Corporate Corruption News 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.
An opaque network of government agencies and self-proclaimed anti-misinformation groups ... have repressed online speech. News publishers have been demonetized and shadow-banned for reporting dissenting views. NewsGuard, a for-profit company that scores news websites on trust and works closely with government agencies and major corporate advertisers, exemplifies the problem. NewsGuard’s core business is a misinformation meter, in which websites are rated on a scale of 0 to 100 on a variety of factors, including headline choice and whether a site publishes “false or egregiously misleading content.” Editors who have engaged with NewsGuard have found that the company has made bizarre demands that unfairly tarnish an entire site as untrustworthy for straying from the official narrative. In an email to one of its government clients, NewsGuard touted that its ratings system of websites is used by advertisers, “which will cut off revenues to fake news sites.” Internal documents ... show that the founders of NewsGuard privately pitched the firm to clients as a tool to engage in content moderation on an industrial scale, applying artificial intelligence to take down certain forms of speech. Earlier this year, Consortium News, a left-leaning site, charged in a lawsuit that NewsGuard’s serves as a proxy for the military to engage in censorship. The lawsuit brings attention to the Pentagon’s $749,387 contract with NewsGuard to identify “false narratives” regarding the war [in] Ukraine.
Note: A recent trove of whistleblower documents revealed how far the Pentagon and intelligence spy agencies are willing to go to censor alternative views, even if those views contain factual information and reasonable arguments. For more along these lines, see concise summaries of news articles on corporate corruption and media manipulation from reliable sources.
In 2010, Purdue Pharma replaced the original version of OxyContin, an extended-release oxycodone pill, with a reformulated product that was much harder to crush for snorting or injection. The reformulation of OxyContin was instead associated with an increase in deaths involving illicit opioids and, ultimately, an overall increase in fatal drug overdoses. Researchers ... found that death rates rose fastest in states where reformulation would have had the biggest impact. A new study by RAND Corporation senior economist David Powell extends those findings by showing that the reformulation of OxyContin also was associated with rising suicides among children and teenagers. The root cause of such perverse effects was the substitution that occurred after the old version of OxyContin was retired. Nonmedical users turned to black-market alternatives that were more dangerous because their potency was highly variable and unpredictable—a hazard that was compounded by the emergence of illicit fentanyl as a heroin booster and substitute. The fallout from the reformulation of OxyContin is one example of a broader tendency: Interventions aimed at reducing the harm caused by substance abuse frequently have the opposite effect. Based on interstate differences in nonmedical use of OxyContin prior to 2010, Powell estimates that "the reformulation of OxyContin can explain 49% of the rise in child suicides."
Note: More than 107,000 people in the United States died due to opioid overdoses in 2021. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
More than 80 percent of four-star officers retiring from the U.S. armed forces go on to work in the defense industry, a new study has found, underscoring the close relationship between top U.S. brass and government-contracted companies. Twenty-six of 32 four-star admirals and generals who retired from June 2018 to July 2023 were later employed in roles including executive, adviser, board member or lobbyist for companies with significant defense business, according to the analysis from the Quincy Institute for Responsible Statecraft, a think tank that advocates restraining the military’s role in U.S. foreign policy. “The revolving door between the U.S. government and the arms industry, which involves hundreds of senior Pentagon officials and military officers every year, generates the appearance — and in some cases the reality — of conflicts of interest in the making of defense policy and in the shaping of the size and composition of the Pentagon budget,” authors William Hartung and Dillon Fisher wrote. The findings shed new light on a phenomenon examined in a 2021 report from the Government Accountability Office, which found that 14 major defense contractors ... employed 1,700 former senior officials or acquisition officials in 2019. The GAO concluded that while defense contractors benefit from the practice, it could “affect public confidence in the government” by creating a perception that military officials may favor a company they see as a future employer.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in the military and in the corporate world from reliable major media sources.
Procter & Gamble (PG.N), Walgreens (WBA.O) and Johnson & Johnson's (JNJ.N) former consumer business are among several companies accused in lawsuits of deceiving consumers about cold medicines containing an ingredient that a unanimous U.S. Food and Drug Administration advisory panel declared ineffective. Proposed class actions were filed on Wednesday and Thursday, after the panel reviewed several studies and concluded this week that the ingredient phenylephrine marketed as a decongestant was essentially no better than a placebo. According to an agency presentation, about 242 million products with phenylephrine were sold in the United States last year, generating $1.76 billion of sales and accounting for about four-fifths of the market for oral decongestants. The first lawsuit appeared to have been filed in Pensacola, Florida, federal court. It said Johnson & Johnson Consumer and Procter & Gamble should have known by 2018 that their marketing claims about products with phenylephrine were "false and deceptive." That year was when new FDA guidance for evaluating symptoms related to nasal congestion demonstrated that earlier data about phenylephrine's effectiveness could no longer be relied upon, the complaint said. The plaintiff Steve Audelo, a Florida resident, said he bought Johnson & Johnson's Sudafed PE and Benadryl Allergy Plus, and Procter & Gamble's Vicks NyQuil, based on the companies' claims that the products worked.
Note: For more along these lines, see concise summaries of deeply revealing news articles on health and corporate corruption from reliable major media sources.
Progressives are confused and distressed over the choice by many of our allies to devalue decentralization in the technology space, and even to portray it as worse than Big Tech alternatives. In recent months, a number of progressive commentators have attacked the very idea of decentralization, arguing that it’s a distraction from other political goals. This has also led to progressives making crypto a favorite target and, bizarrely, taking the positions of big banks, which are notoriously monopolistic. To us, the more pressing concern is legacy tech platforms—and their ongoing capture of user data. Decentralizing technology will prove crucial in ensuring that the world isn’t run by a handful of unelected technologists. Crypto is an exception to so much technology because it runs on blockchain and no single person or corporation can control it. We value a world where power is dispersed to the people, where no one is so powerful that they can dictate terms to the rest of us. A blockchain allows everyone to own their own data, to control their own information, and to port that information and data to another system at their discretion. It also allows for people to exchange both data and money in a peer-to-peer manner, without permission from expensive, bureaucratic, and—in many cases—unnecessary intermediaries. Migrants also use crypto to send money to their home countries, and this activity alone will become increasingly important as political and climate migration continues to accelerate.
Note: The US government financially attacked Wikileaks in 2010 after the organization published documentation of US military war crimes. This attack would have ended Wikileaks, but the organization instead embraced bitcoin and survived for several more years. For more along these lines, see concise summaries of deeply revealing news articles on financial system corruption from reliable major media sources.
The world's 722 biggest companies collectively are making more than $1tn a year in windfall profits on the back of soaring energy prices and rising interest rates. The companies made $1.08tn this way in 2021 and $1.09tn last year, according to analysis of Forbes magazine data by the charities Oxfam and ActionAid. The collective profits were 89% higher than the previous four-year average covering 2017-2020. Windfall profits are defined as those exceeding average profits in the previous four years by more than 10%. Energy companies recorded the highest windfall profits. Of the 45 energy firms on Forbes list of the 2,000 biggest companies, they made on average $237bn a year in windfall profits in 2021 and 2022. Many food and beverage corporations, banks, pharmaceutical companies and retailers also reported a surge in profits during a cost-of-living crisis in which more than a quarter of a billion people in 58 countries experienced acute food insecurity in 2022. Those profits have stoked accusations of "greedflation" – pushing through excessive price increases and driving up inflation. Katy Chakrabortty, Oxfam's head of advocacy, said "A corporate bonanza is supercharging inflation, leaving millions of people in the UK and around the world struggling to pay their bills and feed their families. The windfall profits of 18 food and beverage corporations are more than twice the amount needed to cover the shortfall in life-saving assistance to tens of millions of people."
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
On the morning of 10 June 2013 ... the journalist Glenn Greenwald and film-maker Laura Poitras published on the Guardian site a video revealing the identity of the NSA whistleblower behind one of the most damning leaks in modern history. It began: "My name is Ed Snowden." William Fitzgerald, then a 27-year-old policy employee at Google, knew he wanted to help. Fitzgerald found himself waiting in the lobby of the Hong Kong W Hotel to meet Greenwald and introduce him to Robert Tibbo and Jonathan Man – the men who became Snowden's legal representatives and hid him in the homes of Tibbo's refugee clients. The Snowden files told a ... sinister story, revealing mass surveillance by the US National Security Agency (NSA). The NSA files suggested that some tech firms, including Google, Facebook and Apple, were aware. Google and other tech firms worked to distance themselves from the NSA's efforts. But over time [Google's] culture appeared to shift, reflecting the changing needs of various governments. Google stopped promoting its transparency report to the media, free expression advocates were replaced by more traditional business-focused executives, and then there was Project Maven – the controversial Department of Defense drone project that Google signed on to build artificial intelligence for. Google isn't alone in vying for government contracts – Microsoft, Amazon, IBM have all since made a play for or struck multimillion-dollar deals to build tools of surveillance for various entities including the Pentagon.
Note: For more along these lines, see concise summaries of deeply revealing news articles on intelligence agency corruption and the disappearance of privacy from reliable major media sources.
Safety breaches happen every year at labs experimenting with dangerous pathogens. Scientists and other lab workers are bitten by infected animals, stuck by contaminated needles and splashed with infectious fluids. Yet the public rarely learns about these incidents, which tend to be shrouded in secrecy. For example, when a safety breach occurred in 2019 at a University of Wisconsin-Madison lab experimenting with a dangerous and highly controversial lab-created H5N1 avian influenza virus, the university never told the public – or local and state public health officials. In another incident, a pipe burst on a lab waste-holding tank in 2018 at a US army research facility at Fort Detrick, near Washington DC. Workers initially dismissed that any safety breach had occurred. Then army officials belatedly issued public statements that left out key details and created the misleading impression that no dangerous pathogens could have left the base. Yet my reporting has uncovered government documents and even a photo showing the giant tank spewing an estimated 2,000 to 3,000 gallons of unsterilized lab wastewater near an open storm drain that feeds into a popular public waterway. Regulation of lab safety in the US and around the world is fragmented and often relies heavily on scientific institutions policing themselves. There is no comprehensive tracking of which labs hold collections of the most dangerous viruses, bacteria and toxins.
Note: Watch our latest Mindful News Brief series on the strong evidence that bioweapons research created COVID-19. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the scientific community from reliable major media sources.
There are almost 2 million people locked away in one of the more than 5,000 prisons or jails that dot the American landscape. While they are behind bars, these incarcerated people can be found standing in line at their prison’s commissary waiting to buy some extra food or cleaning supplies that are often marked up to prices higher than what one would pay outside of those prison walls. If they want to call a friend or family member, they need to pay for that as well. And almost everyone who works at a job while incarcerated, often for less than a dollar an hour, will find that the prison has taken a portion of their salary to pay for their cost of incarceration. States and local governments spent $82 billion on corrections in 2019. To offset these costs, policymakers have justified legislation authorizing an ever-growing body of fees to be charged to the people (and, as a result, often their families) in prison and jail. Fees for room and board—yes, literally for a thin mattress or even a plastic “boat” bed in a hallway, a toilet that may not flush, and scant, awful tasting food—are typically charged at a “per diem rate for the length of incarceration.” It is not uncommon for these fees to reach $20 to $80 a day for the entire period of incarceration. Those who work regular jobs in prisons such as maintaining the grounds, working in the kitchen, and painting the walls of the facilities earn on average between $0.14 and $0.63 an hour.
Note: Read about a woman who only served 10 months in bars, yet now owes $127,000 for her original 7-year prison sentence. For more along these lines, see concise summaries of revealing news articles on prison system corruption from reliable major media sources.
A federal appeals court in Philadelphia rejected Johnson & Johnson ‘s use of chapter 11 bankruptcy to freeze roughly 40,000 lawsuits linking its talc products to cancer, blunting a strategy the consumer health giant and a handful of other profitable companies have used to sidestep jury trials. The Third U.S. Circuit Court of Appeals on Monday dismissed the chapter 11 case of J&J subsidiary LTL Management LLC, which the company created in 2021 to move the talc injury lawsuits to bankruptcy court and freeze them in place. J&J is now exposed once again to talc-related cancer claims that have cost the company’s consumer business $4.5 billion in recent years and are expected to continue for decades. J&J tried to stanch those costs through an emerging corporate restructuring strategy that offered J&J and other companies the protections of bankruptcy, despite their solvent balance sheets and solid credit ratings, and put a total of more than 250,000 injury lawsuits against the businesses on hold. Monday’s decision marks the first time a federal appeals court has disapproved of the bankruptcy strategy, known in legal circles as the Texas Two-Step. The court’s decision could mark tougher scrutiny of the legal tactic, which would make it harder for big companies to move past potentially costly and time-consuming personal-injury litigation. Bankruptcy allows companies swamped by lawsuits to drive settlements of legal liabilities through a chapter 11 plan and stop litigation from advancing in the civil justice system.
Note: Johnson & Johnson knew that its products caused cancer and lied to the public about it for decades. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
A number of Indigenous communities in the Amazon say that “carbon pirates” have become a threat to their way of life as western companies seek to secure deals in their territories for offsetting projects. Across the world’s largest rainforest, Indigenous leaders say they are being approached by carbon offsetting firms promising significant financial benefits from the sale of carbon credits if they establish new projects on their lands, as the $2bn (£1.6bn) market booms with net zero commitments from companies in Europe and North America. Proponents of carbon markets, especially those that aim to protect rainforests, say that carbon credits are a good way to fund the new areas and pay Indigenous communities for the stewardship of their lands. The resulting credits could then be used for climate commitments by western companies. Indigenous communities are being taken advantage of in the unregulated sector, with opaque deals for carbon rights that can last up to a century, lengthy contracts written in English, and communities being pushed out of their lands for projects. Examples include Peru’s largest ever carbon deal involving an unnamed extractive firm, where the Kichwa community claim they have been forced from their land in Cordillera Azul national park and received nothing from the $87m agreement. Several Indigenous communities spoke of training themselves in carbon market regulation and organising global exchanges to help others avoid falling victim to “carbon pirates”.
Note: An excellent investigation reveals that over 90% of rainforest offsets are likely to be “phantom credits” and do not represent real carbon reductions, yet are being used by Disney, Shell, Gucci, Salesforce, the band Pearl Jam, and other large corporations. For more along these lines, see concise summaries of deeply revealing news articles on climate change from reliable major media sources.
Vaccine-makers sought to shape content moderation actions at Twitter. Stronger, a campaign run by Public Good Projects, a public health nonprofit specializing in large-scale media monitoring programs, regularly communicated with Twitter on regulating content related to the pandemic. The firm worked closely with the San Francisco social media giant to help develop bots to censor vaccine misinformation and, at times, sent direct requests to Twitter with lists of accounts to censor and verify. Internal Twitter emails show regular correspondence between an account manager at Public Good Projects, and various Twitter officials, including Todd O’Boyle, lobbyist with the company who served as a point of contact with the Biden administration. The content moderation requests were sent throughout 2021 and early 2022. The entire campaign ... was entirely funded by the Biotechnology Innovation Organization, a vaccine industry lobbying group. BIO, which is financed by companies such as Moderna and Pfizer, provided Stronger with $1,275,000 in funding for the effort, which included tools for the public to flag content on Twitter, Instagram, and Facebook for moderation. Many of the tweets flagged by Stronger contained absolute falsehoods. But others hinged on a gray area of vaccine policy through which there is reasonable debate, such as requests to label or take down content critical of vaccine passports and government mandates to require vaccination.
Note: For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines and media manipulation from reliable sources.
What Americans need to understand about the race to find vaccines and treatments for Covid-19 is that in the U.S., even when companies appear to downshift from maximum greed levels — and it’s not at all clear they’ve done this with coronavirus treatments — the production of pharmaceutical drugs is still a nearly riskless, subsidy-laden scam. Americans reacted in horror five years ago when a self-satisfied shark of an executive named Martin Shkreli, a.k.a. the “Pharma Bro,” helped his company, Turing Pharmaceuticals, raise the price of lifesaving toxoplasmosis drug Daraprim from $13.50 to $750 per pill. Shkreli, who smirked throughout congressional testimony ... was held up as a uniquely smug exemplar of corporate evil. Really, the whole industry is one big Shkreli, and Covid-19 — a highly contagious virus with unique properties that may require generations of vaccinations and booster shots — looms now as the ultimate cash cow for lesser-known Pharma Bros. “The power of the industry combined with fear is driving extraordinary spending,” says U.S. Rep. Lloyd Doggett (D-Texas), who has been ... warning about pandemic profiteering. “It all suggests rosy times ahead for the pharmaceutical industry.” Recent House and Senate emergency-spending bills allocate as much as $20 billion or more for vaccine development, and another $6 billion for manufacturing and distribution. “The public will pay for much research and manufacturing,” says Doggett. “Only the profits will be privatized.”
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and Big Pharma profiteering from reliable major media sources
A whistleblower who works in Project Nightingale, the secret transfer of the personal medical data of up to 50 million Americans from one of the largest healthcare providers in the US to Google, has expressed anger to the Guardian that patients are being kept in the dark about the massive deal. The anonymous whistleblower has posted a video on the social media platform Daily Motion that contains a document dump of hundreds of images of confidential files relating to Project Nightingale. The secret scheme ... involves the transfer to Google of healthcare data held by Ascension, the second-largest healthcare provider in the US. The data is being transferred with full personal details including name and medical history and can be accessed by Google staff. Unlike other similar efforts it has not been made anonymous through a process of ... de-identification. The disclosed documents include highly confidential outlines of Project Nightingale, laying out the four stages or pillars of the secret project. By the time the transfer is completed next March, it will have passed the personal data of 50 million or more patients in 21 states to Google, with 10 million or so files already having moved across with no warning having been given to patients or doctors. Google has entered into similar partnerships on a much smaller scale with clients such as the Colorado Center for Personalized Medicine. But in that case all the data handed over to the search giant was encrypted, with keys being held only on the medical side.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the disappearance of privacy from reliable major media sources.
Opening unauthorized bank accounts. Cheating customers on mortgages and car loans. If you can dream up a financial scam, theres a good chance that Wells Fargo ran it on its customers in recent years. After years of pressure, the company finally parted ways with its second chief executive in three years. But this isnt real accountability. When a criminal on the street steals money from your wallet, they go to jail. When small-business owners cheat their customers, they go to jail. But when corporate executives at big companies oversee huge frauds that hurt tens of thousands of people, they often get to walk away with multimillion-dollar payouts. Too often, prosecutors dont even try to hold top executives criminally accountable. They claim its too hard to prove that the people at the top knew about the corporate misconduct. This culture of complicity warps the incentives for corporate leaders. The executives know that, at worst, the company will get hit with a fine and the money will come out of their shareholders pockets, not their own. It doesnt have to be this way. With sustained resources and a commitment to enforcing the law, we can bring more cases under existing rules. Beyond that, we should enact the Ending Too Big To Jail Act, which I introduced last year. That bill would make it easier to hold executives at big banks accountable for scams by requiring them to certify that they conducted a due diligence inquiry and found that no illegal conduct was occurring on their watch.
Note: The above was written by US Senator Elizabeth Warren. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
In the 1960s, the sugar industry funded research that downplayed the risks of sugar and highlighted the hazards of fat, according to a newly published article in JAMA Internal Medicine. The article draws on internal documents to show that an industry group called the Sugar Research Foundation wanted to "refute" concerns about sugar's possible role in heart disease. The SRF then sponsored research by Harvard scientists that did just that. The result was published in the New England Journal of Medicine in 1967, with no disclosure of the sugar industry funding. There's no evidence that the SRF directly edited the manuscript published by the Harvard scientists in 1967, but there is "circumstantial" evidence that the interests of the sugar lobby shaped the conclusions of the review, the researchers say. The documents in question are five decades old, but the larger issue is of the moment, as Marion Nestle notes in a commentary in the same issue of JAMA Internal Medicine: "Is it really true that food companies deliberately set out to manipulate research in their favor? Yes, it is, and the practice continues. In 2015, the New York Times obtained emails revealing Coca-Cola's cozy relationships with sponsored researchers who were conducting studies aimed at minimizing the effects of sugary drinks on obesity. More recently, the Associated Press obtained emails showing how a candy trade association funded and influenced studies to show that children who eat sweets have healthier body weights than those who do not."
Note: Read more on the sugar industry's manipulation of science. For more along these lines, see concise summaries of deeply revealing news articles on food system corruption from reliable major media sources.
The headline on the website Pravda trumpeted: Russian Nuclear Energy Conquers the World. The article, in January 2013, detailed how the Russian atomic energy agency, Rosatom, [became] one of the worlds largest uranium producers and brought Mr. Putin closer to his goal of controlling much of the global uranium supply chain. Major donors to the charitable endeavors of former President Bill Clinton and his family ... built, financed and eventually sold off to the Russians a company that would become known as Uranium One. Beyond mines in Kazakhstan that are among the most lucrative in the world, the sale gave the Russians control of one-fifth of all uranium production capacity in the United States. Uranium is considered a strategic asset. The deal had to be approved by ... United States government agencies. Among the agencies that eventually signed off was the State Department, then headed by Mr. Clintons wife, Hillary Rodham Clinton. As the Russians gradually assumed control of Uranium One ... a flow of cash made its way to the Clinton Foundation. Uranium Ones chairman used his family foundation to make four donations totaling $2.35 million. Those contributions were not publicly disclosed by the Clintons. Other people with ties to the company made donations as well. And shortly after the Russians announced their intention to acquire a majority stake in Uranium One, Mr. Clinton received $500,000 for a Moscow speech from a Russian investment bank with links to the Kremlin that was promoting Uranium One stock.
Note: The State Department also approved $165 Billion in commercial arms sales to Clinton Foundation donors under Clinton's leadership. For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.
The drug maker Merck drafted dozens of research studies for a best-selling drug, then lined up prestigious doctors to put their names on the reports before publication, according to an article ... in a leading medical journal. The article, based on documents unearthed in lawsuits over the pain drug Vioxx, provides a rare, detailed look in the industry practice of ghostwriting medical research studies that are then published in academic journals. The article cited one draft of a Vioxx research study that was still in want of a big-name researcher, identifying the lead writer only as “External author?” Vioxx was a best-selling drug before Merck pulled it from the market in 2004 over evidence linking it to heart attacks. Last fall the company agreed to a $4.85 billion settlement to resolve tens of thousands of lawsuits. The lead author of Wednesday’s article, Dr. Joseph S. Ross ... said a close look at the Merck documents raised broad questions about the validity of much of the drug industry’s published research, because the ghostwriting practice appears to be widespread. “It almost calls into question all legitimate research that’s been conducted by the pharmaceutical industry with the academic physician,” Dr. Ross said, whose article ... was published Wednesday in JAMA, the journal of the American Medical Association. Although the role of pharmaceutical companies in influencing medical journal articles has been questioned before, the Merck documents provided the most comprehensive look at the magnitude of the practice.
Note: Vioxx may have been responsible for 500,000 premature deaths. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
Strong sales of its COVID-19 vaccine and other medicines helped Pfizer nearly double its second-quarter revenue and boost its profit an impressive 59%, beating Wall Street expectations and leading the drug giant to sharply hike its 2021 sales and profit forecasts. Amid the surging coronavirus pandemic, the COVID-19 vaccine became Pfizer’s top seller, bringing in nearly half its revenue — $7.84 billion from direct sales and revenue split with its partner, Germany's BioNTech. Pfizer now anticipates revenue from the two-dose vaccine this year to reach $33.5 billion for the 2.1 billion doses it's contracted to provide by year end. That doesn't include a contract struck last week to provide an additional 200 million doses to the U.S. The New York company on Wednesday disclosed that ongoing testing of a booster shot, given six months after the second vaccine dose, showed it raised antibody levels against the more-transmissible Delta variant to 11 times higher in older people and five times higher in younger people, compared to levels after two doses. Pfizer has delivered more than 1 billion doses of the vaccine globally and expects to make 3 billion doses this year, with many more going to low- and middle-income countries from now through year's end. Most doses of all the COVID-19 vaccines produced in Europe and the U.S. so far have gone to wealthy countries.
Note: When public health is at stake, should private companies be making huge profits like this? Read more in this information article. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering and coronavirus vaccines from reliable major media sources.
Across the pharmaceutical and medical industries, senior executives and board members are making millions of dollars after announcing positive developments, including support from the government, in their efforts to fight Covid-19. After such announcements, insiders from at least 11 companies — most of them smaller firms whose fortunes often hinge on the success or failure of a single drug — have sold shares worth well over $1 billion since March, according to figures compiled for The New York Times. The sudden windfalls highlight the powerful financial incentives for company officials to generate positive headlines in the race for coronavirus vaccines and treatments, even if the drugs might never pan out. Some officials at the Department of Health and Human Services have grown concerned about whether companies are trying to inflate their stock prices by exaggerating their roles in Operation Warp Speed, the flagship federal initiative to quickly develop drugs to combat Covid-19. In some cases, company insiders ... appear to be pouncing on opportunities to cash out while their stock prices are sky high. And some companies have awarded stock options to executives shortly before market-moving announcements about their vaccine progress. “It is inappropriate for drug company executives to cash in on a crisis,” said Ben Wakana, executive director of Patients for Affordable Drugs. “Every day, Americans wake up and make sacrifices during this pandemic. Drug companies see this as a payday.”
Note: For more along these lines, see concise summaries of deeply revealing news articles on big Pharma corruption and the coronavirus from reliable major media sources.
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