Corporate Corruption News Articles
Below are key excerpts of revealing news articles on corporate corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.
Much of the national debate about widening inequality ... ignores the upward redistributions going on every day, from the rest of us to the rich. These redistributions are hidden inside the market. The only way to stop them is to prevent big corporations and Wall Street banks from rigging the market. For example, Americans pay more for pharmaceuticals than do the citizens of any other developed nation. This costs you and me an estimated $3.5 billion a year - a hidden upward redistribution of our incomes to Pfizer, Merck and other big proprietary drug companies. Likewise, the interest we pay on ... loans is higher than it would be if the big banks ... had to work harder to get our business. As recently as 2000, Americas five largest banks held 25 percent of all U.S. banking assets. Now they hold 44 percent which gives them a lock on many such loans. The net result: another hidden upward redistribution. Why have food prices been rising faster than inflation, while crop prices are now at a six-year low? Because the giant corporations that process food have the power to raise prices. Result: a redistribution from average consumers to Big Agriculture. Why do you suppose health insurance is costing us more? Health insurers are hiking rates 20 to 40 percent next year, and their stock values are skyrocketing. Add it up - the extra money were paying for pharmaceuticals, Internet communications, home mortgages, student loans, airline tickets, food and health insurance - and you get a hefty portion of the average familys budget.
Note: This essay was written by former Secretary of Labor Robert Reich. For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
While British and American bankers who brought the world's economy to its knees in 2008 have barely faced the consequences for their actions, in Iceland, it's a different story. The Nordic nation, which was one of the worst affected by the 2008 financial crisis, has sentenced 26 bankers to a combined 74 years in prison. In two separate rulings last week, the Supreme Court of Iceland and Reykjavik District Court sentenced six top managers of two national banks for crimes committed in the lead up to the banking sector's collapse, bringing the total number of people who have faced the music for their roles in the crash to 26. At the moment the maximum penalty for white collar crime in Iceland is six years. Iceland deregulated its financial sector in 2001, and manipulation of the markets by bankers led to a system-wide meltdown when the global economy tanked in 2008. Iceland's economy is now in comparatively [good] health since the country was forced to borrow heavily from the International Monetary Fund seven years ago. As Iceland's president Olafur Ragnar Grimsson said when asked how the country recovered so quickly: "We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the poor, and we didnt introduce austerity measures like youre seeing in Europe." In the US and the UK, of course, we just bailed them out.
Note: According to the New York Times, the lines between Washington and Wall Street are blurred. Will US officials ever get serious about about financial industry corruption?
Giant Wall Street banks continue to threaten the well-being of millions of Americans. Back in 2000, before they almost ruined the economy and had to be bailed out, the five biggest banks on Wall Street held about 25 percent of the nation's banking assets. Now they hold more than 45 percent. In 2012, JPMorgan Chase, the largest bank on Wall Street, lost $6.2 billion betting on credit default swaps - and then publicly lied about the losses. It later came out that the bank paid illegal bribes to get the business in the first place. In May, the Justice Department announced a settlement of the biggest criminal price-fixing conspiracy in modern history, in which the biggest banks manipulated the $5.3 trillion-a-day currency market in a "brazen display of collusion," according to Attorney General Loretta Lynch. Wall Street's investment bankers, key traders, top executives, and hedge-fund and private-equity managers wield extraordinary power. They're major sources of campaign contributions to both parties. In addition, a lucrative revolving door connects the Street to Washington. Key members of Congress, especially those involved with enacting financial laws or overseeing financial regulators, have fat paychecks waiting for them on Wall Street when they retire. Which helps explain why no Wall Street executive has been indicted for the fraudulent behavior that led up to the 2008 crash. Or for the criminal price-fixing scheme settled in May. Or for other excesses since then.
Note: Does it at all seem strange that after the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled? Could this possibly have been planned? For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
Until this week most of us had never heard of Daraprim, a drug that fights toxoplasmosis. But after the decision of the drugs new owner, Turing Pharmaceuticals, to boost its cost per pill from $13.50 to a whopping $750, were all unlikely to forget its name or the name of Turings owner, 32-year-old Martin Shkreli. The outrage over the astronomical hike in a life-saving drug has opened the doors to a ... debate about the soaring costs of prescription medications in the United States. Daraprim ... has been around since the 1940s. Logic suggests that drugs that have been around for a while should decline in price. It turns out that isnt the case. The profit-minded individual or company snaps up the patents, suddenly hikes the drugs price and puts consumers from insurance companies to individuals in a position of either paying what is demanded or going without. Late this summer, Rodelis Therapeutics boosted the cost of 30 tablets of cycloserine, a tuberculosis drug, from $500 to $10,800. Early in the year, Valeant Pharmaceuticals International Inc boosted the prices of two heart drugs, Nitropress and Isuprel, by 525% and 212% on the same day that they acquired them. Our duty is to shareholders and to maximize the value of Valeants products, a company spokeswoman told the Wall Street Journal at the time.
Note: For more along these lines, see concise summaries of deeply revealing news articles about big pharma profiteering from reliable major media sources.
Corporations have poured money into universities to fund research for decades, but now, the debate over bioengineered foods has escalated into a billion-dollar food industry war. Companies like Monsanto are squaring off against major organic firms like Stonyfield Farm. Both sides have aggressively recruited academic researchers. The biotech industry has published dozens of articles, under the names of prominent academics, that in some cases were drafted by industry consultants. Monsanto and its industry partners have also passed out an undisclosed amount in special grants to scientists ... to help with biotechnology outreach and to travel around the country to defend genetically modified foods. The moves by Monsanto, in an alliance with the Biotechnology Industry Organization and the Grocery Manufacturers Association, are detailed in thousands of pages of emails that were at first requested by the nonprofit group U.S. Right to Know, which receives funding from the organic foods industry. The emails show how academics have shifted from researchers to actors in lobbying and corporate public relations campaigns. An inner circle of [biotech] industry consultants, lobbyists and executives ... devised strategy on how to block state efforts to mandate G.M.O. labeling. The opponents of genetically modified foods have used their own creative tactics, although their spending on lobbying and public relations amounts to a tiny fraction of that of biosciences companies.
Note: Read an article which takes it even deeper and shows what the NYT left out. For more along these lines, see concise summaries of deeply revealing news articles about the corruption of science and the controversy surrounding GMOs.
The worlds largest defense contractor has agreed to pay $4.7 million to settle charges that it illegally used government money. Top executives for Lockheed Martin who were being paid by the federal government to run Sandia National Laboratories ran a fierce campaign to lobby [government] officials for a seven-year extension of their contract, [and] urged them to close the bidding to competition. To clinch the contract extension, Sandia labs officials hired high-priced consultants including Heather A. Wilson, the former New Mexico congresswoman, who allegedly was paid $226,000. Wilson was not just on Lockheeds payroll. From 2009 through 2011, she had consulting jobs for Lockheed and three other contractors managing the Energy Departments national lab, charging taxpayers a total of $450,000. But the contractors could not document her work, said [Energy Department Inspector General Gregory] Friedman, whose staff found that the justification for the billing did not meet even minimum standards for federal payments. Wilson ... left Congress in 2009. Jay Coghlan of Nuclear Watch New Mexico, called the deal a slap on the wrist for the worlds biggest defense contractor to pay, [and] wrote on the NuclearWatch blog Lockheed engaged in deep and systemic corruption, including paying Congresswoman Heather Wilson $10,000 a month starting the day after she left office for so-called consulting services that had no written work requirements.
Note: Lockheed Martin runs a breathtakingly big part of the United States. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.
The National Security Agencys ability to spy on vast quantities of Internet traffic passing through the United States has relied on its extraordinary, decades-long partnership with a single company: the telecom giant AT&T. The N.S.A.s top-secret budget in 2013 for the AT&T partnership was more than twice that of the next-largest such program, [and] the company installed surveillance equipment in at least 17 of its Internet hubs on American soil, far more than its similarly sized competitor, Verizon. After the terrorist attacks of Sept. 11, 2001, AT&T ... began turning over emails and phone calls within days after the warrantless surveillance began in October 2001. In 2011, AT&T began handing over 1.1 billion domestic cellphone calling records a day to the N.S.A. after a push to get this flow operational prior to the 10th anniversary of 9/11, according to an internal agency newsletter. In a 2006 lawsuit, a retired AT&T technician named Mark Klein claimed that ... he had seen a secret room in a company building in San Francisco where the N.S.A. had installed equipment. Mr. Klein claimed that AT&T was providing the N.S.A. with access to Internet traffic that AT&T transmits for other telecom companies. Such cooperative arrangements, known in the industry as peering, mean that communications from customers of other companies could end up on AT&Ts network.
Note: The story of Klein's lawsuit was initially suppressed by the NSA and major media including the L.A. Times. For more along these lines, see concise summaries of deeply revealing news articles about questionable intelligence agency practices and the erosion of privacy.
One of the biggest corruption scandals to hit America's juvenile justice system began unfolding in 2007, when parents in a central Pennsylvania county began to complain that their children had been tossed into for-profit youth centers without a lawyer to represent them. The kickback scheme, known as "kids for cash," has resulted in prison terms for two Luzerne County judges and two businessmen. Convictions of thousands of juveniles have been tossed out. Now the case is entering its final chapter: a few remaining class action lawsuits. One of those claims drew to a close ... when a federal judge signed off on a settlement in which one of the businessmen, Robert Powell, would pay $4.75 million. Powell, who co-owned two private juvenile justice facilities, served an 18-month prison term after admitting to paying hundreds of thousands of dollars in bribes to former ... Judge Mark Ciavarella Jr. and his boss, Judge Michael Conahan. In return, Ciavarella routinely found children guilty and sent them to Powell's facilities. Ciavarella was convicted in 2011 of racketeering and other charges, and sentenced to 28 years in prison. Conahan, a friend of Powell's who oversaw the scam, pleaded guilty to racketeering and was sentenced to more than 17 years behind bars. A fourth conspirator ... pleaded guilty for his part in the plot and was sentenced to a year in prison.
Note: More than 5,000 kids were exposed to a court that jailed them for profit in this conspiracy involving just a handful of corrupt officials. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and civil liberties.
When police officers shoot people under questionable circumstances, Dr. Lewinski is often there to defend their actions. He has testified in or consulted in nearly 200 cases over the last decade. His conclusions are consistent: The officer acted appropriately, even when shooting an unarmed person. Even when shooting someone in the back. Even when witness testimony, forensic evidence or video footage contradicts the officers story. He has appeared as an expert witness in criminal trials, civil cases and disciplinary hearings, and before grand juries. In addition, his company, the Force Science Institute, has trained tens of thousands of police officers. His research has been roundly criticized by experts. An editor for The American Journal of Psychology called his work pseudoscience. The Justice Department denounced his findings as lacking in both foundation and reliability. Civil rights lawyers say he is selling dangerous ideas. In the protests that have followed police shootings, demonstrators have often asked why officers are so rarely punished for shootings that seem unwarranted. Dr. Lewinski is part of the answer. In testimony on the stand, for which he charges nearly $1,000 an hour, he ... sprinkles scientific explanations with sports analogies. Dr. Lewinski and his company have provided training for dozens of departments. His messages often conflict, in both substance and tone, with the training now recommended by the Justice Department and police organizations.
Note: An article in the UK's Guardian newspaper, titled The Uncounted, describes why the U.S. government claims it is unable to keep track of killings by police, but does not mention that police shootings rise as crime falls. For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.
The use of GMOs is controversial. There is debate in the scientific community as to whether the consumption of GMO foods hurts people directly. But there is no denying that GMOs result in vastly more herbicide (such as Roundup, a top weed killer) being dumped on food crops, and that glyphosphate (the active ingredient in Roundup) probably causes cancer in the quantities used. Other Roundup ingredients are suspect as well. Those who oppose GMOs don't have the upper hand in Congress and so they ... seek to establish a uniform labeling system so that food producers clearly identify whether their products have GMOs or not. Labeling is very popular among American consumers: In multiple polls conducted over the years by many different firms, about 90 percent of Americans consistently support mandatory labeling. Mandatory labeling initiatives are in play in many states, and have passed in three (Maine, Vermont and Connecticut). But Big Ag is spending heavily to block these efforts. The House and Senate are listening to Big Ag rather than to American consumers. The House recently passed a bill that gives the appearance of supporting GMO disclosure while doing the opposite. The bill, H.R. 1599, carries a brilliantly deceptive name that would make George Orwell proud. Called the "Safe and Accurate Food Labeling Act of 2014" the bill would reinforce the current voluntary disclosure system but would prohibit individual states and counties from enacting more stringent legislation. The detractors have branded this bill the "DARK Act" as in "Deny Americans the Right to Know"."
Note: For more along these lines, see concise summaries of deeply revealing GMO news articles from reliable major media sources.
"An Open Secret" is an unsettling look at pedophilia in Hollywood. The film's distillation of firsthand testimony and archival material has haunting implications. Amid the sickening recollections of victims and the even more sickening justifications of abusers, alleged and convicted, a picture emerges of a business devoid of oversight, where starry-eyed kids and trusting parents are easy prey. The [documentary by Amy Berg] advocates for transparency and an active watchdog apparatus, and it points to instances where convicted child molesters continue to work with children in the industry. Mainly, the film explores the shadows where managers, agents, producers and other power players take their predatory bonding with boys to criminal extremes. Five young men step forward to share their accusations of abuse. One of them, Michael Egan, filed headline-making allegations against Hollywood figures in 2014 claims that he later dropped, an outcome that changed the trajectory of the film. However, an ongoing dispute between Berg and performers' union SAG-AFTRA, which threatened legal action over references to it, doesn't appear to have affected the finished product. With a healthy sense of outrage, it illuminates a long-standing culture in which lines of moral responsibility are blurred and accountability is all but nil.
Note: Don't miss this incredible film which follows five boys and their families who were gradually ensnared by a secret Hollywood pedophile ring which ruins their lives. It is available for free viewing on this webpage. For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.
Lego just announced a bold 10-year plan to makes its goods more environmentally friendly. This comes after a 2013 partnership with the World Wildlife Fund to develop a plan in reducing its overall carbon emissions, as well as those of its supply chain. Lego pledged to invest $150 million to find a replacement for the plastic used in its blocks as well as to reduce the size of its packaging. A commitment for this kind of strategy includes using recycled or renewed materials and improving the recyclability of its products. Hasbro and Mattel, producers of such iconic toys as Play-Doh and Hot Wheels, respectively, have also vowed to invest in this global issue. By 2020, Hasbro plans to reduce its waste, water, energy, and greenhouse gas emissions. It is also overhauling the packaging for most of its brands. These strides have led to Hasbro being named a winner of the EPA's 2014 Climate Leadership Award. After caving to mounting pressure from Greenpeace, Mattel committed to source new materials for its packaging, setting a goal of 85 percent recycled materials by the end of 2015. "The investment announced is a testament to our continued ambition to leave a positive impact on the planet, which future generations will inherit," said Lego Group owner Kjeld Kirk Kristiansen. Words we should all try to live by.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Retailers have the ability to scan your face digitally, and use that identification to offer you special prices or even recognize you as a prior shoplifter. But should they use it? Should they get your permission first? Privacy advocates announced Tuesday they have walked away from a government-run effort with industry intended to ... hash out voluntary protocols for facial recognition technology in a way that doesn't hurt consumers. The Commerce Department's National Telecommunications and Information Administration, or NTIA, was acting as mediator. The two sides had been meeting for 16 months ... until the nine major privacy groups said they had hit a dead end and that "people deserve more protection than they are likely to get in this forum. At a base minimum, people should be able to walk down a public street without fear that companies they've never heard of are tracking their every movement and identifying them by name using facial recognition technology," the groups said. "We have been unable to obtain agreement even with that basic, specific premise." The ability to apply a unique signature to a person's face, even if you don't identify them by name, is particularly invasive, according to privacy advocates. "You can change your password and your credit card number; you cannot change your fingerprints or the precise dimensions of your face. Through facial recognition, these immutable, physical facts can be used to identify you, remotely and in secret, without any recourse."
Note: Read this article for more in this matter. Remember, the same technologies that lead to the disappearance of privacy rights for individuals are also used by corrupt corporations against nonprofit civic organizations to undermine democracy.
Todays conspiracy theory is tomorrows news headlines. The truth is not only out there, but its more outlandish than anything we could have made up. So, what are some of our biggest conspiracies? The Iraq War. America is attacked by terrorists and so, declares war on a country that had nothing whatsoever to do with the attacks, while ignoring an oil rich ally which had everything to do with them. The result is a disaster. And yet, we cant really bring ourselves to hold anyone accountable. Fifa [is] the conspiracy du jour. We always knew Fifa was shonky and bribey, but ... it now looks like every World Cup in the last three decades ... could have been fixed. For those who say "its only a stupid sport", well, recently weve heard accusations of arms deals for votes involving ... Saudi Arabia. The banking crisis [is a] nice financial counterpoint to Iraq. Virtually destroy the western financial system. Get bailed out by the taxpayers who youve been ripping off. Oh, and while were at it, the banks played a part in the Fifa scandal. Paedophiles. At first it was just a few rubbish light entertainers. Then we had people muttering about the political establishment and others counter-muttering dont be ridiculous, thats a conspiracy theory. But it wasnt. Now, its a slow-motion train crash and an endless series of glacial government inquiries.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
Six years ago ... Iceland made the shocking decision to let its banks go bust. Iceland also allowed bankers to be prosecuted as criminals in contrast to the US and Europe, where ... chief executives escaped punishment. While the UK government nationalised Lloyds and RBS with tax-payers money and the US government bought stakes in its key banks, Iceland ... said it would shore up domestic bank accounts. Everyone else was left to fight over the remaining cash. It also imposed capital controls restricting what ordinary people could do with their money. The plan worked. Iceland took a huge financial hit, just like every other country caught in the crisis. This year the International Monetary Fund declared that Iceland had achieved economic recovery 'without compromising its welfare model' of universal healthcare and education. Other measures of progress like the countrys unemployment rate, compare ... well with countries like the US. Rather than maintaining the value of the krona artificially, Iceland chose to accept inflation. This pushed prices higher at home but helped exports abroad in contrast to many countries in the EU, which are now fighting deflation. This year, Iceland will become the first European country that hit crisis in 2008 to beat its pre-crisis peak of economic output.
Note: Iceland's plan to retake control of its money supply from the banks was labelled "Radical" by mainstream economists. Now we learn that their plan rooted out financial industry corruption and successfully got their economy back on track.
You may miss a few moments of An Open Secret, either while looking away during its unsettling stories or closing your eyes in frustration. The film centers on a handful of young men who say that as child actors they were sexually assaulted by older men in the entertainment industry. Manipulations, cover-ups and exploitations are recounted, and in several cases accountability was weak; some of the culprits, were told, still work in Hollywood. The victims and their parents defy the stereotype of hard-driving dream-seekers. They come across as merely trusting, which led them to rely on those who promised successful careers. Such faith was exploited by men who later turned out to be predators. He just told me its normal, like, this goes on all the time, this is what you have to do, one young man says he was told after being molested by his manager. Everybody does this. Shame and fear of reprisals initially led him to stay silent, and may be keeping more victims from speaking out. [Director Amy] Berg connects that manager, Martin Weiss, who pleaded no contest to two counts of child molestation in 2012, to a string of other men in Hollywood who have also been accused or convicted of similar crimes. Further aggressive reporting is needed. This topic deserves a tenacious call for answers. Still, An Open Secret is affecting, particularly when the victims recount their experiences in voices that crack with emotion or pause with pain. Even if you do look away, hearing them speak is enough.
Note: Read a much more detailed report. Then learn how the film's director strangely distanced herself from the film, likely because she was threatened.
Since the 2008 banking crisis led to multibillion-pound bailouts, some bankers have ended up behind bars. However, to many, the list seems short when compared with the $235bn of fines that Reuters calculates have been imposed on 20 major banks in the past seven years for market rigging, sanctions busting, money laundering and mis-selling mortgage bonds in the runup to the 2008 crisis. Robert Jenkins, a former Bank of England policymaker [says] one reason regulators backed away from proceedings against individuals is fear. This dates back to 2002, when accountancy firm Arthur Andersen was convicted of destroying documents related to its audits of Enron. The prosecution was overturned in 2005, too late to save what had been one of the worlds biggest accountants from collapse. There was, Jenkins said, fear by the US authorities of a banking version of Arthur Andersen at a time of financial fragility. But he lists other problems, [such as] lobbying by bankers and the naivete of regulators. Jenkins added the banks should ... face the threat of being broken up: When it comes to the systematic wrongdoing on their watch, either the senior executives knew, did not know or cannot be expected to know. If they knew they are complicit. If they did not know they are incompetent. And if the banks are so large and complex that they cannot be expected to know, then they are a walking argument for breaking up the banks.
Note: After the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled. Could this possibly have been planned? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
Companies have added thousands of ingredients to foods with little to no government oversight. That's thanks to a loophole in a decades-old law that allows them to deem an additive to be "generally recognized as safe" - or GRAS - without the U.S. Food and Drug Administration's blessing, or even its knowledge. The loophole was originally intended to allow manufacturers of common ingredients like vinegar and table salt ... to bypass the FDA's lengthy safety-review process. But over time, companies have found that it's far more efficient to take advantage of the exemption to get their products on shelves quickly. Some of these products contain additives that the FDA has found to pose dangers, [and] companies regularly introduce new additives without ever informing the FDA. The Government Accountability Office ... published a report in 2010 that found that "FDA's oversight process does not help ensure the safety of all new GRAS determinations." And even when a company does go through the FDA review process, safety decisions have been criticized. For example ... lawsuits allege that mycoprotein, a type of fungus used in vegetarian products, has caused consumers to suffer a range of reactions, including nausea and anaphylactic shock. The complaints prompted the Center for Science in the Public Interest to urge the FDA in 2011 to revoke the ingredient's GRAS status. In the past five decades, the number of food additives has skyrocketed from about 800 to more than 10,000.
Note: Common additives in processed foods have been linked with temper tantrums, poor concentration and hyperactivity, and allergic reactions in children. For more along these lines, see concise summaries of deeply revealing news articles on food system corruption and health.
More than 750 plaintiffs are suing the Johns Hopkins Hospital System Corp. over its role in a series of medical experiments in Guatemala in the 1940s and 1950s during which subjects were infected with venereal diseases. The lawsuit in Baltimore seeks $1 billion in damages for individuals, spouses and children of people infected with syphilis, gonorrhea and other sexually transmitted diseases through a U.S. government program between 1945 and 1956. The suit claims Johns Hopkins officials had "substantial influence" over the studies, controlling some advisory panels, and were involved in planning and authorizing the experiments. A Hopkins spokesperson ... confirmed that faculty members took part in reviewing funding applications, but said this did not warrant a lawsuit against the medical center. The statement expressed "profound sympathy for individuals and families impacted by the deplorable 1940s syphilis study conducted by the U.S. Government in Guatemala," and noted that the ethical standards for conducting medical research have changed significantly in the decades since then. It's the latest in a series of lawsuits over the studies. A federal judge in 2012 dismissed a lawsuit against the U.S. government involving the same study.
Note: Explore an excellent list of dozens of studies over the years in which humans were used unknowingly as guinea pigs in clear breach of ethical standards. Links are provided for verification of each study. For more along these lines, see concise summaries of deeply revealing news articles about corruption in the medical industry and in government.
Change.org is a B Corporation a for-profit company committed to social or environmental goals in addition to its financial obligations. Because the San Francisco firm tries to benefit not just its shareholders, but also society, Change.org is an especially appealing place to work for civic-minded job-seekers, said David Hanrahan, head of global human resources. Hanrahan has an eye toward recruiting Millennials. B (for beneficial) Corporations are the creation of B Lab, a Pennsylvania nonprofit that awards the certification to companies that meet its standards of social and environmental performance, accountability, and transparency. A 2014 Brookings Institution report, How Millennials Could Upend Wall Street and Corporate America, found that the desire on the part of Millennials for their daily work to reflect and be a part of their societal concerns will make it impossible for corporate chieftains to motivate Millennial employees simply by extolling profits. In 2012 ... California [became] the 28th state to provide a legal structure allowing companies to become certified B Corps. Since then, such firms have flocked to the Bay Area. The region is home to the highest concentration of certified B Corps on the planet. The certification process is a way to tell the difference between good companies and good marketing, [consultant Ryan] Honeyman wrote in his book, "The B Corp Handbook: How to Use Business as a Force for Good." Many companies want to do good, but they dont know how to do it, said Honeyman. The B Corp certification process gives them the tools to do so.
Note: For more along these lines, see this article about B Corps and "stakeholder capitalism" as a solution to the problem of growing income inequality.
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