Corporate Corruption News StoriesExcerpts of Key Corporate Corruption News Stories in Major Media
Note: This comprehensive list of corporate corruption news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
Mr. Ton-That — an Australian techie and onetime model — did something momentous: He invented a tool that could end your ability to walk down the street anonymously. His tiny company, Clearview AI, devised a groundbreaking facial recognition app. You take a picture of a person, upload it and get to see public photos of that person, along with links to where those photos appeared. The system — whose backbone is a database of more than three billion images that Clearview claims to have scraped from Facebook, YouTube, Venmo and millions of other websites — goes far beyond anything ever constructed by the United States government or Silicon Valley giants. Without public scrutiny, more than 600 law enforcement agencies have started using Clearview in the past year. The computer code underlying its app ... includes programming language to pair it with augmented-reality glasses; users would potentially be able to identify every person they saw. The tool could identify activists at a protest or an attractive stranger on the subway, revealing not just their names but where they lived, what they did and whom they knew. And it’s not just law enforcement: Clearview has also licensed the app to at least a handful of companies for security purposes. Because the police upload photos of people they’re trying to identify, Clearview possesses a growing database of individuals who have attracted attention from law enforcement. The company also has the ability to manipulate the results that the police see.
Note: For lots more on this disturbing new technology, read one writer's personal experience with it. For more along these lines, see concise summaries of deeply revealing news articles on the disappearance of privacy from reliable major media sources.
On June 26, a small South San Francisco company called Vaxart made a surprise announcement: A coronavirus vaccine it was working on had been selected by the U.S. government to be part of Operation Warp Speed, the flagship federal initiative to quickly develop drugs to combat Covid-19. The race is on to develop a coronavirus vaccine, and some companies and investors are betting that the winners stand to earn vast profits from selling hundreds of millions — or even billions — of doses to a desperate public. Across the pharmaceutical and medical industries, senior executives and board members ... are making millions of dollars after announcing positive developments, including support from the government, in their efforts to fight Covid-19. After such announcements, insiders from at least 11 companies — most of them smaller firms whose fortunes often hinge on the success or failure of a single drug — have sold shares worth well over $1 billion since March. Senior officials appear to be pouncing on opportunities to cash out. And some companies have awarded stock options to executives shortly before market-moving announcements about their vaccine progress. Some companies are attracting government scrutiny for ... using their associations with Operation Warp Speed as marketing ploys. Vaxart’s news release declared: “Vaxart’s Covid-19 Vaccine Selected for the U.S. Government’s Operation Warp Speed.” But Vaxart is not among the companies selected to receive significant financial support from Warp Speed.
Note: MSN strangely removed this article a few days after posting it. A similar article by the New York Times titled "The race for a coronavirus vaccine is making some corporate insiders very rich" is available here. For more along these lines, see concise summaries of deeply revealing news articles on big Pharma corruption and the coronavirus from reliable major media sources.
Big corporations accused of driving environmental and health inequalities in black and brown communities through toxic and climate-changing pollution are also funding powerful police groups in major US cities, according to a new investigation. Some of America’s largest oil and gas companies, private utilities, and financial institutions that bankroll fossil fuels also back police foundations – opaque private entities that raise money to pay for training, weapons, equipment, and surveillance technology for departments across the US. The investigation by the Public Accountability Initiative, a nonprofit corporate and government accountability research institute ... details how police foundations in cities such as Seattle, Chicago, Washington, New Orleans and Salt Lake City are partially funded by household names such as Chevron, Shell and Wells Fargo. Police foundations are industry groups that provide substantial funds to local departments, yet, as nonprofits, avoid much public scrutiny. The investigation details how firms linked to fossil fuels also sponsor events and galas that celebrate the police, while some have senior staff serving as directors of police foundations. The report portrays the fossil fuel industry as a common enemy in the struggle for racial and environmental justice. “Many powerful companies that drive environmental injustice are also backers of the same police departments that tyrannize the very communities these corporate actors pollute,” it states.
The drug that buoyed expectations for a coronavirus treatment and drew international attention for Gilead Sciences, remdesivir, started as a reject. To make progress, Gilead needed help from U.S. taxpayers. Lots of help. Three federal health agencies were deeply involved in remdesivir’s development every step of the way, providing tens of millions of dollars of government research support. Federal agencies have not asserted patent rights to Gilead’s drug. That means Gilead will have few constraints other than political pressure when it sets a price. “Without direct public investment and tax subsidies, this drug would apparently have remained in the scrapheap of unsuccessful drugs,” Rep. Lloyd Doggett (D-Tex.) ... said earlier this month. Doggett and Rep. Rosa L. DeLauro (D-Conn.) have asked Health and Human Services Secretary Alex Azar for a detailed financial accounting of federal support for remdesivir’s discovery and development. Watchdog groups ... have documented the large taxpayer-funded contributions toward the drug. Public Citizen estimates public investment at a minimum of $70 million. An independent organization that measures the cost-effectiveness of drugs said Gilead could be justified in charging up to $4,500 for a 10-day course of treatment for a single coronavirus patient. But advocates, citing a study by academic researchers on what it costs to make the drug, have said Gilead could break even by charging $1 per dose.
Note: According to this CNBC article Gilead is charging from $2,000 to $3,120 per patient despite huge subsidies. Gilead is the same company which developed Tamiflu and licensed it to Roche. Aggressive sales of Tamiflu to governments around the world brought profits of over $1 billion yet almost none of the doses sold were ever used, as described in this Reuters article. The study that is being used to tout Remdesivir was conducted by none other than Gilead. Could there be conflict of interest here? For more, see summaries of revealing news articles on big Pharma corruption.
When Oswald Bilotta landed his dream job as a sales representative for Novartis Pharmaceuticals in 1999, he thought he'd be doing good. He had no idea that just over a decade later, he'd be part of a vast federal investigation into kickbacks at Novartis and that he'd be paying cash bribes to doctors while wearing a wire for prosecutors. On July 1, Ozzie Bilotta's years long effort to blow the whistle at Novartis paid off. The Justice Department announced a $678 million settlement with the company over improper inducements it made to doctors to prescribe 10 of the company's drugs, including the anti-hypertension drug Lotrel. The deal represents the biggest whistleblower settlement under the federal anti-kickback law, Bilotta's lawyer said. Bilotta ... could receive a pretax sum of $75 million through the settlement. In the settlement, Novartis admitted to "certain conduct" alleged by the government and will sharply curtail practices exposed by Bilotta that gave doctors incentives to prescribe its drugs. Novartis derived at least $40 million as a result of the conduct, money that was paid by federal health care programs, the government said. "For more than a decade, Novartis spent hundreds of millions of dollars on so-called speaker programs, including speaking fees, exorbitant meals, and top-shelf alcohol that were nothing more than bribes to get doctors across the country to prescribe Novartis's drugs," said Audrey Strauss, the acting U.S. attorney for southern New York, whose office prosecuted the case.
Note: For more along these lines, see concise summaries of deeply revealing news articles on big Pharma corruption from reliable major media sources.
Deutsche Bank (DBK.DE) has agreed to pay $150m (Ł119m) over compliance failings in part linked to dealings with Jeffrey Epstein. New York’s Department of Financial Services said in a statement on Tuesday it had imposed the penalty on Deutsche Bank’s New York branch for “significant compliance failures in connection with the Bank’s relationship with Jeffrey Epstein,” the accused child sex trafficker who died in police custody last year. The penalty also covers anti-money laundering failings linked to Danske Bank Estonia and Middle Eastern bank FBME. Epstein, who is believed to have been a billionaire, became a client of Deutsche Bank’s in 2013, five years after he pleaded guilty to procuring for prostitution a girl below age 18 in Florida. Despite coverage of the settlement and subsequent allegations against Epstein, investigators found Deutsche Bank failed to properly monitor his account. “Hundreds of transactions totalling millions of dollars” that raised red flags were missed, the New York Department of Financial Services said. These included payments to Epstein’s alleged co-conspirators, settlement payments with victims totalling $7m, payments to Russian models, payments for women’s school tuition and expenses, and payments to “numerous women with Eastern European surnames” that were “consistent with public allegations of prior wrongdoing.” Repeated “suspicious” cash withdrawals by Epstein — totally over $800,000 over four years — also failed to raise concerns.
Note: 60 Minutes Australia has produced an excellent segment on Jeffrey Epstein and his recently arrested sidekick Ghislaine Maxwell. How did Epstein get away with sexually abusing hundreds of teenage girls for decades? The government and multiple police departments knew what was happening, yet key officials in high positions of power protected him. For more along these lines, see concise summaries of deeply revealing news articles on Jeffrey Epstein and financial industry corruption from reliable major media sources.
Forty lobbyists with ties to President Donald Trump helped clients secure more than $10 billion in federal coronavirus aid. The lobbyists identified Monday by the watchdog group Public Citizen either worked in the Trump executive branch, served on his campaign, were part of the committee that raised money for inaugural festivities or were part of his presidential transition. Many are donors to Trump’s campaigns. Trump pledged to clamp down on Washington's influence peddling with a “drain the swamp” campaign mantra. But during his administration, the lobbying industry has flourished, a trend that intensified once Congress passed more than $3.6 trillion in coronavirus stimulus. While the money is intended as a lifeline to a nation whose economy has been upended by the pandemic, it also jump-started a familiar lobbying bonanza. Shortly after Trump took office, he issued an executive order prohibiting former administration officials from lobbying the agency or office where they were formerly employed, for a period of five years. Another section of the order forbids lobbying the administration by former political appointees for the remainder of Trump's time in office. Yet five lobbyists who are former administration officials have potentially done just that during the coronavirus lobbying boom. Public Citizen's Craig Holman, who himself is a registered lobbyist, said the group intends to file ethics complaints with the White House. But he's not optimistic that they will lead to anything.
Ties between Silicon Valley and the Pentagon are deeper than previously known, according to thousands of previously unreported subcontracts published Wednesday. The subcontracts were obtained through open records requests by accountability nonprofit Tech Inquiry. They show that tech giants including Google, Amazon, and Microsoft have secured more than 5,000 agreements with agencies including the Department of Defense, Immigrations and Customs Enforcement, the Drug Enforcement Agency, and the FBI. Tech workers in recent years have pressured their employers to drop contracts with law enforcement and the military. Google workers revolted in 2018 after Gizmodo revealed that Google was building artificial intelligence for drone targeting through a subcontract with the Pentagon — after some employees quit in protest, Google agreed not to renew the contract. Employees at Amazon and Microsoft have petitioned both companies to drop their contracts with ICE and the military. Neither company has. The newly-surfaced subcontracts ... show that the companies' connections to the Pentagon run deeper than many employees were previously aware. Tech Inquiry's research was led by Jack Poulson, a former Google researcher. "Often the high-level contract description between tech companies and the military looks very vanilla," Poulson [said]. "But only when you look at the details ... do you see the workings of how the customization from a tech company would actually be involved."
The maker of a drug shown to shorten recovery time for severely ill COVID-19 patients says it will charge $2,340 for a typical treatment course for people covered by government health programs in the United States and other developed countries. Gilead Sciences announced the price Monday for remdesivir, and said the price would be $3,120 for patients with private insurance. The amount that patients pay out of pocket depends on insurance, income and other factors. The price was swiftly criticized; a consumer group called it “an outrage” because of the amount taxpayers invested toward the drug's development. In 127 poor or middle-income countries, Gilead is allowing generic makers to supply the drug; two countries are doing that for around $600 per treatment course. The drug, given through an IV, interferes with the coronavirus’s ability to copy its genetic material. In a U.S. government-led study, remdesivir shortened recovery time by 31% — 11 days on average versus 15 days for those given just usual care. Peter Maybarduk, a lawyer at the consumer group Public Citizen, called the price “an outrage.” “Remdesivir should be in the public domain” because the drug received at least $70 million in public funding toward its development, he said. “The price puts to rest any notion that drug companies will ‘do the right thing’ because it is a pandemic,” Dr. Peter Bach, a health policy expert ... said. “The price might have been fine if the company had demonstrated that the treatment saved lives. It didn’t.”
Note: The March coronavirus package passed in the U.S. "not only omitted language that would have limited drug makers’ intellectual property rights, it specifically prohibited the federal government from taking any action if it has concerns that the treatments or vaccines developed with public funds are priced too high." While many suffer economically from the virus, big Pharma is raking in big bucks. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption and the coronavirus from reliable major media sources.
Hundreds of articles in medical journals claiming to be written by academics or doctors have been penned by ghostwriters in the pay of drug companies, an Observer inquiry reveals. The journals, bibles of the profession, have huge influence on which drugs doctors prescribe and the treatment hospitals provide. But The Observer has uncovered evidence that many articles written by so-called independent academics may have been penned by writers working for agencies which receive huge sums from drug companies to plug their products. Estimates suggest that almost half of all articles published in journals are by ghostwriters. While doctors who have put their names to the papers can be paid handsomely for 'lending' their reputations, the ghostwriters remain hidden. In the United States a legal case brought against drug firm Pfizer turned up internal company documents showing that it employed a New York medical writing agency. One document analyses articles about the anti-depressant Zoloft. Some of the articles lacked only one thing: a doctor's name. In the margin the agency had put the initials TBD, which Healy assumes means 'to be determined'. Dr Richard Smith, editor of the British Journal of Medicine, admitted ghostwriting was a 'very big problem'. 'We are being hoodwinked by the drug companies. The articles come in with doctors' names on them and we often find some of them have little or no idea about what they have written,' he said.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in science from reliable major media sources.
Bayer will pay more than $10 billion to resolve thousands of lawsuits regarding claims that its Roundup herbicide causes cancer, the company announced. Monsanto, bought by Bayer in 2018, lost a lawsuit that same year brought by a school groundskeeper who claimed its weedkiller had caused his non-Hodgkin's lymphoma. Since then, thousands of U.S. lawsuits have been filed against the company. The settlement, however, does not contain an admission of wrongdoing or liability. Bayer will pay $8.8 billion to $9.6 billion to settle existing lawsuits and then another $1.25 billion that will cover any potential litigation in the future. Lawsuits allege that Monsanto ignored warnings that its herbicide contained potentially cancer causing chemicals, then concealed the threat to consumers. A jury awarded California groundskeeper Dewayne Johnson nearly $290 million in damages in August 2018 after they found Monsanto failed to warn Johnson and other consumers about the risks posed by its weed-killing products. A judge upheld the decision upon appeal, but lowered the damages to $78 million due to what she considered an overreach in punitive damages decided by the jury. And last year, a California jury awarded a husband and wife more than $2 billion in damages in a suit that claimed Roundup caused their illness. German pharmaceuticals and chemical giant Bayer bought Monsanto in 2018 just months before Johnson won his suit against the company. Bayer eliminated the Monsanto name, but maintained the brands.
Note: The negative health impacts of Roundup are well known. Yet the EPA continues to use industry studies to declare Roundup safe while ignoring independent scientists. For more along these lines, see concise summaries of deeply revealing news articles on health from reliable major media sources.
Moderna set off a frenzy on Wall Street earlier this month when it announced positive, preliminary results from its coronavirus vaccine trial. As the hype grew, the young biotech company and its leading investor wasted no time capitalizing on the briefly surging stock price. Even as critics accused Moderna of overhyping the results released on May 18, a series of transactions were executed before its share price fizzled over the next week. The timing of those deals, former SEC officials said, appear to be "highly problematic" and should be investigated for potential illegal market manipulation. Just hours after revealing the promising vaccine results, Moderna (MRNA) sold 17.6 million shares to the public. That share sale, unveiled after the closing bell on May 18, was priced at $76; Moderna traded at just $48 as recently as May 6. The deal instantly raised $1.3 billion. Two of Moderna's top executives also cashed in on the boom at their company, which had suddenly amassed a $29 billion market value despite the fact it has no marketed products. By the time the selling was disclosed to the public via securities filings, Moderna's stock price had crashed back to Earth. The timing of the transactions - coupled with concerns from some medical experts that Moderna overstated the significance of its Phase 1 vaccine trial - should be investigated by authorities. Thomas Gorman, [a] former SEC official, said the agency should "absolutely" be investigating the situation at Moderna.
Note: Why didn't the media report that the Moderna vaccine trial had a 20% serious injury rate in the high dose group? Learn about this and much more in this revealing article. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
Big Tech companies are aggressively tamping down on COVID-19 “misinformation” — opinions and ideas contrary to official pronouncements. Dr. Knut M. Wittkowski, former head of biostatistics, epidemiology and research design at Rockefeller University, says YouTube removed a video of him talking about the virus that had racked up more than 1.3 million views. Wittkowski, 65, is a ferocious critic of the nation’s current steps to fight the coronavirus. He has derided social distancing, saying it only prolongs the virus’ existence, and has attacked the current lockdown as mostly unnecessary. Wittkowski, who holds two doctorates in computer science and medical biometry, believes the coronavirus should be allowed to create “herd immunity,” and that short of a vaccine, the pandemic will only end after it has sufficiently spread through the population. “I was just explaining what we had,” Wittkowski told The Post of the video, saying he had no idea why it was removed. “They don’t tell you. They just say it violates our community standards. There’s no explanation for what those standards are or what standards it violated.” In articles and interviews across the web, he has likened COVID-19 to a “bad flu.” That likely made him a target for YouTube. “Anything that goes against [World Health Organization] recommendations would be a violation of our policy,” CEO Susan Wojcicki told CNN.
During New York Gov. Andrew Cuomo’s daily coronavirus briefing on Wednesday, the somber grimace that has filled our screens for weeks was briefly replaced by something resembling a smile. The inspiration ... was a video visit from former Google CEO Eric Schmidt, who joined the governor’s briefing to announce that he will be heading up a blue-ribbon commission to reimagine New York state’s post-Covid reality, with an emphasis on permanently integrating technology into every aspect of civic life. Just one day earlier, Cuomo had announced a similar partnership with the Bill and Melinda Gates Foundation to develop “a smarter education system.” It has taken some time to gel, but something resembling a coherent Pandemic Shock Doctrine is beginning to emerge. Call it the “Screen New Deal.” Far more high-tech than anything we have seen during previous disasters, the future that is being rushed into being as the bodies still pile up treats our past weeks of physical isolation not as a painful necessity to save lives, but as a living laboratory for a permanent — and highly profitable — no-touch future. This is a future in which, for the privileged, almost everything is home delivered, either virtually via streaming and cloud technology, or physically via driverless vehicle or drone, then screen “shared” on a mediated platform. It’s a future in which our every move, our every word, our every relationship is trackable, traceable, and data-mineable by unprecedented collaborations between government and tech giants.
Justin Rosenstein had tweaked his laptop’s operating system to block Reddit, banned himself from Snapchat, which he compares to heroin, and imposed limits on his use of Facebook. He was particularly aware of the allure of Facebook “likes”, which he describes as “bright dings of pseudo-pleasure” that can be as hollow as they are seductive. And Rosenstein should know: he was the Facebook engineer who created the “like” button. There is growing concern that as well as addicting users, technology is contributing toward so-called “continuous partial attention”, severely limiting people’s ability to focus, and possibly lowering IQ. One recent study showed that the mere presence of smartphones damages cognitive capacity – even when the device is turned off. But those concerns are trivial compared with the devastating impact upon the political system that some of Rosenstein’s peers believe can be attributed to the rise of social media and the attention-based market that drives it. Drawing a straight line between addiction to social media and political earthquakes like Brexit and the rise of Donald Trump, they contend that digital forces have completely upended the political system and, left unchecked, could even render democracy as we know it obsolete. It is revealing that many of these younger technologists are weaning themselves off their own products, sending their children to elite Silicon Valley schools where iPhones, iPads and even laptops are banned.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
YouTube has banned any coronavirus-related content that directly contradicts World Health Organization (WHO) advice. The Google-owned service says it will remove anything it deems "medically unsubstantiated". Chief executive Susan Wojcicki said the media giant wanted to stamp out "misinformation on the platform". The move follows YouTube banning conspiracy theories falsely linking Covid-19 to 5G networks. Mrs Wojcicki made the remarks on Wednesday during her first interview since the global coronavirus lockdown began. "So people saying, ‘Take vitamin C, take turmeric, we’ll cure you,’ those are the examples of things that would be a violation of our policy,” she told CNN. “Anything that would go against World Health Organization recommendations would be a violation of our policy.” Last week, Facebook announced users who had read, watched or shared false Covid-19 information would receive a pop-up alert urging them to visit the WHO's website. Facebook-owned messaging service WhatsApp, meanwhile, stopped users forwarding messages already shared more than four times by the wider community to more than one chat at a time. It comes as some of the UK's largest news publishers, including Daily Telegraph and the Guardian, criticised Google for failing to be transparent about its approach to filtering adverts alongside coronavirus-related content, according to the Financial Times.
Note: So now anything posted by those not deemed to be "experts" will be banned. Whatever happened to free speech? Watch YouTube's CEO spell this out in this video. More excellent, little-known information here in an interview with a respected MD whose video was banned. And how can BBC state links between 5G and Covid-19 are false, when that has yet to be established? Is it just a coincidence this CNBC article states China's 5G networks went online just weeks before the coronavirus outbreak? See also concise summaries of revealing coronavirus news articles.
YouTube has removed two videos of California doctors ... Dan Erickson and Artin Massihi of Bakersfield, California [which] downplayed the risk of the coronavirus and asserted that stay-at-home measures were unnecessary. Facebook, however, has not removed the doctors' videos. The different reactions of YouTube and Facebook highlight the challenges of moderating high-stakes misinformation as it goes viral, especially when it is considered to be expert opinion. The video removed by YouTube showed a one-hour news conference livestreamed by local media, including NBC and ABC affiliates in Bakersfield. By Wednesday, the video had been seen at least 15 million times. Erickson and Massihi, owners of several urgent care centers in the area, presented data from 5,213 COVID-19 tests. The data, they claimed, showed that the coronavirus was widespread in the community already but had caused few deaths. Their data, they said, supported the need to rethink state stay-at-home measures. Furthermore, Erickson ... claimed that COVID-19 death numbers were inaccurate, citing other unnamed doctors in Wisconsin and California who he said had told him that they were urged to list the disease as a cause of death even if it was unrelated. "The only justification for taking it down was that the two physicians on screen had reached different conclusions from the people currently in charge," said Fox News host Tucker Carlson. Massihi posted a video to his personal Facebook page Tuesday thanking supporters while insisting that their comments were meant only to share their own data, not to drive national or even state policy.
Note: Watch an excellent follow-up interview with Dr. Erickson exposing further deception. Even if these doctors are wrong about some of their conclusions, don't they have a right to express their opinions? Will anyone who disputes the claims of government officials be banned from expressing their opinions on social media? Sadly, this BBC article shows that is already true for the coronavirus on YouTube. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.
As millions of jobless Americans line up for food and others risk their lives delivering essential services, the nation's billionaires are making conspicuous donations - $100 million from Amazon's Jeff Bezos for food banks, billions from Microsoft co-founder Bill Gates for a coronavirus vaccine, thousands of ventilators and N95 masks from Elon Musk, $25 million from the Walton family and its Walmart foundation. The list goes on. Much of this is self-serving rubbish. First off, the amounts involved are tiny relative to the fortunes behind them. Bezos' $100 million amounts to about 11 days of his income. The well-publicized philanthropy also conveniently distracts attention from how several of these billionaires are endangering their workers and, by extension, the public. Bezos still doesn't provide sick leave for Amazon workers unless they test positive. On March 20, four senators sent him a letter expressing concern that the company wasn't doing enough to protect its warehouse workers. [Another] way conspicuous philanthropy is self-serving is by suggesting that government shouldn't demand more from the super-rich, even in a national emergency. As Rupert Murdoch's Wall Street Journal editorial page put it, if we had a wealth tax like Elizabeth Warren proposed, "it's unlikely [Bill Gates] would have the capacity to act this boldly." That's absurd. Warren's tax would have cost Gates about $6 billion a year, roughly his annual income from his $100 billion. The worst fear of the billionaire class is that the government's response to the pandemic will lead to a permanently larger social safety net.
Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus pandemic from reliable major media sources.
The COVID-19 pandemic is far from a great equalizer. In the same month that 22 million Americans lost their jobs, the American billionaire class’s total wealth increased about 10%—or $282 billion more than it was at the beginning of March. They now have a combined net worth of $3.229 trillion. The initial stock market crash may have dented some net worths at first—for instance, that of Jeff Bezos, which dropped down to a mere $105 billion on March 12. But his riches have rebounded: As of April 15, his net worth has increased by $25 billion. These “pandemic profiteers,” as a new report from the Institute for Policy Studies, a progressive think tank, calls them, is just one piece of the wealth inequality puzzle in America. In the background is the fact that since 1980, the taxes paid by billionaires, measured as a percentage of their wealth, dropped 79%. “We’re reading about benevolent billionaires sharing .0001% of their wealth with their fellow humans in this crisis, but in fact they’ve been rigging the tax rules to reduce their taxes for decades—money that could have been spent building a better public health infrastructure,” says Chuck Collins [of] the Institute for Policy Studies and coauthor of the new report, titled “Billionaire Bonanza 2020: Wealth Windfalls, Tumbling Taxes, and Pandemic Profiteers.” Another key finding of the report is that after the 2008 financial crisis, it took less than 30 months for billionaire wealth to return to its pre-meltdown levels. That wealth then quickly exceeded pre-2008 levels. But as of 2019, the middle class in America has not even yet recovered to the level of its 2007 net worth.
Note: This New York Post article shows how 43,000 millionaires in the U.S. will receive a "stimulus" gift averaging $1.6 million each. At the same time, this Reuters article claims that the coronavirus lockdown could plunge half a billion worldwide into poverty. And this BBC article warns of potential massive famines. So who is this lockdown really serving? For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.
Some billionaires are satisfied with buying themselves an island. Bill Gates got a United Nations health agency in Geneva. The world’s richest man has become the World Health Organization’s second biggest donor, second only to the United States. This largesse gives him outsized influence over its agenda. The result, say his critics, is that Gates’ priorities have become the WHO’s. When Gates started throwing money into malaria eradication, top officials — including the chief of the WHO’s malaria program — raised concerns that the foundation was distorting research priorities. “The term often used was ‘monopolistic philanthropy’, the idea that Gates was taking his approach to computers and applying it to the Gates Foundation,” said a source close to the WHO board. “He is treated liked a head of state, not only at the WHO, but also at the G20,” a Geneva-based NGO representative said. Some health advocates fear that because the Gates Foundation’s money comes from investments in big business, it could serve as a Trojan horse for corporate interests to undermine WHO’s role in setting standards and shaping health policies. The Gates Foundation has pumped more than $2.4 billion into the WHO since 2000. Dues paid by member states now account for less than a quarter of WHO’s $4.5 billion biennial budget. The rest comes from ... governments, Gates, other foundations and companies. Since these funds are usually earmarked for specific projects or diseases, WHO can’t freely decide how to use them.
Note: Just to be clear, Bill Gates is neither an MD nor a PhD. This entire article has astounding information on the unethical relationship between Gates and the WHO and his desire to have a global ID to ensure everyone in the world is vaccinated. This Forbes article is titled "Bill Gates Calls For National Tracking System For Coronavirus During Reddit AMA." For lots more, see this highly revealing video. For more along these lines, see concise summaries of deeply revealing news articles on health from reliable major media sources.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.