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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.


Pfizer accused of pandemic profiteering as profits double
2022-02-08, The Guardian (One of the UK's leading newspapers)
Posted: 2022-08-01 15:10:54
https://www.theguardian.com/business/2022/feb/08/pfizer-covid-vaccine-pill-pr...

Pfizer made nearly $37bn (Ł27bn) in sales from its Covid-19 vaccine last year – making it one of the most lucrative products in history – and has forecast another bumper year in 2022, with a big boost coming from its Covid-19 pill Paxlovid. The US drugmaker's overall revenues in 2021 doubled to $81.3bn. The bumper sales prompted accusations from campaigners of "pandemic profiteering". The group Global Justice Now said the annual revenue of $81bn was more than the GDP of most countries. Pharmaceutical companies have been accused of not sharing the recipe for their vaccines, which would enable drugmakers in poorer countries to produce cheaper versions of them. Global Justice Now pointed out that Pfizer's Covid-19 jab was invented by BioNTech, supported by â‚Ź100m (Ł84m) in debt financing from the publicly owned European Investment Bank and a â‚Ź375m grant from the German government. Tim Bierley, a pharma campaigner at the group, said: "The development of mRNA vaccines should have revolutionised the global Covid response. "But we've let Pfizer withhold this essential medical innovation from much of the world, all while ripping off public health systems." According to Reuters, Pfizer has sold the vaccine to African countries at $3 to $10 a shot. It has indicated that a non-profit dose costs just $6.75, or Ł4.98, to produce, but it has reportedly charged the NHS Ł18 a dose for the first 100m jabs bought and Ł22 a dose for the next 89m, totalling Ł3.76bn ... amounting to an eye-watering 299% mark-up.

Note: If big Pharma really cared about public healthy, don't you think they'd be willing to sacrifice some of their huge profits and charge much less for their injections? Unfortunately, it's the old story of the rich get richer and the rest are left behind. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering from reliable major media sources.


Medicare could've saved $3.6 billion by buying drugs at same prices as Mark Cuban's online pharmacy, according to a new study
2022-06-21, Fortune
Posted: 2022-08-01 15:09:16
https://fortune.com/2022/06/21/medicare-costs-compared-mark-cubans-pharmacy/

Medicare's drug program could have saved up to $3.6 billion in 2020 by mirroring the pricing strategy of entrepreneur and Shark Tank judge Mark Cuban's online pharmacy, according to a new study. Cuban's Cost Plus Drug Co. offers a selection of generic drugs at the cost of manufacturing them plus a flat 15% markup. The direct-to-consumer pharmacy does not accept insurance. The study's authors suggest that Medicare is overpaying for many generic drugs and could save billions a year if it purchased them directly from Cuban's online pharmacy. "The lower prices from a direct-to-consumer model highlight inefficiencies in the existing generic pharmaceutical distribution and reimbursement system, which includes wholesalers, pharmacy benefit managers, pharmacies, and insurers," wrote researchers at Brigham and Women's Hospital and Harvard Medical School in a brief published ... in the journal Annals of Internal Medicine. Cuban and his pharmacy did not fund or have any involvement in the study. Cost Plus Drug Co. says it engages in price negotiations with drugmakers. Medicare's drug program, Part D, however, prohibits the government from directly negotiating pharmaceutical prices. Researchers compared 2020 Medicare spending for a total of 89 drugs ... to their prices at Cost Plus Drug Co. in February. They estimate that Medicare overpaid for 77 generic drugs, spending $8.1 billion compared with $4.5 billion if the federal agency had purchased at the same prices as Cost Plus Drug Co. charges.

Note: 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.


This Is How Big Pharma Wins
2022-02-21, New York Magazine
Posted: 2022-08-01 15:07:01
https://nymag.com/intelligencer/2022/02/this-is-how-big-pharma-wins.html

On September 19, 2019, House Speaker Nancy Pelosi introduced the Elijah Cummings Lower Drug Costs Now Act. The bill ... would allow the federal government to negotiate drug prices on behalf of Medicare, a right assumed by the governments of every other major economy. Polls showed support ranging from 80 to an eye-popping 90-plus percent. H.R. 3 was delivered stillborn into Mitch McConnell's Senate in November of 2019. Two years later, when Joe Biden released the massive social-spending and climate-change bill dubbed Build Back Better, H.R. 3's reforms were nowhere to be found. And at every level of government, Pharma's endless river of money continues to flow, the widest, steadiest current of lobbying largesse the capitol has ever known. In 2021, the industry reported spending $124 million on a fleet of 846 lobbyists, roughly two for every member of Congress. Sixty-five percent were former government employees. Pharmaceutical manufacturers are part of a larger coalition that includes the insurance, medical-device, and hospital industries. Its combined resources flow downstream through dozens of lobbying firms, communications shops, and front groups. "If a freshman Democrat so much as signs a letter related to drug prices, the lobby hammers them with phone calls and meeting requests, completely locking up the calendar," says Alex Lawson, executive director of Social Security Works. "The calls come in from ex-Democratic officials and staffers, so they have to take the meetings."

Note: 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.


Big Pharma Is Hijacking the Information Doctors Need Most
2022-04-28, Time Magazine
Posted: 2022-08-01 15:05:05
https://time.com/6171999/big-pharma-clinical-data-doctors/

Why have so many smart, well-trained doctors stood by as American healthcare descended into a state of profound dysfunction? The answer lies in the gradual, nearly invisible commercial takeover of the medical "knowledge" that doctors are trained to trust. In 1981, President Ronald Reagan slashed government support of university-based medical research. Following the 1980 passage of the University and Small Business Patent Procedures Act, nonprofit institutions and their researchers were allowed to benefit financially from the discoveries made while conducting federally funded research. Over the past few decades, the drug companies have taken over most of our clinical research. In 1991, academic medical centers (AMCs)–hospitals that train doctors and conduct medical research–received 80 percent of the money that industry was spending to fund clinical trials. But by 2004, the percentage of commercially funded clinical trials conducted by AMCs had fallen from 80 to just 26 percent. That ... allowed the commercial funder to own, and thus control, the data from jointly conducted research. Unbeknownst to almost all doctors, peer reviewers are not granted access to the underlying data that serves as the basis for the reported findings. The drug companies own that data and keep it confidential. Reviewers must rely on brief data summaries. Peer reviewers at even the most prestigious medical journals cannot possibly attest to the accuracy and completeness of the articles they review.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in science and Big Pharma profiteering from reliable major media sources.


BlackRock Is Now 'Fourth Branch of Government'
2020-05-21, Bloomberg
Posted: 2022-08-01 15:01:20
https://www.bloomberg.com/news/articles/2020-05-21/how-larry-fink-s-blackrock...

When the Federal Reserve needed Wall Street's help with its pandemic rescue mission, it went straight to Larry Fink. The BlackRock cofounder, chairman, and chief executive officer has become one of the industry's most important government whisperers. The company's new assignment is a much bigger version of one it took on after the 2008 financial crisis, when the Federal Reserve enlisted it to dispose of toxic mortgage securities. This time it will help the Fed prop up the entire corporate bond market by purchasing, on the central bank's behalf, what could become a $750 billion portfolio of debt. One part of the Fed's plan is to buy bond exchange-traded funds. BlackRock itself runs ETFs under the iShares brand, and could end up buying funds it manages. "BlackRock is acting as a fiduciary to the Federal Reserve Bank of New York," says a spokesman for the company. "As such, BlackRock will execute this mandate at the sole discretion of the bank." The arrangement is bringing new attention to the company's scale and ubiquity. "It's impossible to think of BlackRock without thinking of them as a fourth branch of government," says William Birdthistle, a professor at the Chicago-Kent College of Law. BlackRock's growth raises questions over how big and useful a company can become before its size poses a risk. And then there are the potential conflicts. One arm of BlackRock knows what the Fed is buying, while other parts of the business participating in credit markets could benefit from that knowledge.

Note: Watch an excellent documentary showing how BlackRock, Vanguard, and several other institutions are the largest shareholders in almost every major corporation you can think of. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry from reliable major media sources.


US agencies aren't 'following the science' on COVID – and staff are too scared to complain
2022-07-14, New York Post
Posted: 2022-07-24 20:29:42
https://nypost.com/2022/07/14/us-agencies-arent-following-the-science-on-covid/

"It's like a horror movie I'm being forced to watch and I can't close my eyes," one senior FDA official lamented. That particular FDA doctor was referring to two recent developments inside the agency. First, how, with no solid clinical data, the agency authorized COVID vaccines for infants and toddlers, including those who already had COVID. And second, [how] the FDA bypassed its external experts to authorize booster shots for young children. That doctor is hardly alone. At the NIH, doctors and scientists complain to us about low morale and lower staffing: The NIH's Vaccine Research Center has had many of its senior scientists leave over the last year, including the director, deputy director and chief medical officer. The CDC has experienced a similar exodus. "There's been a large amount of turnover. Morale is low," one high level official at the CDC told us. "Things have become so political, so what are we there for?" Another CDC scientist told us: "I used to be proud to tell people I work at the CDC. Now I'm embarrassed." Why are they embarrassed? First, they demanded that young children be masked in schools. On this score, the agencies were wrong. Compelling studies later found schools that masked children had no different rates of transmission. Next came school closures. The agencies were wrong – and catastrophically so. Poor and minority children suffered learning loss with an 11-point drop in math scores alone and a 20% drop in math pass rates. Then they ignored natural immunity. Wrong again.

Note: Why are so few media reporting on this most important news? For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus from reliable major media sources.


Wall Street is buying up family homes. The rent checks are too juicy to ignore
2021-08-02, CNN News
Posted: 2022-07-24 20:27:50
https://www.cnn.com/2021/08/02/business/family-homes-wall-street/index.html

Pension funds, investment firms and Wall Street banks are snapping up family homes in Europe and the United States at a rapid pace as prices rocket higher. At the same time, the soaring cost of home ownership means that growing numbers of younger Americans and Brits renting rather than buying houses as they start families. Some of them may find their next landlord is based on Wall Street or in London's financial district. Analysts argue that this will improve standards in the rental sector. But some tenants who rent from corporate landlords dispute this, alleging substandard services and excessive rent increases. If investors are hoovering up existing properties that would otherwise have been sold to individuals, that could squeeze out first-time buyers. Household incomes in the United States and United Kingdom have not kept pace with rising home values in recent years, a trend made worse by the pandemic, which has sent average house prices in both markets to record highs. Invitation Homes, America's biggest single-family home leasing company with some 81,000 houses, is currently facing two lawsuits brought by tenants in California and Maryland who claim that the company's late rent fees constitute illegal penalties under state laws. Current and former tenants of the company ... painted a picture of an uncaring landlord, slow to make repairs and quick to threaten eviction when rent payments are overdue or withheld because of unresolved maintenance issues.

Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and income inequality from reliable major media sources.


Bayer Loses Again as US Supreme Court Allows $87 Million Roundup Award
2022-06-27, Bloomberg
Posted: 2022-07-24 20:26:14
https://www.bloomberg.com/news/articles/2022-06-27/bayer-loses-again-as-high-...

The US Supreme Court let stand an $87 million award against Bayer AG, rejecting the company for the second time in a week as it tries to fend off tens of thousands of claims that its top-selling Roundup weedkiller causes cancer. The justices, making no comment, on Monday left in place a jury's finding in favor of Alva and Alberta Pilliod in a California case. Bayer argued that a federal law precluded the suit and that the $70 million punitive damages award was so large it violated the Constitution. The court last week rejected Bayer's appeal in a case the company was trying to use to scuttle billions of dollars in potential claims. The company's liability could be the full $16 billion it has set aside to resolve the litigation, according to Bloomberg Intelligence analyst Holly Froum. Earlier this month, a federal appeals court ordered the US Environmental Protection Agency to take another look at whether glyphosate - Roundup's active ingredient - is a carcinogen. Studies have linked it to some cancers. The German chemicals giant said it "is fully prepared to manage the litigation risk associated with potential future claims in the US as previously communicated in July 2021, including a voluntary claims program, transition of active ingredients for glyphosate-based products in the US." Bayer inherited the legal mess in 2018 when it acquired Monsanto Co., the herbicide's maker. Bayer has won four of seven Roundup trials so far, with all its losses occurring in California courts. The case is Monsanto v. Pilliod, 21-1272.

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.


California's new $100 million plan to make insulin cheaper: What you need to know
2022-07-08, CNBC News
Posted: 2022-07-24 20:24:42
https://www.cnbc.com/2022/07/08/california-will-lower-insulin-prices-by-makin...

California will begin making its own low-cost insulin in an effort to make the essential diabetes treatment more affordable, Gov. Gavin Newsom announced on Thursday. "Nothing epitomizes market failures more than the cost of insulin," the governor said in a video posted on Twitter, "Many Americans experience out-of-pocket costs anywhere from three hundred to five hundred dollars per month for this life-saving drug." With a budget of $100 million, California plans to "contract and make our own insulin at a cheaper price, close to at cost, and to make it available to all," Newsom said. It's unclear exactly how inexpensive California's insulin will be or when the low-cost drugs will be available. Insulin in the U.S. costs almost $100 per unit, on average. That's nearly four times the price in Chile, which has the second-highest prices among the 34 countries analyzed by the nonprofit Rand Corporation, at less than $25 per unit. Currently, four in five Americans in need of insulin have incurred thousands of dollars in credit card debt to pay for the medication, according to a recent survey commissioned by health care organization CharityRx. The average debt among all survey participants was $9,000. California's program will allot $50 million toward the development of cheaper insulin products and $50 million on an in-state insulin manufacturing facility, Newsom said, adding that the facility "will provide new, high-paying jobs and a stronger supply chain for the drugs."

Note: The unethical corruption of big Pharma is so clearly seen in the ridiculously inflated prices of drugs in the US compared to other countries. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering from reliable major media sources.


Researchers: Medical errors now third leading cause of death in United States
2016-05-03, Washington Post
Posted: 2022-07-24 20:21:12
https://www.washingtonpost.com/news/to-your-health/wp/2016/05/03/researchers-...

Nightmare stories of nurses giving potent drugs meant for one patient to another and surgeons removing the wrong body parts have dominated recent headlines about medical care. Lest you assume those cases are the exceptions, a new study by patient-safety researchers provides some context. Their analysis, published in the BMJ ... shows that "medical errors" in hospitals and other health-care facilities are incredibly common and may now be the third-leading cause of death in the United States – claiming 251,000 lives every year, more than respiratory disease, accidents, stroke and Alzheimer's. Martin Makary, a professor of surgery at the Johns Hopkins University School of Medicine ... led the research. Makary's research involves a ... comprehensive analysis of four large studies, including ones by the Health and Human Services Department's Office of the Inspector General and the Agency for Healthcare Research and Quality that took place between 2000 to 2008. His calculation of 251,000 deaths equates to nearly 700 deaths a day – about 9.5 percent of all deaths annually in the United States. Although all providers extol patient safety and highlight the various safety committees and protocols they have in place, few provide the public with specifics on actual cases of harm due to mistakes. Moreover, the Centers for Disease Control and Prevention doesn't require reporting of errors in the data it collects about deaths through billing codes, making it hard to see what's going on at the national level.

Note: Read lots more about this disturbing fact. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health from reliable major media sources.


Supreme Court rejects Bayer's bid to stop lawsuits over Roundup weed killer
2022-06-21, Los Angeles Times
Posted: 2022-07-04 13:09:35
https://www.latimes.com/environment/story/2022-06-21/supreme-court-rejects-ba...

The Supreme Court has rejected Bayer's appeal to shut down thousands of lawsuits claiming that its Roundup weed killer causes cancer. The justices on Tuesday left in place a $25-million judgment in favor of Edwin Hardeman, a California man who says he developed cancer from using Roundup for decades to treat poison oak, overgrowth and weeds on his San Francisco Bay Area property. Hardeman's lawsuit had served as a test case for thousands of similar lawsuits. The high court's action comes amid a series of court fights over Roundup that have pointed in different directions. On Friday, a panel of the U.S. 9th Circuit Court of Appeals rejected an Environmental Protection Agency finding from 2020 that glyphosate does not pose a serious health risk and is "not likely" to cause cancer in humans. The appellate court ordered the EPA to reexamine its finding. At the same time, Bayer has won four consecutive trials in state court against people who claimed they got cancer from Roundup. The latest verdict in favor of the pharmaceutical company came last week in Oregon. The EPA says on its website that there is "no evidence that glyphosate causes cancer in humans." But in 2015, the International Agency for Research on Cancer, part of the World Health Organization, classified glyphosate as "probably carcinogenic to humans." The agency said it relied on "limited" evidence of cancer in people and "sufficient" evidence of cancer in study 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.


Facebook's ban on gun sales gives sellers 10 strikes before booting them
2022-06-09, Washington Post
Posted: 2022-07-04 13:01:26
https://www.washingtonpost.com/technology/2022/06/09/facebook-gun-sellers-10-...

Facebook prohibits gun sales on its service. But buyers and sellers can violate the rule 10 times before they are kicked off the social network, according to internal guidance obtained by The Washington Post. The policy, which has not previously been reported, is much more lenient than for users who post child pornography, which is illegal, or a terrorist image, which prompts immediate removal from the platform. A separate, five-strikes policy extends even to gun sellers and purchasers who actively call for violence. Facebook's gun policies have long been a source of contention among the company's senior leadership and policymaking teams, who have been torn between the platform's support of free speech and public pressure to curtail weapons sales. Gun sellers have seized on loopholes within Facebook's policy. Journalists have repeatedly uncovered strategies sellers use to evade bans while reaching potential customers in dedicated Facebook groups or on Facebook Marketplace, the company's classified services. One tactic is advertising gun accessories, like holsters or cases, which are permitted for sale on the platform; once a customer contacts the seller, a gun can be sold in Facebook's private messages. After responding to several listings for gun cases, a Post reporter received three private messages with offers to purchase a gun. Joel Kaplan, vice president of global public policy ... said that banning transactions of a product that was both legal and highly popular would alienate the political right.

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


Amazon calls cops, fires workers in attempts to stop unionization nationwide
2022-06-13, Washington Post
Posted: 2022-06-20 12:38:23
https://www.washingtonpost.com/technology/2022/06/13/amazon-union-retaliation...

Matt Litrell, a 22-year-old Amazon employee, was distributing union fliers outside the warehouse where he works this month when the cops showed up. An Amazon manager had called the sheriff's office in Campbellsville, Ky., that afternoon to report that protesters trying to start a union were trespassing on company property. While the officers eventually determined that Litrell wasn't on Amazon's property and left, Litrell plans to add the incident to the illegal-intimidation charge he filed with the National Labor Relations Board in May. Employees at Amazon facilities around the country whose union hopes were buoyed by the labor victory at a warehouse in Staten Island in April say in labor board filings and interviews that the company has been calling police, firing workers and generally cracking down on labor organizing since that historic win. Amazon has been accused of illegally firing workers in Chicago, New York and Ohio, calling the police on workers in Kentucky and New York, and retaliating against workers in New York and Pennsylvania, in what workers say is an escalation of long-running union-busting activities by the company. It's a sign that, even as lawmakers demand Amazon drop its objections to the union win in Staten Island ... the nation's second-largest private employer will continue to put up fierce opposition to any wave of union momentum. Eric Milner, a lawyer representing the Amazon Labor Union, called the company's objections to the election "a frivolous sideshow."

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


Break Government Officials' Monopoly on Public Health
2022-06-10, Newsweek
Posted: 2022-06-20 12:33:56
https://www.newsweek.com/break-government-officials-monopoly-public-health-op...

Public health initiatives in the United States are suffering from a crisis of trust. Recent polls show that only a third of the public trusts insurance and pharmaceutical companies, while just 56 percent trust the government health agencies that are meant to regulate these industries. Another survey during the COVID-19 pandemic showed that only around half of Americans have a "great deal" of trust in the CDC, while a mere third have such trust in the Department of Health and Human Services. When the mRNA vaccines for COVID-19 were made available to the public free of charge, a national conversation began about "vaccine hesitancy"–the phenomenon of Americans choosing not to be vaccinated even when incentivized and, in some cases, coerced. Americans had watched public health experts lie, misdirect, ignore evidence and yield to professional pressure. Few wanted to be their guinea pigs. Not all the COVID-19 gaslighting was the fault of the media or politicians - much was implemented by experts abusing their apolitical position of trust. The experts ... including Drs. Deborah Birx and Anthony Fauci, insisted on the most asinine and evidence-free preventative measures, including facial coverings, lockdowns and social distancing. Their insulated role as health advisers enabled them to manipulate health policy in ways that benefited only themselves. The most stark example was the corruption of data collection at the Center for Disease Control–a scandal that crashed public trust to a new low.

Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus from reliable major media sources.


Prices of new drugs have soared. Will legislation be able to stop it?
2022-06-07, NBC News
Posted: 2022-06-20 12:31:46
https://www.nbcnews.com/health/health-news/prices-new-drugs-soared-will-legis...

The prices of new drugs in the U.S. have climbed for more than a decade, a study published Tuesday finds. According to a research letter in the Journal of the American Medical Association, the launch prices of new brand-name drugs increased by nearly 11 percent every year from 2008 through 2021. "These prices are increasing far out of proportion to other health care services," said the lead author, Dr. Benjamin Rome. Rome, and his colleagues observed price increases for all types of drugs, including cancer drugs, non-cancer drugs, pills and injections, he said. "Ultimately," he said, "all health care costs are borne by consumers – either direct out-of-pocket costs, higher premiums or taxes in the case of public health insurance." He added, "Insurance companies can also require prior authorization for expensive new drugs or not cover the drugs at all." The researchers calculated the negotiable sticker prices for new drugs on the market, or the net price. Such prices, which were adjusted for inflation, were calculated in light of rebates many drugmakers offer for the drugs. The researchers limited their scope to drugs sold by public companies; the net price averages included nearly 400 new drugs in total. Median drug prices for a year's supply increased from $2,115 in 2008 to more than $180,000 in 2021. The greatest increases were for cancer drugs and therapies used to treat rare diseases. In 2008, 9 percent of drugs cost $150,000 or more a year, compared to 47 percent in 2021.

Note: For a more detailed and eye-opening analysis, see this article. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering from reliable major media sources.


Wage gap between CEOs and US workers jumped to 670-to-1 last year, study finds
2022-06-07, The Guardian (One of the UK's leading newspapers)
Posted: 2022-06-12 13:24:21
https://www.theguardian.com/us-news/2022/jun/07/us-wage-gap-ceos-workers-inst...

The wage gap between chief executives and workers at some of the US companies with the lowest-paid staff grew even wider last year, with CEOs making an average of $10.6m, while the median worker received $23,968. A study of 300 top US companies released by the Institute for Policy Studies (IPS) on Tuesday found the average gap between CEO and median worker pay jumped to 670-to-1. The ratio was up from 604-to-1 in 2020. Forty-nine firms had ratios above 1,000-to-1. At more than a third of the companies surveyed, IPS found that median worker pay did not keep pace with inflation. The report ... comes amid a wave of unionization efforts among low wage workers and growing scrutiny of the huge share buyback programs many corporations have been using to inflate their share prices. US companies announced plans to buy back more than $300bn of their own shares in the first quarter of the year and Goldman Sachs has estimated that buybacks could top $1tn in 2022. Share-related remuneration makes up the largest portion of senior executive compensation and as buybacks generally boost a company's share price, they also boost executive pay. The biggest buyback firm was home improvement chain Lowe's, which spent $13bn on share repurchases. That money could have given each of its 325,000 employees a $40,000 raise. Instead, median pay at the company fell 7.6% to $22,697. IPS noted that many of the companies in its sample were also the recipients of large federal government contracts.

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


Broken system making it harder for hospitals and patients to get some life-saving drugs
2022-05-22, CBS News
Posted: 2022-06-06 18:13:31
https://www.cbsnews.com/news/generic-drugs-pharmaceutical-companies-60-minute...

American hospitals have been living with serious drug shortages for more than a decade. Most days, nearly 300 essential drugs can be in short supply. It's not a matter of supply and demand. The drugs are needed and the ingredients are easy to make. Pharmaceutical companies have stopped producing many life-saving generic drugs because they make too little profit. Yet, year after year, the government stays on the sidelines as companies take drug production offline - and doctors worry the shortages are compromising patient care. Neonatologist Dr. Mitch Goldstein treats the most vulnerable patients. Many ... premature and sick babies have undeveloped digestive systems, so Dr. Goldstein keeps them alive with intravenous nutrients, many of which are in short supply. Antony Gobin heads the pharmacy at Loma Linda Hospital. He told us shortages of basic drugs are a constant worry. "We were dealing with shortages long before COVID," [he said]. "They're all very old, fundamental drugs that every hospital in the country needs and uses." Drug shortages can kill. In 2011, when norepinephrine, an old, low profit drug used to treat septic shock, was in short supply, hundreds of people around the country died. Middlemen, the group purchasing organizations and drug distributors take their cut. The drug manufacturers end up with just a small fraction of what the patient pays. Many have simply stopped making the least profitable drugs.

Note: For more, see this article. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption and health from reliable major media sources.


The ex-presidents' club
2001-10-31, The Guardian (One of the UK's leading newspapers)
Posted: 2022-06-06 18:01:24
https://www.theguardian.com/world/2001/oct/31/september11.usa4

The offices of the Carlyle Group are on Pennsylvania Avenue in Washington DC, midway between the White House and the Capitol building. The address reflects Carlyle's position at the very centre of the Washington establishment. For 14 years now, with almost no publicity, the company has been signing up an impressive list of former politicians - including the first President Bush and his secretary of state, James Baker; John Major; one-time World Bank treasurer Afsaneh Masheyekhi and several south-east Asian powerbrokers - and using their contacts and influence to promote the group. But since the start of the "war on terrorism", the firm - unofficially valued at $3.5bn - has ... become the thread which indirectly links American military policy in Afghanistan to the personal financial fortunes of its celebrity employees, not least the current president's father. Among the firm's multi-million-dollar investors were members of the family of Osama bin Laden. "It should be a deep cause for concern that a closely held company like Carlyle can simultaneously have directors and advisers that are doing business and making money and also advising the president of the United States," says Peter Eisner, managing director of the Center for Public Integrity. "The problem comes when private business and public policy blend together. What hat is former president Bush wearing when he tells Crown Prince Abdullah not to worry about US policy in the Middle East?"

Note: Watch a 45-minute video on this subject titled Exposed: The Carlyle Group. For more along these lines, see concise summaries of deeply revealing news articles on government corruption from reliable major media sources.


Buoyed by Federal Covid Aid, Big Hospital Chains Buy Up Competitors
2021-05-21, New York Times
Posted: 2022-05-31 01:15:26
https://www.nytimes.com/2021/05/21/health/covid-bailout-hospital-merger.html

Billions of dollars in Covid aid cushioned financial losses caused by the pandemic at some of the nation's largest hospital chains. But those bailouts also helped sustain the big chains' spending sprees as they expanded even more by scooping up weakened competitors and doctors' practices. More consolidation by several major hospital systems enhanced their market prowess in many regions of the United States, even as rural hospitals and underserved communities were overwhelmed with Covid patients and struggled to stay afloat. The buying spree is likely to prompt further debate and scrutiny of the Provider Relief Fund, a package of $178 billion in congressional aid that drew sharp criticism early on for allocating so much to the wealthiest hospital systems, and that had no limits on mergers and acquisitions. "It was not the intent to be a capital infusion to the largest and most financially stable providers to allow them to simply grow their slice of market share," said Representative Katie Porter. Major employers had warned Congress that bailouts to the health care industry could spur even more consolidation and lead to price-gouging in medical care. Some of the nation's most powerful hospital chains, experts cautioned, would take advantage of the crisis, resulting in even higher prices for medical care. The big well-resourced hospitals had, frankly, a banner year, and they are now in a position to swallow up these smaller, more vulnerable groups.

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Facebook admits the truth: 'Fact checks' are really just (lefty) opinion
2021-12-14, New York Post
Posted: 2022-05-31 01:12:00
https://nypost.com/2021/12/14/facebook-admits-the-truth-fact-checks-are-reall...

https://nypost.com/2021/12/14/facebook-admits-the-truth-fact-checks-are-really-just...

Facebook finally admitted the truth: The "fact checks" that social media use to police what Americans read and watch are just "opinion." That's thanks to a lawsuit brought by celebrated journalist John Stossel, which has exposed the left's supposed battle against "misinformation" as a farce. Stossel posted a pair of videos that touched the third rail of liberal politics – climate change. Neither questioned whether climate change is real, but each talked about other issues, namely forest management and using technology to adapt. Yet the third party that Facebook contracts to review these pieces, Science Feedback, flagged them as "false," or our favorite, "lacking context." Why? Science Feedback didn't like Stossel's "tone." That is, you can't write anything about climate change unless you say it's the worst disaster in the history of humanity and we must spend trillions to fight it. The Post has faced this same gauntlet too many times. In February 2020, we published a column by Steven W. Mosher asking if COVID-19 leaked from the Wuhan Lab. This was labeled "false" by Facebook's fact-checkers. Of course, those supposed "independent" scientific reviewers relied on a group of experts who had a vested interest in dismissing that theory – including EcoHealth, which had funded the Wuhan lab. When Twitter "fact checked" and blocked The Post's stories about Hunter Biden's laptop as "hacked materials," what was the basis? Nothing. It wasn't hacked. Guess they didn't like our tone.

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