Corporate Corruption Media Articles
Below are key excerpts of revealing news articles on corporate corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.
The nation's six big Wall Street banks posted record, or near record, profits in the first quarter. While higher interest rates allowed banks to earn more from lending in the first quarter, the main boost ... came from the billions of dollars they saved in taxes under the tax law Trump signed in December. Combined, the six banks saved at least $3.59 billion last quarter, according to an Associated Press estimate, using the bank's tax rates going back to 2015. Before the change in tax law, the maximum U.S. corporate income tax rate was 35 percent, not including what companies paid in state income taxes. Banks historically paid some of the highest taxes among the major industries, due to their U.S.-centric business models. Before the Trump tax cuts, these banks paid between 28 to 31 percent of their income each year in corporate taxes. The results released over the past week show how sharply those rates have dropped. JPMorgan Chase said it had a first-quarter tax rate of 18.3 percent, Goldman Sachs paid just 17.2 percent in taxes, and ... Citigroup, had a tax rate of 23.7 percent. This is just one quarter's results. Bank executives at the big six firms have estimated that their full-year tax rates will be something closer to 20 percent to 22 percent. The AP's calculations are roughly in line with what Wall Street analysts predicted. Bank industry analyst Mike Mayo ... estimated that that the big U.S. banks combined would save roughly $19 billion in taxes for the full year.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
A former U.S. Secret Service agent named Peter Cavicchia III ran special ops for JPMorgan Chase & Co. His insider threat group ... used computer algorithms to monitor the banks employees. Aided by as many as 120 forward-deployed engineers from the data mining company Palantir Technologies Inc., which JPMorgan engaged in 2009, Cavicchias group vacuumed up emails and browser histories, GPS locations ... and transcripts of digitally recorded phone conversations. It all ended when the banks senior executives learned that they, too, were being watched. [The] spying scandal ... which has never been reported, also marked an ominous turn for Palantir. An intelligence platform designed for the global War on Terror was weaponized against ordinary Americans at home. Founded in 2004 by Peter Thiel and some fellow PayPal alumni, Palantir cut its teeth working for the Pentagon and the CIA. The U.S. Department of Health and Human Services uses Palantir. The FBI uses it. The Department of Homeland Security deploys it. Police and sheriffs departments in New York, New Orleans, Chicago, and Los Angeles have also used it, frequently ensnaring in the digital dragnet people who arent suspected of committing any crime. JPMorgans experience remains instructive. The world changed when it became clear everyone could be targeted using Palantir, says a former JPMorgan cyber expert who worked with Cavicchia at one point on the insider threat team. Everyones a suspect, so we monitored everything.
Note: Palantir was one of the private intelligence firms that reportedly conspired to discredit activists and journalist Glenn Greenwald, in part by submitting fake documents to WikiLeaks. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the disappearance of privacy.
Child sex dolls have been pulled from sale by online retail giant Amazon.com Inc after widespread criticism from a watchdog and charities in Britain over concerns that people who use such lifelike dolls may go on to sexually abuse children. More than a dozen child sex dolls were removed from sale, having been listed by third-party sellers, according to Amazon. All Marketplace sellers must follow our selling guidelines and those who dont will be subject to action including potential removal of their account, an Amazon spokesman said in a statement. England Childrens Commissioner, Anne Longfield, said Amazon should explain how the dolls were permitted to be posted on their website, and ensure they cannot be put back up for sale. Britain allows people to manufacture and own child sex dolls yet it is illegal to import them. A British man was convicted last year for doing so in what police said was a landmark case in the fight against a new form of sex crime against children. Opinion is divided over the use of child sex dolls, which have the appearance, weight and anatomy of real children. Some charities argue such dolls should be made available on prescription to help prevent people who are sexually attracted to children acting on their desires. Other organizations, such as the National Society for the Prevention of Cruelty to Children (NSPCC), say sex dolls can be dangerous proxies to act out fantasies like rape or child abuse.
Note: Though the US House of Representatives passed a bill in June of 2018 banning sex dolls that look like children, it has yet to be approved by the Senate as of Oct., 2018. And this article shows amazon is still selling child-like sex dolls, though they are not listed as children.
An epic throw-down happened Thursday on Capitol Hill. The topic: the Consumer Financial Protection Bureau, the agency created in the wake of the 2007-08 financial crisis. The Trump administration's acting director, Mick Mulvaney ... believes the bureau's powers are excessive. Sen. Elizabeth Warren ... led the creation of the bureau to protect consumers from abuses by everything from big banks to student loan providers to fly-by-night loan sharks. Mulvaney ... calls the bureau Warren's "baby." But Democrats say that over the past five months, he has done a terrible job of taking care of it. Back when he was a Republican congressman, Mulvaney sponsored legislation that would have abolished the bureau. Since its creation, the bureau has returned a total of $12 billion to consumers by clawing back money from companies that cheated them. Thursday's hearing was part of Mulvaney's mandated semiannual report to Congress on the activities of the CFPB. In a hearing ... New York Democrat Carolyn Maloney said the bureau used to bring several enforcement actions a month against financial companies. She pressed Mulvaney: "So let me ask you how many enforcement actions has the bureau initiated since you took over?" Mulvaney: "We have initiated none since I've been there." Mulvaney ... is asking lawmakers to put the bureau's budget under the control of Congress. The bureau ... is funded by the Federal Reserve instead of by Congress, a move designed to shield it from political influence.
Note: In 2016, Wells Fargo paid a $100 million fine to the Consumer Financial Protection Bureau after getting caught ripping off millions of customers. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
Goldman Sachs analysts attempted to address a touchy subject for biotech companies, especially those involved in the pioneering "gene therapy" treatment: cures could be bad for business in the long run. "Is curing patients a sustainable business model?" analysts ask in an April 10 report entitled "The Genome Revolution." "The potential to deliver 'one shot cures' is one of the most attractive aspects of gene therapy, genetically-engineered cell therapy and gene editing. However, such treatments offer a very different outlook with regard to recurring revenue versus chronic therapies," analyst Salveen Richter wrote in the note to clients. "While this proposition carries tremendous value for patients and society, it could represent a challenge for genome medicine developers looking for sustained cash flow." Richter cited Gilead Sciences' treatments for hepatitis C, which achieved cure rates of more than 90 percent. The company's U.S. sales for these hepatitis C treatments peaked at $12.5 billion in 2015, but have been falling ever since. "GILD is a case in point, where the success of its hepatitis C franchise has gradually exhausted the available pool of treatable patients," the analyst wrote. "In the case of infectious diseases such as hepatitis C, curing existing patients also decreases the number of carriers able to transmit the virus to new patients, thus the incident pool also declines. Where an incident pool remains stable (eg, in cancer) the potential for a cure poses less risk to the sustainability of a franchise."
Note: Many cancer treatments have been suppressed, sometimes in brutal ways, because the medical profession would lose the huge profits of traditional cancer treatments. Watch this video for undeniable evidence showing that this is the case. Read an excellent article on how the profiteering drug industry is crippling our children, possibly even intentionally. For more along these lines, see concise summaries of deeply revealing health news articles from reliable major media sources.
I downloaded a copy of my Facebook data last week. I didnt expect to see much. But when I opened my file, it was like opening Pandoras box. I learned that about 500 advertisers - many that I had never heard of, like Bad Dad, a motorcycle parts store, and Space Jesus, an electronica band - had my contact information, which could include my email address, phone number and full name. Facebook also had my entire phone book, including the number to ring my apartment buzzer. The social network had even kept a permanent record of the roughly 100 people I had deleted from my friends list over the last 14 years. Facebook said unfamiliar advertisers might appear [in the file] because they might have obtained my contact information from elsewhere, compiled it into a list of people they wanted to target and uploaded that list into Facebook. Brands can obtain your information [by] buying ... from a data provider like Acxiom, which has amassed one of the worlds largest commercial databases on consumers. Lets be clear: Facebook is just the tip of the iceberg when it comes to what information tech companies have collected on me. Knowing this, I also downloaded copies of my Google data with a tool called Google Takeout. The data sets were exponentially larger than my Facebook data. Here was the biggest surprise: In a folder labeled Ads, Google kept a history of many news articles I had read. Be warned: Once you see the vast amount of data that has been collected about you, you wont be able to unsee it.
Note: Those who want to download their own Facebook data can use this link. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the disappearance of privacy.
Australia's financial intelligence czar Nicole Rose says she is shocked at the depth of money laundering in the economy involving organised crime, child exploitation and drug importation. "I thought coming from the Australian Criminal Intelligence Commission that I had a pretty good handle on serious and organised crime," she [said]. "I didn't appreciate the depth and breadth of involvement with private entities and banks. I didn't appreciate how many industries it does actually touch. There's a misperception that money laundering is a victimless white collar crime. It has a massive impact on everyday life whether that's child exploitation, serious and organised crime or drug importation. It all involves money laundering." A career public servant specialising in anti-terrorism strategy, Ms Rose was appointed chief executive of the Australian Transactions Reports & Analysis Centre (AUSTRAC) in November last year. Ms Rose, a former deputy head of the Australian Criminal Intelligence Commission, inherited AUSTRAC's high stakes case against the Commonwealth Bank which is fighting almost 54,000 allegations that it broke anti-money laundering and anti-terrorism financing laws. While not commenting directly on the CBA case, Ms Rose said she was confident that all Australian banks are now aware of the money laundering risk. However, Ms Rose was uncertain when the $10,000 reporting threshold on cash transactions would be extended from financial institutions to other high-risk sectors.
Note: Explore an eye-opening article by Fiona Barnett, which claims the Watergate break in's real purpose was steal a list of high level political pedophiles from both parties. As reported in this Sydney Morning Herald article, Ms. Barnett testified to Australia's Royal Commission into Institutional Responses to Child Sexual Abuse on being a victim of a high level pedophile ring. More on this is available in this article from the UK's Daily Mail.
Chinese companies are picking their employees brains - literally - with mind-reading devices designed to improve efficiency and performance. Workers are being outfitted with safety helmet-like caps that monitor brain waves and send the information to computers that use artificial intelligence algorithms to detect emotional spikes, like depression, anxiety and rage. The Orwellian technology has been used on factory employees, train conductors and workers at State Grid Zhejian Electric Power. State Grid, which has 40,000 employees ... said the companys profits have increased by about $315 million since it implemented the surveillance caps in 2014. The government-funded brain-monitoring project, called Neuro Cap, has been implemented in more than a dozen factories and businesses. Jin Jia, an associate professor of brain science and cognitive psychology at Ningbo University, which is hosting the project, said the brain caps allow workers to be better managed. Qiao Zhian, professor of management psychology at Beijing Normal University, said the devices could give companies a competitive boost - but warned they could also violate privacy in the worst way. There is no law or regulation to limit the use of this kind of equipment in China. The employer may have a strong incentive to use the technology for higher profit, and the employees are usually in too weak a position to say no, he said. The selling of Facebook data is bad enough. Brain surveillance can take privacy abuse to a whole new level.
Note: While slightly less invasive than microchip implants, the use of devices like these by government and industry threatens to fully eliminate privacy.
The Supreme Court on Monday shielded a police officer from being sued for shooting an Arizona woman in her front yard, once again making it harder to bring legal action against officers who use excessive force, even against an innocent person. With two dissents, the high court tossed out a lawsuit by a Tucson woman who was shot four times outside her home because she was seen carrying a large knife. Justices Sonia Sotomayor and Ruth Bader Ginsburg said in dissent the victim did not threaten the police or a friend who was standing nearby. This "decision is not just wrong on the law; it also sends an alarming signal to law enforcement officers and the public," Sotomayor wrote. Since the Civil War, federal law has allowed people to sue government officials, including the police, for violating their constitutional rights. But in recent years, the Supreme Court has erected a shield of immunity for police and said officers may not be sued unless victims can point to a nearly identical shooting that had been deemed unconstitutionally excessive in a previous decision. The justices did not rule on whether officer Andrew Kisela acted reasonably when he used potentially deadly force against Amy Hughes. The court instead ruled [that Kisela] could not be sued because the victim could not cite a similar case. Sotomayor said the majority had revised the facts to favor the officer. "Hughes was nowhere near the officers, had committed no illegal act, was suspected of no crime, and did not raise the knife," she wrote.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in policing and in the court system.
[Here's] how much of your information ... Facebook and Google store about you. Google stores your location ... every time you turn on your phone. You can see a timeline of where youve been from the very first day you started using Google on your phone. Google stores search history across all your devices. Even if you delete your search history and phone history on one device, it may still have data saved from other devices. Google creates an advertisement profile based on your information, including your location, gender, age, hobbies, career, interests, relationship status, possible weight ... and income. Google offers an option to download all of the data it stores about you. Ive requested to download it and the file is 5.5GB big, which is roughly 3m Word documents. Facebook offers a similar option to download all your information. Mine was roughly 600MB, which is roughly 400,000 Word documents. Facebook also stores what it thinks you might be interested in based off the things youve liked and what you and your friends talk about. The data they collect includes tracking where you are, what applications you have installed, when you use them, what you use them for, access to your webcam and microphone at any time, your contacts, your emails, your calendar, your call history, the messages you send and receive, the files you download, the games you play, your photos and videos, your music, your search history, your browsing history, even what radio stations you listen to.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the disappearance of privacy.
Trump-era media really is something else. Otherwise smart and interesting publications are working so hard to appeal to both sides that theyve completely abandoned their integrity in the process. Take the Atlantic, who announced a new roster of high-profile columnists this week, including Kevin D Williamson a writer who compared a nine-year-old black child to a primate, and who argued that women that have abortions along with their doctors and nurses should be executed by hanging. When I asked the Atlantic for comment, a spokesperson responded that the magazine has a large number of contributors who represent a broad spectrum of views. She wrote that while diverse viewpoints are core to the magazines mission, they have strict standards for how these viewpoints are expressed in our pages. In other words, the Atlantic doesnt mind employing a marquee columnist who thinks women should be hanged for having abortions so long as he doesnt say as much in the magazine. But believing America should execute women in genocidal numbers (one in four women in this country will have an abortion) is not a diverse viewpoint and the fact that one of the nations leading political magazines could defend it as such indicates a serious moral crisis in mainstream media.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the manipulation of public perception.
Shocking hygiene failings have been discovered in some of the USs biggest meat plants, as a new analysis reveals that as many as 15% (one in seven) of the US population suffers from foodborne illnesses annually. A joint investigation by the Bureau of Investigative Journalism (TBIJ) and the Guardian found that hygiene incidents are at numbers that experts described as deeply worrying. US campaigners are calling once again for the closure of a legal loophole that allows meat with salmonella to be sold in the human supply chain, and also warn about the industrys push to speed up production in the countrys meat plants. Unpublished US- government records highlight numerous specific incidents including: Diseased poultry meat that had been condemned found in containers used to hold edible food products; Pig carcasses piling up on the factory floor after an equipment breakdown, leading to contamination with grease, blood and other filth; Meat destined for the human food chain found riddled with faecal matter and abscesses filled with pus; High-power hoses being used to clean dirty floors next to working production lines containing food products; Factory floors flooded with dirty water after drains became blocked by meat parts and other debris; Dirty chicken, soiled with faeces or having been dropped on the floor, being put back on to the production line after being rinsed with dilute chlorine.
Note: Read more on the unsafe and unethical high speed slaughterhouses on track for USDA approval. For more along these lines, see concise summaries of deeply revealing food system corruption news articles from reliable major media sources.
In January 1993, David Reynard sued the NEC America Company, claiming that his wifes NEC phone caused her lethal brain tumor. After Reynard appeared on national TV, the story went viral. A week later, [Cellular Telecommunications and Internet Association president Tom] Wheeler announced that his industry would pay for a comprehensive research program. Cell phones were already safe, Wheeler told reporters; the new research would simply re-validate the findings of the existing studies. George Carlo seemed like a good bet to fulfill Wheelers mission. In 1995, Carlo began directing the industry-financed Wireless Technology Research project (WTR), whose eventual budget of $28.5 million made it the best-funded investigation of cell-phone safety to date. He and Wheeler would eventually clash bitterly over the ... findings, which Carlo presented to wireless-industry leaders on February 9, 1999. By that date, the WTR had commissioned more than 50 original studies and reviewed many more. Those studies raised serious questions about cell-phone safety. A livid Tom Wheeler began publicly trashing Carlo to the media. Wheelers tactics succeeded in dousing the controversy. In the years to come, the WTRs cautionary findings would be replicated by numerous other scientists ... leading the World Health Organization in 2011 to classify cell-phone radiation as a possible human carcinogen and the governments of Great Britain, France, and Israel to issue strong warnings on cell-phone use by children.
Note: Read the complete article above to learn how far the wireless industry has gone to hide the dangers of its products from the public. Also worthy of attention is a Harvard study titled "How the Federal Communications Commission Is Dominated by the Industries It Presumably Regulates". For more along these lines, see concise summaries of deeply revealing news articles on the risks and dangers of wireless technologies.
Bird populations across the French countryside have fallen by a third over the last decade and a half, researchers have said. Dozens of species have seen their numbers decline, in some cases by two-thirds, the scientists said in a pair of studies one national in scope and the other covering a large agricultural region in central France. The situation is catastrophic, said Benoit Fontaine, a conservation biologist at Frances National Museum of Natural History and co-author of one of the studies. A migratory song bird, the meadow pipit, has declined by nearly 70%. The museum described the pace and extent of the wipe-out as a level approaching an ecological catastrophe. The primary culprit, researchers speculate, is the intensive use of pesticides on vast tracts of monoculture crops, especially wheat and corn. The problem is not that birds are being poisoned, but that the insects on which they depend for food have disappeared. Recent research ... has uncovered similar trends across Europe. Flying insects have declined by 80%, and bird populations has dropped by more than 400m in 30 years. Despite a government plan to cut pesticide use in half by 2020, sales in France have climbed steadily, reaching more than 75,000 tonnes of active ingredient in 2014, according to European Union figures. What is really alarming, is that all the birds in an agricultural setting are declining at the same speed, even generalist birds, which also thrive in other settings such as wooded areas, said [ecologist Vincent] Bretagnolle.
Note: A United Nations report recently noted that pesticides have produced catastrophic impacts on the environment, human health and society as a whole, and condemned the pesticide industry for aggressively promoting lies about the usefulness of their products. For more along these lines, see concise summaries of deeply revealing food system corruption news articles from reliable major media sources.
Sitting in a hotel bar, Alexander Nix, who runs the political data firm Cambridge Analytica, had a few ideas for a prospective client looking for help in a foreign election. The firm could send an attractive woman to seduce a rival candidate and secretly videotape the encounter, Mr. Nix said, or send someone posing as a wealthy land developer to pass a bribe. We have a long history of working behind the scenes, Mr. Nix said. The prospective client, though, was actually a reporter. The encounter was secretly filmed as part of a monthslong investigation into Cambridge Analytica, the data firm with ties to President Trumps 2016 campaign. The results of Channel 4s work were broadcast ... days after reports ... that the firm had harvested the data from more than 50 million Facebook profiles in its bid to develop techniques for predicting the behavior of individual American voters. Less noticed has been the work that Cambridge Analytica and its parent company, the SCL Group, have done outside the United States. Many of our clients dont want to be seen to be working with a foreign company, he told the Channel 4 reporter. We can set up fake IDs and websites. Mr. Nix ... boasted that Cambridge Analytica employs front companies and former spies on behalf of political clients. The information that is uncovered ... is then put into the bloodstream to the internet, said Mark Turnbull, another Cambridge executive. Then watch it grow, he added. It has to happen without anyone thinking, Thats propaganda.
Note: Watch an astounding video revealing how Cambridge Analytica has successfully manipulated national elections around the world using sleazy tactics like pretty women to entrap candidates and offering major bribes while recording the exchange. And here is a video featuring the whistleblower who exposed this.
The CEO of Marathon Petroleum, Gary Heminger, took home an astonishing 935 times more pay than his typical employee in 2017. One of Marathons gas station workers would have to toil more than nine centuries to make as much as Heminger grabbed in just one year. Employees of at least five other US firms would have to work even longer more than a millennium to catch up with their top bosses. These companies include the auto parts maker Aptiv (CEO-worker pay ratio: 2,526 to 1), the temp agency Manpower (2,483 to 1), amusement park owner Six Flags (1,920 to 1), Del Monte Produce (1,465 to 1), and apparel maker VF (1,353 to 1). These revelations come thanks to a new federal regulation that requires publicly traded US corporations to disclose, for the first time ever, how much their chief executives are making compared with their median workers. The disclosures are just now starting to flow in. Ever since 2010, the year Congress plugged a ratio disclosure mandate into the Dodd-Frank financial reform act, corporate lobbyists have been scheming to delay and repeal that mandates implementation. But responsible investors and other activists rallied and kept the mandate in place. The new ratios offer a benchmark for corporate greed that exposes exactly which firms are sharing the wealth their employees create and which arent, knowledge we can use to impose consequences on the corporations doing the most to make the United States more unequal.
Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
At 24, [Christopher Wylie] came up with an idea that led to the foundation of a company called Cambridge Analytica, a data analytics firm that went on to claim a major role in the Leave campaign for Britains EU membership referendum, and later became a key figure in digital operations during Donald Trumps election campaign. In 2014, Steve Bannon ... was Wylies boss. And Robert Mercer, the secretive US hedge-fund billionaire and Republican donor, was Cambridge Analyticas investor. The idea they bought into was to bring big data and social media to an established military methodology information operations then turn it on the US electorate. By [2017], Steve Bannon had become Trumps chief strategist. Cambridge Analyticas parent company, SCL, had won contracts with the US State Department and was pitching to the Pentagon, and Wylie was genuinely freaked out. Its insane, he told me one night. The company has created psychological profiles of 230 million Americans. And now they want to work with the Pentagon? Its like Nixon on steroids. He ended up showing me a tranche of documents that laid out the secret workings behind Cambridge Analytica. Wylie ... came up with a plan to harvest the Facebook profiles of millions of people in the US, and to use their private and personal information to create sophisticated psychological and political profiles. And then target them with political ads designed to work on their particular psychological makeup.
Note: Billionaire Robert Mercer used this new new technology to build a corporate empire capable of swinging elections by using military propaganda strategies on civilian populations. The above article further details how mass media is being combined with Big Data to produce powerful new forms of mind control. Watch an astounding video revealing how Cambridge Analytica has successfully manipulated national elections around the world.
Arnold Schwarzenegger says he is going after Big Oil and climate change. The actor and former governor of California said in a Politico-sponsored podcast ... that he is in talks with law firms about possibly suing global oil companies "for knowingly killing people all over the world." "The oil companies knew from 1959 on, they did their own study that there would be global warming happening because of fossil fuels, and on top of it that it would be risky for people's lives, that it would kill," Schwarzenegger said. "I don't think there's any difference: If you walk into a room and you know you're going to kill someone, it's first degree murder; I think it's the same thing with the oil companies," he said. In the podcast, Schwarzenegger compares the issue to the tobacco industry. "The tobacco industry knew for years and years and years and decades, that smoking would kill people ... and were hiding that fact from the people and denied it," Schwarzenegger said. "Then eventually they were taken to court and had to pay hundreds of millions of dollars because of that." He argues that every gas station, car and product with fossil fuels should have a warning label on it. He hopes that this will raise awareness about cleaner cars and alternative fuels. "We're going to go after them. Because to me it's absolutely irresponsible to know that your product is killing people and not have a warning label on it, like tobacco," he said.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and climate change.
As tens of thousands of Americans die from prescription opioid overdoses each year, an exclusive analysis by CNN and researchers at Harvard University found that opioid manufacturers are paying physicians huge sums of money - and the more opioids a doctor prescribes, the more money he or she makes. The CNN/Harvard analysis looked at 2014 and 2015, during which time more than 811,000 doctors wrote prescriptions to Medicare patients. Of those, nearly half wrote at least one prescription for opioids. Fifty-four percent of those doctors - more than 200,000 physicians - received a payment from pharmaceutical companies that make opioids. Among doctors in the top 25th percentile of opioid prescribers by volume, 72% received payments. Among those in the top fifth percentile, 84% received payments. Among the very biggest prescribers ... 95% received payments. On average, doctors whose opioid prescription volume ranked among the top 5% nationally received twice as much money from the opioid manufacturers, compared with doctors whose prescription volume was in the median. Pharmaceutical company payments to doctors are not unique to opioids. Drug companies pay doctors billions of dollars for various services. In 2015, 48% of physicians received some pharmaceutical payment. The CNN and Harvard findings are in line with other studies suggesting that money from drug companies does influence a doctor's prescribing habits.
Note: From 1999 to 2015, over 183,000 people died from prescription opioid overdoses in the US. A CBS article titled, "Ex-DEA agent: Opioid crisis fueled by drug industry and Congress" describes major regulatory failures that contributed to this crisis. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.
Next week marks the 10th anniversary of the run on Bear Stearns, the investment bank that collapsed under the weight of toxic subprime mortgages ... leading to the biggest economic crisis in nearly a century. That seems like a terrible political backdrop for the Senate to pass a bill that deregulates the banking sector. But that's exactly what's about to happen. The Economic Growth, Regulatory Relief and Consumer Protection Act, which pro-regulation groups have called the "Bank Lobbyist Act," advanced in the Senate this week. The ... Congressional Budget Office stated [that the] legislation would increase the risk of another [financial crisis] happening. The bill ... rolls back key pieces of the Dodd-Frank Act and includes giveaways to large institutions of the same size and scope as the ones that crashed the economy in 2008. The most important measure in the legislation raises the threshold for enhanced regulatory supervision by the Federal Reserve from $50 billion to $250 billion. The beneficiaries, 25 of the top 38 banks in America, could be called "stadium banks:" not big enough to count as Wall Street mega-banks, but big enough to have a sports stadium named after them. Nearly all giant foreign banks with operations in the U.S. could enjoy the same weaker rules. Why would more than one-third of the Senate Democratic caucus provide the margin of victory on [this] bill. The answer is simple: money. The top three recipients of campaign donations from commercial banks since 2017 are Democrats. This whole process reveals that bipartisanship usually arrives in Washington at the barrel of a money cannon.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
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