Corporate Corruption Media Articles
Below are key excerpts of revealing news articles on corporate corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.
In January 1993, David Reynard sued the NEC America Company, claiming that his wifes NEC phone caused her lethal brain tumor. After Reynard appeared on national TV, the story went viral. A week later, [Cellular Telecommunications and Internet Association president Tom] Wheeler announced that his industry would pay for a comprehensive research program. Cell phones were already safe, Wheeler told reporters; the new research would simply re-validate the findings of the existing studies. George Carlo seemed like a good bet to fulfill Wheelers mission. In 1995, Carlo began directing the industry-financed Wireless Technology Research project (WTR), whose eventual budget of $28.5 million made it the best-funded investigation of cell-phone safety to date. He and Wheeler would eventually clash bitterly over the ... findings, which Carlo presented to wireless-industry leaders on February 9, 1999. By that date, the WTR had commissioned more than 50 original studies and reviewed many more. Those studies raised serious questions about cell-phone safety. A livid Tom Wheeler began publicly trashing Carlo to the media. Wheelers tactics succeeded in dousing the controversy. In the years to come, the WTRs cautionary findings would be replicated by numerous other scientists ... leading the World Health Organization in 2011 to classify cell-phone radiation as a possible human carcinogen and the governments of Great Britain, France, and Israel to issue strong warnings on cell-phone use by children.
Note: Read the complete article above to learn how far the wireless industry has gone to hide the dangers of its products from the public. Also worthy of attention is a Harvard study titled "How the Federal Communications Commission Is Dominated by the Industries It Presumably Regulates". For more along these lines, see concise summaries of deeply revealing news articles on the risks and dangers of wireless technologies.
Bird populations across the French countryside have fallen by a third over the last decade and a half, researchers have said. Dozens of species have seen their numbers decline, in some cases by two-thirds, the scientists said in a pair of studies one national in scope and the other covering a large agricultural region in central France. The situation is catastrophic, said Benoit Fontaine, a conservation biologist at Frances National Museum of Natural History and co-author of one of the studies. A migratory song bird, the meadow pipit, has declined by nearly 70%. The museum described the pace and extent of the wipe-out as a level approaching an ecological catastrophe. The primary culprit, researchers speculate, is the intensive use of pesticides on vast tracts of monoculture crops, especially wheat and corn. The problem is not that birds are being poisoned, but that the insects on which they depend for food have disappeared. Recent research ... has uncovered similar trends across Europe. Flying insects have declined by 80%, and bird populations has dropped by more than 400m in 30 years. Despite a government plan to cut pesticide use in half by 2020, sales in France have climbed steadily, reaching more than 75,000 tonnes of active ingredient in 2014, according to European Union figures. What is really alarming, is that all the birds in an agricultural setting are declining at the same speed, even generalist birds, which also thrive in other settings such as wooded areas, said [ecologist Vincent] Bretagnolle.
Note: A United Nations report recently noted that pesticides have produced catastrophic impacts on the environment, human health and society as a whole, and condemned the pesticide industry for aggressively promoting lies about the usefulness of their products. For more along these lines, see concise summaries of deeply revealing food system corruption news articles from reliable major media sources.
Sitting in a hotel bar, Alexander Nix, who runs the political data firm Cambridge Analytica, had a few ideas for a prospective client looking for help in a foreign election. The firm could send an attractive woman to seduce a rival candidate and secretly videotape the encounter, Mr. Nix said, or send someone posing as a wealthy land developer to pass a bribe. We have a long history of working behind the scenes, Mr. Nix said. The prospective client, though, was actually a reporter. The encounter was secretly filmed as part of a monthslong investigation into Cambridge Analytica, the data firm with ties to President Trumps 2016 campaign. The results of Channel 4s work were broadcast ... days after reports ... that the firm had harvested the data from more than 50 million Facebook profiles in its bid to develop techniques for predicting the behavior of individual American voters. Less noticed has been the work that Cambridge Analytica and its parent company, the SCL Group, have done outside the United States. Many of our clients dont want to be seen to be working with a foreign company, he told the Channel 4 reporter. We can set up fake IDs and websites. Mr. Nix ... boasted that Cambridge Analytica employs front companies and former spies on behalf of political clients. The information that is uncovered ... is then put into the bloodstream to the internet, said Mark Turnbull, another Cambridge executive. Then watch it grow, he added. It has to happen without anyone thinking, Thats propaganda.
Note: Watch an astounding video revealing how Cambridge Analytica has successfully manipulated national elections around the world using sleazy tactics like pretty women to entrap candidates and offering major bribes while recording the exchange. And here is a video featuring the whistleblower who exposed this.
The CEO of Marathon Petroleum, Gary Heminger, took home an astonishing 935 times more pay than his typical employee in 2017. One of Marathons gas station workers would have to toil more than nine centuries to make as much as Heminger grabbed in just one year. Employees of at least five other US firms would have to work even longer more than a millennium to catch up with their top bosses. These companies include the auto parts maker Aptiv (CEO-worker pay ratio: 2,526 to 1), the temp agency Manpower (2,483 to 1), amusement park owner Six Flags (1,920 to 1), Del Monte Produce (1,465 to 1), and apparel maker VF (1,353 to 1). These revelations come thanks to a new federal regulation that requires publicly traded US corporations to disclose, for the first time ever, how much their chief executives are making compared with their median workers. The disclosures are just now starting to flow in. Ever since 2010, the year Congress plugged a ratio disclosure mandate into the Dodd-Frank financial reform act, corporate lobbyists have been scheming to delay and repeal that mandates implementation. But responsible investors and other activists rallied and kept the mandate in place. The new ratios offer a benchmark for corporate greed that exposes exactly which firms are sharing the wealth their employees create and which arent, knowledge we can use to impose consequences on the corporations doing the most to make the United States more unequal.
Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
At 24, [Christopher Wylie] came up with an idea that led to the foundation of a company called Cambridge Analytica, a data analytics firm that went on to claim a major role in the Leave campaign for Britains EU membership referendum, and later became a key figure in digital operations during Donald Trumps election campaign. In 2014, Steve Bannon ... was Wylies boss. And Robert Mercer, the secretive US hedge-fund billionaire and Republican donor, was Cambridge Analyticas investor. The idea they bought into was to bring big data and social media to an established military methodology information operations then turn it on the US electorate. By [2017], Steve Bannon had become Trumps chief strategist. Cambridge Analyticas parent company, SCL, had won contracts with the US State Department and was pitching to the Pentagon, and Wylie was genuinely freaked out. Its insane, he told me one night. The company has created psychological profiles of 230 million Americans. And now they want to work with the Pentagon? Its like Nixon on steroids. He ended up showing me a tranche of documents that laid out the secret workings behind Cambridge Analytica. Wylie ... came up with a plan to harvest the Facebook profiles of millions of people in the US, and to use their private and personal information to create sophisticated psychological and political profiles. And then target them with political ads designed to work on their particular psychological makeup.
Note: Billionaire Robert Mercer used this new new technology to build a corporate empire capable of swinging elections by using military propaganda strategies on civilian populations. The above article further details how mass media is being combined with Big Data to produce powerful new forms of mind control. Watch an astounding video revealing how Cambridge Analytica has successfully manipulated national elections around the world.
Arnold Schwarzenegger says he is going after Big Oil and climate change. The actor and former governor of California said in a Politico-sponsored podcast ... that he is in talks with law firms about possibly suing global oil companies "for knowingly killing people all over the world." "The oil companies knew from 1959 on, they did their own study that there would be global warming happening because of fossil fuels, and on top of it that it would be risky for people's lives, that it would kill," Schwarzenegger said. "I don't think there's any difference: If you walk into a room and you know you're going to kill someone, it's first degree murder; I think it's the same thing with the oil companies," he said. In the podcast, Schwarzenegger compares the issue to the tobacco industry. "The tobacco industry knew for years and years and years and decades, that smoking would kill people ... and were hiding that fact from the people and denied it," Schwarzenegger said. "Then eventually they were taken to court and had to pay hundreds of millions of dollars because of that." He argues that every gas station, car and product with fossil fuels should have a warning label on it. He hopes that this will raise awareness about cleaner cars and alternative fuels. "We're going to go after them. Because to me it's absolutely irresponsible to know that your product is killing people and not have a warning label on it, like tobacco," he said.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and climate change.
As tens of thousands of Americans die from prescription opioid overdoses each year, an exclusive analysis by CNN and researchers at Harvard University found that opioid manufacturers are paying physicians huge sums of money - and the more opioids a doctor prescribes, the more money he or she makes. The CNN/Harvard analysis looked at 2014 and 2015, during which time more than 811,000 doctors wrote prescriptions to Medicare patients. Of those, nearly half wrote at least one prescription for opioids. Fifty-four percent of those doctors - more than 200,000 physicians - received a payment from pharmaceutical companies that make opioids. Among doctors in the top 25th percentile of opioid prescribers by volume, 72% received payments. Among those in the top fifth percentile, 84% received payments. Among the very biggest prescribers ... 95% received payments. On average, doctors whose opioid prescription volume ranked among the top 5% nationally received twice as much money from the opioid manufacturers, compared with doctors whose prescription volume was in the median. Pharmaceutical company payments to doctors are not unique to opioids. Drug companies pay doctors billions of dollars for various services. In 2015, 48% of physicians received some pharmaceutical payment. The CNN and Harvard findings are in line with other studies suggesting that money from drug companies does influence a doctor's prescribing habits.
Note: From 1999 to 2015, over 183,000 people died from prescription opioid overdoses in the US. A CBS article titled, "Ex-DEA agent: Opioid crisis fueled by drug industry and Congress" describes major regulatory failures that contributed to this crisis. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.
Next week marks the 10th anniversary of the run on Bear Stearns, the investment bank that collapsed under the weight of toxic subprime mortgages ... leading to the biggest economic crisis in nearly a century. That seems like a terrible political backdrop for the Senate to pass a bill that deregulates the banking sector. But that's exactly what's about to happen. The Economic Growth, Regulatory Relief and Consumer Protection Act, which pro-regulation groups have called the "Bank Lobbyist Act," advanced in the Senate this week. The ... Congressional Budget Office stated [that the] legislation would increase the risk of another [financial crisis] happening. The bill ... rolls back key pieces of the Dodd-Frank Act and includes giveaways to large institutions of the same size and scope as the ones that crashed the economy in 2008. The most important measure in the legislation raises the threshold for enhanced regulatory supervision by the Federal Reserve from $50 billion to $250 billion. The beneficiaries, 25 of the top 38 banks in America, could be called "stadium banks:" not big enough to count as Wall Street mega-banks, but big enough to have a sports stadium named after them. Nearly all giant foreign banks with operations in the U.S. could enjoy the same weaker rules. Why would more than one-third of the Senate Democratic caucus provide the margin of victory on [this] bill. The answer is simple: money. The top three recipients of campaign donations from commercial banks since 2017 are Democrats. This whole process reveals that bipartisanship usually arrives in Washington at the barrel of a money cannon.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
Ohio Attorney General Mike DeWine sued agricultural giant Monsanto on Monday, alleging the company concealed dangers posed by a toxic chemical compound it manufactured for nearly a half century. In the suit ... prosecutors argued that the company should pay for the clean-up of what it says are dozens of rivers, lakes and other water bodies contaminated with polychlorinated biphenyls, or PCBs. The company stopped manufacturing the chemical in 1977 and it was banned in 1979 by the Environmental Protection Agency. According to the suit, Monsanto produced nearly all of the PCBs - which were used in everything from lubricants to electrical equipment - in the United States between 1929 and 1977. The chemical has been linked to cancer, liver damage and other negative health effects. The suit alleges that Monsanto learned of PCBs toxic effects in the 1930s, yet it kept producing the compound while concealing its effects. The suit claims the company acknowledged that prolonged exposure could produce "systemic toxic effects" in an internal memo in 1937, so it undertook a "decades-long campaign of misinformation and deception."
Note: Other major lawsuits are beginning to unfold over Monsanto's lies to regulators and the public on the dangers of its products, most notably Roundup. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.
If you care about animal welfare or food safety, this news will concern you: the nationwide expansion of a risky US Department of Agriculture (USDA) high-speed slaughter program is imminent. There is still time to stop it. The USDA is now accepting public comments on its proposed rule that it euphemistically dubbed the Modernization of Swine Slaughter Inspection. As a former undercover investigator who worked inside a pig slaughterhouse operating under the pilot project that was, at the time, called HIMP, Ive seen firsthand the hazardous and cruel nature of this controversial program. This expanded program ... would allow facilities to increase slaughter speeds, while reducing the number of trained government inspectors on the lines. The result is problems that can and do go unnoticed. For nearly six months, I worked undercover inside Quality Pork Processors (QPP). An exclusive Hormel Foods supplier, QPP kills about 1,300 pigs every hour operating under the high-speed pilot program. I documented pig carcasses covered in feces and abscesses being processed for human consumption, and workers ... beating, dragging, and electrically prodding pigs to make them move faster. NSIS may also allow higher numbers of sick and injured pigs too weak even to stand (known as downers) to be slaughtered for food. In 2016, a letter from 60 members of Congress to the USDA stated the available evidence suggests the hog HIMP will undermine food safety.
Note: The above was written by Scott David, a former undercover investigator at Compassion Over Killing, a national animal protection organization. For more, see concise summaries of deeply revealing news articles on corruption in government and in the food system.
Facebook is under fire for publishing a stomach-churning survey that asked users whether pedophiles should be allowed to solicit “sexual pictures” from underage girls. The cringeworthy poll surfaced at the top of Facebook’s home page for an unspecified number of users this past weekend, according to a report. “In thinking about an ideal world where you could set Facebook’s policies, how would you handle the following: a private message in which an adult man asks a 14-year-old girl for sexual pictures,” one question in the survey reads. The disgusting multiple-choice poll gave users the option to condone the sick behavior, allowing them to vote that the “content should be allowed on Facebook, and I would not mind seeing it.” Another possible, nausea-inducing response was that “the content should be allowed on Facebook, but I don’t want to see it.” The twisted survey was spotted by an editor at the Guardian, who published screenshots. Yet another ... question asked users who should decide whether pedophilic content was allowed on Facebook — users, Facebook and users, just Facebook or an outside entity. On Monday, the social networking giant headed by Mark Zuckerberg admitted that it was a “mistake” to publish the survey, which appeared to suggest that Facebook execs were openly debating whether to allow pedophiles on the site. “We run surveys to understand how the community thinks about how we set policies,” Facebook vice president Guy Rosen said.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and sexual abuse scandals from reliable major media sources.
Amazon won't pay any federal income taxes after topping $5.6 billion in income in 2017. The Seattle-based online retailer will end up paying out roughly $769 million in taxes for the year, but $724 million of that will be in foreign taxes. That's according to an analysis of the online behemoth's 2017 10-K form, which "provides a comprehensive overview of the company's business and financial condition," according to the Securities and Exchange Commission. Public companies are required to submit the form every year to the SEC. Without being privy to the company's tax return, no one can say exactly how CEO Jeff Bezos and Co. avoided what could have been more than $1.3 billion in federal taxes based solely on the annual financial report, but there is information to be gleaned. For example, Amazon took out a $917 million tax deduction on stock options exercised by current or former employees. Unlike wages ... the stock options don't require any cash expenditures by the company. Another ingredient in the low tax bill is likely capital expenditure depreciation ... where companies are allowed to write off the cost of some expenses - say those incurred while building a distribution center, for example - up front. [Amazon] earned a windfall from the Trump administration's U.S. Tax Cuts and Jobs Act of 2017, passed in December. Amazon readjusted estimates for taxes deferred under the old 35 percent corporate tax rate to meet the new tax law's 21 percent figure, which resulted in an estimated $789 million reduction.
Note: For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
When nurse Meleney Gallagher was told to line up with her colleagues on the renal ward at Sunderland Royal Hospital, for her swine flu vaccination, she had no idea the injection she was about to have had not gone through the usual testing process. It had been rushed into circulation after the swine flu virus had swept across the globe in 2009. Gallagher was one of thousands of NHS staff vaccinated with Pandemrix, a vaccine made by pharmaceutical giant GlaxoSmithKline (GSK). Eight years later, her career in the NHS is a memory and she's living with incurable, debilitating narcolepsy and suffers from cataplexy, a sudden, uncontrollable loss of muscle tone that can cause her to collapse without warning. Because of her condition, she can no longer work or drive. People with narcolepsy experience chronic fatigue and difficulty sleeping at night. They can have night terrors, hallucinations, and a range of mental health problems. Gallagher is not alone. More than a dozen frontline NHS staff are among around 1,000 adults and children across Europe who are believed to have developed narcolepsy after being given Pandemrix. Gallagher and four other NHS professionals – two nurses, a community midwife, and a junior doctor – have told how they felt pressured into receiving the vaccine, were given misleading information, and ultimately lost their careers. They are all suing GlaxoSmithKline seeking compensation for what they believe was a faulty drug that has left them with lifelong consequences.
Note: Yet the media and big Pharma continually tout the safety of their vaccines. For more along these lines, see concise summaries of deeply revealing news articles on vaccines from reliable major media sources.
A US court will today hear a request from Monsanto for access to a huge batch of internal communications by Avaaz, in a move that the campaign group says could have grave repercussions for online activism and data privacy. Monsanto is seeking the release of all lobby documents ... where the firm or its herbicide ingredient glyphosate have been mentioned. Avaaz says this would include personal information about its employees, as well as the email addresses of more than four million signatories to petitions against Monsantos GM and glyphosate policies. A victory for Monsanto in todays hearing would cost the online advocacy group thousands of person-hours of work time, and hundreds of thousands of dollars, according to Avaazs lawyers. It could even raise the prospect of a migration out of online activism by campaigners concerned about corporate surveillance. Monsantos [request] demands all documents Avaaz employees have created, maintained, received, sent or copied, where these involve discussion about glyphosate, Monsanto, or the World Health Organizations International Agency for Research on Cancer, which found glyphosate to probably be carcinogenic. Monsanto filed its request shortly after a bitter EU regulatory battle ended with its license for glyphosate the core ingredient in Roundup being extended by just five years, rather than the 15 years originally sought.
Note: Read more on Avaaz and the power of online activism. Major lawsuits are beginning to unfold over Monsanto's lies to regulators and the public on the dangers of its products, most notably Roundup. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.
Many critical election systems in the United States are poorly secured and protected against malicious attacks. In the 15 years since electronic voting machines were first adopted by many states, numerous reports by computer scientists have shown nearly every make and model to be vulnerable to hacking. The systems were not initially designed with robust security in mind, and even where security features were included, experts have found them to be poorly implemented with glaring holes. But for as long as experts have warned about security problems, voting machine makers and election officials have denied that the machines can be remotely hacked. Election officials also assert that routine procedures they perform would detect if someone altered transmitted votes or machine software. Experts, however, say ... that vendor claims about security cant be trusted. "Vendors have absolutely fumbled every single attempt in security," says Jacob D. Stauffer, vice president of operations for Coherent Cyber, who has conducted voting-machine security assessments for Californias secretary of state for a decade. Stauffer and colleagues ... found the voting machines and election-management systems to be rife with security problems. Attackers could theoretically intercept unofficial results as theyre transmitted on election night or, worse, use the modem connections to reach back into election machines at either end and install malware or alter election software and official results.
Note: For more along these lines, see concise summaries of deeply revealing elections corruption news articles from reliable major media sources. Then explore the excellent, reliable resources provided in our Elections Information Center.
Fifty years after the federal Fair Housing Act banned racial discrimination in lending, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts. This modern-day redlining persisted in 61 metro areas even when controlling for applicants' income, loan amount and neighborhood, according to millions of ... records analyzed by Reveal from The Center for Investigative Reporting. Lenders and their trade organizations do not dispute the fact that they turn away people of color at rates far greater than whites, [and] singled out the three-digit credit score ... as especially important in lending decisions. Reveal's analysis included all records publicly available under the Home Mortgage Disclosure Act. Credit score was not included because that information is not publicly available. That's because lenders have deflected attempts to force them to report that data to the government. America's largest bank, JPMorgan Chase & Co., has argued that the data should remain closed off even to academics. At the same time, studies have found proprietary credit score algorithms to have a discriminatory impact on borrowers of color. The "decades-old credit scoring model" currently used "does not take into account consumer data on ... bill payments," Republican Sen. Tim Scott of South Carolina wrote in August. "This exclusion disproportionately hurts African-Americans, Latinos, and young people who are otherwise creditworthy."
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and civil liberties.
Of Lockheed Martins $51 billion in sales last year, nearly 70 percent, or $35.2 billion, came from sales to the U.S. government. Its a colossal figure, hard to comprehend. So think of it this way: Lockheeds government sales are nearly what the Trump administration proposed for the State Department next year in its recently released spending plan. Or $15 billion more than all of NASA. Or about the gross domestic product of Bolivia. Year after year, Lockheed has received more federal money than any other corporation. Now, President Trump has opened the floodgates for defense spending, proposing $716 billion for the Pentagon, a 13 percent increase. And the defense industry is poised to profit, with Lockheed in the lead. Diplomacy is out; airstrikes are in, said Richard Aboulafia, an aerospace consultant with the Teal Group. In 2013, Marine Corps Gen. Jim Mattis, now the secretary of defense, told Congress, If you dont fully fund the State Department, then I need to buy more ammunition. As journalist Fred Kaplan noted in Slate, the Trump administrations budget calls for a more than 25 percent increase in spending on missiles and munitions and a 26 percent cut to the State Departments funding. The Pentagon wants to buy more Super Hornet fighter jets, a boon for Boeing. But ... there has been nothing like the Lockheed Martin F-35 Joint Strike Fighter. Over its projected 60-year life span, its expected to cost more than $1 trillion, making it the most expensive weapons program in the history of the Defense Department.
Note: Lockheed Martin runs a breathtakingly big part of the United States, and was reported in 2015 to be engaged in deep and systemic corruption" including paying off a Congresswoman. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.
Millions of German workers are winning the fight for a 28-hour work week. Labor union IG Metall secured an unprecedented deal this week to give a large portion of its 2.3 million members more flexible working hours and a big pay rise. From next year, workers at many of Germany's top engineering firms - such as Mercedes-Benz owner Daimler - can opt to work 28 hours a week for up to two years, before returning to the standard 35-hour week. The deal was negotiated with representatives of more than 700 companies in southwest Germany. It is expected to have ripple effects across German industry. "This sets the standard for everyone else," said Megan Greene, chief economist at Manulife Asset Management. IG Metall said the flexibility would help employees who want to care for children or relatives. Pay will be reduced to reflect the shorter working week. The deal also gives workers the option to work 40 hours to earn more. And non-unionized workers could also benefit from the agreement as firms that employ IG Metall workers offer the same terms to their wider workforce. Daimler said it would offer the new flexible hours to all its employees starting in 2019. Bosch, which employs 138,000 people in Germany, said it would offer the same pay rises and perks to the majority of its German workers. It said the flexible hours wouldn't be disruptive. But other companies may find it harder to swallow.
Note: Several major studies have found that long working hours negatively impact health.
President Trump reserved a few minutes of his State of the Union address to praise his tax reform law, which turned a year old last month. Mr. Trump ... promised Americans that drastically lowered corporate tax rates would bring home large sums of capital that had been stashed overseas and finance a surge of domestic investment. The White House argued they wanted a system that encourages companies to stay in America, grow in America, spend in America, and hire in America. Yet the bill he signed into law includes a sweetheart deal that allows companies that shift their profits abroad to pay tax at a rate well below the already-reduced corporate income tax. Now that a full year has passed since the tax bill became law, we have hard numbers. There is no wide pattern of companies bringing back jobs or profits from abroad. The global distribution of corporations offshore profits ... hasnt budged from the prevailing trend. Eliminating the complex series of loopholes that encourage offshoring was a major talking point ... but most of them are still in place. The craftiest and largest corporations can still legally whittle down their effective tax rate into the single digits. (In fact, the new law encourages firms to move tangible assets - like factories - offshore). Overall, the Tax Cuts and Jobs Act amounted to ... sleight of hand. According to the Treasury Departments tally for fiscal year 2018, corporate income tax receipts fell by 31 percent, an unprecedented year-over-year drop in a time of economic growth.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
Amazon has announced that it - along with Warren Buffetts Berkshire Hathaway and the banking behemoth JPMorgan Chase - will be entering the dominion of health care. Word that Amazon was entering health care immediately depressed the value of old-school health-insurance companies. Anyone who has been a customer of either knows why. The U.S. health care system is the antithesis of Silicon Valley. Grossly inefficient and user-unfriendly, it may be the least transparent enterprise outside the Kremlin - and just as awash in money. The $3.3 trillion that Americans spent on health care in 2016 was close to Germanys entire GDP that year. It accounted for an astounding 18% of the U.S. gross domestic product - twice the share other developed countries typically spend on health - and produced a return on investment that would get any CEO fired. Life expectancy in the U.S. is actually going down. David Cutler, a health economist at Harvard, made the striking calculation that administration accounts for about a quarter of the cost of health care. He once pointed out that Duke University Hospital had 900 beds and 1,300 billing clerks. If the triad of Amazon, Berkshire Hathaway and JPMorgan Chase can find a way to bring sense to health care, the savings will accrue first for those three companies, which are not acting out of altruism. But ... when the worker reaches a doctor without having to run a gauntlet, the vaunted, disruptive efficiency of tech will have produced a common good.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.
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