call his victim factory. Until now, the only public allegations about Paterno's knowledge of Sandusky's crimes involved a 1998 police report which initially went nowhere, and a 2001 report by Mike McQueary, one of Paterno's assistant coaches.
Note: Read more about how senior Penn State officials covered up Sandusky's crimes due to fears of bad publicity. Watch an excellent segment by Australia's "60-Minutes" team "Spies, Lords and Predators" on a pedophile ring in the UK which leads directly to the highest levels of government. A second suppressed documentary, "Conspiracy of Silence," goes even deeper into this topic in the US. For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.
You've heard those hospital horror stories where the surgeon removes the wrong body part or operates on the wrong patient. Even scarier, perhaps, is a new study in the latest edition of BMJ suggesting most medical errors go unobserved, at least in the official record. In fact, the study, from doctors at Johns Hopkins, suggests medical errors may kill more people than lower respiratory diseases like emphysema and bronchitis do. That would make these medical mistakes the third leading cause of death in the United States. That would place medical errors right behind heart disease and cancer. Through their analysis of four other studies examining death rate information, the doctors estimate there are at least 251,454 deaths due to medical errors annually in the United States. The authors believe the number is actually much higher, as home and nursing home deaths are not counted in that total. This is a much greater number than a highly cited 1999 study from the Institute of Medicine that put the number in the 44,000 to 98,000 range. Other studies have put estimates closer to 195,000 deaths a year. The U.S. Department of Health and Human Services Office of the inspector general in 2008 reported 180,000 deaths by medical error among Medicare patients alone. Dr. Martin Makary and Dr. Michael Daniel, who did the study, hope their analysis will lead to real reform in a health care system they argue is letting patients down.
Note: The above article does not mention prescription drug deaths. This is surprising, as prescription drugs were reported to have caused 123,000 deaths and 800,000 adverse patient outcomes such as disability in the US in 2014 alone. Read also the revealing comments of Marcia Angell, former editor-in-chief of the New England Journal of Medicine, on the massive corruption she found in the health industry. Then explore the excellent, reliable resources provided in our Health Information Center.
Rick Friday has been giving farmers a voice and a laugh every Friday for two decades through his cartoons in Farm News. Now the long-time Iowa farm cartoonist [says] he has been fired. Friday announced ... that his job was over after 21 years in a Facebook post that has since gone viral: "I am no longer the Editorial Cartoonist for Farm News due to the attached cartoon which was published yesterday. Apparently a large company affiliated with one of the corporations mentioned in the cartoon was insulted and cancelled their advertisement with the paper, thus, resulting in the reprimand of my editor and cancellation of its Friday cartoons after ... over 1,090 published cartoons to over 24,000 households per week in 33 counties of Iowa. "I did my research and only submitted the facts in my cartoon. The cartoon features two farmers talking about farming profits. The first says, "I wish there was more profit in farming." The second farm[er] answers, "There is. In year 2015 the CEOs of Monsanto, DuPont Pioneer and John Deere combined made more money than 2,129 Iowa farmers." Friday received an email from his editor at Farm News cutting off their relationship a day after the cartoon was published. Friday’s editor said a seed dealer pulled their advertisements with Farm News as a result of the cartoon, and others working at the paper disagreed with the jokes made about the agriculture corporations.
Some of the largest food producers in the US have successfully petitioned Congress to propose a change to the Freedom of Information Act that would shield their communications with boards overseen by the US Department of Agriculture from the scrutiny of the public. The move follows a series of stories that showed the government-backed egg promoter, the American Egg Board, had attempted to stifle competition from ... food startup Hampton Creek, in direct conflict with its mandate. Several agricultural lobbyists including United Egg Producers, the National Cattlemen’s Beef Association and the National Pork Producers Council have now sent a letter to the congressional subcommittee overseeing appropriations for the Department of Agriculture (USDA) asking to be exempted from Foia requests. The bill has not yet been passed. The government-backed food marketing groups are called “checkoff” programs. Their most recognizable presence is in the form of marketing slogans such as “The incredible, edible egg” or “Beef. It’s what’s for dinner”. The administrators of checkoff programs are appointed by the USDA. Contributing to the programs is mandatory [for food producers]. Small producers have long argued that checkoffs exclusively serve the interests of the their largest competitors. Activists say checkoffs often obscure the cruelties of industrial farming.
Note: Read an article showing how the USDA is often bought out by corporations. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
The secret tax-dodging strategies of the global elite in China, Russia, Brazil, the U.K., and beyond were exposed in speculator fashion by the recent Panama Papers investigation, fueling a worldwide demand for a crackdown on tax avoidance. But there is little appetite in Congress for taking on powerful tax dodgers in the U.S., where the practice has become commonplace ... especially given that some of the largest companies paying little to no federal taxes are among the biggest campaign contributors in the country. But there’s another reason to remain skeptical that Congress will move aggressively on tax avoidance: Former tax lobbyists now run the tax-writing committees. Many have stints in and out of government and the lobbying profession, a phenomenon known as the “reverse revolving door.” In other words, the lobbyists that help special interest groups and wealthy individuals minimize their tax bills are not only everywhere on K Street, they’re literally managing the bodies that create tax law. Barbara Angus, the chief tax counsel of the House Ways and Means Committee ... previously helped lobby lawmakers on tax policy on behalf of clients such as General Electric, HSBC, and Microsoft. Mike Evans became chief counsel for the Senate Finance Committee in 2014 after leaving his job as a lobbyist for ... JP Morgan, Peabody Energy, Brown-Forman, BNSF Railway, and other corporate clients. Verizon, Boeing, and General Electric, to name a few, paid no federal income taxes in recent years.
Note: The US ranks third in the world in financial secrecy. A 2015 Guardian newspaper article further describes how the US helps the super-rich hide assets. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
There aren’t many things upon which Hillary Clinton and Donald Trump agree. But the candidates for president share an affinity for the same ... office building in Wilmington. Famous for helping tens of thousands of companies avoid hundreds of millions of dollars in tax ... 1209 North Orange is home to Apple, American Airlines, Coca-Cola, Walmart and dozens of other companies. Being registered in Delaware lets companies take advantage of strict corporate secrecy rules, business-friendly courts and the “Delaware loophole”, which ... is said to have cost other states more than $9bn in lost taxes over the past decade. Both ... Hillary Clinton and Donald Trump have companies registered at 1209 North Orange, and have refused to explain why. Clinton, who has repeatedly promised that as president she will crack down on “outrageous tax havens and loopholes”, [has] collected more than $16m in public speaking fees and book royalties in 2014 through the doors of 1209. Bill Clinton set up WJC LLC, a vehicle to collect his consultation fees, at the same address in 2008. The Clintons’ companies share the office with several of Trump’s companies. They include Trump International Management Corp and several companies that form part of ... a Trump partnership to develop more than $1bn worth of luxury condos on the west side of Manhattan. Of the 515 companies on Trump’s official Federal Election Commission (FEC) filing, 378 are registered in Delaware.
Note: The above article adds to the evidence that the US, which ranks third in the world in financial secrecy, is a one-party state. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
It’s not easy for outsiders to sort through all the competing claims about Brazil’s political crisis and the ongoing effort to oust its president, Dilma Rousseff. Brazilian oligarchs and their media organs are trying to install [current Vice President Michel Temer] as president. The New York Times’s Brazil bureau chief, Simon Romero, interviewed Temer this week. His excellent article begins: "One recent poll found that only 2 percent of Brazilians would vote for him. He is under scrutiny over ... a colossal graft scandal. Michel Temer, Brazil’s vice president, is preparing to take the helm of Brazil next month if the Senate decides to put President Dilma Rousseff on trial." The real plan behind Rousseff’s impeachment is ... protecting corruption, not punishing it. Who is going to take over Brazil’s economy and finances once Dilma’s election victory is nullified? Temer’s leading choice to run the central bank is the chair of Goldman Sachs in Brazil, Paulo Leme. Today, Reuters reported that “Murilo Portugal, the head of Brazil’s most powerful banking industry lobby” - and a long-time IMF official - “has emerged as a strong candidate to become finance minister if Temer takes power.” Temer also vowed that he would embrace austerity for Brazil’s already-suffering population. Brazilian financial and media elites are pretending that corruption is the reason for removing the twice-elected president of the country as they conspire to ... literally [hand] control over the Brazilian economy (the world’s seventh largest) to Goldman Sachs and bank industry lobbyists.
A Federal Energy Regulatory Commission judge has found that a division of Shell Oil engaged in fraud and market manipulation during California’s energy crisis, with company traders joking on tape about burning the evidence if they were ever caught. The tentative decision ... holds Shell and Spanish energy company Iberdrola liable for $1.1 billion in ill-gotten profits, money that could be refunded to Californians if the decision stands. It could end the last legal case over the expensive, long-term power purchase contracts that California signed under duress during the 2000-01 crisis. The state has already settled with all other companies accused of unjustly profiting from the long-term contracts, settlements worth a total of $7.7 billion. Officials are still pushing complaints against 13 companies involved in short-term contracts during the crisis, but have settled with others for a total of roughly $4 billion. The initial decision ... details Shell traders using schemes similar to those employed by Enron to drive up day-to-day power prices, which then increased the price California had to pay on its long-term contracts. As a result, Californians ended up overpaying Shell by $779 million and Iberdrola by $371 million. One scheme the judge cited, called “Ricochet” by Enron and more commonly known as “megawatt laundering,” involved buying electricity within California to ship to a destination outside of the state while simultaneously selling the same power back into the state’s market at a higher price.
Note: Read the text of tape recordings of Enron traders laughing at the misery they caused in California. For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
A small core of super-rich individuals is responsible for the record sums cascading into the coffers of super PACs for the 2016 elections, a dynamic that harks back to the financing of presidential campaigns in the Gilded Age. Close to half the money - 41 percent - raised by the groups by the end of February came from just 50 mega-donors and their relatives, according to a Washington Post analysis. Donors this cycle have given more than $607 million to 2,300 super PACs, which can accept unlimited contributions from individuals and corporations. That means super PAC money is on track to surpass the $828 million that the Center for Responsive Politics found was raised by such groups for the 2012 elections. The top 50 contributors together donated $248 million personally and through their privately held companies, or more than $4 out of every $10 raised by all super PACs. The last time political wealth was so concentrated was in 1896, when corporations and banking moguls helped McKinley, the Republican candidate, outspend Democratic rival William Jennings Bryan. Populist anger over how presidential races were financed led to a 1907 ban on corporations donating to federal campaigns. Forty years later, Congress prohibited unions and corporations from making independent expenditures in federal races. The picture dramatically changed in 2010, when the Supreme Court said in Citizens United v. Federal Election Commission that corporations and unions could spend unlimited sums on politics.
Note: The "Koch Empire" alone plans to spend $889 million on US elections in 2016. For more along these lines, see concise summaries of deeply revealing news articles about elections corruption and the manipulation of public perception. Then explore the excellent, reliable resources provided in our Elections Information Center.
The top 50 U.S. companies have stored $1.4 trillion in tax havens, Oxfam America reported Thursday. Oxfam released its new report, “Broken at the Top,” ahead of Tax Day in the U.S. and shortly after of the Panama Papers leak to show the extent to which major corporations such as Pfizer, Walmart, Goldman Sachs, Alphabet, Disney and Coca-Cola keep money in offshore funds. The use of over 1,600 subsidiaries lowered their global tax rate on $4 trillion of profit to an average of 26.5%, compared to the statutory minimum of 35%, according to Oxfam. Additionally, for every dollar of taxes these companies paid, they collectively received $27 in federal loans, loan guarantees and bailouts - footed by American taxpayers. “The vast sums large companies stash in tax havens should be fighting poverty and rebuilding America’s infrastructure, not hidden offshore in Panama, Bahamas, or the Cayman Islands,” Oxfam America president Raymond Offenheiser said in a statement.
A USA Today analysis of more than 1,000 American-based companies registered by Mossack Fonseca, the law firm at the heart of the Panama Papers leak, casts the United States openly into an uncomfortable role: an offshore haven of corporate secrecy for wealthy business operations across the globe. Both Nevada and Wyoming have become secretive havens much like Bermuda and Switzerland have long been. And at least 150 companies set up by Mossack Fonseca in those states have ties to major corruption scandals in Brazil and Argentina. The corporate records of 1,000-plus Nevada business entities linked to the Panamanian law firm reveal layers of secretive ownership, with few having humans' names behind them, and most tracing back to a tiny number of overseas addresses. For about 700 of the American shell companies, the corporate officers are business entities rather than people, meaning no individual is linked to the Nevada firm in state records. Matthew Gardner, executive director of the Institute on Taxation and Economic Policy, [said], “We should be thinking about this as a very American problem, and a problem that arguably is worse here in the states than it is in Panama.” In Wyoming, where Mossack Fonseca has also registered about two dozen companies, corporations are even harder to trace. Mossack Fonseca defended its practices and said incorporating companies in different jurisdictions is “the normal activity of lawyers and agents around the world.”
Note: A 2015 Guardian newspaper article further describes how the US helps the super-rich hide assets. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
Robert Lustig is a paediatric endocrinologist at the University of California. A 90-minute talk he gave in 2009, titled Sugar: The Bitter Truth ... argues forcefully that fructose, a form of sugar ubiquitous in modern diets, is a “poison” culpable for America’s obesity epidemic. John Yudkin ... was a British professor of nutrition who had sounded the alarm on sugar back in 1972, in a book called Pure, White, and Deadly. “If only a small fraction of what we know about the effects of sugar were to be revealed in relation to any other material used as a food additive,” wrote Yudkin, “that material would promptly be banned.” The book did well, but Yudkin paid a high price for it. Prominent nutritionists combined with the food industry to destroy his reputation. The US government issued its first Dietary Guidelines [in 1980]. The most prominent recommendation ... was to cut back on saturated fats and cholesterol. Consumers dutifully obeyed. But instead of becoming healthier, we grew fatter and sicker. Look at a graph of postwar obesity rates and it becomes clear that something changed after 1980. Just 12% of Americans were obese in 1950, 15% in 1980, 35% by 2000. Today, as nutritionists struggle to comprehend a health disaster they did not predict and may have precipitated, the field is ... edging away from prohibitions on cholesterol and fat, and hardening its warnings on sugar. But its senior members still retain a collective instinct to malign those who challenge its tattered conventional wisdom too loudly.
Note: The sugar industry skewed US dental research using Big Tobacco's propaganda tactics. For more along these lines, see concise summaries of deeply revealing science corruption news articles from reliable major media sources.
The U.S. lambastes and strong-arms countries that help drug lords and millionaire investors hide their money from tax collectors. Critics say it should look closer to home. America itself is emerging as a top tax haven alongside the likes of Switzerland, the Cayman Islands and Panama. And states such as Delaware, Nevada, South Dakota and Wyoming, in particular, are competing with each other to provide foreigners with the secrecy they crave. "There's a big neon sign saying the U.S. is open to tax cheats," says John Christensen, executive director of the Tax Justice Network. America's openness to foreign tax evaders is coming under new scrutiny after the leak this week of 11.5 million confidential documents from a Panamanian law firm, [which] show how some of the world's richest people hide assets in shell companies to avoid paying taxes. Christensen's group, which campaigns for a global crackdown on tax evaders, says the United States ranks third in the world in financial secrecy, behind Switzerland and Hong Kong but ahead of notorious tax havens such as the Cayman Islands and Luxembourg. Under a 2010 law, passed after it was learned that the Swiss bank UBS helped thousands of Americans evade U.S. taxes, the United States demands that banks and other financial institutions disclose information on Americans abroad to make sure they pay their U.S. taxes. But ... American banks don't even collect the kind of information foreign countries would need to identify tax dodgers.
Note: A 2015 Guardian newspaper article further describes how the US helps the super-rich hide assets. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
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.