Corporate Corruption Media ArticlesExcerpts of Key Corporate Corruption Media Articles in Major Media
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American shoppers are reaching for healthier, more environmentally and animal-friendly meat products, with 39 percent saying “all-natural” is the most important claim when purchasing red meat. But there’s one problem: The U.S. Department of Agriculture says that when it comes to meat and poultry, the term “natural” means only that the product has no artificial ingredients and has been minimally processed. It doesn’t mean anything when it comes to antibiotics, hormones or preservatives. Companies such as Tyson Foods Inc., Pilgrim’s Pride Corp. and Hormel Foods Corp. have been snapping up smaller, outwardly progressive competitors. At the same time, however, some of the major meat companies have been offering their own products as “natural,” replete with labels featuring blue skies and green fields. On April 8, the Superior Court of the District of Columbia - a jurisdiction with stringent consumer protection laws - dismissed a lawsuit by the Animal Legal Defense Fund (ALDF) alleging Hormel was misleading consumers. The court held that as long as manufacturer labels are approved by the USDA, the advertising can use the “natural” claims. In statements disclosed in the filing, a company executive said the same pigs it uses to make its famous Spam brand meat product are also used in Natural Choice pork products. Those pigs are often given antibiotics and are rarely allowed outdoors. “It’s a massive attempt to manipulate and dupe the consumer,” said David Muraskin, a food project attorney.
Note: For more along these lines, see concise summaries of deeply revealing food system corruption news articles from reliable major media sources.
In his annual letter to shareholders, distributed last week, JPMorgan Chase CEO Jamie Dimon took aim at socialism, warning it would be “a disaster for our country,” because it produces “stagnation, corruption and often worse.” Dimon should know. He was at the helm when JPMorgan received a $25bn socialist-like bailout in 2008, after it and other Wall Street banks almost tanked because of their reckless loans. Dimon subsequently agreed to pay the government $13bn to settle charges that the bank overstated the quality of mortgages it was selling. According to the Justice Department, JPMorgan acknowledged it had regularly and knowingly sold mortgages that should have never been sold. To state it another way, Dimon and other Wall Street CEOs helped trigger the 2008 financial crisis when the dangerous and irresponsible loans their banks were peddling – on which they made big money – finally went bust. But instead of letting the market punish the banks (which is what capitalism is supposed to do) the government bailed them out and eventually levied paltry fines which the banks treated as the cost of doing business. Call it socialism for rich bankers. America’s five biggest banks, including Dimon’s, now control 46% of all deposits, up from 12% in the early 1990s. But, of course, Dimon isn’t really ... concerned about socialism. Dimon’s real concern is that America may end the kind of socialism he and other denizens of the Street depend on – bailouts, regulatory loopholes, and tax breaks.
Note: The above was written by former US secretary of labor Robert Reich. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
American billionaires are calling for changes to the system that enabled them to get rich. Warren Buffett, Jamie Dimon, Ray Dalio, Bill Gates and a list of others say that capitalism in its current form simply doesn’t work for the rest of the United States. Some of their remedies involve higher taxes. Hedge fund titan Ray Dalio is the most recent to criticize the current economic system. On Monday, the Bridgewater founder told CNBC that while it doesn’t need to be destroyed, capitalism does need to present an equal opportunity, which Dalio said he received through public education. The issue chafing billionaires and politicians alike is a growing income gap. The inequality between rich and poor Americans is as high as it was in late 1930s, Dalio pointed out in a paper posted online. The wealth of the top 1 percent of the population is now more than that of the bottom 90 percent of the population combined. Dalio called growing inequality and lack of investment in public education “an existential risk for the U.S.” Berkshire Hathaway CEO Warren Buffett - third on Forbe’s 2019 billionaires list - has repeatedly said the wealthy should be taxed more. In 2006, the CEO committed to give all of his Berkshire Hathaway stock to philanthropic foundations. He and Bill and Melinda Gates have asked hundreds of wealthy Americans to pledge at least 50 percent of their wealth to charity in the so-called “the Giving Pledge.” There are now 190 people signed on, including Facebook CEO Mark Zuckerberg and Netflix CEO Reed Hastings.
Note: For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
Last May, an elderly man was admitted to the Brooklyn branch of Mount Sinai Hospital for abdominal surgery. A blood test revealed that he was infected with a newly discovered germ as deadly as it was mysterious. Doctors swiftly isolated him in the intensive care unit. The germ, a fungus called Candida auris, preys on people with weakened immune systems, and it is quietly spreading across the globe. Recently C. auris reached New York, New Jersey and Illinois, leading the federal Centers for Disease Control and Prevention to add it to a list of germs deemed “urgent threats.” C. auris is so tenacious, in part, because it is impervious to major antifungal medications, making it a new example of one of the world’s most intractable health threats: the rise of drug-resistant infections. For decades, public health experts have warned that the overuse of antibiotics was reducing the effectiveness of drugs that have lengthened life spans by curing bacterial infections once commonly fatal. But lately, there has been an explosion of resistant fungi as well. Yet as the problem grows, it is little understood by the public — in part because the very existence of resistant infections is often cloaked in secrecy. With bacteria and fungi alike, hospitals and local governments are reluctant to disclose outbreaks for fear of being seen as infection hubs. Even the C.D.C., under its agreement with states, is not allowed to make public the location or name of hospitals involved in outbreaks.
Each year, state lawmakers across the U.S. introduce thousands of bills dreamed up and written by corporations, industry groups and think tanks. Disguised as the work of lawmakers, these so-called “model” bills get copied in one state Capitol after another, quietly advancing the agenda of the people who write them. A two-year investigation by USA TODAY, The Arizona Republic and the Center for Public Integrity reveals for the first time the extent to which special interests have infiltrated state legislatures using model legislation. USA TODAY and the Republic found at least 10,000 bills almost entirely copied from model legislation were introduced nationwide in the past eight years, and more than 2,100 of those bills were signed into law. In a separate analysis, the Center for Public Integrity identified tens of thousands of bills with identical phrases, then traced the origins of that language. Model bills passed into law have ... limited access to abortion and restricted the rights of protesters. In all, these copycat bills amount to the nation’s largest, unreported special-interest campaign, driving agendas in every statehouse and touching nearly every area of public policy. USA TODAY found more than 4,000 bills benefiting industry were introduced nationwide during the eight years it reviewed. More than 80 of those bills limit the public's ability to sue corporations, including limiting class-action lawsuits, a plaintiff's ability to offer expert testimony, and cap punitive damages for corporate wrongdoing.
Note: For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.
At least 25 prominent artificial-intelligence researchers, including experts at Google, Facebook, Microsoft and a recent winner of the prestigious Turing Award, have signed a letter calling on Amazon to stop selling its facial-recognition technology to law enforcement agencies because it is biased against women and people of color. The letter, which was publicly released Wednesday, reflects growing concern in academia and the tech industry that bias in facial-recognition technology is a systemic problem. Amazon sells a product called Rekognition through its cloud-computing division, Amazon Web Services. The company said last year that early customers included the Orlando Police Department in Florida and the Washington County Sheriff’s Office in Oregon. In January, two researchers at the Massachusetts Institute of Technology published a peer-reviewed study showing that Amazon Rekognition had more trouble identifying the gender of female and darker-skinned faces in photos than similar services from IBM and Microsoft. It mistook women for men 19 percent of the time, the study showed, and misidentified darker-skinned women for men 31 percent of the time. “There are no laws or required standards to ensure that Rekognition is used in a manner that does not infringe on civil liberties,” the A.I. researchers wrote. “We call on Amazon to stop selling Rekognition to law enforcement.”
Opening unauthorized bank accounts. Cheating customers on mortgages and car loans. If you can dream up a financial scam, there’s 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 isn’t 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 don’t even try to hold top executives criminally accountable. They claim it’s 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 doesn’t 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.
Purdue Pharma has agreed to pay $270 million to settle a historic lawsuit brought by the Oklahoma attorney general, who accused the OxyContin maker of aggressively marketing the opioid painkiller and fueling a drug epidemic that left thousands dead in the state. The settlement comes after Purdue [sought] to delay the start of the trial, which is scheduled for May 28. Attorney General Mike Hunter said ... that $102.5 million of the settlement would be used to help establish a national addiction treatment and research center at Oklahoma State University. The company will also provide $20 million of addiction treatment and opioid rescue medications to the center. A remaining $12.5 million from the settlement will be used directly to help cities and counties with the opioid crisis. The Sackler family, who founded and own Purdue Pharma, will also contribute $75 million over the next five years to the treatment and research center. The lawsuit was brought by Hunter against some of the nation's leading makers of opioid pain medications, alleging that deceptive marketing over the past decade fueled the epidemic in the state. Hunter has said the defendants - Purdue Pharma, Johnson & Johnson, Teva Pharmaceuticals, Allergan and others - deceived the public into believing that opioids were safe for extended use. The settlement was only with Purdue Pharma, and the other defendants are still scheduled to go to trial. Thirty-six states have brought cases against Purdue and other opioid drugmakers.
Note: Many doctors also profited from excessive prescribing of dangerous opioids. And according to a former DEA agent, Congress helped drug companies fuel the opioid epidemic. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.
In September 2017, Aileen Black wrote an email to her colleagues at Google. Black, who led sales to the U.S. government, worried that details of the company’s work to help the military guide lethal drones would become public through the Freedom of Information Act. “We will call tomorrow to reinforce the need to keep Google under the radar," Black wrote. According to a Pentagon memo signed last year, however, no one at Google needed worry: All 5,000 pages of documents about Google’s work on the drone effort, known as Project Maven, are barred from public disclosure, because they constitute “critical infrastructure security information." The memo is part of a recent wave of federal decisions that keep sensitive documents secret on that same basis - thus allowing agencies to quickly deny document requests. In response to a Freedom of Information Act request I filed more than a year ago, seeking documents related to Project Maven’s use of Google technology, the Defense Department said that it had discovered 5,000 pages of relevant material - and that every single page was exempt from disclosure. Some of the pages included trade secrets, sensitive internal deliberations, and private personal information about some individuals, the department said. Such information can be withheld under the act. But it said all of the material could be kept private under “Exemption 3" of the act, which allows the government to withhold records under a grab bag of other federal statutes.
Note: Read more about Project Maven. Google employees strongly opposed working on war technology, and circulated a petition to stop the project. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
A federal jury dealt a huge blow to Monsanto, saying its popular weedkiller Roundup was a substantial factor in causing a California man's cancer. It's the second time in eight months that a jury has reached such a decision. But Edwin Hardeman's case against Monsanto is the first to be tried in federal court. And thousands of similar cases are still pending at the federal or state level. But this trial isn't over yet. While the first phase focused on whether Roundup caused Hardeman's cancer, the second phase ... focuses on whether Monsanto is liable. It's unclear how much the jury might award Hardeman in damages, if anything at all. But last August, in the first state trial over whether Roundup can cause cancer, California jurors awarded former school groundskeeper Dewayne Johnson $289 million in punitive and compensatory damages. A judge later reduced the total award to $78 million. Non-Hodgkin's lymphoma patients who used Roundup started suing Monsanto by the hundreds after a World Health Organization report ... said glyphosate is "probably carcinogenic to humans." While debate continues over whether glyphosate is safe, parts of the country are limiting or banning it, said the US Public Interest Research Group Education Fund. "Following the state court decision last year, we saw a huge uptick in local ordinances that would regulate the use of Roundup on playgrounds, schoolyards and public parks," said PIRG's Kara Cook-Schultz, who leads a campaign to ban Roundup.
Note: Internal FDA emails suggest that the food supply contains far more glyphosate than government reports indicate. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.
The nation's eighth-largest nonprofit donated $56.1 million to a series of organizations identified as hate groups from 2015 to 2017, according to a report from Sludge. National Christian Foundation, which identifies itself as the largest Christian grant maker and one of the largest donor-advised funds in the nation, has served as a vehicle for individuals trying to anonymously send money. Donor-advised funds allow individuals sending the tax deductible contributions to remain anonymous from the IRS and instruct where they want the payments to be sent. For those donating via NCF, this meant sending money to 23 organizations that the Southern Poverty Law Center has labeled hate groups. Most of the hate organizations that received money from the NCF opposed LGBT rights. The report also found that the NCF donated to anti-Muslim and anti-immigrant organizations. Organizations receiving the most funds from NCF included the Alliance Defending Freedom, which has advocated for sterilizing transgender individuals, and the Family Research Council, which has advocated conversion therapy. Members of the Family Research Council including Tony Perkins, the organization's president, have sought to link pedophilia and homosexuality. The NCF's website says it has "accepted over $12 billion in contributions and made over $10 billion in giver-recommended grants to more than 55,000 charities."
Note: For more along these lines, see concise summaries of deeply revealing civil liberties news articles from reliable major media sources.
The vast majority of the people who propose and make changes to Wikipedia are volunteers. A few people, however, have figured out how to manipulate Wikipedia’s supposedly neutral system to turn a profit. That’s [paid Wikipedia editor Ed] Sussman’s business. And in just the past few years, companies including Axios, NBC, Nextdoor and Facebook’s PR firm have all paid him to manipulate public perception using a tool most people would never think to check. One of Wikipedia’s more well-known rules is its prohibition on editing pages that you have any sort of direct connection to. But ... anyone, even someone financially tied to the subject in question, is allowed to merely suggest edits in the hopes that a less conflicted editor might come by, agree, and implement the changes for them. This is where a paid editor like Sussman comes in. On his website, Sussman identifies himself as “a journalist, lawyer, academic and technology entrepreneur” who “is often called upon in ‘crisis management’ situations where inaccurate or misleading information has been placed in a Wikipedia article.” Sussman’s main strategy for convincing editors to make the changes his clients want is to cite as many tangentially related rules as possible (he is, after all, a lawyer). He often replies to nearly every single bit of pushback with walls of text arguing his case. Trying to get through even a fraction of it is exhausting, and because Wikipedia editors are unpaid, there’s little motivation to continue dealing with Sussman’s arguments. So he usually gets his way.
Pharmaceutical companies are under the spotlight with congressional hearings on the cost of drug prices and allegations of the industry’s role in the opioid crisis. Dr. Raeford Brown, a pediatric anesthesia specialist ... and chair of the Food and Drug Administration (FDA) Committee on Analgesics and Anesthetics, has been openly critical of big pharma and the lack of proper oversight from the FDA. Despite many politicians, particularly declared presidential candidates, beginning to speak out against big pharma, Brown does not think that anything will come out of it “because Congress is owned by pharma.” “The pharmaceutical industry pours millions of dollars into the legislative branch every single year,” he [said]. “In 2016, they put $100 million into the elections. That’s a ton of money.” OpenSecrets, a website operated by the nonpartisan Center for Responsive Politics, tracks money in U.S. politics. It ranked the top 20 members of the House and the Senate that have received the most campaign contributions from the pharmaceutical and health products industry. Kevin McCarthy, now the House minority leader after midterms, received ... a total of $380,350 in campaign contributions, with a large sum coming from pharma companies. “Congress is supposed to have oversight for the FDA,” Brown said. “If the FDA isn’t going to hold pharma accountable, and Congress is getting paid to not hold pharma accountable, then it really doesn’t matter who the president is because it’s really about Congress.”
Note: Learn more on how big Pharma controls politicians in this very well researched video. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and Big Pharma profiteering from reliable major media sources.
Amazon hasn't paid any taxes to the US government in the past two years. Actually, Amazon received hundreds of millions of dollars in federal tax credits in 2017 and 2018. That might seem nuts, considering Amazon is the third-most valuable company in the world and earned a record $10 billion last year. But critics of Amazon's tax bill aren't accusing Amazon of doing anything improper. "This is tax avoidance, not tax evasion. There's no indication of any wrongdoing, except on the part of Congress," said Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy. US tax code allows money-losing companies to reduce their future taxable income. Amazon's total earnings have easily topped its losses — many times over. But some of Amazon's earnings came from sales outside the United States, on which Amazon paid either lower or no US taxes. Many companies that lose money pay little or no federal income taxes. For example, General Motors (GM) has paid little federal tax money since emerging from bankruptcy in 2009, despite posting record profits for several years. Amazon declined to comment on its federal tax payments.
Note: Read how former tax lobbyists now run the tax-writing committees. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
A broad new scientific analysis of the cancer-causing potential of glyphosate herbicides, the most widely used weedkilling products in the world, has found that people with high exposures to the popular pesticides have a 41% increased risk of developing a type of cancer called non-Hodgkin lymphoma. The findings by five US scientists contradict the US Environmental Protection Agency’s (EPA) assurances of safety over the weed killer and come as regulators in several countries consider limiting the use of glyphosate-based products in farming. Monsanto and its German owner Bayer AG face more than 9,000 lawsuits in the US brought by people suffering from NHL who blame Monsanto’s glyphosate-based herbicides for their diseases. The first plaintiff to go to trial won a unanimous jury verdict against Monsanto in August. The next trial, involving a separate plaintiff, is set to begin on 25 February, and several more trials are set for this year and into 2020. The new analysis could potentially complicate Monsanto’s defense of its top-selling herbicide. Three of the study authors were tapped by the EPA as board members for a 2016 scientific advisory panel on glyphosate. The new paper was published by the journal Mutation Research /Reviews in Mutation Research, whose editor in chief is EPA scientist David DeMarini. “This paper makes a stronger case than previous meta-analyses that there is evidence of an increased risk of NHL due to glyphosate exposure,” said [study] co-author Lianne Sheppard.
Note: Internal FDA emails suggest that the food supply contains far more glyphosate than government reports indicate. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.
On Sept. 7, 2017, the world heard an alarming announcement from credit ratings giant Equifax: In a brazen cyberattack, somebody had stolen sensitive personal information from more than 140 million people, nearly half the population of the U.S. The information included Social Security numbers, driver's license numbers, information from credit disputes and other personal details. Then, something unusual happened. The data disappeared. Completely. CNBC talked to eight experts. All of them agreed that a breach happened, and personal information from 143 million people was stolen. But none of them knows where the data is now. Security experts haven't seen the data used in any of the ways they'd expect in a theft like this — not for impersonating victims, not for accessing other websites, nothing. Most experts familiar with the case now believe that the thieves were working for a foreign government and are using the information not for financial gain, but to try to identify and recruit spies. One former senior intelligence official ... summarized the prevailing expert opinion on how the foreign intelligence agency is using the data. First, he said, the foreign government is probably combining this information with other stolen data, then analyzing it using artificial intelligence or machine learning to figure out who's likely to be — or to become — a spy for the U.S. government. Second, credit reporting data provides compromising information that can be used to turn valuable people into agents of a foreign government.
The inner-workings of a beef processing plant in Dakota Dunes, South Dakota, might not sound like compelling national news, but in 2012, ABC changed that with two little words: “pink slime.” As you probably recall, the news outlet questioned Beef Products, Inc. (BPI) about its ground beef filler known as “lean finely textured beef” (LFTI), utilizing the pejorative term “pink slime” in the process. The backlash from the report hit BPI’s bottom line hard, despite the fact that they maintained that LFTI is safe and made from 100 percent beef, and so the South Dakotan company sued ABC News. The news organization eventually settled out of court ... paying nine figures to BPI to end the whole mess. BPI survived the ordeal and are back in the news again for – guess what – lean finely textured beef. But don’t call it “LFTI.” And definitely don’t call it “pink slime.” According to Beef Magazine, the USDA has given its approval for BPI to call “lean finely textured beef” simply “ground beef.” “We approached USDA about the possibility of reclassifying our product,” Nick Ross, BPI vice president of engineering, [said] “After reviewing BPI’s submission of a new product and new production process, [the United States Department of Agriculture’s Food Safety and Inspection Service (FSIS)] determined that the product meets the regulatory definition of ground beef ... and may be labeled accordingly,” a FSIS spokesperson [confirmed]. But for consumers, the change won’t really mean that much.
It may have shocked the world when the publisher of the National Enquirer allegedly tried to use nude pictures to coerce Jeff Bezos. But it came as no surprise to ... veterans of the Enquirer’s parent company, American Media Inc. “The threats, the blackmail, that’s their business model,” one former National Enquirer staffer told The Daily Beast. That model burst out into public view on Thursday night when Bezos - the world’s richest man, the founder of Amazon, and the owner of The Washington Post - published emails from AMI chief content officer Dylan Howard that threatened the release of a “d*ck pick” if the Post didn’t relent in its investigation of AMI. It was a familiar moment to Paul Barresi, a private investigator who spent years working on cases that informed stories in AMI. “The National Enquirer had some people who would go to a celebrity and say, ‘unless you give in to a one-on-one interview ... we’re going to report XYZ,” he said. “The nice way of calling it was quid pro quo, but really it was blackmail.” The supermarket tabloid company’s bag of dirty tricks is well-chronicled and includes catch-and-kill operations: paying for an exclusive interview only to bury it, as a favor to an ally or after using the dirt to convince a celebrity to play ball with them. Most infamously, AMI has admitted it paid ex-Playboy model Karen McDougal $150,000 in hush money for her story of an affair with Donald Trump, which never saw the light of day.
Note: WTK founder Fred Burks saw personally how the Enquirer is much more highly guarded than any other major media. He is almost certain it is a CIA front used to manage disinformation and discredit real stories that seem unbelievable. For more along these lines, see concise summaries of deeply revealing news articles on corruption in the corporate world and in mass media.
When Will Schuller was an 18-year-old senior in high school in Overland Park, Kansas, something puzzling was happening. He was “big into running at the time” and seemingly in good health, but ...Will struggled to walk from the school parking lot to his classes, and he couldn’t exercise. Around Christmas 2014, Will was diagnosed with Lambert-Eaton Myasthenic Syndrome (LEMS), a rare neuromuscular disorder. LEMS is “a chronic autoimmune disorder that affects strength and muscle fatigue ability,” said Dr. Ted M. Burns, a professor of neurology. There is a drug to treat LEMS that up until recently was free for patients through an FDA program called “compassionate use.” When Schuller got the drug, called ... 3,4-DAP, he instantly felt better. Since 1992, 3,4-DAP, was made by Jacobus Pharmaceuticals, a small New Jersey company, until a different company, Catalyst, recently received the exclusive rights to the drug. Catalyst added a preservative, renamed it Firdapse, and is now charging north of $375,000 a year for the life-changing drug. Will's parents said doctors ... warned them about an impending price increase, but they never imagined it would start costing hundreds of thousands of dollars. “We're paying ... less than that,” said Bob Schuller, Will’s dad. “But everyone's premiums are going to go up as a result of this. So it's a cost to the entire system.” Sen. Bernie Sanders, I-Vt., sent a letter to Catalyst on Monday demanding an explanation for the new price of Firdapse, calling it "a blatant fleecing of American taxpayers."
Note: Read how a major drug price increase nearly bankrupted the city of Rockford, Illinois. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.
A national inquiry into Australia's scandal-plagued financial sector has proposed sweeping changes in an attempt to end rampant industry misconduct. The Royal Commission spent 12 months investigating wrongdoing by some of the nation's biggest institutions. Prominent scandals included the charging of fees for no service - sometimes to dead customers. The government said it would act on all 76 recommendations made by the inquiry. The Royal Commission - Australia's highest form of public inquiry - came after a decade of scandals that shook confidence in the country's largest industry. After the report was made public on Monday, Treasurer Josh Frydenberg said the public had paid an "immense" price for the misconduct. "It's a scathing assessment of conduct driven by greed and behaviour that was in breach of existing law and fell well below community expectations," he said. The Royal Commission received more than 10,000 public submissions. It interviewed over 130 witnesses in public hearings. The report made 76 recommendations for reform, including: More than 20 unidentified cases to be referred on to regulators, resulting in possible criminal or civil prosecutions; There should be an overhaul of the sector's sales culture to reduce conflicts of interest; Regulators need to more regularly prosecute breaches, or lose some of their powers. The government has been criticised for initially resisting the probe, which it later described as "regrettable but necessary" action to restore public trust.
Note: For more along these lines, see concise summaries of deeply revealing banking corruption news articles from reliable major media sources.
Important 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.