Corporate Corruption News StoriesExcerpts of Key Corporate Corruption News Stories in Major Media
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The most important economic and political issues facing this country are the extraordinary levels of income and wealth inequality, the rapidly growing concentration of ownership, the long-term decline of the American middle class and the evolution of this country into oligarchy. We know how important these issues are because our ruling class works overtime to prevent them from being seriously discussed. We now have more income and wealth inequality than at any time in the last hundred years. Wages ... are lower today than they were almost 50 years ago. When I was a kid growing up, most families were able to be supported by one breadwinner. Now an overwhelming majority of households need two paychecks to survive. Since 1975, there has been a massive redistribution of wealth in America that has gone in exactly the wrong direction. Over the past 47 years, according to the Rand Corporation, $50tn in wealth has been redistributed from the bottom 90% of American society to the top 1%, primarily because a growing percentage of corporate profits has been flowing into the stock portfolios of the wealthy and the powerful. During this terrible pandemic ... some 700 billionaires in America became nearly $2tn richer. Just three Wall Street firms (Blackrock, Vanguard and State Street) control assets of over $20tn and are the major stockholders in 96% of S&P 500 companies. In terms of media, some eight multinational media conglomerates control what we see, hear and read.
Note: The above was written by Sen. Bernie Sanders. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
The biggest thing the federal government now does with businesses is subsidize them. The Clean Air Act of 1970 authorized the government to regulate air pollution. The Inflation Reduction Act, which Joe Biden signed into law ... allocates more than $300bn to energy and climate reform, including $30bn in subsidies for manufacturers of solar panels and wind turbines. Notice the difference? This shift from regulation to subsidy has characterized every recent administration. Today it's politically difficult, if not impossible, for government to demand that corporations (and their shareholders) bear the costs of public goods. Spending by corporations on lobbying increased from $1.44bn in 1999 to $3.77bn in 2021 and is on track to exceed $4bn this year. This tidal wave of corporate money has occurred at the same time large American corporations have globalized ... demanding government subsidies in return for creating jobs and doing their cutting-edge research in America. The question [is] whether the government should subsidize certain industries that generate large social benefits in the form of new technologies. I argued that the government was already engaged in a hidden industrial policy, disguised, for example, as grants to the aerospace and telecom industries by the Department of Defense and to the pharmaceutical industry by the National Institutes of Health. It would be far better to do industrial policy in the open, so that the public could assess what it was paying for and what it was getting in return.
Note: This article was written by former U.S. Secretary of Labor Robert Reich. For more revealing information on the government sponsoring corporate, financial interests without public input, see concise summaries of news articles on corporate corruption, and corruption in government and the financial industry.
Some of the nation's largest retailers have been using soaring inflation rates as an excuse to raise prices and rake in billions of dollars in additional profit, a corporate watchdog group charged. The new figures comes as companies enjoy their most profitable year since the 1950s. Pre-tax profits last year soared 25% from 2020, far outpacing the increase in consumer prices. The report highlights an ongoing debate about the causes of inflation, with some consumer advocates arguing that corporations are using inflation as a justification for passing on even higher price hikes to consumers. Accountable.US said it examined the financial statements of the nation's top 10 retailers over the past two years – including Lowe's and Target – and found that they collectively increased their profits by $24.6 million for a grand total of $99 billion. The report notes, among other examples, that Lowe's recorded $8.4 billion in profit in its most recent quarter as it touted its "new pricing strategies." TJX, parent company of TJ Maxx, Marshalls and Home Goods, saw last year's profits soar to $3.3 billion as the CEO spoke about the company's "aggressive" price increases. "It's time corporations finally help shoulder the burden average Americans have taken on throughout the health crisis," [Accountable.US President Kyle] Herrig said. "Corporations can start by stabilizing prices for consumers instead of pursuing even higher profits – on top of finally paying their fair share in taxes."
Note: Just like big Pharma with COVID, the major corporations are profiting hugely from our misery. Here's another revealing report shows major food producing corporations marking up prices while raking in huge profits. You might also explore key excerpts of news articles on corporate corruption from reliable media sources.
Whether dodging taxes or legal peril, wealthy Americans often succeed in concealing assets from the government by hiding their money in offshore bank accounts. Research from the IRS and a group of economists last year found that the top 1% of earners in the U.S. neglect to report 20% of their income – and that random audits almost never detect offshore accounts. Tax havens like Switzerland or the Cayman Islands have traditionally offered Americans a place to hide their assets because they fiercely guard financial privacy and have minimal to no taxes. Often, they also have laws that inhibit scrutiny from foreign tax officials. Prior to his latest book, [author Patrick Radden] Keefe published "Empire of Pain," which chronicled the billionaire Sackler family's connection to the nation's opioid epidemic. The Sacklers, the notorious family that owned the now bankrupt Purdue Pharma, reportedly have much of their wealth hidden in offshore accounts. An audit commissioned by Purdue showed the family withdrew more than $10 billion from their company during the opioid crisis, CNN reported in October 2020. They began drawing especially large amounts of money from the firm after paying $600 million in a 2007 plea deal with the Justice Department for misleading physicians and consumers about the opioid OxyContin, CNN reported. "The kind of sophistication of the whole industry of financial dissimulation ... such that nobody can put their hands on the money, is really interesting." Keefe told Yahoo Finance.
Note: A 2015 Guardian newspaper article further describes how the US helps the super-rich hide assets. For more along these lines, see concise summaries of financial industry corruption news articles from reliable major media sources.
Ask questions or post content about COVID-19 that runs counter to the Biden administration's narrative and find yourself censored on social media. That's precisely what data analyst and digital strategist Justin Hart says happened to him. And so last week the Liberty Justice Center, a public-interest law firm, filed a suit on his behalf in California against Facebook, Twitter, President Joe Biden and United States Surgeon General Vivek Murthy for violating his First Amendment right to free speech. Hart had his social media most recently locked for merely posting an infographic that illustrated the lack of scientific research behind forcing children to wear masks to prevent the spread of COVID. In fact ... study after study repeatedly shows that children are safer than vaccinated adults and that the masks people actually wear don't do much good. The lawsuit contends that the federal government is "colluding with social media companies to monitor, flag, suspend and delete social media posts it deems 'misinformation.'" It can point to White House Press Secretary Jen Psaki's July remarks that senior White House staff are "in regular touch" with Big Tech platforms regarding posts about COVID. She also said the surgeon general's office is "flagging problematic posts for Facebook that spread." "Why do we think it's acceptable for the government to direct social media companies to censor people on critical issues such as COVID?" Hart asks. The Post has been targeted repeatedly by social media for solid, factual reporting.
Note: Read about another lawsuit alleging collusion between government and big tech companies to censor dissenting views on pandemic policies. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and media manipulation from reliable sources.
The new documentary-exposĂ© Victoria's Secret: Angels and Demons [reveals] that the multibillion-dollar lingerie chain that marketed its models as the last word in hotness and glamour was a ruthless capitalist enterprise dogged by accusations of harassment, corruption and abuse. We meet old friends from the modern sexual abuse and violence documentary circuit. Jeffrey Epstein and Ghislaine Maxwell, of course, but also Jean-Luc Brunel, whose predations against the girls and women he met as the head of Karin Models Agency and MC2 Model Management (financed, would you believe, by Epstein) were recently outlined in Sky documentary Scouting for Girls – alongside those of fellow agents John Casablancas, Claude Haddad and GĂ©rald Marie, the last of whom vehemently denies all sexual abuse allegations against him from several women. The new guy in the mix is Leslie Wexner, owner of the eponymous lingerie firm. He became acquainted with Epstein in the 1980s when Wexner needed an entrĂ© into New York society. It was Wexner who sold him the townhouse that would become infamous as the spycam site of his abusive operations, and who sold him the private jet that would become known as the "Lolita Express" as it ferried underage girls wherever Epstein and his fellow predators needed them to go. Wexner gave Epstein power of attorney over his entire estate – worth hundreds of millions of dollars – and didn't revoke it until 2007, well after Epstein's first arrest in 2006.
Note: Watch an eye-opening video on the top 10 shocking reveals of this documentary. For more along these lines, see concise summaries of deeply revealing news articles on Jeffrey Epstein's child sex ring from reliable major media sources.
For decades, mallgoers, slightly confused teenage girls and horny teenage boys have wondered what secret this mysterious Victoria is hiding. The new three-part Hulu docuseries "Victoria's Secret: Angels and Demons" explores these secrets and, well, they are less "she only wears thongs (wink)" and more "wait, was this brand just a lot of pink thongs covering up the very real exploitation of underage girls?" The business was sold to Les Wexner [in 1982]. With Victoria's Secret in about 100 stores across America, Les Wexner hired Jeffrey Epstein as an investment advisor. Then Wexner quite suddenly gave him power of attorney in 1991, the most expensive home in New York City in the mid-'90s and sold Epstein his private jet well below market value. That private jet became known in the press as the Lolita Express, aka the jet where Epstein is accused of taking underage girls to be abused and exploited. Epstein allegedly began describing himself to women he'd meet as a recruiter for Victoria's Secret models in 1993. Wexner claims he cut all ties with Epstein after his first arrest, and he would go on to publicly condemn Epstein after his death in 2019, but the documentary alleges that L Brands directly paid for Epstein's legal defense, which was never publicly reported. There [was] a reported instance where Epstein, while staying in the guest house on Wexner's property, held a woman hostage for 12 hours after he and Ghislaine Maxwell allegedly assaulted her, leading her to call the police for help.
Note: Watch an eye-opening video on the top 10 shocking reveals of this documentary. For more along these lines, see concise summaries of deeply revealing news articles on Jeffrey Epstein's child sex ring from reliable major media sources.
Big Pharma spent more than any other industry to lobby Congress and federal agencies this year, a Reuters analysis shows, but is still on course for a major defeat by failing to stop a bill that allows the government to negotiate prices on select drugs. The $430 billion Inflation Reduction Act to change climate, health, and tax policies cleared its largest hurdle last week when Democratic lawmakers passed it in the Senate. The U.S. House of Representatives is also expected to pass it on Friday, allowing President Joe Biden to sign it into law. A Kaiser Family Foundation poll in October found that 83% of Americans, including 95% of Democrats and 71% of Republicans, want the federal Medicare health plan for seniors to negotiate prices. The industry's powerful trade association, Pharmaceutical Research and Manufacturers of America (PhRMA), urged senators in a public letter to reject the bill. A Reuters analysis ... shows that the pharmaceutical industry has spent at least $142.6 million on lobbying Congress and federal agencies in the first half of 2022, more than any industry, and at least $16.1 million on campaign contributions during the current mid-term election cycle. Almost two thirds of the money spent on lobbying ... came from PhRMA and its member companies. The bill's provision for drug price negotiations was scaled back in November, allowing Medicare to focus on an annual maximum of 20 of the costliest medicines by 2029, instead of an initial proposal to help reduce prices for 250 treatments.
Global capitalism is an incredible machine for extracting fossil fuels from our planet, refining them, shipping them to every corner of the Earth and making staggering amounts of money doing so. Unfortunately the machine is also poisoning us all. But one of its exquisitely evolved functions is to make it almost impossible to turn it off. Oil and gas profits in the most recent quarter were astounding. Exxon Mobil made $18bn in profits in the past three months. Shell and Chevron each made nearly $12bn. Those are all record numbers. A recent study showed that for the past 50 years, the oil industry has made profits of more than $1tn a year, close to $3bn a day. These profits are driven [by] cartels, mega-corporations and the regulatory capture of governments, conspiring to create a market free of both competition and of a price that reflects the actual cost to the world of the product that is being sold. These profits are illusory. They are plagued by an externality large enough to outweigh a trillion dollars a year – the costs that the climate crisis will impose on billions of people who are alive now and many generations to come. The fossil fuel industry as a whole is not just another business, providing a service to meet a demand; it is a predatory drug dealer that works every day to keep the world addicted to its poisonous product, knowing full well that it will eventually prove fatal. It fights to keep the population fooled. It is a problem to be solved.
More than 80% of urine samples drawn from children and adults in a US health study contained a weedkilling chemical linked to cancer, a finding scientists have called "disturbing" and "concerning". The report by a unit of the Centers for Disease Control and Prevention (CDC) found that out of 2,310 urine samples, taken from a group of Americans intended to be representative of the US population, 1,885 were laced with detectable traces of glyphosate. This is the active ingredient in herbicides sold around the world, including the widely used Roundup brand. Almost a third of the participants were children. [Lianne] Sheppard co-authored a 2019 analysis of people highly exposed to glyphosate, which concluded there was a "compelling link" between glyphosate and an increased risk of non-Hodgkin lymphoma. Both the amount and prevalence of glyphosate found in human urine has been rising steadily since the 1990s when Monsanto Co. introduced genetically engineered crops designed to be sprayed directly with Roundup, according to research published in 2017. The weedkiller is sprayed directly over genetically engineered crops such as corn and soybeans, and also over non-genetically engineered crops such as wheat and oats as a desiccant to dry crops out prior to harvest. It is considered the most widely used herbicide in history. The International Agency for Research on Cancer, a unit of the World Health Organization ... classified glyphosate as a probable human carcinogen in 2015.
Note: Instead of relying on independent science, the EPA used industry studies to determine that glyphosate was safe. For more along these lines, see concise summaries of deeply revealing news articles on GMOs and health from reliable major media sources.
One in three people across America have detectable levels of a toxic herbicide linked to cancers, birth defects and hormonal imbalances, a major nationwide survey has found. Human exposure to the herbicide 2,4-D has substantially risen amid expanding use among farmers despite a multitude of health and environmental concerns, according to the first nationally representative study evaluating the footprint of the chemical. Researchers from George Washington university examined the urine samples of 14,395 people (aged six and older) from all walks of life who take part in the annual National Health and Nutrition Examination Survey. They looked for biomarkers to the pesticide, and compared the exposure levels detected with the use of 2,4-D from 2001 until 2014. As the pesticide grew in popularity among farmers and gardeners, so did evidence of human exposure, rising from a low of 17% in 2001-02 to a high of almost 40% a decade later. Exposure to high levels of 2,4-D, an ingredient of Agent Orange used against civilians during the Vietnam war, has been linked to cancers including leukemia in children, birth defects and reproductive problems among other health issues. The study, published online in Environmental Health, found exposure was not uniform, with several subgroups including children aged six to 11 and women of childbearing age showing substantially higher levels of 2,4-D in their urine. Overall, the amount of 2,4-D applied in agriculture increased 67% between 2012 and 2020.
Today it's my great pleasure to introduce two Pulitzer Prize-winning Washington Post journalists, Sari Horwitz and Scott Higham, who are going to discuss their new book, "American Cartel." We're talking about companies that create and fuel the opioid crisis. We've heard this story about the Sacklers and indeed the Sacklers have been identified, and if criminal charges haven't been brought at least they've been vilified in the press. But ... this goes way beyond the Sacklers. This is not just the story of one bad apple. "It's so much bigger than that," [said Horwitz]. "We found, in our two-year investigation ... a constellation of companies that fuel the deadliest epidemic, drug epidemic, in American history. Some of these companies are some of the largest in this country. Some we've heard of. They are household names - Walgreens, Walmart, Johnson & Johnson. We found internal emails from these companies where the people in the companies were laughing at the addicts. They were mocking them. Meanwhile, the drug companies, they are smart. They decide to lure away the best and the brightest if they can from the DEA and the Justice Department to help them as they are selling opioids, and they are very successful. They hired dozens of people from DEA and the Justice Department to work for these companies. So again, these are the people who are trying to protect us, working for the DEA and the Justice Department. They are lured away to the companies who are selling addictive painkillers that are killing people."
What happens when government leaders leave Washington for cushy jobs on corporate boards? Former Food and Drug Administration (FDA) Commissioner Scott Gottlieb is just the latest administration official to go through the revolving door after his second tour at the FDA. Gottlieb recently resigned from his spot as the top federal drug regulator to take on a role at Pfizer–the top drug producer in the United States. But Gottlieb's hiring is just the latest in a long line of moves to fortify the industry's influence in Washington. Big Pharma spending on lobbying eclipses every other industry according to the Center for Responsive Politics. Current Health and Human Services Secretary Alex Azar - Gottlieb's former boss - used to be president of Lilly USA, the U.S. branch of pharmaceutical giant Eli Lilly. Trump lauded his appointment by calling Azar a "star for better healthcare and lower drug prices," but during his time there the company raised the brand's insulin prices threefold creating a crisis and drawing public outrage. A study last year found more than 160 former lobbyists serving in the Trump administration - and those industry ties point to an administration that puts the priorities of large corporations over those of the American people. Corporate executives and industry lobbyists cannot be effective regulators of the industries that have made them millions. The revolving door is an age-old problem in Washington but the scope and volume of the conflicts in the current administration ... is unprecedented.
Note: For lots more on the revolving door between government and big Pharma, see the "Revolving Door Project" and read this revealing article. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and Big Pharma profiteering from reliable major media sources.
Glyphosate, an herbicide that remains the world's most ubiquitous weed killer, raises the cancer risk of those exposed to it by 41%, a new analysis says. Researchers from the University of Washington evaluated existing studies into the chemical – found in weed killers including Monsanto's popular Roundup – and concluded that it significantly increases the risk of non-Hodgkin lymphoma (NHL), a cancer of the immune system. "All of the meta-analyses conducted to date, including our own, consistently report the same key finding: exposure to GBHs (glyphosate-based herbicides) are associated with an increased risk of NHL," the authors wrote in a study published in the journal Mutation Research. In 2015 ... the World Health Organization's International Agency for Research on Cancer classified glyphosate as "probably carcinogenic to humans." Moreover, the chemical has triggered multiple lawsuits from people who believe that exposure to the herbicide caused their non-Hodgkin's lymphoma. In 2017 ... more than 800 people were suing Monsanto; by the following year, that figure was in the thousands. The authors of the University of Washington report analyzed all published studies on the impact of glyphosate on humans. Co-author ... Rachel Shaffer said: "This research provides the most up-to-date analysis of glyphosate and its link with Non-Hodgkin Lymphoma, incorporating a 2018 study of more than 54,000 people who work as licensed pesticide applicators." The scientists also assessed studies on animals.
Note: Instead of relying on independent science, the EPA used industry studies to determine that glyphosate was safe. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health from reliable major media sources.
Dr. Anthony Fauci, White House Press Secretary Karine Jean-Pierre, other Biden administration officials and five social media companies have 30 days to respond to subpoenas in a lawsuit alleging collusion to suppress freedom of speech. Discovery requests were served to ask for information and documents from ... NIAID, CDC, ... Surgeon General Vivek Murthy, and Nina Jankowicz, who led the DHS Disinformation Governance Board until it was disbanded. Also requested were any communications to any social media platform relating to the "Great Barrington Declaration," [which] was published in response to COVID-19 policies that recommended "focused protection," an approach to reaching herd immunity by allowing those at minimal risk of death to live normal lives by building up immunity through natural infection while protecting those at highest risk. A media release from [Missouri Attorney General Eric] Schmitt ... stated information requested was identifying all communications with any social media platform relating to content modulation and/or misinformation. It requests all communications with Mark Zuckerberg from Jan. 1, 2020, to the present. "In May, Missouri and Louisiana filed a landmark lawsuit against top-ranking Biden Administration officials for allegedly colluding with social media giants to suppress free speech on topics like COVID-19 and election security," Schmitt said. "Earlier this month, a federal court granted our motion for expedited discovery. We will fight to get to the bottom of this alleged collusion and expose the suppression of freedom of speech by social media giants at the behest of top-ranking government officials.”
Note: For more details, see this informative article. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and media manipulation from reliable sources.
It's estimated that more than 107,000 people in the United States died due to opioid overdoses in 2021. Washington Post journalist Scott Higham notes it's "the equivalent of a 737 Boeing crashing and burning and killing everybody on board every single day." In the new book, American Cartel, Higham and co-author Sari Horwitz make the case that the pharmaceutical industry operated like a drug cartel, with manufacturers at the top; wholesalers in the middle; and pharmacies at the level of "street dealers." The companies collaborated with each other – and with lawyers and lobbyists – to create legislation that protected their industry, even as they competed for market share. "It really is the companies that run the show," Higham says. "People were dying by the thousands while these companies were lobbying members of Congress ... to pass legislation and to lobby members of the Department of Justice and try to slow down the DEA enforcement efforts." Big pharma fought to create legislation that would limit the DEA's ability to go after drug wholesalers. The efforts were effective; more than 100 billion pills were manufactured, distributed and dispensed between 2006 and 2014. Meanwhile, both federal and state DEA agents are frustrated by the ways in which their enforcement efforts have been curtailed. Right now there are 40,000 Americans who are in jail on marijuana charges. And not one executive of a Fortune 500 company involved in the opioid trade has been charged with a crime.
Lowering prescription drug prices is among the Biden administration's most urgent priorities. But the drug industry is spending big to keep that from happening. A new compromise on Capitol Hill would offer some relief from high prices by gradually allowing Medicare to negotiate drug prices similar to private insurers for the first time, while capping out of pocket costs at $2,000 and setting limits on the cost of insulin. The pharmaceutical industry has spent nearly $263 million on lobbying so far this year, employing three lobbyists for every member of Congress, according to OpenSecrets, which tracks money in politics. Millions of those dollars are in the form of campaign donations. "They have really endless resources to throw at shaping the outcomes of legislation," said Sheila Krumholz, the executive director of OpenSecrets. Congressman Scott Peters, a Democrat, sparked protests outside his San Diego district office when he came out against a plan to cut drug costs for seniors earlier this year. He's received nearly $130,000 from the industry this year. About $100,000 has been donated to Democratic Senator Kyrsten Sinema this year. Senator Robert Menendez, also a Democrat, has taken nearly $80,000 in 2021. "Bottom line is I'm supporting a price negotiation bill that has been worked out," ... Menendez said when asked what message he's sending by taking money from the pharmaceutical industry.
Note: This article fails to mention that big Pharma spends more than any other sector on lobbying and also is the largest sponsor of advertising in the major media. Do you think the media and Congress are biased by this? For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the pharmaceutical industry from reliable major media sources.
Jeff Smith, a partner with the influential consulting firm McKinsey & Company, accepted a highly sensitive assignment in December 2017. The opioid manufacturer Purdue Pharma ... sought out Dr. Smith. His team reviewed business plans and evaluated new drugs that Purdue hoped would help move the company beyond the turmoil associated with OxyContin, its addictive painkiller that medical experts say helped to spark the opioid epidemic. But the corporate reorganization was not Dr. Smith's only assignment. He was also helping the Food and Drug Administration overhaul its office that approves new drugs – the same office that would determine the regulatory fate of Purdue's new line of proposed products. A review ... of internal McKinsey documents found that the firm repeatedly allowed employees who served pharmaceutical companies, including opioid makers, to also consult for the F.D.A., the drug industry's primary government regulator. And, the documents show, McKinsey touted that inside access in pitches to private clients. In an email in 2014 to Purdue's chief executive, a McKinsey consultant highlighted the firm's work for the F.D.A. and stressed "who we know and what we know." McKinsey also allowed employees advising Purdue to help shape materials that were intended for government officials and agencies, including a memo in 2018 prepared for Alex M. Azar II. References to the severity of the opioid crisis in a draft version of the memo ... were cut before it was sent to Mr. Azar.
More than a quarter of the Food and Drug Administration employees who approved cancer and hematology drugs from 2001 through 2010 left the agency and now work or consult for pharmaceutical companies, according to research published by a prominent medical journal. [Dr. Vinay] Prasad and his colleague Dr. Jeffrey Bien ... tracked 55 FDA reviewers in the hematology-oncology field from 2001 through 2010, using LinkedIn, PubMed and other publicly available job data. The researchers found that of the 26 reviewers who left the FDA during this period, 15 of them, or 57 percent, later worked or consulted for the biopharmaceutical industry. Put another way, about 27 percent of the total number of reviewers left their federal oversight posts to work for the industry they previously regulated. Prasad and Bien published their findings as a research letter in The BMJ, formerly The British Medical Journal. "If you know in the back of your mind that your career goal may be to someday work on the other side of the table, I wonder whether that changes the way you regulate," Prasad said. "There's a lot of room for interpretation in deciding whether or not a cancer drug should be approved," he said, because so many studies of cancer drugs rely on what's called a "surrogate endpoint." But ... there isn't always evidence that surrogate endpoints are linked to better health outcomes for patients, suggesting that some approved drugs aren't as beneficial as they appear.
The oil and gas industry has delivered $2.8bn (Ł2.3bn) a day in pure profit for the last 50 years, a new analysis has revealed. The vast total captured by petrostates and fossil fuel companies since 1970 is $52tn, providing the power to "buy every politician, every system" and delay action on the climate crisis, says Prof Aviel Verbruggen, the author of the analysis. The huge profits were inflated by cartels of countries artificially restricting supply. The analysis, based on World Bank data, assesses the "rent" secured by global oil and gas sales, which is the economic term for the unearned profit produced after the total cost of production has been deducted. The study has yet to be published in an academic journal but three experts at University College London, the London School of Economics and the thinktank Carbon Tracker confirmed the analysis as accurate, with one calling the total a "staggering number". It appears to be the first long-term assessment of the sector's total profits, with oil rents providing 86% of the total. Emissions from the burning of fossil fuels have driven the climate crisis and contributed to worsening extreme weather. Oil companies have known for decades that carbon emissions were dangerously heating the planet. The average annual profit from 1970-2020 was $1tn but [Verbruggen] said he expected this to be twice as high in 2022. The fossil fuel industry also benefits from subsidies of $16bn a day, according to the International Monetary Fund.
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.