Corporate Corruption News StoriesExcerpts of Key Corporate Corruption News Stories in Major Media
Note: This comprehensive list of corporate corruption news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
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.
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.
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.
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 fossil fuel industry had already managed to shape a bill moving rapidly through Congress last summer, gaining provisions to ease its ability to export natural gas. But one key objective remained elusive: a measure limiting the authority of local communities to slow the construction of pipelines because of environmental concerns. Then, U.S. Rep. Fred Upton ... who chaired the House Energy Committee, gave the industry an opportunity to amplify its influence. Joining forces with Sen. Lisa Murkowski ... who chaired the Senate Energy Committee, he launched a so-called joint fundraising committee, a campaign war chest that would accept donations from a range of contributors, with the proceeds divided between the two lawmakers. Executives at one of the nation’s largest natural gas pipeline companies soon deposited more than $80,750 into the joint fund’s coffers. The very next day, Upton delivered on the industry’s aspirations: He rushed a bill through his legislative panel that would not only streamline the approval process for new pipelines but also empower federal officials to impose tight deadlines ... to review their potential environmental impacts. While joint fundraising committees have been a part of politics for decades ... the Murkowski-Upton committee stands out as a uniquely explicit means of influencing legislation, say campaign finance experts, because it ... gives the oil and gas industry an opportunity to write one check knowing the proceeds are reaching the leaders of the two panels that write the rules regulating their business.
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.
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.
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.
Have you heard about TTIP? If your answer is no, don’t get too worried; you’re not meant to have. The Transatlantic Trade and Investment Partnership is a series of trade negotiations being carried out mostly in secret between the EU and US. As a bi-lateral trade agreement, TTIP is about reducing the regulatory barriers to trade for big business, things like food safety law, environmental legislation, banking regulations and the sovereign powers of individual nations. It is, as John Hilary, Executive Director of campaign group War on Want, said: “An assault on European and US societies by transnational corporations.” Since before TTIP negotiations began last February, the process has been secretive and undemocratic. But ... the covert nature of the talks may well be the least of our problems. TTIP’s biggest threat to society is its inherent assault on democracy. One of the main aims of TTIP is the introduction of Investor-State Dispute Settlements (ISDS), which allow companies to sue governments if those governments’ policies cause a loss of profits. In effect it means unelected transnational corporations can dictate the policies of democratically elected governments. There are around 500 ... cases of businesses versus nations going on around the world at the moment. They are all taking place before ‘arbitration tribunals’ made up of corporate lawyers appointed on an ad hoc basis, which according to War on Want’s John Hilary, are “little more than kangaroo courts” with “a vested interest in ruling in favour of business.”
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.
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.
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.
Eleven million documents were leaked from one of the world's most secretive companies, Panamanian law firm Mossack Fonseca. They show how Mossack Fonseca has helped clients launder money, dodge sanctions and avoid tax. 12 current or former heads of state and at least 60 people linked to current or former world leaders [are included] in the data. They include the Icelandic Prime Minister, Sigmundur David Gunnlaugson, [as well as] reveal a suspected billion-dollar money laundering ring involving close associates of Russian President Vladimir Putin. 107 media organisations - including UK newspaper the Guardian - in 76 countries ... have been analysing the documents, [which] shed light on how Mossack Fonseca offered financial services designed to help business clients hide their wealth. One wealthy client, US millionaire ... Marianna Olszewski, was offered fake ownership records to hide money. This is in direct breach of international regulations designed to stop money-laundering and tax evasion. An email from a Mossack executive to Ms Olszewski in January 2009 explains how she could deceive the bank: "We may use a natural person who will act as the beneficial owner ... and therefore his name will be disclosed to the bank. Since this is a very sensitive matter, fees are quite high." The data also contain secret offshore companies linked to the families and associates of Egypt's former President, Hosni Mubarak, former Libyan leader Muammar Gaddafi and Syria's President Bashar al-Assad.
Note: There are conflicting reports on this release. Some like this NBC News article state there is a dearth of US names, while others like this USA Today article give US names. Explore evidence in this article that the Panama Papers may have been deliberately released with political objectives in mind. For more along these lines, see concise summaries of deeply revealing financial industry 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.
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.
Since HPV vaccines were introduced seven years ago, it has been assumed that they would prevent cervical cancer. But the vaccines have never been shown to prevent any cancer. It has also been assumed for seven years that the vaccine is safe. Yet there have been thousands of adverse event reports. The CDC itself admits there are three times as many adverse events for the HPV vaccine Gardasil as there are for all other vaccines combined. Compared to all other vaccines in the U.S. schedule, Gardasil alone is associated with 61 percent of all serious adverse events, including 63.8 percent of all deaths and 81.2 percent of all permanent disabilities in females under 30 years of age. Japan, India and France have removed HPV vaccines from their recommended list due to safety and efficacy concerns. The Health, Welfare and Labor Ministry of Japan also conducted a national investigation regarding post HPV vaccine injuries, [which] concluded that the harm experienced by women taking the vaccine is overwhelmingly greater than any expected benefits. Prompted by medical reports of post-HPV vaccination arrhythmia and motor neuron disabilities in children in Denmark, the European Medicines Agency is conducting an investigation of HPV injection adverse events. Lawsuits for HPV injuries and deaths have also been filed in Spain, France and Columbia.
Note: Read an article showing that several countries have filed lawsuits claiming damage from the HPV vaccine. For more along these lines, see concise summaries of deeply revealing vaccine controversy news articles from reliable major media sources.
Major drug companies took hefty price increases in the U.S., in some cases more than doubling listed charges, for widely used medications over the past five years, a Reuters analysis of proprietary data found. Prices for four of the nation's top 10 drugs increased more than 100 percent since 2011, Reuters found. Six others went up more than 50 percent. Together, the price increases on drugs for arthritis, high cholesterol, asthma and other common problems added billions in costs for consumers, employers and government health programs. Extraordinary price hikes by two small companies, Turing Pharmaceuticals and Valeant Pharmaceuticals International Inc ... drew new attention to drug costs. Turing expected to book $200 million by raising the price of Daraprim, an antiparasitic used for a rare infection, by 5,000 percent, according to company documents released by Congressional investigators. Routine price increases by bigger players may draw less attention, but they add up. Sales for the top 10 drugs went up 44 percent to $54 billion in 2014, from 2011, even though prescriptions for the medications dropped 22 percent, according to IMS Health data. Even after discounts, pharmacy benefit managers told Reuters they pay annual price increases on top medications of up to 10 percent. By comparison, the U.S. consumer price index rose an average of 2 percent annually over the last five years.
Note: For more along these lines, see concise summaries of deeply revealing big Pharma profiteering news articles from reliable major media sources.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.