Corporate Corruption News Articles

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In 2018, senior executives at one of the country's largest nonprofit hospital chains, Providence, were frustrated. They were spending hundreds of millions of dollars providing free health care to patients. It was eating into their bottom line. The executives, led by Providence's chief financial officer at the time, devised a solution: a program called Rev-Up. Rev-Up provided Providence's employees with a detailed playbook for wringing money out of patients – even those who were supposed to receive free care because of their low incomes, a New York Times investigation found. If patients did not pay, Providence sent debt collectors to pursue them. More than half the nation's roughly 5,000 hospitals are nonprofits like Providence. They enjoy lucrative tax exemptions; Providence avoids more than $1 billion a year in taxes. In exchange, the Internal Revenue Service requires them to provide services, such as free care for the poor, that benefit the communities in which they operate. But in recent decades, many of the hospitals have become virtually indistinguishable from for-profit companies, adopting an unrelenting focus on the bottom line and straying from their traditional charitable missions. And, as Providence illustrates, some hospital systems have not only reduced their emphasis on providing free care to the poor but also developed elaborate systems to convert needy patients into sources of revenue. The result ... is that thousands of poor patients were saddled with debts that they never should have owed.

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

Note: 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.

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.

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.

To ward off accusations that it helps terrorists spread propaganda, Facebook has for many years barred users from speaking freely about people and groups it says promote violence. The restrictions appear to trace back to 2012, when ... Facebook added to its Community Standards a ban on "organizations with a record of terrorist or violent criminal activity." This modest rule has since ballooned into what's known as the Dangerous Individuals and Organizations policy, a sweeping set of restrictions on what Facebook's nearly 3 billion users can say about an enormous and ever-growing roster of entities deemed beyond the pale. But as with other attempts to limit personal freedoms in the name of counterterrorism, Facebook's DIO policy has become an unaccountable system that disproportionately punishes certain communities, critics say. It is built atop a blacklist of over 4,000 people and groups, including politicians, writers, charities, hospitals, hundreds of music acts, and long-dead historical figures. A range of legal scholars and civil libertarians have called on the company to publish the list so that users know when they are in danger of having a post deleted or their account suspended for praising someone on it. The company has repeatedly refused to do so, claiming it would endanger employees and permit banned entities to circumvent the policy. The Intercept has reviewed a snapshot of the full DIO list and is today publishing a reproduction of the material in its entirety.

Note: Facebook was found to be the number one platform for political disinformation campaigns in 2019. For more along these lines, see concise summaries of deeply revealing news articles on media corruption from reliable sources.

The American Medical Association's new training on pain management arrived in the midst of a burgeoning crisis. It was September 2007, and doctors were prescribing enough opioid painkillers each year for every American adult to have a bottle of the addictive pills. Overdoses were at a historic high and showed no signs of slowing down. Just four months earlier, executives at Purdue Pharma had pleaded guilty to felony charges for misleading regulators and physicians about the dangers of OxyContin. In light of this news, one might have expected the AMA ... to bring attention to the crisis in its newly updated continuing education course on how to treat pain. Instead, the 12-module training suggested that doctors were still too tentative about prescribing narcotics. "The effectiveness of opioid therapy may be undermined by misconceptions about their risks, particularly risks associated with abuse and addiction," read materials from one session. Down in the fine print, the AMA-branded course materials reveal that the training's development and distribution was made possible by an educational grant from Purdue Pharma. By now, the story of how Purdue Pharma sowed the seeds for the overdose crisis is the stuff of history books. But the years of Purdue's involvement with the AMA have been strangely absent from that narrative. Between 2002 and 2018, the AMA and the organization's philanthropic arm, the AMA Foundation, received more than $3 million from Purdue Pharma.

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

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.

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

The drug that buoyed expectations for a coronavirus treatment and drew international attention for Gilead Sciences, remdesivir, started as a reject. To make progress, Gilead needed help from U.S. taxpayers. Lots of help. Three federal health agencies were deeply involved in remdesivir’s development every step of the way, providing tens of millions of dollars of government research support. Federal agencies have not asserted patent rights to Gilead’s drug. That means Gilead will have few constraints other than political pressure when it sets a price. “Without direct public investment and tax subsidies, this drug would apparently have remained in the scrapheap of unsuccessful drugs,” Rep. Lloyd Doggett (D-Tex.) ... said earlier this month. Doggett and Rep. Rosa L. DeLauro (D-Conn.) have asked Health and Human Services Secretary Alex Azar for a detailed financial accounting of federal support for remdesivir’s discovery and development. Watchdog groups ... have documented the large taxpayer-funded contributions toward the drug. Public Citizen estimates public investment at a minimum of $70 million. An independent organization that measures the cost-effectiveness of drugs said Gilead could be justified in charging up to $4,500 for a 10-day course of treatment for a single coronavirus patient. But advocates, citing a study by academic researchers on what it costs to make the drug, have said Gilead could break even by charging $1 per dose.

Note: According to this CNBC article Gilead is charging from $2,000 to $3,120 per patient despite huge subsidies. Gilead is the same company which developed Tamiflu and licensed it to Roche. Aggressive sales of Tamiflu to governments around the world brought profits of over $1 billion yet almost none of the doses sold were ever used, as described in this Reuters article. The study that is being used to tout Remdesivir was conducted by none other than Gilead. Could there be conflict of interest here? For more, see summaries of revealing news articles on big Pharma corruption.

The first trial against a pharmaceutical opioid manufacturer started Tuesday in Oklahoma in what could be a precedent-setting case for hundreds of other claims around the country. The state's attorney general, Mike Hunter, began the day by accusing Johnson & Johnson of putting profits over responsibility and argued that the company was responsible for the "worst man-made public health crisis in the history of our state and country." In the multibillion-dollar lawsuit against the drugmaker, lawyers for the state argued that Johnson & Johnson knew about the addictive nature of opioids, but misled doctors by downplaying the risks of the drugs while touting its benefits. Brad Beckworth, a lawyer for Oklahoma, argued that Johnson & Johnson was motivated to increase sales on multiple fronts as both the manufacturer of the drugs Duragesic and Nucynta and as a supplier of the raw materials for other opioid manufacturers. He argued that a marketing push by Johnson & Johnson lead doctors to overprescribe opioids in Oklahoma. If you oversupply, people will die, Beckworth repeatedly said in his opening statement while showing email communications from Johnson & Johnson sales representatives. Oklahoma settled with two other drug manufacturers before Tuesdays opening statements. In March, Purdue Pharma settled for $270 million, and on Sunday, Teva Pharmaceuticals settled for $85 million, leaving Johnson & Johnson as the sole defendants in what could a monthslong bench trial.

Note: Many doctors also profited from excessive prescribing of dangerous opioids. And according to a former DEA agent, Congress helped drug companies fuel the opioid epidemic. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption 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.

Amid escalating anti-immigrant rhetoric ... private prison corporations are once again expanding their grip on U.S. detention policy. In fact, today roughly 90 percent of detained immigrants are held in privately operated facilities, the highest share in history. The industry is instead preparing for explosive growth. On recent earnings calls, CoreCivic executives announced plans to triple the number of beds in their facilities within a few months. That would mean an additional $1.5 billion in revenue for the corporation, more than doubling its annual earnings. Meanwhile, growing scrutiny of immigration detention practices has led to reports of abuse, medical neglect, and deaths in custody. Privatization, with the cost-cutting practices that define it, is the structural driver of human rights violations at these facilities. Private prisons corporations are just one piece of the sprawling prison industry. The U.S. carceral system is comprised of a vast and deeply entrenched network of public-private partnerships that make billions from incarceration and detention. Commissary corporations mark-up basic hygiene items like toothpaste or tampons by 300 percent or more. Private healthcare providers routinely deny or delay treatment, contributing to suffering and preventable deaths behind bars. Private food vendors serve meals that are frequently expired or nutritionally inadequate, all in the name of cutting costs and maximizing returns.

Note: For more along these lines, read our concise summaries of news articles on immigration enforcement corruption.

Americans working for a little known U.S.-based private military contractor have begun to come forward to media and members of Congress with charges that their work has involved using live ammunition for crowd control and other abusive measures against unarmed civilians seeking food at controversial food distribution sites run by the Global Humanitarian Fund (GHF) in Gaza. UG Solutions was hired by the GHF to secure and deliver food into Gaza. Israel put GHF in control of what used to be the UN-led aid mission. The UN, ... has called the new model an "abomination" which "provides nothing but starvation and gunfire to the people of Gaza," referring to the 1000 Gazans who have been killed near or at the GHF centers since May. The Israeli Defense Forces (IDF) have been accused of shooting and shelling unarmed civilians. The American contractors say they have witnessed it and have been told to use live ammunition in their own crowd control efforts. UG Solutions is a mercenary group. They are not a party to the conflict in Gaza, were recruited to participate in hostilities, were not sent by the U.S. government, are not a national of a party in the conflict, are not part of a military, and are there for personal gain. Similar to Blackwater, they are primarily doing defensive operations and the U.S. State Department has helped fund the GHF but they are headquartered in the U.S. working for a foreign entity, in a combat zone, for money.

Note: Learn more about human rights abuses during wartime in our comprehensive Military-Intelligence Corruption Information Center. For more, read our concise summaries of news articles on war.

Late last month, some 14,000 baby chicks in Pennsylvania were shipped from a hatchery – commercial operations that breed chickens, incubate their eggs, and sell day-old chicks – to small farms across the country. But they didn't get far. They were reportedly abandoned in a US Postal Service truck in Delaware for three-and-a-half days without water, food, or temperature control. By the time officials arrived at the postal facility, 4,000 baby birds were already dead. More than 9 billion chickens raised for meat annually in the US are kept on factory farms – long, windowless buildings that look more like industrial warehouses than farms. Up to 6 percent die before they can even be trucked to the slaughterhouse. The average consumer, if they think about farm animal suffering at all, may only think about it in the context of factory farms or slaughterhouses. But the factory farm production chain is incredibly complex, and at each step, animals have little to no protections. That leads to tens of millions of animals dying painful deaths each year in transport alone, and virtually no companies are ever held accountable. These deaths are just as tragic as the thousands who died in the recent USPS incident, and they are just as preventable. The meat industry could choose to pack fewer animals into each truck, require heating and cooling during transport, and give animals ample time for rest, water, and food on long journeys. But such modest measures would cut into their margins.

Note: For more along these lines, read our concise summaries of news articles on factory farming and food system corruption.

A few dozen people gathered inside a graffiti-clad building in the Carabanchel district of Madrid. They had come to commiserate about the American investment banks and private equity funds that controlled their homes. Some at this meeting of the Sindicato de Vivienda de Carabanchel (the Carabanchel Housing Union) were fighting eviction orders or skyrocketing rents. Others had lost their homes through mortgage foreclosures. One attendee, Elsa Riquelme, described her yearslong battle to stay in the 600-square-foot apartment where she raised her three sons, which is now owned by Blackstone, the world's largest private equity firm. Over the past decade, Blackstone has become Madrid's largest private owner of residential real estate, and the second largest in all of Spain. Ms. Riquelme's apartment is one of 13,000 that Blackstone currently owns in Madrid, and among 19,600 it owns nationwide. Across Spain, around 185,000 rental properties are now owned by large corporations, half of those by firms based in the United States. Rental prices have increased 57 percent since 2015 and home prices 47 percent ... even as more than 4 million homes sit empty. After the pandemic pushed Spain's unemployment rate up to 15 percent, evictions nationwide spiked. In Madrid, tenant groups estimate that 20,000 renters in the city currently face the threat of eviction. These days, just 2 percent of Spanish homes available for rent are public housing. In France it's 14 percent; in the Netherlands it's 34 percent.

Note: This article is also available here. For more along these lines, read our concise summaries of news articles on corporate corruption and financial inequality.

In his first meeting with top executives from PepsiCo, W.K. Kellogg, General Mills and other large companies, Robert F. Kennedy Jr., the health secretary, bluntly told them that a top priority would be eliminating artificial dyes from the nation's food supply. Later on Monday, Mr. Kennedy issued a directive that would also affect food companies nationwide. He ordered the Food and Drug Administration to revise a longstanding policy that allowed companies – independent of any regulatory review – to decide that a new ingredient in the food supply was safe. Put in place decades ago, the policy was aimed at ingredients like vinegar or salt that are widely considered to be well-understood, and benign. But the designation, known as GRAS, or "generally recognized as safe," has since grown to include a far broader array of natural and synthetic additives. Mr. Kennedy had vowed to upend the food system as a way to address growing rates of chronic disease and other health concerns even before his appointment as the head of the Department of Health and Human Services. He now oversees the F.D.A. Advocates for food safety have criticized the existing GRAS policy as a loophole that enables food companies to introduce untested ingredients that in some cases have proven hazardous. About 1,000 ingredients deemed safe have been reviewed by the F.D.A., but Mr. Kennedy targeted the ones that companies deem acceptable with no government oversight.

Note: Read our latest Substack article on how the US government turns a blind eye to the corporate cartels fueling America's health crisis. For more along these lines, read our concise summaries of news articles on health and food system corruption.

Alphabet has rewritten its guidelines on how it will use AI, dropping a section which previously ruled out applications that were "likely to cause harm". Human Rights Watch has criticised the decision, telling the BBC that AI can "complicate accountability" for battlefield decisions that "may have life or death consequences." Experts say AI could be widely deployed on the battlefield - though there are fears about its use too, particularly with regard to autonomous weapons systems. "For a global industry leader to abandon red lines it set for itself signals a concerning shift, at a time when we need responsible leadership in AI more than ever," said Anna Bacciarelli, senior AI researcher at Human Rights Watch. The "unilateral" decision showed also showed "why voluntary principles are not an adequate substitute for regulation and binding law" she added. In January, MP's argued that the conflict in Ukraine had shown the technology "offers serious military advantage on the battlefield." As AI becomes more widespread and sophisticated it would "change the way defence works, from the back office to the frontline," Emma Lewell-Buck MP ... wrote. Concern is greatest over the potential for AI-powered weapons capable of taking lethal action autonomously, with campaigners arguing controls are urgently needed. The Doomsday Clock - which symbolises how near humanity is to destruction - cited that concern in its latest assessment of the dangers mankind faces.

Note: For more along these lines, read our concise summaries of news articles on AI and Big Tech.

Environmental and Indigenous activists declared Thursday that "geoengineering fails again," welcoming the shutdown of a project that aimed to use "a reflective material to protect and restore Arctic sea ice." "While our climate impact simulations have shown promising results ... recent ecotoxicological tests have revealed potential risks to the Arctic food chain," the [Arctic Ice Project] team said. Panganga Pungowiyi, climate geoengineering organizer at Indigenous Environmental Network, called the decision "long overdue." "We are concerned for the community members in Utqiaġvik who were made to spread football fields of this material onto their frozen lake," Pungowiyi explained. "Our concerns about the reckless use of harmful materials were dismissed. We continually showed up in defense of free prior and informed consent, and made our presence known." "We continue to state firmly that nature is not a laboratory; it is a living entity we are in relationship with," the organizer added. "Geoengineering approaches do nothing to address the root causes of the climate crisis and instead delay real solutions, offering a free pass to polluters," [said Mary Church at the Center for International Environmental Law]. "Following the recent reaffirmation of the global moratorium on geoengineering at the U.N. biodiversity summit in Colombia, governments need to act to prevent harmful outdoor experiments."

Note: In our latest Substack, "Geoengineering is a Weapon That's Been Rebranded as Climate Science. There's a Better Way To Heal the Earth," we present credible evidence and current information showing that weather modification technologies are not only real, but that they are being secretly propagated by multiple groups with differing agendas. For more along these lines, read our concise summaries of news articles on geoengineering.

RTX Corporation, the weapons giant formerly (and better) known as Raytheon, agreed on Wednesday to pay almost $1 billion to resolve allegations that it defrauded the U.S. government and paid bribes to secure business with Qatar. RTX, as part of this agreement that spanned multiple investigations into its business, admitted to engaging in two separate schemes to defraud the Defense Department, which included deals for a radar system and Patriot missile systems. "The Raytheon allegations are stunning, even by the lax standards of the arms industry," [said William Hartung with the Quincy Institute for Responsible Statecraft]. "Engaging in illegal conduct on this scale suggests that, far from being an aberration, this behavior may be business as usual for the company." Raytheon has been ... embroiled in scandals and malfeasance for decades. The company pleaded guilty to "illegally trafficking in secret military budget reports" (1990); paid $4 million to settle charges that it overbilled the Pentagon (1994); paid $10 million to settle a class-action lawsuit contending that its Amana unit sold defective furnaces and water heaters (1997); paid $2.7 million to settle allegations that it improperly charged the Pentagon for expenses incurred in marketing products to foreign governments (1998); [and] agreed to pay a $25 million civil penalty to resolve State Department charges that the company violated export controls (2003).

Note: Learn more about unaccountable military spending in our comprehensive Military-Intelligence Corruption Information Center. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.

TD Bank will pay $3 billion to settle charges that it failed to properly monitor money laundering by drug cartels. The fine includes a $1.3 billion penalty that will be paid to the US Treasury Department's Financial Crimes Enforcement Network, a record fine for a bank. TD also intends to pay $1.8 billion to the US Justice Department and plead guilty to resolve the US government's investigation that the bank violated of the Bank Secrecy Act and allowed money laundering. More than 90% of transactions went unmonitored between January 2018 to April 2024, which "enabled three money laundering networks to collectively transfer more than $670 million through TD Bank accounts," according to a legal filing. In one instance, TD Bank employees collected more than $57,000 worth of gift cards to process more than $470 million in cash deposits from a money laundering network to "ensure employees would continue to process their transactions" and not declare them in required reports, the DoJ said. The Office of the Comptroller of the Currency (OCC), a US agency that regulates banks, said TD processed hundreds of millions of dollars of transactions the clearly indicated highly suspicious activity. The Canadian bank will be subject to four years of monitoring [to] ensure it is following the agreement. The US Federal Reserve also fined TD Bank and will force the company to relocate to the United States its anti-money laundering compliance office.

Note: Several years ago, Europe's biggest bank was caught laundering millions for cartels and terrorists. For more, read our latest Substack on the dark truth behind the war on drugs.

Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.