As of Feb 19th, we're $4,000 in the red for 2018. Please donate here to support this vital work.
Subscribe here to our free email list

Corporate Corruption News Stories
Excerpts of Key Corporate Corruption News Stories in Major Media


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

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.


Kept out: How banks block people of color from homeownership
2018-02-16, Chicago Tribune/Associated Press
Posted: 2018-02-19 18:52:13
http://www.chicagotribune.com/news/sns-bc-us--reveal-modern-day-redlining-201...

Fifty years after the federal Fair Housing Act banned racial discrimination in lending, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts. This modern-day redlining persisted in 61 metro areas even when controlling for applicants' income, loan amount and neighborhood, according to millions of ... records analyzed by Reveal from The Center for Investigative Reporting. Lenders and their trade organizations do not dispute the fact that they turn away people of color at rates far greater than whites, [and] singled out the three-digit credit score ... as especially important in lending decisions. Reveal's analysis included all records publicly available under the Home Mortgage Disclosure Act. Credit score was not included because that information is not publicly available. That's because lenders have deflected attempts to force them to report that data to the government. America's largest bank, JPMorgan Chase & Co., has argued that the data should remain closed off even to academics. At the same time, studies have found proprietary credit score algorithms to have a discriminatory impact on borrowers of color. The "decades-old credit scoring model" currently used "does not take into account consumer data on ... bill payments," Republican Sen. Tim Scott of South Carolina wrote in August. "This exclusion disproportionately hurts African-Americans, Latinos, and young people who are otherwise creditworthy."

Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and civil liberties.


Patients: Roundup gave us cancer
2017-05-16, CNN News
Posted: 2018-02-19 18:48:04
https://www.cnn.com/2017/05/15/health/roundup-herbicide-cancer-allegations/in...

Christine Sheppard fantasizes about her life before cancer. For 12 years, Sheppard had no idea what might have caused her non-Hodgkin's lymphoma - until IARC [The World Health Organization's International Agency for Research on Cancer] reported that glyphosate, the key ingredient in the popular weed killer Roundup, is "probably carcinogenic to humans". That's the same herbicide Sheppard said she sprayed on her coffee farm in Hawaii for five years. Sheppard is one of more than 800 cancer patients suing Monsanto, the maker of Roundup, claiming the company failed to warn consumers about the risk of cancer associated with Roundup products. Recently unsealed court documents appear to show Monsanto mounting its effort to discredit the IARC report before it was even released. A month before the IARC report came out in 2015, Monsanto executive William F. Heydens sent an internal email [that] suggested ghostwriting parts of an "overall plausibility paper" to save money. After the report [was released] Heydens sent an email to Monsanto's US agency lead. Dan Jenkins, Monsanto's US agency lead ... suggested talking to Jess Rowland, then chairman of the EPA's Cancer Assessment Review Committee. But the next day, Jenkins said Rowland called him. "(Rowland) told me no coordination is going on and he wanted to establish some, saying 'If I can kill this I should get a medal,'" Jenkins wrote, as shown in the plaintiffs' motion to compel the deposition of Rowland.

Note: Read more on Monsanto's fake research and influence over EPA regulators. The negative health impacts of Monsanto's 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 food system corruption and health.


German workers win right to 28-hour week
2018-02-07, CNN News
Posted: 2018-02-19 18:42:14
http://money.cnn.com/2018/02/07/news/economy/germany-28-hour-work-week/index....

Millions of German workers are winning the fight for a 28-hour work week. Labor union IG Metall secured an unprecedented deal this week to give a large portion of its 2.3 million members more flexible working hours and a big pay rise. From next year, workers at many of Germany's top engineering firms - such as Mercedes-Benz owner Daimler - can opt to work 28 hours a week for up to two years, before returning to the standard 35-hour week. The deal was negotiated with representatives of more than 700 companies in southwest Germany. It is expected to have ripple effects across German industry. "This sets the standard for everyone else," said Megan Greene, chief economist at Manulife Asset Management. IG Metall said the flexibility would help employees who want to care for children or relatives. Pay will be reduced to reflect the shorter working week. The deal also gives workers the option to work 40 hours to earn more. And non-unionized workers could also benefit from the agreement as firms that employ IG Metall workers offer the same terms to their wider workforce. Daimler said it would offer the new flexible hours to all its employees starting in 2019. Bosch, which employs 138,000 people in Germany, said it would offer the same pay rises and perks to the majority of its German workers. It said the flexible hours wouldn't be disruptive. But other companies may find it harder to swallow.

Note: Several major studies have found that long working hours negatively impact health.


Fukushima Nuclear Disaster: Radioactive Water May Have Been Leaking From Reactors for Months
2017-09-29, Newsweek
Posted: 2018-02-19 18:36:11
http://www.newsweek.com/fukushima-nuclear-plant-radioactive-water-leaking-mon...

The Japanese company in charge of cleaning up one of the world’s worst nuclear disasters said Friday its latest error may have caused contaminated water to leak into the ground for nearly half a year. The Tokyo Electric Power Company (Tepco) said it erroneously configured gauges used to measure groundwater levels in six wells near Fukushima No.1 nuclear power plant reactors Nos. 1 through 4, all of which were destroyed when a March 2011 earthquake and tsunami ... caused a series of meltdowns at the plant. The false readings, which have been relied on since April 19 and were discovered this week, meant that groundwater levels were actually more than two feet below what Tepco was measuring. This mistake caused groundwater levels to fall below the limit set to prevent radioactive water from flowing out of the plant and into the nearby wells, known as subdrains, at least once, in May. Between May 17 and May 21, groundwater reportedly fell as much as 7 and a half inches below the safety levels at least eight times. Since the disaster, plant owner Tepco has struggled through the recovery process, the price tag of which was raised to $192 billion last year. The leading obstacle that the company faces is extracting the nuclear fuel that remains in the plant’s damaged nuclear reactors. Japan’s latest plan to clean up the site did not make any mention of what Tepco would do with about 777,000 tons of water contaminated with tritium, a nuclear byproduct.

Note: For more along these lines, see concise summaries of deeply revealing news articles on the Fukushima Nuclear Plant disaster.


Wall Street Whistle-Blower Awarded $22 Million for Revealing the Truth about Monsanto
2016-08-31, Vanity Fair
Posted: 2018-02-19 18:31:40
https://www.vanityfair.com/news/2016/08/wall-street-whistle-blower-monsanto

A whistle-blower who once worked for Monsanto walked away with a handsome payout for alerting regulators to accounting improprieties within the company, according to Reuters. Regulators will reportedly award the former executive with $22 million in connection with the $80 million settlement agreement Monsanto made with the S.E.C. over an incentive program the company ran to promote its trademark weed killer, Roundup. The $22 million payout is the second-highest sum the S.E.C. has given so far to a whistle-blower, behind a $30 million award paid in September 2014. The regulatory agency enacted a program to sweeten the idea of reporting impropriety in 2011, as part of the Dodd-Frank reforms. With between 10 and 30 percent of penalties or settlement agreements made with the government on the line, Wall Streeters and company insiders have all but lined up to tip off the S.E.C. Between September 2014 and September 2015 alone, the agency says 4,000 people forked over information, and more than 30 of them have pocketed a collective $85 million over the last five years.

Note: Monsanto lied to regulators and investors about RoundUp's profitability for three years. Major lawsuits are beginning to unfold over Monsanto's lies on the dangers of Roundup. 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 food system corruption and health.


Who Ordered Killing of Honduran Activist? Evidence of Broad Plot Is Found
2017-10-28, New York Times
Posted: 2018-02-12 01:00:00
https://www.nytimes.com/2017/10/28/world/americas/honduras-berta-caceres-desa...

Two men kicked in the door to Berta Cáceres’s house in the small Honduran mountain town of La Esperanza. One of them opened the door to her bedroom and fired six shots. She died moments later. The murder ... might simply have receded into a grim tally of regrettable losses. But Ms. Cáceres, 44, had won international acclaim for leading her indigenous Lenca community against a dam planned on their land. Now, 20 months after the killing, a team of five international lawyers has warned that the people who ordered it may never face justice. The evidence, the lawyers said, points to a plot against Ms. Cáceres that was months in the making and reached up to senior executives of Desarrollos Energéticos, known as Desa, the Honduran company holding the dam concession. “The existing proof is conclusive regarding the participation of numerous state agents, high-ranking executives and employees of Desa in the planning, execution and cover-up of the assassination,” the lawyers wrote. Eight suspects are in custody, including ... a retired Honduran Army lieutenant who was Desa’s director of security until mid-2015. “What the public ministry has yet to do is indict the people who hired Bustillo to plan the operation,” said Miguel Ángel Urbina Martínez, one of the lawyers reviewing the case. “There was this criminal structure comprised of company executives and employees, state agents and criminal gangs that used violence, threats and intimidation,” said Roxanna Altholz, [a] member of the lawyers’ group.

Note: The Guardian reported last year that Berta Cáceres’s murder appeared to be "an extrajudicial killing planned by military intelligence specialists linked to the country’s US-trained special forces". For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.


What Happens When Amazon Takes on Health Care
2018-02-01, Time
Posted: 2018-02-12 00:57:39
http://time.com/5128377/amazon-and-friends-takes-on-a-new-industry-health-care/

Amazon has announced that it - along with Warren Buffett’s Berkshire Hathaway and the banking behemoth JPMorgan Chase - will be entering the dominion of health care. Word that Amazon was entering health care immediately depressed the value of old-school health-insurance companies. Anyone who has been a customer of either knows why. The U.S. health care system is the antithesis of Silicon Valley. Grossly inefficient and user-unfriendly, it may be the least transparent enterprise outside the Kremlin - and just as awash in money. The $3.3 trillion that Americans spent on health care in 2016 was close to Germany’s entire GDP that year. It accounted for an astounding 18% of the U.S. gross domestic product - twice the share other developed countries typically spend on health - and produced a return on investment that would get any CEO fired. Life expectancy in the U.S. is actually going down. David Cutler, a health economist at Harvard, made the striking calculation that administration accounts for about a quarter of the cost of health care. He once pointed out that Duke University Hospital had 900 beds and 1,300 billing clerks. If the triad of Amazon, Berkshire Hathaway and JPMorgan Chase can find a way to bring sense to health care, the savings will accrue first for those three companies, which are not acting out of altruism. But ... when the worker reaches a doctor without having to run a gauntlet, the vaunted, disruptive efficiency of tech will have produced a common good.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.


A town of 3,200 was flooded with nearly 21 million pain pills as addiction crisis worsened, lawmakers say
2018-01-31, Washington Post
Posted: 2018-02-05 13:58:02
https://www.washingtonpost.com/news/to-your-health/wp/2018/01/31/a-town-of-32...

Over the past decade, nearly 21 million prescription painkillers have been shipped to a tiny town in West Virginia, a state where more people have overdosed on opioids and died than in any other in the nation. 20.8 million hydrocodone and oxycodone pills have been delivered to Williamson, W.Va., a town with ... fewer than 3,200 residents. [House Energy and Commerce] Committee leaders sent letters to two regional drug distributors, asking why the companies oversupplied this town, among others, with painkillers. “These numbers are outrageous,” Reps. Greg Walden (R-Ore.) and Frank Pallone Jr. (D-N.J.) said in a statement. Attorney General Jeff Sessions on Tuesday announced a nationwide crackdown on pharmacies and prescribers that are oversupplying opioids amid a deadly epidemic sweeping the United States. In the letters, dated Jan. 26, the congressional committee noted that between 2006 and 2016, drug distributors shipped large quantities of hydrocodone and oxycodone to two pharmacies in Williamson. During that time, Tug Valley Pharmacy received more than 10.2 million pills and Hurley Drug Company received more than 10.5 million pills. The pharmacies are 0.2 miles apart. The committee said in a letter to distributor Miami-Luken that from 2008 to 2015, the company had supplied more than half of all the prescription pain pills shipped to Tug Valley Pharmacy. And distributor H.D. Smith, the committee said, provided the pharmacies with nearly 5 million pills between 2007 and 2008.

Note: A CBS article titled, "Ex-DEA agent: Opioid crisis fueled by drug industry and Congress" describes major regulatory failures that contributed to this addiction crisis. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.


The Follower Factory
2018-01-27, New York Times
Posted: 2018-02-05 13:53:25
https://www.nytimes.com/interactive/2018/01/27/technology/social-media-bots.html

An obscure American company named Devumi ... has collected millions of dollars in a shadowy global marketplace for social media fraud. Devumi sells Twitter followers and retweets to celebrities, businesses and anyone who wants to appear more popular or exert influence online. Drawing on an estimated stock of at least 3.5 million automated accounts, each sold many times over, the company has provided customers with more than 200 million Twitter followers. The accounts that most resemble real people ... reveal a kind of large-scale social identity theft. At least 55,000 of the accounts use the names, profile pictures, hometowns and other personal details of real Twitter users, including minors. Fake accounts, deployed by governments, criminals and entrepreneurs, now infest social media networks. As many as 48 million of Twitter’s reported active users ... are automated accounts designed to simulate real people. In November, Facebook disclosed ... that it had at least twice as many fake users as it previously estimated. Up to 60 million automated accounts may roam the world’s largest social media platform. Devumi has more than 200,000 customers, including reality television stars, professional athletes, comedians, TED speakers, pastors and models. Devumi’s fake followers also serve as phantom foot soldiers in political battles online. Devumi’s customers include both avid supporters and fervent critics of President Trump, and both liberal cable pundits and a reporter at the alt-right bastion Breitbart.

Note: The use of social media to manipulate public perception has reportedly influenced recent elections in Latin America, the UK, and the US. For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.


New York Attorney General to Investigate Firm That Sells Fake Followers
2018-01-27, New York Times
Posted: 2018-02-05 13:52:00
https://www.nytimes.com/2018/01/27/technology/schneiderman-social-media-bots....

The New York attorney general, Eric T. Schneiderman, on Saturday opened an investigation into a company that sold millions of fake followers on social media platforms, some of them copying real users’ personal information. The company, Devumi, and its sale of automated followers to a swath of celebrities, sports stars, journalists and politicians, was detailed in a New York Times article published earlier on Saturday. At least 55,000 of its “bot” accounts used names, pictures, hometowns and other details taken from people on Twitter. The real users hailed from every U.S. state, including New York, and dozens of countries. “Impersonation and deception are illegal under New York law,” Mr. Schneiderman wrote. “We’re opening an investigation into Devumi and its apparent sale of bots using stolen identities.” Tens of millions of fake accounts have been deployed to defraud businesses, influence political debates online and attract customers. Social media companies, including Twitter and Facebook, have drawn intense scrutiny for not taking greater steps to weed them out. Mr. Schneiderman ... has brought a series of cases focused on the emerging world of online fraud, impersonation and abuse. In December, he began an investigation into how the Federal Communications Commission was flooded with millions of fake comments on a proposal to scrap so-called net neutrality rules. Many of the comments used names and addresses borrowed from real people, almost always without their knowledge.

Note: The use of social media to manipulate public perception has reportedly influenced recent elections in Latin America, the UK, and the US. For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.


As many as 48 million Twitter accounts aren't people, says study
2017-03-10, CNBC News
Posted: 2018-02-05 13:49:11
https://www.cnbc.com/2017/03/10/nearly-48-million-twitter-accounts-could-be-b...

According to new research from the University of Southern California and Indiana University, up to 15 percent of Twitter accounts are in fact bots rather than people. Researchers at USC used more than one thousand features to identify bot accounts on Twitter, in categories including friends, tweet content and sentiment, and time between tweets. Using that framework, researchers wrote that "our estimates suggest that between 9% and 15% of active Twitter accounts are bots." Since Twitter currently has 319 million monthly active users, that translates to nearly 48 million bot accounts, using USC's high-end estimate. The report goes on to say that complex bots could have shown up as humans in their model, "making even the 15% figure a conservative estimate." At 15 percent, the evaluation is far greater than Twitter's own estimates. In a filing with the SEC last month, Twitter said that up to 8.5 percent of all active accounts contacted Twitter's servers "…without any discernable additional user-initiated action." USC's researchers ... highlight the benefits of some bots, writing, "many social bots perform useful functions, such as dissemination of news and publications…" But the USC report also points to the downside of bots, saying, "there is a growing record of malicious applications of social bots. Some emulate human behavior to manufacture fake grassroots political support [and] promote terrorist propaganda and recruitment."

Note: The use of social media to manipulate public perception has reportedly influenced recent elections in Latin America, the UK, and the US. For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.


In Larry Nassar’s Case, a Single Voice Eventually Raised an Army
2018-01-24, New York Times
Posted: 2018-02-05 13:41:54
https://www.nytimes.com/2018/01/24/sports/rachael-denhollander-nassar-gymnast...

Rachael Denhollander had the first word and the last one. A former gymnast who became a lawyer and a coach, Ms. Denhollander told The Indianapolis Star in 2016 that Dr. Lawrence G. Nassar had molested her as a child. She had just read a report in The Star about U.S.A. Gymnastics’ mishandling of sexual misconduct allegations against coaches. But no one had yet spoken up about Dr. Nassar, who molested young athletes for about two decades while pretending the abuse was therapy. The Star soon published an article about the doctor, based on reports from two former gymnasts. One remained anonymous. The other was Rachael Denhollander. In a Michigan courtroom Wednesday, before Dr. Nassar received a prison sentence of 40 to 175 years for multiple counts of criminal sexual misconduct, Ms. Denhollander, 33, spoke again. This time, she was not alone. Over a seven-day sentencing hearing, 155 people had delivered victim impact statements to the court. Ms. Denhollander became the 156th, the final voice in a gathering of survivors who grew stronger by the day. Michigan State and U.S.A. Gymnastics, which made Dr. Nassar its longtime doctor for the national women’s team, were culpable in this case, too, Ms. Denhollander said. She mentioned that Dr. Nassar had used his phony medical treatments on her after four other women had complained about Dr. Nassar to employees in the M.S.U. athletic department.

Note: For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.


Mystery Science: More Details on the Strange Organism That Could Destroy Monsanto
2011-05-05, CBS News
Posted: 2018-02-05 13:33:52
https://www.cbsnews.com/news/mystery-science-more-details-on-the-strange-orga...

A noted plant scientist who spent much of his career at Purdue University sent a letter to the USDA informing the agency that he'd discovered a mysterious new disease-causing organism in Monsanto's (MON) genetically engineered Roundup Ready corn and soybeans. Now, that scientist - Don Huber - has written a follow-up letter ... and appears in a videotaped interview where he presents an even scarier picture of the damage he claims Monsanto's herbicide chemical glyphosate (the main ingredient in Roundup) is doing to both plants and the animals who eat them. Use of glyphosate has soared thanks to widespread use of Monsanto's soy and corn seeds, which are genetically modified to survive its effects. The problem with glyphosate, Huber says, is that it effectively "gives a plant AIDS," weakening its defenses and making it more susceptible to pathogens, such as the one his team discovered. The scientists have taken to calling the bug "the electron microscope (EM) organism," since it can only be seen with an electron microscope. Huber claims that the double whammy of weakened defenses and the new EM organism have contributed to "unexplained epidemics" of disease on farms. He's heard from cattle farmers who are struggling because they're experiencing a 15% infertility rate and 35% rate of spontaneous abortions among their herds. When the farmers switch to non-GE soy and corn for feed, the problems decline dramatically.

Note: For more on this important topic, see this article. For more along these lines, see concise summaries of deeply revealing news articles on food system corruption and GMOs.


Monsanto Fingerprints Found All Over Attack On Organic Food
2017-12-06, Huffington Post
Posted: 2018-01-29 18:00:22
https://www.huffingtonpost.com/stacy-malkan/monsanto-fingerprints-fou_b_10757...

A reputable-sounding nonprofit organization released a report attacking the organic food industry in April 2014. The 30-page report by Academics Review, described as “a non-profit led by independent academic experts in agriculture and food sciences,” found that consumers were being duped into spending more money for organic food. The [group's] press release ends on this note: “Academics Review has no conflicts-of-interest associated with this publication, and all associated costs for which were paid for using our general funds without any specific donor’ influence or direction.” What was not mentioned in the report, the news release or on the website: Executives for Monsanto Co., the world’s leading purveyor of agrichemicals and genetically engineered seeds, along with key Monsanto allies, engaged in fund raising for Academics Review, collaborated on strategy and even discussed plans to hide industry funding, according to emails obtained by U.S. Right to Know. Jay Byrne, former head of communications at Monsanto ... offered to act as a “commercial vehicle” to help find corporate funding for Academics Review. In March 2016, Monica Eng reported ... on documents showing that Monsanto paid Professor Bruce Chassy more than $57,000 over a 23-month period to travel, write and speak about GMOs - money that was not disclosed to the public. The money was part of at least $5.1 million in undisclosed money Monsanto sent through the University of Illinois Foundation.

Note: Monsanto has reportedly pushed fake science in other circumstances as well. Major lawsuits are beginning to unfold over Monsanto's lies to regulators and the public on the dangers of its products, most notably Roundup. 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 food system corruption and health.


Fed Up With Drug Companies, Hospitals Decide to Start Their Own
2018-01-18, New York Times
Posted: 2018-01-22 15:12:52
https://www.nytimes.com/2018/01/18/health/drug-prices-hospitals.html

Hospital executives have expressed frustration when essential drugs like heart medicines have become scarce, or when prices have skyrocketed. Now, some of the country’s largest hospital systems are taking an aggressive step to combat the problem: They plan to go into the drug business themselves, in a move that appears to be the first on this scale. “This is a shot across the bow of the bad guys,” said Dr. Marc Harrison, the chief executive of Intermountain Healthcare, the ... hospital group that is spearheading the effort. Several major hospital systems, including ... the nation’s largest nonprofit hospital group, plan to form a new nonprofit company, that will provide a number of generic drugs to the hospitals. The Department of Veterans Affairs is also expressing interest in participating. The idea is to directly challenge the host of industry players who have capitalized on certain markets, buying up monopolies of old, off-patent drugs and then sharply raising prices, stoking public outrage and prompting a series of Congressional hearings and federal investigations. The most notorious example is of Martin Shkreli, the former hedge fund manager who raised the price of a decades-old drug, Daraprim, to $750 a tablet in 2015, from $13.50. Hospitals have also struggled to deal with shortages of hundreds of vital drugs over the past decade, ranging from injectable morphine to sodium bicarbonate (the medical form of baking soda), shortfalls that are exacerbated when only one or two manufacturers make the product.

Note: Americans pay the highest prices for medications in the world, and many US government policies appear designed to keep drug prices high. For more along these lines, see concise summaries of deeply revealing Big Pharma profiteering news articles from reliable major media sources.


Trump Administration Waives Punishment For Convicted Banks, Including Deutsche — Which Trump Owes Millions
2018-01-09, International Business Times
Posted: 2018-01-15 18:42:54
http://www.ibtimes.com/political-capital/trump-administration-waives-punishme...

The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined for manipulating global interest rates. One of the Trump administration waivers was granted to Deutsche Bank - which is owed at least $130 million by President Donald Trump ... and has also been fined for its role in a Russian money laundering scheme. The waivers were issued in a little-noticed announcement published in the Federal Register. Under laws designed to protect retirement savings, financial firms whose affiliates have been convicted of violating securities statutes are effectively barred from ... managing those savings. However, that punishment can be avoided if the firms manage to secure a special exemption from the U.S. Department of Labor. In late 2016, the Obama administration extended ... one-year waivers to five banks - Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank. Late last month, the Trump administration issued new, longer waivers for those same banks. Leading up to the new waiver for Deustche Bank, Trump’s financial relationship with the firm has prompted allegations of a conflict of interest. In 2016, the Wall Street Journal reported Trump and his companies have received at least $2.5 billion in loans from Deutsche Bank and co-lenders. In 2015, Deutsche Bank pled guilty in the U.S. to wire fraud for its role in the [LIBOR] scandal. Less than two years later ... Deutsche Bank agreed to a $7.2 billion settlement with the Justice Department for misleading investors.

Note: The megabanks again get away with huge manipulations resulting in financial losses for many millions, yet hardly any media focuses on how these banks hardly get a slap on the wrist for their huge criminal offenses. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.


NYC sues, divests from oil firms over climate change
2018-01-10, ABC News/Associated Press
Posted: 2018-01-15 18:37:29
http://abcnews.go.com/Technology/wireStory/nyc-taking-steps-divest-pension-fu...

New York City is taking on the oil industry on two fronts, announcing a lawsuit Wednesday that blames the top five oil companies for contributing to global warming and saying the city will sell off billions in fossil fuel investments from the city's pension funds. Democratic Mayor Bill de Blasio received immediate blowback from some of the companies, while winning praise from environmentalists and others. "We're bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits," the mayor said. "As climate change continues to worsen, it's up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient." The city alleges the fossil fuel industry was aware for decades that burning fuel was impacting climate change. The defendants in the city's federal lawsuit are BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell. New York's lawsuit ... follows similar litigation filed by San Francisco, Oakland, and Santa Cruz in California. Also Wednesday, de Blasio and Comptroller Scott Stringer said they intend to divest the city's five pension funds of roughly $5 billion in fossil fuel investments out of its total of $189 billion. The divestment is the largest of any municipality in the U.S. to date. "Safeguarding the retirement of our city's police officers, teachers and firefighters is our top priority, and we believe that their financial future is linked to the sustainability of the planet," Stringer said.

Note: For more along these lines, see concise summaries of deeply revealing climate change news articles from reliable major media sources.


Taxify Takes on Uber in Crowded London Taxi-Hailing Market
2017-09-04, Reuters
Posted: 2018-01-15 18:27:57
https://www.reuters.com/article/us-uber-competition-taxify/taxify-takes-on-ub...

Estonian start-up Taxify is to go head to head with Uber in London’s highly competitive taxi-hailing market. Taxify said it will launch services across London on Tuesday after signing up 3,000 private hire taxi drivers, who have been vetted to ensure they meet local licensing requirements. In London, it enters a crowded market where the city’s famous black cab taxi drivers and private hire taxi firms such as Addison Lee compete with ride-hailing apps including Gett and Hailo, which is now part of Daimler’s MyTaxi. Uber counts 40,000 drivers and has 3 million London users, who take 1 million trips a week. Taxify is a fraction of Uber’s size - being active in just under 25 cities compared to Uber’s presence in nearly 600 cities worldwide - but runs on a lower cost business model, allowing passengers to pay marked-down fares and letting drivers retain a bigger share of the profits. Taxify said on Monday it would take a 15 percent commission on rides booked through its online platform, versus the 20-25 percent Uber charges in London. Taxify also said it will accept cash as well electronic payments from riders, unlike Uber. Uber has struggled over the past year with legal setbacks, workplace harassment scandals, driver protests and bitter disputes among directors.

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


Think You’re Seeing More Drug Ads on TV? You Are, and Here’s Why
2017-12-24, New York Times
Posted: 2018-01-07 23:25:41
https://www.nytimes.com/2017/12/24/business/media/prescription-drugs-advertis...

Television advertisements for prescription drugs ... have been running for 20 years. [Yet] it is not your imagination if you think you are seeing more of them these days. Lots more. 771,368 such ads were shown in 2016 ... an increase of almost 65 percent over 2012. “TV ad spending by pharmaceutical companies has more than doubled in the past four years, making it the second-fastest-growing category on television during that time,” Jon Swallen, Kantar’s chief research officer, said. The ads ... have turned to more serious ailments in the last few years. And when the ads come on, [the] audience is also listening intently to all that can befall them if they take a certain drug. An unexpected side effect of ad agency compliance with the drug administration’s regulation, it turns out, is enhanced credibility. “It’s counterintuitive, but everything in our research suggests that hearing about the risks increases consumers’ belief in the advertising,” said Jeff Rothstein, the chief executive officer of Cult Health, an ad agency that specializes in health care.

Note: 25 years ago drug advertising was illegal, as it was believed drugs should sell themselves on their own merits. Now Big Pharma is raking in profits hand over fist by inundating us with fear-based advertising. For more along these lines, see concise summaries of deeply revealing Big Pharma profiteering news articles from reliable major media sources.


Price of 40-year-old cancer drug hiked 1,400% by new owners
2017-12-26, CBS News
Posted: 2018-01-07 23:23:29
https://www.cbsnews.com/news/cancer-drug-lomustine-price-hiked-1400-percent-b...

Prices for a cancer drug called lomustine have skyrocketed nearly 1,400 percent since 2013, putting a potentially life-saving treatment out of reach for patients suffering from brain tumors and Hodgkin's lymphoma. Though the 40-year-old medication is no longer protected by patents, no generic version is available. According to the Wall Street Journal, lomustine was sold by Bristol-Myers Squib for years under the brand name CeeNU at a price of about $50 a capsule for the highest dose. The drugmaker sold lomustine in 2013 to a little-known Miami startup called NextSource, which proceeded to hike lomustine's price nine times since. It now charges about $768 per pill for the medication. According to an analysis done for the Journal ... NextSource this year raised prices for the drug, which it rebranded as Gleostine, by 12 percent in November following a 20 percent increase in August. Soaring prices for cancer drugs are a concern for both patients and doctors because financial pressures can lead to delays in seeking treatment that can easily surpass six figures per year. A study published earlier this year in the Journal of Clinical Oncology found prices for 24 patented injectible Medicare Part B drugs rose an average of 18 percent annually over the past eight years on an inflation-adjusted basis. Prices continued to rise even when generic versions of the drug became available.

Note: For more along these lines, see concise summaries of deeply revealing Big Pharma profiteering news articles 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.