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Corporate Corruption Media Articles
Excerpts of Key Corporate Corruption Media Articles in Major Media


Below are highly revealing excerpts of important corporate corruption articles reported in the media suggesting a major cover-up. Links are provided to the full articles on major media websites. If any link fails to function, read this webpage. These corporate corruption articles are listed by article date. You can also explore the articles listed by order of importance or by date posted. By choosing to educate ourselves on these important issues and to spread the word, we can and will build a brighter future.

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.


McDonald’s fries in the US have way more ingredients than UK fries
2015-01-26, Fox News
http://www.foxnews.com/leisure/2015/01/26/mcdonalds-fries-in-us-have-more-ing...

McDonald’s is really trying to be more transparent about what goes into their food. Mythbusters host Grant Imahara took us from fryer to farm in a reverse process peek at what goes into McDonald’s potatoes. While the global burger chain does explain the usage of a few unpronounceable ingredients meant to preserve color and texture, it looks like these practices aren’t being implemented across the board. After checking out McDonalds.co.uk, a blogger on Boing Boing points out that McDonald’s french fries in the U.K. appear to have far fewer ingredients than those produced in the U.S.-- and no crazy, hard-to-say additives. FoxNews.com did a side by side comparison of the two websites and found the same information. Across the pond, Brits are enjoying McDonald’s French fries sans additives like Sodium Acid Pyrophosphate, Dimethylpolysiloxane and “natural beef flavor.” Dimethylpolysiloxane is “added as an anti-foaming agent” but it’s also a silicon-based organic polymer used to make Silly Putty. Hmm. Looks like the chain has some more explaining to do to American consumers.

Note: For lots more on this, read this great mercola.com article. For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.


Barrett Brown sentenced to 63 months for 'merely linking to hacked material'
2015-01-22, The Guardian (One of the UK's leading newspapers)
http://www.theguardian.com/technology/2015/jan/22/barrett-brown-trial-warns-d...

Journalist and former Anonymous member ... Barrett Brown was sentenced to 63 months in prison by a federal judge in Dallas on Thursday. The judge also ordered him to pay more than $890,000 in restitution and fines. An investigative journalist, essayist and satirist who has written for the Onion, Vanity Fair and the Huffington Post, as well as for the Guardian, Brown claims to have split with Anonymous in 2011. Brown also founded Project PM, a crowdsourced investigative thinktank dedicated to looking into abuses by companies in the area of surveillance. In September 2012, Brown was arrested by the FBI. In October 2012, after being held for two weeks without charge, he was indicted on charges of making an online threat, retaliating against a federal officer and conspiring to release personal information about a government employee. Two months later, he was indicted on 12 further charges related to the hacking of private intelligence contractor Stratfor in 2011. Jeremy Hammond, the hacker who actually carried out the Stratfor breach, was sentenced to the maximum possible 10 years. Brown, who was accused of sharing a link to the data Hammond obtained from the breach ... at one point faced a possible sentence of 105 years. He will reportedly be eligible for supervised release after one year, and once released will have his computer equipment monitored. The $890,250 in restitution payments will go to Stratfor and other companies targeted by Anonymous.

Note: Even after being targeted by a high level conspiracy, jailed on spurious charges, and forced to pay nearly a million dollars to Stratfor for merely writing about the hack of their private spy agency, Brown states that he remains committed to exposing corruption as a journalist from within the US prison system.


The Trans-Pacific Partnership won't deliver jobs or curb China's power
2015-01-22, Los Angeles Times
http://www.latimes.com/opinion/op-ed/la-oe-prestowitz-tpp-trade-pact-20150123...

What President Obama called for in his State of the Union: completion and adoption of the Trans-Pacific Partnership free-trade agreement, or TPP, for the Asia-Pacific region. The president [and other TPP supporters] make two major arguments. One is that the trade pact would create lots of new jobs and raise American incomes and living standards. The other is that it would strengthen U.S. alliances in Asia while curbing Chinese influence. Over the last 35 years, the U.S. has ... concluded many free-trade agreements. In advance of each, U.S. leaders promised the deals would create high-paying jobs, reduce the trade deficit, increase GDP and raise living standards. None of these [promises] came true. In fact, the U.S. non-oil trade deficit continued to grow, millions of jobs were offshored and mean household income has hardly risen since 2000. And economists overwhelmingly agree that rising U.S. income inequality is being driven in part by international trade. The ever-closer linking of the U.S. economy to those of the TPP countries over the last 35 years has not ... deterred U.S. trade partners and allies from developing ever closer ties with China. The TPP is not going to bring together nations such as Mexico, Peru, Chile, New Zealand, Australia, Singapore, Malaysia and Brunei to gang up against China. That is just not going to happen. Thus the TPP fails on both economic and political grounds.

Note: Read an excellent Washington Post article showing how the claim of 65,000 jobs created with the TPP is a blatant lie and manipulation. Then watch an excellent, two-minute video by former U.S. Secretary of Labor Robert Reich on the TPP titled "The Worst Trade Deal You've Never Heard of," or read leaked draft texts of the Trans-Pacific Partnership for yourself.


The Davos oligarchs are right to fear the world they’ve made
2015-01-22, The Guardian (One of the UK's leading newspapers)
http://www.theguardian.com/commentisfree/2015/jan/22/davos-oligarchs-fear-ine...

The billionaires and corporate oligarchs meeting in Davos this week are getting worried about inequality. The architects of the crisis-ridden international economic order are starting to see the dangers ... of the widest global economic gulf in human history. The scale of the crisis has been laid out for them by the charity Oxfam. On current trends, the richest 1% will have pocketed more than the other 99% put together next year. The 0.1% have been doing even better, quadrupling their share of US income since the 1980s. In most of the world, labour’s share of national income has fallen continuously and wages have stagnated under this regime of privatisation, deregulation and low taxes on the rich. At the same time finance has sucked wealth from the public realm into the hands of a small minority, even as it has laid waste the rest of the economy. Now the evidence has piled up that not only is such appropriation of wealth a moral and social outrage, but it is fuelling social and climate conflict, wars, mass migration and political corruption, stunting health and life chances, increasing poverty, and widening gender and ethnic divides. Escalating inequality has also been a crucial factor in the economic crisis of the past seven years, squeezing demand and fuelling the credit boom. The thinking person’s Davos oligarch realises that allowing things to carry on as they are is dangerous. What they won’t accept is any change in the balance of social power.

Note: Oxfam's complete report "identifies the two powerful driving forces that have led to the rapid rise in inequality" as "market fundamentalism and the capture of politics by elites." For more along these lines, see concise summaries of deeply revealing news articles on income inequality and secret societies which manipulate global politics.


APS authored Congressional letter to feds asking to crack down on solar industry
2015-01-16, ABC's Arizona Affiliate
http://www.abc15.com/news/local-news/investigations/aps-authored-congressiona...

Arizona’s largest utility company has been at odds with the solar panel industry for years. Now, APS [Arizona Public Service, the state’s largest utility] is asking the Federal Trade Commission to crack down on solar companies. But they didn’t ask them directly. Six Arizona Congressmen sent letters to federal regulators asking them to investigate solar leasing companies. Reporter Evan Wyloge ... has the original letter and proves it’s actually APS spearheading the effort. Arizona Public Service [is] one of the largest campaign donors for the group of lawmakers. The APS-authored, congressmen-signed letter comes as the latest in an ongoing effort to stymie third-party solar panel companies, whose business has grown tenfold over the past half-decade, presenting a challenge to the long-term business model of traditional utilities like APS. The high-profile fight between the traditional utility and newer rooftop solar panel companies is not unique to Arizona. Similar struggles have emerged in other states. On Nov. 19, Democratic Reps. Ron Barber, Ann Kirkpatrick and Kyrsten Sinema asked [regulators] in a joint letter to ... look into solar panel leasing practices. Then, on Dec. 12, Republican Reps. Trent Franks, Paul Gosar and Matt Salmon sent a similar letter to the FTC. After both letters were sent, the Arizona Corporation Commission voted late in 2014 to open a docket on consumer complaints about solar companies. Initial hearings are expected to begin this spring.

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


Defense contractor pleads guilty in massive bribery case
2015-01-15, Washington Post
http://www.washingtonpost.com/world/national-security/navy-captain-enters-gui...

Malaysian defense contractor [Leonard Glenn Francis] pleaded guilty [to bribing] “scores” of U.S. Navy officials [while] presiding over a decade-long corruption scheme. His Singapore-based firm, Glenn Defense Marine Asia ... bilked the service out of tens of millions of dollars. Five current and former Navy officials have pleaded guilty so far. Francis, 50, agreed to forfeit $35 million in ill-gotten proceeds and could face up to 25 years in prison. [He also] provided evidence against two more Navy officials who have yet to be charged: a lieutenant commander and a ... civilian official [that] worked as a mole for Glenn Defense Marine. The Navy says that [Frances] was repeatedly able to thwart criminal investigators by bribing a senior agent with the Naval Criminal Investigative Service, who fed him sensitive files and helped to cover his tracks. A Navy captain, Daniel Dusek, admitted to disclosing military secrets to Francis and his firm in exchange for prostitutes, cash and visits to luxury hotels. Dusek provided classified information about Navy ship schedules dozens of times. According to court records, in October 2010, Dusek [as deputy director of operations for the 7th Fleet] persuaded the Navy to send an aircraft carrier, the USS Abraham Lincoln, and its strike group to visit a port in Malaysia that was largely controlled by Glenn Defense Marine. As a result, the company was able to easily inflate invoices and overcharge the Navy.

Note: Frances bribed Naval officials to redirect an aircraft carrier, and avoided prosecution for years by also bribing military investigators. If he could do this, and if Brent R. Wilkes could persuade the #3 Official at the CIA to award him millions in suspicious agency contracts, what else have corrupt government officials been bribed to do?


Why the Trans-Pacific Partnership Agreement Is a Pending Disaster
2015-01-06, Baltimore Sun (Baltimore's leading newspaper)
http://www.baltimoresun.com/news/opinion/bal-why-the-transpacific-partnership...

Republicans who now run Congress say they want to cooperate with President Obama, and point to the administration's Trans-Pacific Partnership, or TPP, as the model. The only problem is the TPP would be a disaster. If you haven't heard much about the TPP, that's part of the problem. It would be the largest trade deal in history ... representing 792 million people and accounting for 40 percent of the world economy -- yet it's been devised in secret. Lobbyists from America's biggest corporations and Wall Street's biggest banks have been involved but not the American public. That's a recipe for fatter profits and bigger paychecks at the top, but not a good deal for most of us, or even for most of the rest of the world. Big corporations and Wall Street want ... more international protection when it comes to their intellectual property and other assets. But they want less protection of consumers, workers, small investors, and the environment, because these interfere with their profits. So they've been seeking trade rules that allow them to override these protections. Not surprisingly for a deal that's been drafted mostly by corporate and Wall Street lobbyists, the TPP provides exactly this mix. In other words, the TPP is a Trojan horse in a global race to the bottom, giving big corporations and Wall Street banks a way to eliminate any and all laws and regulations that get in the way of their profits.

Note: The above article is written by former US Secretary of Labor Robert Reich. For more along these lines, see this summary of an article that appeared in the Guardian newspaper in 2013. You can also read the TPP's Intellectual property and environment language for yourself.


Heavyweight Response to Local Fracking Bans
2015-01-03, New York Times
http://www.nytimes.com/2015/01/04/us/heavyweight-response-to-local-fracking-b...

Longmont [Colorado] has become a cautionary tale of what can happen when cities decide to confront the oil and gas industry. In an aggressive response to a wave of citizen-led drilling bans, state officials, energy companies and industry groups are taking Longmont and other municipalities to court, forcing local governments into ... expensive, long-shot efforts to defend the measures. Two years ago, [Longmont] residents voted to ban hydraulic fracturing from their grassy open spaces and a snow-fed reservoir. In Colorado, the energy industry, which argues that cities lack the authority to outlaw fracking, has already won rulings overturning three fracking prohibitions. Longmont, which sits near the juncture of rolling plains and jagged mountains, has spent about $136,000 fighting — unsuccessfully so far — to defend a 2012 measure that outlawed fracking. In July, a district court judge tossed out the ban, and the city is appealing. A judge also overturned a fracking ban last year in Fort Collins, Colo., and denied pleas from the city to keep the ban in place while local officials went to court to defend a five-year fracking moratorium. In Broadview Heights, Ohio, energy companies are suing the town — and residents are suing the energy companies in return — over a bill of rights that outlawed fracking and the disposal of its byproducts. While the Longmont City Council voted unanimously in August to defend the fracking ban, other towns have decided it is just too costly a fight.

Note: Fracking can poison drinking water, negatively impact human health, and may cause earthquakes.


Betting on Default
2015-01-02, New York Times
http://www.nytimes.com/2015/01/03/opinion/betting-on-default.html?_r=0

Imagine a lender demanding that you miss a payment. That is the situation described in a recent article in The Wall Street Journal. In 2013, GSO Capital Partners ... refused to renew a $122.3 million loan to the Spanish gambling company Codere unless it delayed paying interest on other existing debt. Why? It turns out that GSO had placed a bet that Codere’s existing debt would not be paid on time. When, lo and behold, the payment was late, GSO collected on its bet. The bet in this scenario was a credit default swap. Credit default swaps, a type of derivative, can be used to hedge against losses on bonds that investors own, or to speculate on how the underlying companies will perform. The Dodd-Frank financial reform law was supposed to curb speculation in swaps. But ... hedge funds are increasingly using swaps to wager on whether weak firms will live or die. RadioShack ... is one of several prominent examples. In December, RadioShack’s total debt came to about $1.4 billion, but swaps outstanding on the performance of the debt totaled $23.5 billion. Similarly, J.C. Penney ... had total debt of some $8.7 billion, but swaps outstanding on the debt totaled $19.3 billion. Last month, Congress repealed an anti-speculation provision of Dodd-Frank that would have prevented federally insured banks from conducting several types of swap transactions. In addition, the Federal Reserve recently gave the banks two extra years to meet [another important] Dodd-Frank provision. Sooner or later, poorly regulated credit derivatives will again play a role in damaging the economy.

Note: Derivatives trading in the shadow banking system has produced a speculative bubble, valued at nearly a quadrillion dollars, that has been described as a financial time bomb.


With limited oversight, the wealthy get a charitable tax break
2015-01-02, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/business/article/With-limited-oversight-the-wealthy-get...

Nicholas and Jill Woodman ... will receive a huge tax deduction for their [charitable] donation of 5.8 million shares of company stock to a donor-advised fund. But there’s no guarantee that one dollar of their October donation will ever be spent [on charity]. Donors gets an immediate, one-time tax break by depositing their money or assets in a donor-advised fund. They can advise the institution holding their money where and when to spend it on their timetable. Boston College Law School Professor Ray Madoff points out, “It is like money-laundering." There was $54 billion under management in donor-advised funds in 2013. Top financial houses like Fidelity, Schwab and Vanguard have fully embraced donor-advised funds. Fidelity Charitable, with $13.2 billion worth of assets under management, is now the nation’s second-largest charity. Even though organizations like Fidelity Charitable, Schwab Charitable and Vanguard Charitable were founded by their financial house namesakes, they are separate 501(c)3 charities. But while Fidelity Charitable is independent from the financial institution, roughly two-thirds of the money in the charitable arm is invested in Fidelity mutual funds. Madoff said that because investment advisers can charge a fee for managing the money in these accounts, they have a natural incentive to keep the money in these accounts growing — and not leaving.

Note: For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in government and banking and finance.


The Government Problem
2014-12-23, Chicago Tribune
http://www.chicagotribune.com/news/columnists/sns-201412230900--tms--amvoices...

Consider the new spending bill Congress and the president agreed to a few weeks ago. Under the $1.1 trillion measure, government spending doesn't rise as a percent of the total economy. If the economy grows as expected, government spending will actually shrink over the next year. The problem with the legislation is who gets the goodies and who's stuck with the tab. Only about 12 percent of federal spending goes to individuals and families. An increasing portion goes to corporate welfare. In addition to the provisions in the recent spending bill that reward Wall Street, health insurers, the travel industry, food companies and defense contractors, other corporate goodies have long been baked into the federal budget. Big agribusiness gets price supports. Hedge-fund and private-equity managers get their own special "carried-interest" tax loophole. The oil and gas industry gets its special tax subsidies. Big Pharma gets a particularly big benefit: a prohibition on government using its vast bargaining power under Medicare and Medicaid to negotiate low drug prices. The new spending legislation, just enacted, makes it easier for wealthy individuals to write big checks to political parties. Much of government is no longer working for the vast majority it's intended to serve. Unless or until we can reverse the vicious cycle of big money getting political favors that makes big money even bigger, we can't get the government we want and deserve.

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


Spy Drones Over North Carolina Factory Farms Reveal ‘Lagoons Of Filth’
2014-12-19, International Business Times
http://www.ibtimes.com/spy-drones-over-north-carolina-factory-farms-reveal-la...

Mark Devries ... a documentary filmmaker who flew spy drones over North Carolina pig farms, claims to have captured video footage showing oceans of untreated animal waste ... oozing into the green Carolina countryside, in some cases close to residential areas. [Devries] shot the drone footage as part of a two-year investigation into the public-health consequences of waste management on farms operated by Smithfield Foods Inc. -- the largest pork producer in the country. Devries said he first became aware of the “toxic cesspools” after speaking with neighbors who live near Smithfield facilities. “I was shocked,” Devries said. “Pig manure is fairly similar to human waste, so it would be similar to having a pit of untreated human sewage the size of several football fields out in the open -- and in many cases, right in the vicinity of people’s homes.” A spokeswoman for Smithfield Foods said [that] state and federal regulators “sign off” on the company’s treatment systems. The meat-packing giant is no stranger to criticism from environmentalists and animal-rights groups. Its “sea of waste” once earned it one of the largest fines ever from the Environmental Protection Agency, Rolling Stone reported in 2006. The project is likely to further spur the debate over “ag-gag” laws, which make it illegal to conduct undercover investigations at agricultural facilities. Although ag-gag is often framed as an animal-rights issue, such laws also meet with fierce opposition and legal challenges from free-speech advocates. “The issue that it brings up is a much broader issue of laws criminalizing information gathering by the press,” Devries said.

Note: Learn how cruelly pigs are treated in this revealing video. For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.


Full scale of plastic in the world's oceans revealed for first time
2014-12-10, The Guardian
http://www.theguardian.com/environment/2014/dec/10/full-scale-plastic-worlds-...

More than five trillion pieces of plastic, collectively weighing nearly 269,000 tonnes, are floating in the world’s oceans, causing damage throughout the food chain, new research has found. Data collected by scientists from the US, France, Chile, Australia and New Zealand suggests a minimum of 5.25tn plastic particles in the oceans, most of them “micro plastics” measuring less than 5mm. The volume of plastic pieces, largely deriving from products such as food and drink packaging and clothing, was calculated from data taken from 24 expeditions over a six-year period to 2013. The research, published in the journal PLOS One, is the first study to look at plastics of all sizes in the world’s oceans. “We saw turtles that ate plastic bags and fish that ingested fishing lines,” said Julia Reisser, a researcher based at the University of Western Australia. “But there are also chemical impacts. When plastic gets into the water it acts like a magnet for oily pollutants. It’s hard to visualise the sheer amount, but the weight of it is more than the entire biomass of humans." The research, the first of its kind to pull together data on floating plastic from around the world, will be used to chart future trends in the amount of debris in the oceans. But researchers predict the volume will increase due to rising production of throwaway plastic, with only 5% of the world’s plastic currently recycled.

Note: Ocean acidification was number one on 2014's top 25 stories subjected to press censorship.


At America’s court of last resort, a handful of lawyers now dominates the docket
2014-12-08, Reuters
http://www.reuters.com/investigates/special-report/scotus/

The U.S. Supreme Court building proclaims a high ideal: “Equal Justice Under Law.” But inside, an elite cadre of lawyers has emerged [to give] their clients a disproportionate chance to influence the law. A Reuters examination of nine years of cases shows that 66 of the 17,000 lawyers who petitioned the Supreme Court ... were at least six times more likely to be accepted by the court than were all others. About half [of these 66 lawyers] worked for justices past or present, and some socialize with them. Although they account for far less than 1 percent of lawyers who filed appeals to the Supreme Court, these attorneys were involved in 43 percent of the cases the high court chose to decide from 2004 through 2012. The Reuters examination of the Supreme Court’s docket, the most comprehensive ever, suggests ... a decided advantage for corporate America. Some legal experts contend that the reliance on a small cluster of specialists, most working on behalf of businesses, has turned the Supreme Court into an echo chamber – a place where an elite group of jurists embraces an elite group of lawyers who reinforce narrow views of how the law should be construed. Of the 66 most successful lawyers, 51 worked for law firms that primarily represented corporate interests. In cases pitting the interests of customers, employees or other individuals against those of companies, a leading attorney was three times more likely to launch an appeal for business than for an individual, Reuters found.

Note: How interesting that no major media seem to have picked up this revealing story. For more along these lines, see concise summaries of deeply revealing news articles about government corruption from reliable major media sources.


Energy Firms in Secretive Alliance With Attorneys General
2014-12-06, New York Times
http://www.nytimes.com/2014/12/07/us/politics/energy-firms-in-secretive-allia...

Attorneys general in at least a dozen states are working with energy companies and other corporate interests, which in turn are providing them with record amounts of money for their political campaigns, including at least $16 million this year. The Times reported previously how individual attorneys general have shut down investigations, changed policies or agreed to more corporate-friendly settlement terms [for] campaign benefactors. But the attorneys general are also working collectively. Out of public view, corporate representatives and attorneys general are coordinating legal strategy and other efforts to fight federal regulations, according to a review of thousands of emails and court documents and dozens of interviews. Attorney General Scott Pruitt of Oklahoma [used his post] to help start what he and allies called the Rule of Law campaign. That campaign, in which attorneys general band together to operate like a large national law firm, has been used to back lawsuits and other challenges against the Obama administration on environmental issues, the Affordable Care Act and securities regulation. The most recent target is the president’s executive action on immigration. Coordination between the corporations and teams of attorneys general involved in the Rule of Law effort also involves actual litigation to try to clear roadblocks to energy projects, documents show.

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


The Red Cross CEO Has Been Misleading About Where Donors' Dollars Are Going
2014-12-04, MSN News
http://www.msn.com/en-us/news/us/the-red-cross-ceo-has-been-misleading-about-...

The American Red Cross regularly touts how responsible it is with donors' money. "We're very proud of the fact that 91 cents of every dollar that's donated goes to our services," Red Cross CEO Gail McGovern said in a speech in Baltimore last year. The problem with that number: It isn't true. After inquiries by ProPublica and NPR, the Red Cross removed the statement from its website. In recent years, the Red Cross' fundraising expenses alone have been as high as 26 cents of every donated dollar. But even that understates matters. The charity spends additional money on "management and general" expenses. That means the portion of donated dollars going to overhead is even higher. After being contacted by ProPublica and NPR, the charity changed the wording on its website to another formulation it frequently uses: that 91 cents of every dollar the charity "spends" goes to humanitarian services. But that too is misleading to donors. The charity spent $467 million, or 14 percent of total spending, on its famous domestic disaster response programs, including the expensive Sandy relief effort. The Red Cross doesn't break down its spending on overhead and declined ProPublica and NPR's request to do so. Other figures the Red Cross frequently cites also appear to be unreliable.

Note: This ongoing NPR/ProPublica investigation has also found that the Red Cross used courts to hide its spending habits, and diverted funds from disaster relief to manipulate the media. For more along these lines, see concise summaries of deeply revealing articles about corporate corruption from reliable sources.


Pepsi, Ikea and Hundreds of Companies 'Reducing Global Tax Under Secret Luxembourg Deals'
2014-11-26, International Business Times
http://www.ibtimes.co.uk/pepsi-ikea-hundreds-companies-reducing-global-tax-un...

More than 300 international companies including Pepsi, Ikea, FedEx, AIG, Deutsche Bank and Abbott Laboratories allegedly secured secret deals from Luxembourg to drastically reduce their global tax bills. The International Consortium of Investigative Journalists (ICIJ), citing leaked documents, reported that the companies appear to have channelled hundreds of billions of dollars through the European duchy, and saved billions of dollars in taxes. PricewaterhouseCoopers is alleged to have helped multinational companies obtain at least 548 tax rulings in Luxembourg from 2002 to 2010. These legal secret deals allegedly feature complex financial structures designed to create drastic tax reductions. The rulings provide written assurance that companies' tax-saving plans will be viewed favourably by Luxembourg authorities. Some firms have allegedly enjoyed effective tax rates of less than 1% on the profits they've shuffled into Luxembourg. The ICIJ claims to have reviewed 28,000 pages of confidential documents before reaching its conclusion. The documents include hundreds of private tax rulings, known as "comfort letters", that Luxembourg provides to corporations seeking favourable tax treatment. Earlier, the European Union (EU) initiated a probe on Luxembourg over its tax treatment of big companies such as Amazon and Fiat Finance, which apparently violated European law. Luxembourg officials have supplied some information to the EU in connection with the investigation but have refused to provide a larger set of documents relating to its tax rulings.

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


HSBC and Goldman sued for allegedly fixing metal price
2014-11-26, BBC News
http://www.bbc.com/news/business-30209544

Goldman Sachs and HSBC are among four platinum and palladium dealers to be sued in New York for allegedly fixing the price of the metals. The four companies are said to have rigged prices for eight years. BASF and Standard bank were also sued in the first lawsuit of its kind in the US. The four defendants declined to comment. Modern Settings, a Florida-based maker of jewellery and police badges, said purchasers lost millions of dollars. The Florida company filed the complaint in Manhattan federal court. The companies were accused of having conspired since 2007 to rig the twice-daily platinum and palladium fixings. It is alleged that the companies illegally shared customer data and then used that information to engage in front running ... a form of market manipulation in which traders profit by using information about their clients' trading intentions. Traders will often know how a particular client order will affect the market and can place their own trades ahead of that order to benefit. The four companies in this case are also accused of manufacturing "spoof" orders. Goldman, HSBC and Standard Bank declined to comment. International regulators have tightened scrutiny of pricing benchmarks in recent years. The tighter regulation comes after a currency trading scandal and the Libor scandal, which fixed a benchmark interest rate.

Note: For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in banking and finance. For additional information, see the excellent, reliable resources provided in our Banking Corruption Information Center.


Ex-Chief of Iceland Bank Sentenced to Jail for Role in 2008 Crisis
2014-11-19, New York Times
http://dealbook.nytimes.com/2014/11/19/ex-chief-of-iceland-bank-sentenced-to-...

The former chief executive of Landsbanki of Iceland was sentenced to prison on Wednesday, the third of the top executives of the country’s three largest banks that the government has successfully prosecuted and jailed for misconduct during the financial crisis. Iceland was one of the countries hardest hit by the financial crisis and was forced to nationalize its three largest lenders in 2008. Mr. Arnason is the third former chief executive of an Icelandic bank to be ordered jailed for misdeeds in the run-up to the nationalization of Landsbanki and two other of the island nation’s biggest lenders. Kaputhing, at one time Iceland’s largest lender, saw its chief executive, Hreidar Mar Sigurdsson, and its chairman, Sigurdur Einarsson, convicted of market manipulation last year. Mr. Sigurdsson was sentenced to five and a half years in prison, while Mr. Einarsson was sentenced to five years in prison. Larus Welding, the former chief executive of Glitnir, the first of the banks to be nationalized, was convicted of fraud in 2012. The Icelandic lenders expanded beyond their borders during the boom years, only to collapse under a mountain of debt as financial conditions worsened in 2008. After the banks were nationalized, Iceland’s government restructured them, purging their management and refusing to bail out foreign bondholders who held tens of billions of dollars of the banks’ debt. A special prosecutor, Olafur Hauksson, was appointed to investigate the actions of bank executives in the run-up to the financial crisis.

Note: So the one nation that jailed its big bankers and let banks go bust is doing very well. Why are so exceedingly few bankers in other countries being jailed for crimes involving trillions of dollars and bankrupting millions of citizens? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.


Doctor Transparency: Why Leana Wen Received Threats After Launching
2014-11-19, International Business Times
http://www.ibtimes.com/doctor-transparency-why-leana-wen-received-threats-aft...

Leana Wen created the “Who’s My Doctor” campaign last year. The effort ... goes a step further than the federal government’s mandate requiring physicians to disclose all money they receive from drug companies. Last month, the Centers for Medicare & Medicaid Services released data that outlined the $3.5 billion that companies paid to the nation’s doctors. The Open Payments database ... was heavily opposed by physician groups and pharmaceutical companies. “Incentives matter,” said Wen in a recent TED talk, “If you go to your doctor because of back pain, you might want to know he’s getting paid $5,000 to perform spine surgery versus $25 to refer you to see a physical therapist.” As part of the “Who’s My Doctor” effort, each physician voluntarily publishes a “Total Transparency Manifesto,” which ... flows into a searchable database that prospective patients can use. One year after starting the project, only 34 “transparent doctors” are listed on the website. There are many more who were less than pleased. “I thought some doctors would sign on and others wouldn’t, but I had no idea of the backlash that would ensue,” she said in her TED talk. The criticism quickly went beyond online comments. Soon, people were asking Wen’s employer to fire her, and sending mail to her home address with threats.

Note: Don't miss the inspiring TED talk of Dr. Wen. And check out her website "Who's My Doctor" at http://www.whosmydoctor.com.


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