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


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

Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.


America's biggest companies are flourishing during the pandemic and putting thousands of people out of work
2020-12-16, Washington Post
https://www.washingtonpost.com/graphics/2020/business/50-biggest-companies-co...

With few exceptions, big businesses are having a very different year from most of the country. Between April and September, one of the most tumultuous economic stretches in modern history, 45 of the 50 most valuable publicly traded U.S. companies turned a profit. Despite their success, at least 27 of the 50 largest firms held layoffs this year, collectively cutting more than 100,000 workers. Corporate leaders are touting their success and casting themselves as leaders on the road to economic recovery. Many of their firms have put Americans out of work and used their profits to increase the wealth of shareholders. 21 big firms that were profitable during the pandemic laid off workers anyway. Berkshire Hathaway raked in profits of $56 billion during the first six months of the pandemic while one of its subsidiary companies laid off more than 13,000 workers. Salesforce, Cisco Systems and PayPal cut staff even after their chief executives vowed not to do so. Companies sent thousands of employees packing while sending billions of dollars to shareholders. Walmart, whose CEO spent the past year championing the idea that businesses "should not just serve shareholders," nonetheless distributed more than $10 billion to its investors during the pandemic while laying off 1,200 corporate office employees. Economists estimate at least 100,000 small businesses permanently closed in the first two months of the pandemic alone.

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


Purdue Pharma pleads guilty to federal criminal charges related to nation's opioid crisis
2020-11-30, CNN News
https://www.cnn.com/2020/11/24/us/purdue-pharma-oxycontin-guilty-plea/index.html

Purdue Pharma, the maker of OxyContin, pleaded guilty Tuesday to three federal criminal charges related to the company's role in creating the nation's opioid crisis. Purdue Pharma board chairman Steve Miller pleaded guilty on behalf of the company during a virtual federal court hearing in front of US District Judge Madeline Cox Arleo. The counts include one of dual-object conspiracy to defraud the United States and to violate the Food, Drug, and Cosmetic Act, and two counts of conspiracy to violate the Federal Anti-Kickback Statute. The plea deal announced in October includes the largest penalties ever levied against a pharmaceutical manufacturer, including a criminal fine of $3.544 billion and an additional $2 billion in criminal forfeiture, according to a Department of Justice press release. According to the US Centers for Disease Control and Prevention, about 70,000 Americans died of drug overdoses in 2018, just one year of the opioid crisis, and about 70% of those deaths were caused by prescription or illicit opioids like OxyContin. Several civil lawsuits against Purdue Pharma related to the opioid crisis are still ongoing as the company undergoes bankruptcy proceedings. The Plaintiffs' Executive Committee in the National Prescription Opiate Litigation Multi-District Litigation called Purdue Pharma's guilty plea "long overdue." "Their illegal and profit-seeking actions were egregious. It is important to note, however, that they are just one company in one part of the larger opioid supply chain," [the plaintiffs'] attorneys ... said.

Note: The company pays huge fines for the deaths of countless thousands, yet the CEO and others responsible face no legal charges. Where is the deterrent for this egregious behavior? For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.


After Admitting Mistake, AstraZeneca Faces Difficult Questions About Its Vaccine
2020-11-25, New York Times
https://www.nytimes.com/2020/11/25/business/coronavirus-vaccine-astrazeneca-o...

The announcement this week that a cheap, easy-to-make coronavirus vaccine appeared to be up to 90 percent effective was greeted with jubilation. But since unveiling the preliminary results, AstraZeneca has acknowledged a key mistake in the vaccine dosage received by some study participants, adding to questions about whether the vaccine's apparently spectacular efficacy will hold up under additional testing. Scientists and industry experts said the error and a series of other irregularities and omissions in the way AstraZeneca initially disclosed the data have eroded their confidence in the reliability of the results. The regimen that appeared to be 90 percent effective was based on participants receiving a half dose of the vaccine followed a month later by a full dose; the less effective version involved a pair of full doses. AstraZeneca disclosed in its initial announcement that fewer than 2,800 participants received the smaller dosing regimen, compared with nearly 8,900 participants who received two full doses. Moncef Slaoui, the head of Operation Warp Speed, the U.S. initiative to fast-track coronavirus vaccines, noted another limitation in AstraZeneca's data. On a call with reporters, he suggested that the participants who received the half-strength initial dose had been 55 years old or younger. The fact that the initial half-strength dose wasn't tested in older participants, who are especially vulnerable to Covid-19, could undermine AstraZeneca's case to regulators that the vaccine should be authorized for emergency use.

Note: Learn in this revealing article how vaccine trials are rigged. This article spells out how vaccine makers are above the law and face no consequences for damage from vaccines. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and vaccines from reliable major media sources.


Pfizer CEO Sold Millions In Stock After Coronavirus Vaccine News, Raising Questions
2020-11-11, NPR
https://www.npr.org/2020/11/11/933957580/pfizer-ceo-sold-millions-in-stock-af...

The chairman and CEO of Pfizer, Albert Bourla, sold $5.6 million worth of stock in the pharmaceutical company on Monday. The sale took place on the same day Pfizer announced that its experimental coronavirus vaccine candidate was found to be more than 90% effective. Bourla's sale of Pfizer stock was part of a trading plan set months in advance. Known as 10b5-1 plans, they essentially put stock trades on autopilot. Executives are supposed to adopt these plans only when they are not in possession of inside information that can affect a company's stock price. On Aug. 19, Bourla implemented his stock-trading plan. The next day, Aug. 20, Pfizer issued a press release ... confirming that Pfizer and its German partner, BioNTech, were "on track to seek regulatory review" for its vaccine candidate. Daniel Taylor, an expert in insider trading ... told NPR that the close timing between the adoption of Bourla's stock plan and the press release looked "very suspicious." "It's wholly inappropriate for executives at pharmaceutical companies to be implementing or modifying 10b5-1 plans the business day before they announce data or results from drug trials," Taylor said. The stock sales by Pfizer's CEO brought to mind similar concerns with another coronavirus vaccine-maker, Moderna. Multiple executives at Moderna adopted or modified their stock-trading plans just before key announcements about the company's vaccine. Those executives have sold tens of millions of dollars in Moderna stock.

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.


OxyContin Maker Purdue to Plead Guilty Over Opioid Practices, Deal Sparks Opposition
2020-10-21, US News & World Report/Reuters
https://www.usnews.com/news/top-news/articles/2020-10-21/oxycontin-maker-purd...

Purdue Pharma LP agreed to plead guilty to criminal charges over the handling of its addictive prescription opioid OxyContin, in a deal with U.S. prosecutors that effectively sidestepped paying billions of dollars in penalties and stopped short of criminally charging its executives or wealthy Sackler family owners. Prosecutors imposed significant penalties exceeding $8 billion against Purdue, though the lion's share will go largely unpaid. Purdue agreed to pay $225 million toward a $2 billion criminal forfeiture, with the Justice Department foregoing the rest if the company completes a bankruptcy reorganization dissolving itself and shifting assets to a "public benefit company," or similar entity, that steers the $1.775 billion unpaid portion to thousands of U.S. communities suing it over the opioid crisis. A $3.54 billion criminal fine and $2.8 billion civil penalty are likely to receive cents on the dollar as they compete with trillions of dollars of other claims from those communities and other creditors in Purdue's bankruptcy proceedings. Members of the billionaire Sackler family who own Purdue agreed to pay a separate $225 million civil penalty for allegedly causing false claims for OxyContin to be made to government healthcare programs such as Medicare, according to court records. Neither the Sacklers nor any Purdue executives were criminally charged. Purdue reaped more than $30 billion from sales of OxyContin over the years, enriching Sackler family members while funneling illegal kickbacks to doctors and pharmacies.

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


Why tech giants limited the spread of NY Post story on Biden
2020-10-15, Star Tribune/Associated Press
https://www.startribune.com/why-tech-giants-limited-the-spread-of-ny-post-sto...

When Facebook and Twitter moved quickly this week to limit the spread of an unverified political story published by the conservative-leaning New York Post, it led to predictable cries of censorship from the right. But it also illustrated the slippery hold even the largest tech companies have on the flow of information. While Facebook and Twitter have often been slow to combat apparent misinformation ... their response in this case shows how quickly they can move when they want to. For the first time in recent memory, the two social media platforms enforced rules against misinformation on a story from a mainstream media publication. The story in question, which has not been confirmed by other publications, cited unverified emails from Democratic presidential nominee Joe Biden's son that were reportedly discovered by President Donald Trump's allies. Facebook used the possibility of false information as the reason to limit the article's reach, which means its algorithm shows it to fewer people, much the way you might not see as many posts from friends you don't interact with often. Twitter, meanwhile, blocked users from tweeting out the link to the story and from sending it in private messages. Though they acted quickly, both companies stumbled on communicating their decision to the public. In part because of this, and in part by the mere act of trying to limit the story, the tech platforms soon became the story.

Note: For more on this important story, read Matt Taibbi's article titled "With the Hunter Biden Expose, Suppression is a Bigger Scandal Than The Actual Story." For more along these lines, see concise summaries of deeply revealing news articles on media manipulation from reliable sources.


Alleged animal abuse in US dairy sector under investigation
2020-10-15, The Guardian (One of the UK's leading newspapers)
https://www.theguardian.com/environment/2020/oct/15/alleged-animal-abuse-in-u...

Evidence of what appears to be aggressive animal abuse, practices leading to heightened disease risk and cows being passed off as organic at a Texan auctioneers has been presented to the US Department of Agriculture (USDA) by undercover welfare investigators. The ... investigation centres on Texan auctioneers, Erath County Dairy Sales (ECDS). Undercover video footage filmed at ECDS between January and March 2020 ... was delivered to the USDA by the US-Brazil based NGO, Strategies for Ethical and Environmental Development (Seed). In one video, the undercover investigator, hired as an animal handler, is told that removing a cowâ₏™s ear tags, and replacing them with new â₏Œback tagsâ₏ť that indicate a cow is organic, can triple or quadruple their meat sale value. The investigator said he witnessed the tag switching process. First, a bladed tool was used to remove the ear tags, which are part of the USDAâ₏™s animal disease traceability framework. These tags were not replaced. Instead, another tag, known as a back tag or sticker, was glued to the cowâ₏™s back. The stickers indicate the cow is organic and from Texas. A lawyer for California-based NGO, Animal Legal Defense Fund, said she was â₏Œnot too surprisedâ₏ť by the tag switching accusations. â₏ŒWe have seen this type of thing before,â₏ť said Kelsey Eberly. She fears the practice is â₏Œmore commonâ₏ť than people would expect, mainly â₏Œbecause the price premium is so much higherâ₏ť for organic and better welfare meat and dairy.

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


New Documents Reveal How the Animal Agriculture Industry Surveils and Punishes Critics
2020-10-10, The Intercept
https://theintercept.com/2020/10/10/new-documents-reveal-how-the-animal-agric...

Animal agriculture industry groups defending factory farms engage in campaigns of surveillance, reputation destruction, and other forms of retaliation against industry critics and animal rights activists, documents obtained through a FOIA request from the U.S. Department of Agriculture reveal. That the USDA possesses these emails and other documents demonstrates the federal government’s knowledge of, if not participation in, these industry campaigns. These documents detail ongoing monitoring of the social media of news outlets, including The Intercept, which report critically on factory farms. They reveal private surveillance activities aimed at animal rights groups and their members. They include discussions of how to create a climate of intimidation for activists who work against industry abuses, including by photographing the activists and publishing the photos online. And they describe a coordinated ostracization campaign that specifically targets veterinarians who criticize industry practices. One of the industry groups central to these activities is the Animal Agriculture Alliance, which represents factory farms and other animal agriculture companies. The group boasts that one of its prime functions is “Monitoring Activism,” by which they mean: “We identify emerging threats and provide insightful resources on animal rights and other activist groups by attending their events, monitoring traditional and social media and engaging our national network.”

Note: Watch an interview with Dr. Crystal Heath, a veterinarian targeted by Animal Agricultural Alliance for her activism against inhumane factory farming practices. For more along these lines, see concise summaries of deeply revealing news articles on food system corruption from reliable major media sources.


‘Mighty whiteboard of truth’: The weapon Rep. Katie Porter used to school a pharma exec — and plenty others
2020-10-01, Washington Post
https://www.washingtonpost.com/nation/2020/10/01/katie-porter-whiteboard-math...

Rep. Katie Porter (D-Calif.) got out her marker and scrawled a figure on the whiteboard beside her: $13 million. “Do you know what this number is?” she asked Mark Alles, the former CEO of the pharmaceutical company Celgene, as he testified remotely before the House Oversight Committee on Wednesday. “Does it ring any bells?” Alles could hardly get his answer out before Porter scribbled more math on the board. That multimillion figure — his total compensation in 2017 — was already 200 times the average income in the United States, the congresswoman pointed out. It got even larger, she said, after Celgene needlessly tripled the cost of a cancer medication, thus securing himself hefty bonuses in return. As of early Thursday, the rapid-fire interrogation had been viewed more than 15 million times on Twitter — the latest in a long list of her viral cross-examinations. These stunning exchanges at congressional hearings have themselves gained plenty of attention beyond Capitol Hill — especially when Porter pulls out what one person on Twitter dubbed “her mighty whiteboard of truth.” It is this kind of clear, insistent inquiry that has made Porter — a consumer protection lawyer ... who studied bankruptcy law under Sen. Elizabeth Warren (D-Mass.) — so effective at grilling everyone from Mark Zuckerberg to little-known Trump appointees, all with a dry-erase marker and some simple math. “No one has ever wielded a weapon as terrifying as Katie Porter’s whiteboard,” wrote Molly Wood, a public radio journalist.

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


How Operation Warp Speed's Big Vaccine Contracts Could Stay Secret
2020-09-29, NPR
https://www.npr.org/sections/health-shots/2020/09/29/917899357/how-operation-...

The Trump administration has compared Operation Warp Speed's crash program to develop a COVID-19 vaccine to the Manhattan Project. And like the notoriously secretive government project to make the first atomic bomb, the details of Operation Warp Speed's work may take a long time to unravel. One reason is that Operation Warp Speed is issuing billions of dollars' worth of coronavirus vaccine contracts to companies through a nongovernment intermediary, bypassing the regulatory oversight and transparency of traditional federal contracting mechanisms, NPR has learned. Instead of entering into contracts directly with vaccine makers, more than $6 billion in Operation Warp Speed funding has been routed through a defense contract management firm called Advanced Technologies International, Inc. ATI then awarded contracts to companies working on COVID-19 vaccines. As a result, the contracts between the pharmaceutical companies and ATI may not be available through public records requests, and additional documents are exempt from public disclosure for five years. [Robin] Feldman, of UC Hastings, says the administration's comparison of Operation Warp Speed to the Manhattan Project is troubling. "I think that's completely the wrong image," she says. "The right analogy, I think, for Operation Warp Speed is the penicillin effort in World War II. We can do a lot of good together, but we have to make sure pharma companies aren't taking advantage of the crisis."

Note: Read an excellent article showing how most of these contracts are linked to the CIA and DHS and more. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus from reliable major media sources.


Facebook suspends environmental groups despite vow to fight misinformation
2020-09-22, MSN News
https://www.msn.com/en-gb/news/world/facebook-suspends-environmental-groups-d...

Facebook has suspended the accounts of several environmental organizations less than a week after launching an initiative it said would counter a tide of misinformation over climate science on the platform. Groups such as Greenpeace USA, Climate Hawks Vote and Rainforest Action Network were among those blocked from posting or sending messages on Facebook over the weekend. Activists say hundreds of other individual accounts linked to indigenous, climate and social justice groups were also suspended. The suspended people and groups were all involved in a Facebook event from May last year that targeted KKR & Co, a US investment firm that is backing the Coastal GasLink pipeline, a 670km-long gas development being built in northern British Columbia, Canada. The suspensions, the day before another online action aimed at KKR & Co, has enraged activists who oppose the pipeline for its climate impact and for cutting through the land of the Wetʼsuwetʼen, a First Nations people. “Videos of extreme violence, alt-right views and calls for violence by militias in Kenosha, Wisconsin, are allowed to persist on Facebook,” said Delee Nikal, a Wet’suwet’en community member. “Yet we are banned.” Many of the accounts have now been restored, but a handful are still blocked. The suspensions came just a few days after the social media giant said it was launching a “climate science information center” to counter ... posts that reject the established science of the climate crisis.

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


Global banks seek to contain damage over $2 trillion of suspicious transfers
2020-09-21, MSN News/Reuters
https://www.msn.com/en-us/money/markets/global-banks-seek-to-contain-damage-o...

Global banks faced a fresh scandal about dirty money on Monday as they sought to limit the fallout from a cache of leaked documents showing they transferred more than $2 trillion in suspect funds over nearly two decades. Britain-based HSBC Holdings Plc, Standard Chartered Plc and Barclays Plc, Germany's Deutsche Bank AG and Commerzbank AG, and U.S.-headquartered JPMorgan Chase & Co and Bank of New York Mellon Corp were among the lenders named in the report by the International Consortium of Investigative Journalists and based on leaked documents. The report was based on 2,100 leaked suspicious activity reports (SARs), covering transactions between 1999 and 2017, filed by banks and other financial firms with the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN). Banks are required to file an SAR whenever handling funds that cause grounds for suspicion of criminal activity. The reports revealed broader problems with the monitoring system at the heart of global policing of money laundering and other criminal activity. Investors worried about the potential fallout for global banks, many of which have faced hefty fines in the past for lapses in controls and spent billions of dollars to bolster compliance. "It confirms what we already knew: that there are huge amounts of SARs being filed with relatively low numbers of cases brought through to prosecution,” said Etelka Bogardi, a Hong Kong-based financial services partner at Norton Rose Fulbright. "It also brings out the point that managing financial crime risk goes beyond making SARs," Bogardi said.

Note: The original ICIJ report is titled “Global banks defy U.S. crackdowns by serving oligarchs, criminals and terrorists.” Compare with the title of the New York Times article on this, “Banks Suspected Illegal Activity, but Processed Big Transactions Anyway.” A search on this topic shows that headlines of almost all major media have watered this down, likely to not upset the big banks. For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption from reliable major media sources.


Why The Social Dilemma is the most important documentary of our times
2020-09-18, The Independent (One of the UK's leading newspapers)
https://www.independent.co.uk/arts-entertainment/films/features/social-dilemm...

Netflix’s brilliant new 90-minute docu-drama, The Social Dilemma ... might be the most important watch of recent years. The film, which debuted at Sundance Film Festival in January, takes a premise that’s unlikely to set the world alight ... ie that Facebook, Twitter, Instagram et al aren’t exactly creating a utopia. Its masterstroke is in recruiting the very Silicon Valley insiders that built these platforms to explain their terrifying pitfalls – which they’ve realised belatedly. You don’t get a much clearer statement of social media’s dangers than an ex-Facebook executive’s claim that: “In the shortest time horizon I’m most worried about civil war.” The commonly held belief that social media companies sell users’ data is quickly cast aside – the data is actually used to create a sophisticated psychological profile of you. What they’re selling is their ability to manipulate you, or as one interviewee puts it: “It’s the gradual, slight, imperceptible change in your own behaviour and perception. It’s the only thing for them to make money from: changing what you do, how you think, who you are.” Despite it being public knowledge that Vote Leave and Trump’s 2016 election campaign harvested voters’ Facebook data on a gigantic scale, The Social Dilemma still manages to find fresh and vital tales of how these platforms destabilise modern politics. Russia’s Facebook hack to influence the 2016 US election? “The Russians didn’t hack Facebook. They used the tools that Facebook made for legitimate advertisers,” laments one of the company’s ex-investors.

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


Journalism’s Gates keepers
2020-08-21, Colombia Journalism Review
https://www.cjr.org/criticism/gates-foundation-journalism-funding.php

Last August, NPR profiled a Harvard-led experiment to help low-income families find housing in wealthier neighborhoods. Every quoted expert is connected to the Bill & Melinda Gates Foundation, which helps fund the project. NPR itself receives funding from Gates. The story ... is one of hundreds NPR has reported about the Gates Foundation or the work it funds, including myriad favorable pieces written from the perspective of Gates or its grantees. And that speaks to a larger trend - and ethical issue - with billionaire philanthropists’ bankrolling the news. As philanthropists increasingly fill in the funding gaps at news organizations ... an underexamined worry is how this will affect the ways newsrooms report on their benefactors. Nowhere does this concern loom larger than with the Gates Foundation. During the pandemic, news outlets have widely looked to Bill Gates as a public health expert on covid - even though Gates has no medical training and is not a public official. PolitiFact and USA Today (run by the Poynter Institute and Gannett, respectively - both of which have received funds from the Gates Foundation) have even used their fact-checking platforms to defend Gates from “false conspiracy theories” and “misinformation,” like the idea that the foundation has financial investments in companies developing covid vaccines and therapies. In fact, the foundation’s website and most recent tax forms clearly show investments in such companies, including Gilead and CureVac.

Note: Watch an excellent 15-minute presentation by courageous journalist Ben Swann on the agenda of facebook fact checkers. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and media manipulation from reliable major media sources.


Big Pharma's Covid-19 Profiteers
2020-08-13, Rolling Stone
https://www.rollingstone.com/politics/politics-features/big-pharma-covid-19-p...

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


Millions of Americans Have Lost Jobs in the Pandemic — And Robots and AI Are Replacing Them Faster Than Ever
2020-08-06, Time magazine
https://time.com/5876604/machines-jobs-coronavirus/

For 23 years, Larry Collins worked in a [toll] booth. But one day in mid-March, as confirmed cases of the coronavirus were skyrocketing, Collins’ supervisor called and told him not to come into work the next day. Collins’ job was disappearing, as were the jobs of around 185 other toll collectors at bridges in Northern California, all to be replaced by technology. The drive to replace humans with machinery is accelerating as companies struggle to avoid workplace infections of COVID-19 and to keep operating costs low. The U.S. shed around 40 million jobs at the peak of the pandemic. Some will never return. One group of economists estimates that 42% of the jobs lost are gone forever. This replacement of humans with machines may pick up more speed in coming months as companies move from survival mode to figuring out how to operate while the pandemic drags on. Robots could replace as many as 2 million more workers in manufacturing alone by 2025. “Look at the business model of Google, Facebook, Netflix. They’re not in the business of creating new tasks for humans,” says Daron Acemoglu, an MIT economist. The U.S. government incentivizes companies to automate, he says, by giving tax breaks for buying machinery and software. A business that pays a worker $100 pays $30 in taxes, but a business that spends $100 on equipment pays about $3 in taxes, he notes. The 2017 Tax Cuts and Jobs Act lowered taxes on purchases so much that “you can actually make money buying equipment,” Acemoglu says.

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


The race for a coronavirus vaccine is making some corporate insiders very rich.
2020-07-27, New York Times
https://www.nytimes.com/2020/07/27/business/the-race-for-a-coronavirus-vaccin...

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.


Revealed: oil giants help fund powerful police groups in top US cities
2020-07-27, The Guardian (One of the UK's leading newspapers)
https://www.theguardian.com/us-news/2020/jul/27/fossil-fuels-oil-gas-industry...

Big corporations accused of driving environmental and health inequalities in black and brown communities through toxic and climate-changing pollution are also funding powerful police groups in major US cities, according to a new investigation. Some of America’s largest oil and gas companies, private utilities, and financial institutions that bankroll fossil fuels also back police foundations – opaque private entities that raise money to pay for training, weapons, equipment, and surveillance technology for departments across the US. The investigation by the Public Accountability Initiative, a nonprofit corporate and government accountability research institute ... details how police foundations in cities such as Seattle, Chicago, Washington, New Orleans and Salt Lake City are partially funded by household names such as Chevron, Shell and Wells Fargo. Police foundations are industry groups that provide substantial funds to local departments, yet, as nonprofits, avoid much public scrutiny. The investigation details how firms linked to fossil fuels also sponsor events and galas that celebrate the police, while some have senior staff serving as directors of police foundations. The report portrays the fossil fuel industry as a common enemy in the struggle for racial and environmental justice. “Many powerful companies that drive environmental injustice are also backers of the same police departments that tyrannize the very communities these corporate actors pollute,” it states.

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


Corporate Insiders Pocket $1 Billion in Rush for Coronavirus Vaccine
2020-07-25, MSN News
https://www.msn.com/en-us/money/companies/corporate-insiders-pocket-dollar1-b...

On June 26, a small South San Francisco company called Vaxart made a surprise announcement: A coronavirus vaccine it was working on had been selected by the U.S. government to be part of Operation Warp Speed, the flagship federal initiative to quickly develop drugs to combat Covid-19. The race is on to develop a coronavirus vaccine, and some companies and investors are betting that the winners stand to earn vast profits from selling hundreds of millions – or even billions – of doses to a desperate public. 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. Senior officials appear to be pouncing on opportunities to cash out. And some companies have awarded stock options to executives shortly before market-moving announcements about their vaccine progress. Some companies are attracting government scrutiny for ... using their associations with Operation Warp Speed as marketing ploys. Vaxart's news release declared: "Vaxart's Covid-19 Vaccine Selected for the U.S. Government's Operation Warp Speed." But Vaxart is not among the companies selected to receive significant financial support from Warp Speed.

Note: MSN strangely removed this article a few days after posting it. A similar article by the New York Times titled "The race for a coronavirus vaccine is making some corporate insiders very rich" is available here. 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.


Federal charges describe elaborate scheme, bankrolled by FirstEnergy, to corrupt Ohio politics and secure nuclear bailout
2020-07-22, MSN News
https://www.msn.com/en-us/news/politics/federal-charges-describe-elaborate-sc...

Federal charging documents unsealed Tuesday describe how the company, FirstEnergy, spent $60 million to get House Speaker Larry Householder and his favored candidates elected, securing in return a $1.3 billion bailout, paid for by Ohio ratepayers. Householder and Jeff Longstreth, a top aide ... set up Generation Now, a secretive political nonprofit that could raise and spend unlimited amounts of money. “Having secured Householder’s power as Speaker, the Enterprise transitioned quickly to fulfilling its end of the corrupt bargain with Company A — Passing nuclear bailout legislation,” the complaint reads. After Gov. Mike DeWine signed the bill ... opponents, allied with natural-gas and environmental interests in the state, got to work trying to repeal it. They cleared an initial hurdle, collecting 1,000 valid signatures from voters. They had until Oct. 21 to gather hundreds of thousands more signatures. FirstEnergy and FirstEnergy Solutions sent $38 million to Generation Now. The campaign spent millions on mailers and ads discouraging Ohioans from signing the petitions. It also hired petition firms to prevent them from working for the repeal side. “For example,” the complaint reads,” in a meeting on July 24, 2019, which was recorded, [lobbyist Neil] Clark stated that he wired about $450,000 today hiring signature collections people to not work.” Some of the petitioners worked as “blockers,” disrupting the other side’s signature gathering efforts by following them around and making possible signers uncomfortable.

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