Corporate Corruption News Stories
Below are key excerpts of revealing news articles on corporate corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.
Ministers have agreed [to] a secrecy clause in any dispute with the drugs manufacturer Pfizer over Britain’s Covid vaccine supply. Large portions of the government’s contracts with the company over the supply of 189m vaccine doses have been redacted and any arbitration proceedings will be kept secret. The revelation comes as Pfizer is accused by a former senior US health official of “war profiteering’’ during the pandemic. Tom Frieden, who was director of the US Centers for Disease Control and Prevention under Barack Obama, said: “If you’re just focusing on maximising your profits and you’re a vaccine manufacturer ... you are war profiteering.” Zain Rizvi, research director at Public Citizen, a US consumer advocacy organisation which has examined Pfizer’s global vaccine contracts, said: “There is a wall of secrecy surrounding these contracts and it’s unacceptable, particularly in a public health crisis.” Rizvi said the UK needed to explain why it had agreed to secret arbitration proceedings. He said: “It’s the only high-income country we have seen that has agreed to this provision. It allows pharmaceutical companies to bypass domestic legal processes.” While AstraZeneca agreed to sell its vaccine at cost during the pandemic, Pfizer wanted to secure its profits. The Pfizer/BioNTech vaccine ... will be one of the most lucrative drugs in pharmaceutical history. One biological engineering expert [claims] the Pfizer vaccine costs just 76p to manufacture for each shot. It is reportedly being sold for £22 a dose to the UK government.
Note: For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines from reliable major media sources.
The lobbying industry had a record year in 2021, taking in $3.7 billion in revenue as companies, associations and other organizations pressed Congress and the Biden administration over trillions of dollars in new pandemic spending and rules affecting health care, travel, tourism and other industries. The revenue figures, compiled in recent weeks from government records by OpenSecrets, show that lobbying spending began steadily growing in 2017. The jump in 2021, when lobbying spending was about 6 percent higher than 2020, came as the government’s pandemic interventions and record expenditure took center stage. The surge came as companies and associations aimed to roll back regulations on their industries — many of them pandemic-related — while others vied for a slice of the trillions in new spending. Manufacturers, unions, financial companies and technology firms all spent significantly more in 2021 than in previous years. Thousands of companies and organizations appeared to hire lobbyists for the first time during the pandemic, as more than 3,700 companies and other groups that spent no money lobbying the government in 2019 paid lobbyists last year. The pharmaceutical industry, regularly one of the biggest spenders in Washington, also increased its spending. Its top trade group, the Pharmaceutical Research & Manufacturers of America (PhRMA), topped $30 million in spending last year, up 17 percent from the year prior.
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption from reliable major media sources.
Oil and gas companies and lobby groups in Canada are heavily investing in campaigns to present themselves as defenders of Indigenous interests in the face of high-profile protests against a controversial natural gas pipeline on First Nation land. “I’m being a steward to my land and I’m being a defender,” read one of 21 ads targeting British Columbia in November 2021, quoting a Coastal GasLink worker from Nak’azdli Whut’en’ First Nation. As the ad conveying Indigenous support for the pipeline appeared on the Facebook and Instagram feeds of people in the Canadian province, 30 Wet’suwet’en Nation members and supporters were being violently evicted from their territory along the pipeline. The fossil fuel groups spent some C$122,000 (US$95,249) on more than 400 targeted Facebook and Instagram ads. The vast majority of the ads, which were shown some 21m times in total, were linked to the Coastal GasLink pipeline, the site of intense protest and violent police crackdown in recent years. The construction of the 670km pipeline through unceded Wet’suwet’en territory – land never signed away to the Canadian government – has sparked nationwide protests in recent years. Analysis of Facebook advertisements ... by Eco-Bot.Net, a research project exposing climate crisis misinformation and corporate greenwashing online, has found a steady flow of “Indigenous-washing” ad campaigns from TC Energy, the company behind the pipeline, and associated oil and gas lobby groups.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and media manipulation from reliable sources.
As Russia perpetrates war crimes against the people of Ukraine, the fossil fuel industries in Colorado and across the country are licking their collective chops and preparing to cash in on the crisis, likely generating yet another round of record profits in adherence to one of the most famous maxims, often attributed to Winston Churchill, “Never let a good crisis go to waste.” The price of gasoline is high right now. Big Oil is exploiting the Russian invasion of Ukraine and its effects on the price of gas to run up record profits. At the end of 2021, BP, Exxon Mobil, Shell, and Chevron all reported the highest profits they’ve seen since 2014, and every single company attributed those record profits to surging oil prices as post-pandemic demand increased and supply had not yet met that demand. Last week, White House Press Secretary Jen Psaki pointed out that U.S. oil companies are sitting on over 9,000 federal drilling permits, claiming that these should be tapped before additional leases are granted. The industry balked, arguing that “developing a lease takes years and substantial effort to determine whether the underlying geology holds commercial quantities of oil and/or gas,” undermining their own point while they’re making it: if it takes so long to produce oil from a new lease, how on earth would issuing new leases have any discernible effect on gas prices today? When record-high prices coincide with record profits, as they almost always do, it is lunacy to ignore the obvious connection between the two.
Note: Explore an alternative viewpoint on the Ukrainian situation from a respected source. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
Meta Platforms will allow Facebook and Instagram users in some countries to call for violence against Russians and Russian soldiers in the context of the Ukraine invasion, according to internal emails seen by Reuters on Thursday, in a temporary change to its hate speech policy. The social media company is also temporarily allowing some posts that call for death to Russian President Vladimir Putin or Belarusian President Alexander Lukashenko, according to internal emails to its content moderators. "As a result of the Russian invasion of Ukraine we have temporarily made allowances for forms of political expression that would normally violate our rules like violent speech such as 'death to the Russian invaders.' We still won't allow credible calls for violence against Russian civilians," a Meta spokesperson said in a statement. The calls for the leaders' deaths will be allowed unless they contain other targets or have two indicators of credibility, such as the location or method, one email said, in a recent change to the company's rules on violence and incitement. Last week, Russia said it was banning Facebook in the country in response to what it said were restrictions of access to Russian media on the platform. Moscow has cracked down on tech companies, including Twitter, which said it is restricted in the country, during its invasion of Ukraine, which it calls a "special operation." Emails also showed that Meta would allow praise of the right-wing Azov battalion, which is normally prohibited.
Note: Read more about Facebook permitting praise for the neo-Nazi Azov battalion. Intrepid reporter Ben Swann gives a great, balanced view on the biolabs in the Ukraine, including efforts to scrub one particularly incriminating video from the Internet. And explore an alternative viewpoint on the Ukrainian situation from a respected source. For more along these lines, see concise summaries of deeply revealing news articles on media corruption from reliable sources.
Robert Mazur was a federal agent. He infiltrated Pablo Escobar’s Colombian drug cartel for two years in the mid-1980s by pretending to be Robert Musella, a money-laundering, mob-connected businessman. “My role was to come across to the cartel as a credible money launderer,” Mazur said. As an undercover operative, he was working with the Bank of Credit and Commerce International, a Luxembourg-based bank with branches in more than 70 countries, in order to launder the cartel’s money. BCCI was known to have accounts of drug operatives, terrorists, dirty bankers and others who want to hide money. At one point, he was out at a social event in Miami with a senior bank officer at BCCI who asked him point blank, “You know who the biggest money launderer in the world is? It’s the Federal Reserve, of course.” That sounds like a crazy allegation, but Mazur said the banker connected the dots for him: In Colombia, it’s illegal for anyone to have a U.S. dollar account. But at the state-run Bank of the Republic there is a window they call the “sinister window” or the “anonymous window.” There, you can trade in as much U.S. currency as you want. The central bank exchanges it for Colombian pesos at a high rate immediately. Mazur recalls the banker asking: “What do you think happens with that cash? It gets put on pallets, they shrink-wrap it and they’re sending hundreds of millions of dollars back to the Federal Reserve. Why didn’t anyone ... ask where this money was coming from?”
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial system corruption from reliable major media sources.
“Would you like to sign in with your palm?” That was the question a cheerful Amazon employee posed when greeting me last week at the opening of a Whole Foods Market in Washington’s Glover Park neighborhood. For the next 30 minutes, I shopped. Then I simply walked out, no cashier necessary. Whole Foods — or rather Amazon — would bill my account later. More than four years ago, Amazon bought Whole Foods for $13 billion. Now the Amazon-ification of the grocery chain is physically complete. Amazon designed my local grocer to be almost completely run by tracking and robotic tools for the first time. The technology, known as Just Walk Out, consists of hundreds of cameras with a god’s-eye view of customers. Sensors are placed under each apple, carton of oatmeal and boule of multigrain bread. Deep-learning software analyzes the shopping activity to detect patterns and increase the accuracy of its charges. The Whole Foods in Glover Park ... has sparked a spirited local debate, with residents sparring on the Nextdoor community app and a neighborhood email list over the store’s “dystopian” feeling versus its “impressive technology.” Some ... said they had found errors in their bills and complained about the end of produce by the pound. Everything is now offered per item, bundle or box. Some mourned the disappearance of the checkout line, where they perused magazines. Many were suspicious of the tracking tech. “It’s like George Orwell’s ‘1984,’” said Allen Hengst, 72, a retired librarian.
Note: For more along these lines, see concise summaries of deeply revealing news articles on food system corruption and the disappearance of privacy from reliable major media sources.
The fallout from a huge leak of Credit Suisse banking data threatened to damage Switzerland’s entire financial sector on Monday after the European parliament’s main political grouping raised the prospect of adding the country to a money-laundering blacklist. The European People’s party (EPP), the largest political grouping of the European parliament, called for the EU to review its relationship with Switzerland and consider whether it should be added to its list of countries associated with a high risk of financial crime. Experts said that such a move would be a disaster for Switzerland’s financial sector, which would face the kind of enhanced due diligence applied to transactions linked to rogue nations including Iran, Myanmar, Syria and North Korea. The EPP released the proposal after media outlets including the Guardian, Süddeutsche Zeitung, the Organized Crime and Corruption Reporting Project (OCCRP), and Le Monde revealed how a massive leak of Credit Suisse data had uncovered apparently widespread failures of due diligence by the bank. The investigation, called Suisse secrets, identified clients of the Swiss bank who had been involved in torture, drug trafficking, money laundering, corruption and other serious crimes. The country’s addition to the EU high-risk third countries list would mean regulated professions, such as bankers, lawyers and accountants, would be required to conduct enhanced due diligence on any transaction or commercial relationship with a person or company in the country.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial system corruption from reliable major media sources.
A foundation representing the vaccine maker BioNTech has been accused of seeking to undermine the World Health Organization’s initiative to bring covid vaccine manufacturing to the African continent. The kENUP Foundation, a consultancy hired by BioNTech, has claimed that WHO’s hub, which is creating a covid-19 mRNA vaccine that African companies can make, is unlikely to be successful and will infringe on patents, documents obtained by The BMJ have shown. Instead, they show kENUP promoting BioNTech’s proposal to ship mRNA factories housed in sea containers from Europe to Africa, initially staffed with BioNTech workers, and a proposed new regulatory pathway to approve the vaccines made in these factories. The novel pathway has been described as paternalistic and unworkable. The move threatens the pan-African venture backed by WHO that seeks to scale up African production of lifesaving vaccines from 1% to 60% by 2040. WHO’s technology transfer hub, launched in June 2021 and based in South Africa, uses publicly available information to recreate Moderna’s vaccine, to teach companies and scientists across the continent how to use mRNA technology. It will then develop a comparable vaccine, which, if successful in clinical trials and approved by regulators, it will manufacture industrially. In a document sent to South African government officials after a visit to the country on 11-14 August last year, the kENUP Foundation said that the hub’s activity should be stopped.
Note: For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines and Big Pharma profiteering from reliable major media sources
The world is spending at least $1.8tn (£1.3tn) every year on subsidies driving the annihilation of wildlife and a rise in global heating, according to a new study, prompting warnings that humanity is financing its own extinction. From tax breaks for beef production in the Amazon to financial support for unsustainable groundwater pumping in the Middle East, billions of pounds of government spending and other subsidies are harming the environment, says the first cross-sector assessment for more than a decade. This government support, equivalent to 2% of global GDP, is directly working against the goals of the Paris agreement and draft targets on reversing biodiversity loss, the research on explicit subsidies found, effectively financing water pollution, land subsidence and deforestation with state money. The fossil fuel industry ($620bn), the agricultural sector ($520bn), water ($320bn) and forestry ($155bn) account for the majority of the $1.8tn, according to the report. No estimate for mining, believed to cause billions of dollars of damage to ecosystems every year, could be derived. Lack of transparency between governments and recipients means the true figure is likely to be much higher, as is the implicit cost of harmful subsidies. Last year, an International Monetary Fund report found the fossil fuel industry benefited from subsidies worth $5.9tn in 2020.
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and climate change from reliable major media sources.
Before the Covid-19 pandemic, Big Pharma had been easing out of the vaccine business for decades. Ultimately, Operation Warp Speed (OWS)–the U.S. government's Covid-19 relief program–would dole out $22 billion to Big Pharma. The amounts of money were the kinds of sums normally seen in the smaller defense budget line items, but were massive for a public health project–$2.5 billion to Moderna, $1.2 billion to AstraZeneca, half a billion dollars to Johnson & Johnson, and $1.6 billion to a small company called Novavax. Only Pfizer opted out of ponying up to the trough at first–it didn't want to devote resources to coordinating with the US government on its work. In July, Pfizer signed a $1.95 billion deal to sell one hundred million doses of its two-shot vaccine to the United States, enough for fifty million people. By February, the government had ordered three hundred million doses from Moderna, with its first shipment of one hundred million priced at thirty dollars per double-shot dose–cheaper than Pfizer partly because the United States had forked over nearly a billion dollars to Moderna research. Even more money was raining down on company insiders trading on good-news releases. Executives at Moderna and Pfizer cashed in on the vaccine, selling shares timed precisely to clinical trial press releases. Pfizer executives ... earned $14 million from stock sales in 2020. Moderna executives made $287 million from timed stock sales in 2020–and kept going.
Note: Explore hundreds of personal stories of severe vaccine injury and death that are being strongly suppressed by government and the major media. An MD's excellent research reveals that the government knew about and actively suppressed safe, effective, low-price treatments for COVID and targeted physicians who prescribed them. For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines and Big Pharma profiteering from reliable major media sources.
Pfizer reported that earnings and sales more than doubled in the past quarter, and it raised its outlook for results the full year, thanks greatly to its Covid-19 vaccine. The company reported adjusted earnings of $7.7 billion, up 133% from a year earlier. Revenue soared to $24.1 billion, up 134%. Both easily cleared results forecast by analysts. The vaccine business alone was responsible for more than 60% of the company's sales, as vaccine revenue rose to $14.6 billion from only $1.7 billion a year earlier. The company said its Covid vaccine sales accounted for $13 billion of that revenue. Revenue outside of its Covid vaccine business was up a far more modest 7%. This year, the Covid vaccine has brought in revenue of $24.3 billion. And Pfizer said it expects a total of $36 billion from the vaccine for all of 2021 – nearly $12 billion more in revenue the final quarter of the year. And it said based on contracts it now has signed it expects revenue $29 billion from the Covid vaccine in 2022. The company said it now expects full-year 2021 revenue of between $81 billion to $82 billion, up $2 billion from its earlier guidance. It also raised its earnings per share outlook by about 3% to 5% above what it had been expected to earn. About 67% of the total US population has had a least one dose of a Covid vaccine, and 58% are fully vaccinated, according to data tracked by the Mayo Clinic.
Note: Explore hundreds of personal stories of severe vaccine injury and death that are being strongly suppressed by government and the major media. An MD's excellent research reveals that the government knew about and actively suppressed safe, effective, low-price treatments for COVID and targeted physicians who prescribed them. For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines and Big Pharma profiteering from reliable major media sources.
The cost of vaccinating the world against COVID-19 could be at least five times cheaper if pharmaceutical companies weren't profiteering from their monopolies on COVID-19 vaccines, campaigners from the People's Vaccine Alliance said today. New analysis by the Alliance shows that the firms Pfizer/BioNTech and Moderna are charging governments as much as $41 billion above the estimated cost of production. Colombia, for example, has potentially overpaid by as much as $375 million for its doses of the Pfizer/BioNTech and Moderna vaccines, in comparison to the estimated cost price. Despite a rapid rise in COVID-19 cases and deaths across the developing world, Pfizer/BioNTech and Moderna have sold over 90 percent of their vaccines so far to rich countries, charging up to 24 times the potential cost of production. Last week Pfizer/BioNTech announced it would licence a South African company to fill and package 100 million doses for use in Africa, but this is a drop in the ocean of need. Neither company have agreed to fully transfer vaccine technology and know-how with any capable producers in developing countries, a move that could increase global supply, drive down prices and save millions of lives. Analysis of production techniques for the leading mRNA type vaccines produced by Pfizer/BioNTech and Moderna which were only developed thanks to public funding to the tune of $8.3 billion suggest these vaccines could be made for as little as $1.20 a dose.
Note: For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines and Big Pharma profiteering from reliable major media sources.
Last year, racing to develop a vaccine in record time, Pfizer made a big decision: Unlike several rival manufacturers, which vowed to forgo profits on their shots during the Covid-19 pandemic, Pfizer planned to profit on its vaccine. On Tuesday, the company announced just how much money the shot is generating. The vaccine brought in $3.5 billion in revenue in the first three months of this year, nearly a quarter of its total revenue, Pfizer reported. The vaccine was, far and away, Pfizer's biggest source of revenue. The company did not disclose the profits it derived from the vaccine, but it reiterated its previous prediction that its profit margins on the vaccine would be in the high 20 percent range. That would translate into roughly $900 million in pretax vaccine profits in the first quarter. The company's vaccine is disproportionately reaching the world's rich – an outcome, so far at least, at odds with its chief executive's pledge to ensure that poorer countries "have the same access as the rest of the world" to a vaccine that is highly effective at preventing Covid-19. As of mid-April, wealthy countries had secured more than 87 percent of the more than 700 million doses of Covid-19 vaccines dispensed worldwide, while poor countries had received only 0.2 percent. Pfizer has kept the profitability of its vaccine sales opaque. The United States, for example, is paying $19.50 for each Pfizer dose. Israel agreed to pay Pfizer about $30 per dose.
Note: If Pfizer is truly concerned about global health, why are they reaping such huge profits when other companies were willing to forgo profits. And why are they not helping the economically disadvantaged countries? For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines and Big Pharma profiteering from reliable major media sources.
Covid-19 vaccines have created at least nine new billionaires after shares in companies producing the shots soared. Topping the list of new billionaires are Moderna CEO Stéphane Bancel and Ugur Sahin, the CEO of BioNTech, which has produced a vaccine with Pfizer (PFE). Both CEOs are now worth around $4 billion, according to an analysis by the People's Vaccine Alliance, a campaign group that includes Oxfam, UNAIDS, Global Justice Now and Amnesty International. Senior executives from China's CanSino Biologics and early investors in Moderna have also become billionaires on paper as shares skyrocketed, partly in expectation of profits earned from Covid vaccines, which also bode well for the companies' future prospects. Moderna's share price has gained more than 700% since February 2020, while BioNTech has surged 600%. CanSino Biologics' stock is up about 440% over the same period. The company's single-dose Covid-19 vaccine was approved for use in China in February. Activists said the wealth generation highlighted the stark inequality that has resulted from the pandemic. The nine new billionaires are worth a combined $19.3 billion. According to the World Health Organization, 87% of vaccine doses have gone to high- or upper middle-income countries, while low income countries have received just 0.2%. In a paper published Friday, IMF chief economist Gita Gopinath said that vaccinating 60% of the global population by mid-2022 would cost just $50 billion.
Note: For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines and income inequality from reliable major media sources.
This year, Pfizer expects to bring in $36 billion from worldwide sales of its COVID-19 vaccine. That would shatter the previous record in annual sales for a single pharmaceutical product - about $20 billion for the anti-inflammatory drug Humira - and make the Pfizer vaccine the bestselling pharmaceutical product ever. Moderna will deliver fewer doses but is still expecting up to $18 billion in sales for the year for its COVID-19 vaccine. Humira, has been ... churning out tens of billions of dollars a year for multiple years on end. And it's not entirely clear that the mRNA vaccines will do that. Just because Pfizer and Moderna are selling billions of doses now doesn't mean that will last forever. The vaccines could work so well they eliminate the need for further boosters, though it's also possible COVID shots could become routine, like flu shots. The uncertainty puts a premium on maximizing sales now. Any vaccine manufacturer is going to realize that there's a risk that they're going to have a very short lifecycle. Moderna got a lot of government funding, offsetting costs and minimizing risks. But the COVID-19 vaccine is its only product on the market. Pfizer, on the other hand, didn't accept early government investment and took on a lot of those upfront costs itself. But it has dozens of other products in its portfolio that it makes and will continue to make once the pandemic ends.
Note: For more along these lines, see concise summaries of deeply revealing news articles on coronavirus vaccines and Big Pharma profiteering from reliable major media sources.
A plot of Wall Street interests to overthrow President Roosevelt and establish a Fascist dictatorship, backed by a private army of 500,000 ex-soldiers and others, was charged by Major Gen. Smedley D. Butler, retired Marine Corps officer, who appeared yesterday before the House of Representatives Committee on Un-American Activities, which began hearings on the charges. [The committee] heard testimony from General Butler and Gerald P. Maguire, a bond salesman in the Stock Exchange firm of Grayson M.P. Murphy & Co., 52 Broadway, named by General Butler as having urged him to head the proposed Fascist army. There were immediate emphatic denials by the purported plotters. From Philadelephia came word that General Butler had told friends there that General Hugh S. Johnson, former NRA administrator, was scheduled for the role of dictator, and that J. P. Morgan & Co. as well as Murphy & Co. were behind the plot.
Note: General Butler, who was greatly loved by his troops, only discovered how he and his troops had been used by Wall Street bankers after retiring from the military. As a result, he wrote a seminal book titled "War is a Racket" for which you can find an excellent summary on this webpage. Explore a suppressed book on this titled "The Plot to Seize the White House." For more along these lines, see concise summaries of deeply revealing news articles on war from reliable major media sources. Then explore the excellent, reliable resources provided in our War Information Center.
The chief executives of America's largest airlines warned of a "catastrophic disruption" to travel and shipping operations if telecommunication companies roll out their 5G technology as planned Wednesday without limiting the technology near U.S. airports. On Tuesday, AT&T and Verizon both confirmed to CBS News that they have voluntarily agreed to postpone turning on a limited amount of towers around certain airports. "We are frustrated by the FAA's inability to do what nearly 40 countries have done, which is to safely deploy 5G technology without disrupting aviation services, and we urge it to do so in a timely manner," an AT&T spokesperson said in a statement, reiterating that the rest of their 5G launch will continue as planned. The executives, writing to Transportation Secretary Pete Buttigieg and other U.S. government officials, highlighted the risk of "economic calamity" should Verizon and AT&T proceed with deploying the new technology before the necessary upgrades and changes have been made to aviation equipment. "We are writing with urgency to request that 5G be implemented everywhere in the country except within the approximate two miles of airport runways as defined by the FAA on January 19, 2022," the CEOs said in a Monday letter. "To be blunt, the nation's commerce will grind to a halt," they said. The letter was signed by CEOs of major airlines including American, United, Delta and Southwest, as well as the leaders of shipping giants FedEx and UPS.
Note: For powerful evidence there are serious risks to human health with 5g technology, see these major media articles. The former chief of Microsoft Canada has issued an urgent warning on this.
After raking in enormous profits from its coronavirus vaccine in 2021, the U.S.-based pharmaceutical giant Pfizer has kicked off the new year by hiking the prices of more than 120 of its drugs, resulting in significantly higher costs for patients amid a deadly pandemic. That's according to a new report released Thursday by Patients for Affordable Drugs (P4AD), which found that pharmaceutical companies have raised the prices of 554 medicines this month alone. Pfizer led the way with 125 price hikes to start 2022, leading P4AD to label the company the industry's "poster child for greed." "Due to sales of its Covid-19 vaccine, which is set to be the best-selling drug of all time, Pfizer shattered profit records in 2021. Projected sales for 2022 are $54.5 billion—more than double the previous record for one-year sales for a prescription drug," the report notes. "To put this into perspective, AbbVie's Humira previously held the spot with $19.8 billion in sales, and Pfizer’s best-selling product just prior to the pandemic achieved worldwide revenues of $5.8 billion." "Despite this record revenue in 2021," the report continues, "Pfizer began 2022 with price hikes on seven of its 10 best-selling drugs," including its pneumonia vaccine (up 6.9%), a breast cancer medication (up 6.9%), and a treatment for people with cardiovascular disease (up 6%). "These hikes of 5% or 6% can translate into thousands of dollars in higher costs for patients," P4AD notes.
Note: See also a Forbes article asking why physicians aren’t challenging outrageous pricing for medical costs. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering from reliable major media sources.
In “Why the Innocent Plead Guilty and the Guilty Go Free: And Other Paradoxes of Our Broken Legal System,” [Judge Jed S.] Rakoff reaches far beyond corporate boardrooms to highlight an array of shortcomings within the criminal justice system. His proposed fixes are worthy of consideration but also lay bare a harsh reality: The entrenched interests tolerating the system’s inequities and, in some cases, profiting from the status quo pose significant obstacles to reform. Rakoff realized that America’s “system of justice is failing its mission” after becoming a federal district court judge a quarter-century ago. What’s the nature of this failure? The country imprisons millions of indigent Americans yet routinely allows white-collar criminals to avoid punishment. “To a federal judge,” he declares, the government’s reluctance to hold executives accountable and instead enter into “cosmetic prosecution agreements” with corporations that are repeatedly violated and unenforced “is disturbing ... in what it says about the DOJ’s apparent disregard for equality under the law.” Rakoff fittingly cites Pfizer to exemplify his point. The four deferred-prosecution agreements between the pharmaceutical giant and federal authorities from 2002 to 2009 — all devised to prevent future misconduct — failed to stop the company from flouting the law. Through it all, Pfizer’s executives went unpunished, and the fines the company paid represented a fraction of its ill-gotten gains.
Note: For a much deeper analysis and discussion of Judge Rakoff’s highly revealing book by courageous journalist Matt Taibbi, see this excellent essay. Consider subscribing to Taibbi’s excellent work. For more along these lines, see concise summaries of deeply revealing news articles on corruption in the court system and in Big Pharma from reliable major media sources.
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