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Revealing News For a Better World

Corporate Corruption News Articles
Excerpts of key news articles on corporate corruption


Below are key excerpts of little-known, yet highly revealing news articles on corporate corruption from the major media. Links are provided to the full articles for verification. If any link fails to function, read this webpage. These corporate corruption news articles are listed by order of importance. You can also explore them listed by order of the date of the article or by the date posted. By choosing to educate ourselves, we can and will build a brighter future.

Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.


Coronavirus: YouTube bans 'medically unsubstantiated' content
2020-04-22, BBC News
https://www.bbc.com/news/technology-52388586

YouTube has banned any coronavirus-related content that directly contradicts World Health Organization (WHO) advice. The Google-owned service says it will remove anything it deems "medically unsubstantiated". Chief executive Susan Wojcicki said the media giant wanted to stamp out "misinformation on the platform". The move follows YouTube banning conspiracy theories falsely linking Covid-19 to 5G networks. Mrs Wojcicki made the remarks on Wednesday during her first interview since the global coronavirus lockdown began. "So people saying, ‘Take vitamin C, take turmeric, we’ll cure you,’ those are the examples of things that would be a violation of our policy,” she told CNN. “Anything that would go against World Health Organization recommendations would be a violation of our policy.” Last week, Facebook announced users who had read, watched or shared false Covid-19 information would receive a pop-up alert urging them to visit the WHO's website. Facebook-owned messaging service WhatsApp, meanwhile, stopped users forwarding messages already shared more than four times by the wider community to more than one chat at a time. It comes as some of the UK's largest news publishers, including Daily Telegraph and the Guardian, criticised Google for failing to be transparent about its approach to filtering adverts alongside coronavirus-related content, according to the Financial Times.

Note: So now anything posted by those not deemed to be "experts" will be banned. Whatever happened to free speech? Watch YouTube's CEO spell this out in this video. More excellent, little-known information here in an interview with a respected MD whose video was banned. And how can BBC state links between 5G and Covid-19 are false, when that has yet to be established? Is it just a coincidence this CNBC article states China's 5G networks went online just weeks before the coronavirus outbreak? See also concise summaries of revealing coronavirus news articles.


Merck accused of stonewalling in mumps vaccine antitrust lawsuit
2015-06-04, Reuters
https://www.reuters.com/article/health-vaccine/merck-accused-of-stonewalling-...

Two former Merck & Co Inc scientists accusing the drugmaker of falsifying tests of its exclusive mumps vaccine said in a court filing on Monday that Merck is refusing to respond to questions about the efficacy of the vaccine. Attorneys at Constantine Cannon, who represent the scientists, asked U.S. Magistrate Judge Lynne Sitarski of the Eastern District of Pennsylvania to compel Merck to respond to their discovery request, which asks the company to give the efficacy of the vaccine as a percentage. Instead of answering the question ... Merck has been consistently evasive, using “cut-and-paste” answers saying it cannot run a new clinical trial to determine the current efficacy, and providing only data from 50 years ago. The two scientists, Stephen Krahling and Joan Wlochowski, filed their whistleblower lawsuit in 2010 claiming Merck, the only company licensed by the Food and Drug Administration to sell a mumps vaccine in the United States, skewed tests of the vaccine by adding animal antibodies to blood samples. As a result, they said, Merck was able to produce test results showing that the vaccine was 95 percent effective, even though more accurate tests would have shown a lower success rate. The plaintiffs said these false results kept competitors from trying to produce their own mumps vaccines, since they were unable to match the effectiveness Merck claimed. The case is United States ex rel Krahling et al v. Merck & Co Inc, U.S. District Court, Eastern District of Pennsylvania, No. 10-4374.

Note: Why didn't this get reported widely? A search reveals no major media other than Reuters and WSJ covered this. This article in a local paper states the two whistleblowers were threatened by Merck with jail if they went public with this. It also says all students in a Syracuse University mumps outbreak had been properly vaccinated. This excellent article gives a 2019 update and reveals how the vaccines caused injury in a very high percentage of cases. For more, see concise summaries of deeply revealing news articles on vaccines from reliable major media sources.


Pfizer's Covid-19 vaccine is set to be one of the most lucrative drugs in the world
2021-02-02, Yahoo! News
https://finance.yahoo.com/news/pfizer-covid-19-vaccine-set-203223913.html

Pfizer expects to sell $15 billion worth of Covid-19 vaccines in 2021. That would make it the second-highest revenue-generating drug anytime, anywhere, according to industry reports. The maker of the first Covid-19 vaccine to be approved for use in advanced markets has released its earning forecasts for 2021 today. Pfizer expects to earn between $59 billion and $61 billion - up from $42 billion it made in 2020. Sales of the vaccine are set to bring in about a fourth of Pfizer's total revenue this year. That would be nearly as much as its three best-selling products combined. The company is expecting profit margins for the vaccine to be between 25% and 30% which means profits from the vaccine could be around $4 billion. All of Pfizer's costs and profits from the vaccine are split evenly with BioNTech, the biotech company that helped develop the treatment. There are is only one drug in the world that sells more - Humira, a prescription medication for arthritis. Pfizer plans on selling 2 billion doses of the vaccine this year, but that demand should subside in coming years so the revenue of Covid-19 vaccine won't be stable, Pfizer's CEO Albert Bourla said on an call with analysts and investors. The company expects to continue profiting from it by selling booster doses, including ones required to shield against new variants of the virus, Bourla said. Further, Pfizer is pursuing more avenues to employ the mRNA technology underlying the vaccine, including a flu vaccine and other therapeutic applications.

Note: Read more in this revealing Reuters article. 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.


PG&E: Monopoly Power and Disasters by the Rich 1%
2020-01-21, Project Censored
https://www.projectcensored.org/pge-monopoly-power-and-disasters-by-the-rich-1/

The Pacific Gas and Electric Company (PG&E) has diverted over $100 million from safety and maintenance programs to executive compensation at the same time it has caused an average of more than one fire a day for the past six years killing over 100 people. PG&E is the largest privately held public utility in the United States. A new research report shows that 91% of PG&E stocks are held by huge international investment management firms, including BlackRock and Vanguard Group. PG&E is an ideal investment for global capital management firms with monopoly control over five million households paying $16 billion for gas and electric in California. Between 2006 and the end of 2017, PG&E made $13.5 billion in net profits. Over those years, they paid nearly $10 billion in dividends to shareholders, but found little money to maintain safety on their electricity lines. A 2013 Liberty Consulting report showed that 60% of PG&E’s power lines were at risk of failure due to obsolete equipment and 75% of the lines lacked in-line grounding. Between 2008 and 2015, the CPUC found PG&E late on thousands of repair violations. A 2012 report further revealed that PG&E illegally diverted $100 million from safety to executive compensation and bonuses over a 15-year period. In November, 2018, the PG&E caused Camp fire burned 153,336 acres, killing 86 people, and destroying 18,804 homes, business, and structures. PG&E has caused some $50 billion in damages from massive fires started by their failed power lines.

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


Corporations paid 11.3 percent tax rate last year, in steep drop under Trump’s law
2019-12-16, Washington Post
https://www.washingtonpost.com/business/2019/12/16/corporations-paid-percent-...

400 of America’s largest corporations paid an average federal tax rate of about 11 percent on their profits last year, roughly half the official rate established under President Trump’s 2017 tax law. The 2017 tax law lowered the U.S. corporate tax rate from 35 percent to 21 percent, but in practice large companies often pay far less than that because of deductions, tax breaks and other loopholes. In the first year of the law, the amount corporations paid in federal taxes on their incomes — their “effective rate” — was 11.3 percent on average ... according to a report by the Institute on Taxation and Economic Policy. From 2008 to 2015, under the previous tax code, the corporations’ effective rate was about 21 percent. The report also found that 91 corporations in the Fortune 500, many worth billions of dollars, paid no federal taxes last year. The findings come amid an explosion in the federal deficit, which this year rose to almost $1 trillion. Corporate tax revenue fell markedly during the first year of the tax law, from about $300 billion in 2017 to $204 billion in 2018. “When drafting the tax law, lawmakers could have eliminated special breaks and loopholes in the corporate tax to offset the cost of reducing the statutory rate,” the report says. “Instead, the new law introduced many new breaks and loopholes, though it eliminated some old ones.” The 91 profitable Fortune 500 corporations that paid no federal tax in 2018 earned a combined $101 billion last year. As a group, their effective federal tax rate was -5.9 percent.

Note: How is it that 91 of the biggest corporations in the U.S. get away with paying no taxes? For more along these lines, see concise summaries of deeply revealing news articles on government corruption from reliable major media sources.


FDA medical adviser: 'Congress is owned by pharma'
2019-03-13, Yahoo! News
https://finance.yahoo.com/news/congress-big-pharma-money-123757664.html

Pharmaceutical companies are under the spotlight with congressional hearings on the cost of drug prices and allegations of the industry’s role in the opioid crisis. Dr. Raeford Brown, a pediatric anesthesia specialist ... and chair of the Food and Drug Administration (FDA) Committee on Analgesics and Anesthetics, has been openly critical of big pharma and the lack of proper oversight from the FDA. Despite many politicians, particularly declared presidential candidates, beginning to speak out against big pharma, Brown does not think that anything will come out of it “because Congress is owned by pharma.” “The pharmaceutical industry pours millions of dollars into the legislative branch every single year,” he [said]. “In 2016, they put $100 million into the elections. That’s a ton of money.” OpenSecrets, a website operated by the nonpartisan Center for Responsive Politics, tracks money in U.S. politics. It ranked the top 20 members of the House and the Senate that have received the most campaign contributions from the pharmaceutical and health products industry. Kevin McCarthy, now the House minority leader after midterms, received ... a total of $380,350 in campaign contributions, with a large sum coming from pharma companies. “Congress is supposed to have oversight for the FDA,” Brown said. “If the FDA isn’t going to hold pharma accountable, and Congress is getting paid to not hold pharma accountable, then it really doesn’t matter who the president is because it’s really about Congress.”

Note: Learn more on how big Pharma controls politicians in this very well researched video. 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.


Vaccines are among big pharma's best-selling products
2016-04-24, Financial Times
https://www.ft.com/content/93374f4a-e538-11e5-a09b-1f8b0d268c39

Ask people to name Pfizer's best-selling product and many would opt for one of its most famous drugs: Viagra, for erectile dysfunction, or Lipitor, to reduce high cholesterol. But they would all be wrong. The top-seller is not a drug but a vaccine: Prevnar, which prevents pneumonia, meningitis and other infections caused by pneumococcus bacteria. Prevnar generated revenues of $6.25bn last year – almost three times as much as Viagra. This was up 40 per cent from the year before, after the expert panel that advises on US vaccine policy recommended its use in over-65s as well as in children. Pfizer is one of just four pharma groups with large vaccines operations. The others are GlaxoSmithKline of the UK, Sanofi of France and Merck of the US. All four reported stronger sales growth in vaccines than in pharmaceuticals last year and operating margins were comparable with pharma at around 25-30 per cent. Pricing remains a sensitive topic, however, especially in the developing world. MĂ©decins Sans Frontières, the health charity, last month launched a challenge against Pfizer's patent on Prevnar in a bid to allow Indian companies to produce the vaccine cheaper. Manica Balasegaram, executive director of the MSF Access Campaign, says it could be produced in India for $6 per child, compared with Pfizer's reduced $10 price. Critics argue that consolidation in the industry has left too few companies, developing too few vaccines – and that those that do exist tend to be aimed at rich countries.

Note: Read this eye-opening article showing how powerful financial interests control the public narrative about vaccines. For more along these lines, see concise summaries of deeply revealing news articles on vaccines from reliable major media sources.


Fans of GM Electric Car Fight the Crusher
2005-03-10, Washington Post
https://www.washingtonpost.com/archive/politics/2005/03/10/fans-of-gm-electri...

What's at stake, they say, is no less than the future of automotive technology, a practical solution for driving fast and fun with no direct pollution whatsoever. GM agrees that the car in question, called the EV1, was a rousing feat of engineering that could go from zero to 60 miles per hour in under eight seconds with no harmful emissions. The market just wasn't big enough, the company says, for a car that traveled 140 miles or less on a charge before you had to plug it in like a toaster. Some 800 drivers once leased EV1s, mostly in California. After the last lease ran out in August, GM reclaimed every one of the cars, donating a few to universities and car museums but crushing many of the rest. Enthusiasts discovered a stash of about 77 surviving EV1s behind a GM training center in Burbank and last month decided to take a stand. Mobilized through Internet sites and word of mouth, nearly 100 people pledged $24,000 each for a chance to buy the cars from GM. On Feb. 16 the group set up a street-side outpost of folding chairs that they have staffed ever since in rotating shifts, through long nights and torrential rains, trying to draw attention to their cause. GM refuses to budge. Toyota is aware of a growing fad among do-it-yourselfers who put a new battery in their Prius so it can be plugged in at home and then travel about 20 miles on electric power alone.

Note: Why would GM simply crush cars for which people are willing to pay $24,000? For a possible answer to this important question, click here. To learn how to convert a Toyota Prius to get 100 mpg, click here.


This Is Your Brain On Drug Ads
2021-09-08, NPR
https://www.npr.org/transcripts/1035147636

British people are [asking]: What is the deal with all of these medicine ads in the U.S.? England doesn't allow commercials for prescription drugs. While there are ads for over-the-counter drugs in most of the world, the U.S. and New Zealand are the only two countries that allow drug companies to advertise prescription drugs directly to consumers. Commercials for prescription drugs do not exist in Europe or South America or Asia or Africa or Mexico or Australia, just in the U.S. and New Zealand, which is a much smaller market. It wasn't too long ago that TV in the U.S. was like the rest of the world, completely free of prescription drug ads. The '60s, the '70s, most of the '80s, there are no ads like this. By the '80s, though, ... drug companies started saying, we don't want to advertise our drugs just to doctors and pharmacists anymore. We want to market our drugs directly to consumers. The FDA was worried about how commercials would impact demand for drugs - misuse, overuse, all kinds of things. But there were compelling reasons to go directly to consumers. So in 1981, the first direct-to-consumer ad runs in print in Reader's Digest. The FDA [decided television] commercials need to say, out loud, the major risks of a drug. You just had to include the major risks of a drug, along with places where consumers could get more information about the drug, like a phone number or a website or a recommendation just to talk to your doctor. And this is what really opens the TV ad floodgates.

Note: The pharmaceutical industry provides 75% of television advertising revenue in the US. So how likely are TV stations to carry stories that reveal problems with drugs or corruption in the industry? For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering from reliable major media sources.


Biden's Inner Circle Maintains Close Ties to Vaccine Makers, Disclosures Reveal
2021-03-24, The Intercept
https://theintercept.com/2021/03/24/covid-vaccine-stocks-biden-conflict/

In the coming months, Linda Thomas-Greenfield, President Joe Biden's ambassador to the United Nations, will hear from a growing chorus of developing nations about the foundering efforts to distribute the coronavirus vaccine globally. The nations, many of which have not even begun vaccinating their populations, are demanding that the U.S. support proposals to temporarily waive certain patent and intellectual property rights so that generic coronavirus vaccines can be produced. The proposals have been fiercely opposed by American drugmakers, including Pfizer. ASG ... represents Pfizer. Many leading figures in Biden's administration, including key White House advisers, State Department leaders, and health care officials have financial stake in or professional ties to vaccine manufacturers, which are now lobbying to prevent policies that would cut into future profits over the vaccine. ASG in particular has unusual amounts of sway in the Biden administration. State Department officials Victoria Nuland, Wendy Sherman, Uzra Zeya, and Molly Montgomery previously worked at ASG, as did Philip Gordon, Vice President Kamala Harris's national security adviser. The pharmaceutical industry, in a bid to shield an expected financial windfall, has pressed the Biden administration not only to oppose the waiver, but also to impose trade-related sanctions on countries that back [a] proposal or move to manufacture coronavirus vaccines without permission from patent holders.

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


Why tech giants limited the spread of NY Post story on Biden
2020-10-15, Star Tribune/Associated Press
https://www.startribune.com/why-tech-giants-limited-the-spread-of-ny-post-sto...

When Facebook and Twitter moved quickly this week to limit the spread of an unverified political story published by the conservative-leaning New York Post, it led to predictable cries of censorship from the right. But it also illustrated the slippery hold even the largest tech companies have on the flow of information. While Facebook and Twitter have often been slow to combat apparent misinformation ... their response in this case shows how quickly they can move when they want to. For the first time in recent memory, the two social media platforms enforced rules against misinformation on a story from a mainstream media publication. The story in question, which has not been confirmed by other publications, cited unverified emails from Democratic presidential nominee Joe Biden's son that were reportedly discovered by President Donald Trump's allies. Facebook used the possibility of false information as the reason to limit the article's reach, which means its algorithm shows it to fewer people, much the way you might not see as many posts from friends you don't interact with often. Twitter, meanwhile, blocked users from tweeting out the link to the story and from sending it in private messages. Though they acted quickly, both companies stumbled on communicating their decision to the public. In part because of this, and in part by the mere act of trying to limit the story, the tech platforms soon became the story.

Note: For more on this important story, read Matt Taibbi's article titled "With the Hunter Biden Expose, Suppression is a Bigger Scandal Than The Actual Story." For more along these lines, see concise summaries of deeply revealing news articles on media manipulation from reliable sources.


The Golden Age Of White Collar Crime
2020-02-10, Huffington Post
https://www.huffpost.com/highline/article/white-collar-crime/

The criminal justice system has given up all pretense that the crimes of the wealthy are worth taking seriously. In January 2019, white-collar prosecutions fell to their lowest level since researchers started tracking them in 1998. Since 2015, criminal penalties levied by the Justice Department have fallen from $3.6 billion to roughly $110 million. Illicit profits seized by the Securities and Exchange Commission have reportedly dropped by more than half. In 2018, a year when nearly 19,000 people were sentenced in federal court for drug crimes alone, prosecutors convicted just 37 corporate criminals. Tax evasion ... siphons up to 10,000 times more money out of the U.S. economy every year than bank robberies. In 2017, researchers estimated that fraud by America’s largest corporations cost Americans up to $360 billion annually between 1996 and 2004. That’s roughly two decades’ worth of street crime every single year. Over the last four decades, the agencies responsible for investigating elite and white-collar crime ... have seen their enforcement divisions starved into irrelevance. More than a third of the FBI investigators who patrol Wall Street were reassigned between 2001 and 2008. Even though auditing millionaires and billionaires is one of the most cost-effective government activities imaginable—an independent report estimated in 2014 that it yielded up to $4,545 in recovered revenue per hour of staff time—the IRS investigated the returns of just 3 percent of American millionaires in 2017.

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


Tamiflu Fraud Bilked $1.5 Billion from Government, Alleges Whistleblower
2020-01-23, Yahoo! News
https://finance.yahoo.com/news/tamiflu-fraud-bilked-1-5-163100939.html

Drug company Hoffmann-La Roche ... bilked U.S. federal and state governments out of $1.5 billion by misrepresenting clinical studies and falsely claiming that its well-known influenza medicine Tamiflu was effective at containing potential pandemics, according to a recently unsealed whistleblower lawsuit. The lawsuit claims the drugmaker's scheme involved publishing misleading articles falsely stating that Tamiflu reduces complications, severity, hospitalizations, mortality and transmission of influenza. The company then used those articles to aggressively market the drug to the government for pandemic use. Relying on the supposed truthfulness of Roche's claims, federal and state governments spent about $1.5 billion to stockpile Tamiflu to combat influenza pandemics, according to the complaint. The lawsuit brings claims under the False Claims Act, which allows individuals to bring claims on behalf of the government. Whistleblower Dr. Thomas Jefferson, a physician and public health researcher affiliated with the respected global Cochrane Collaboration research network, has researched neuraminidase inhibitors like Tamiflu for more than two decades. He began questioning Tamiflu's efficacy in 2009 and spearheaded efforts to have the company release the underlying clinical study data. When he finally received the data in 2013, Dr. Jefferson analyzed it and concluded that the clinical data does not support Roche's claims about Tamiflu's effectiveness for use in an influenza pandemic.

Note: Though the major media is ignoring this major allegation, it was reported on the website of the highly respected British Medical Journal. Note also that Former U.S. Sect. of Defense Donald Rumsfeld made $5 million from the sales of Tamiflu. More details are available here. For more along these lines, see concise summaries of deeply revealing news articles on pharmaceutical industry corruption from reliable major media sources.


Meet the world’s most powerful doctor: Bill Gates
2017-05-04, Politico
https://www.politico.eu/article/bill-gates-who-most-powerful-doctor/

Some billionaires are satisfied with buying themselves an island. Bill Gates got a United Nations health agency in Geneva. The world’s richest man has become the World Health Organization’s second biggest donor, second only to the United States. This largesse gives him outsized influence over its agenda. The result, say his critics, is that Gates’ priorities have become the WHO’s. When Gates started throwing money into malaria eradication, top officials — including the chief of the WHO’s malaria program — raised concerns that the foundation was distorting research priorities. “The term often used was ‘monopolistic philanthropy’, the idea that Gates was taking his approach to computers and applying it to the Gates Foundation,” said a source close to the WHO board. “He is treated liked a head of state, not only at the WHO, but also at the G20,” a Geneva-based NGO representative said. Some health advocates fear that because the Gates Foundation’s money comes from investments in big business, it could serve as a Trojan horse for corporate interests to undermine WHO’s role in setting standards and shaping health policies. The Gates Foundation has pumped more than $2.4 billion into the WHO since 2000. Dues paid by member states now account for less than a quarter of WHO’s $4.5 billion biennial budget. The rest comes from ... governments, Gates, other foundations and companies. Since these funds are usually earmarked for specific projects or diseases, WHO can’t freely decide how to use them.

Note: Just to be clear, Bill Gates is neither an MD nor a PhD. This entire article has astounding information on the unethical relationship between Gates and the WHO and his desire to have a global ID to ensure everyone in the world is vaccinated. This Forbes article is titled "Bill Gates Calls For National Tracking System For Coronavirus During Reddit AMA." For lots more, see this highly revealing video. For more along these lines, see concise summaries of deeply revealing news articles on health from reliable major media sources.


Death By Prescription
2016-09-27, US News & World Report
https://health.usnews.com/health-news/patient-advice/articles/2016-09-27/the-...

Americans are taking more medications than ever before. Nearly 60 to 70 percent of us take at least one prescribed drug. Meanwhile, new drug approvals have reached a 19-year high. There's no formal process for quantifying injuries, hospitalizations or even deaths caused by therapeutic drug use – which excludes overdose or misuse. "Risk management begins with measuring things accurately, so you know what the threats are and the ones where you should be paying attention," says Thomas J. Moore ... at the Institute for Safe Medication Practices. But he notes that there's no system in place or accepted methodology for developing these tallies for prescription drugs, unlike with overdoses. Health providers and consumers are encouraged to report adverse drug reactions to the Food and Drug Administration. But the FDA says it's unable to use the incomplete adverse event reporting data to quantify overall deaths that result from therapeutic drug use. A ... recent analysis estimates 128,000 Americans die each year as a result of taking medications as prescribed. "By far the greatest number of [prescription drug-related] hospitalizations and deaths occur from drugs that are prescribed properly by physicians and taken as directed," says Donald Light ... lead author of a 2013 paper that detailed the estimate, entitled "Institutional Corruption of Pharmaceuticals and the Myth of Safe and Effective Drugs." "About 2,460 people per week are estimated to die from drugs that were properly prescribed," says Light.

Note: According to some studies, medical errors including adverse drug reactions may be the third leading cause of death in the US. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.


Fat Cats on a Hot Tin Roof
2021-06-12, New York Times
https://www.nytimes.com/2021/06/12/opinion/billionaires-taxes.html

ProPublica cracked open the vault on America's biggest tax grifters, revealing how the Midas men dip, dodge and duck, paying pennies on the dollar, if that, while we suckers have to pony up. How rich. "In 2007, Jeff Bezos, then a multibillionaire and now the world's richest man, did not pay a penny in federal income taxes," ProPublica reported. "He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes. "Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row." "Taken together," ProPublica concluded, "it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The I.R.S. records show that the wealthiest can – perfectly legally – pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year." ProPublica shed light on the fact that "the superrich earn virtually all their wealth from the constantly rising value of their assets, particularly in the stock market, and that the sales of those assets are taxed at a lower rate than ordinary income from a paycheck." And while the value of those assets grows by the billion, untaxed, these rich folks can borrow against them.

Note: Read more in this revealing alternet.com article. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.


BlackRock Is Now ‘Fourth Branch of Government'
2020-05-21, Bloomberg
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.


YouTube, Facebook split on removal of doctors' viral coronavirus videos
2020-04-30, NBC News
https://www.nbcnews.com/tech/tech-news/youtube-facebook-split-removal-doctors...

YouTube has removed two videos of California doctors ... Dan Erickson and Artin Massihi of Bakersfield, California [which] downplayed the risk of the coronavirus and asserted that stay-at-home measures were unnecessary. Facebook, however, has not removed the doctors' videos. The different reactions of YouTube and Facebook highlight the challenges of moderating high-stakes misinformation as it goes viral, especially when it is considered to be expert opinion. The video removed by YouTube showed a one-hour news conference livestreamed by local media, including NBC and ABC affiliates in Bakersfield. By Wednesday, the video had been seen at least 15 million times. Erickson and Massihi, owners of several urgent care centers in the area, presented data from 5,213 COVID-19 tests. The data, they claimed, showed that the coronavirus was widespread in the community already but had caused few deaths. Their data, they said, supported the need to rethink state stay-at-home measures. Furthermore, Erickson ... claimed that COVID-19 death numbers were inaccurate, citing other unnamed doctors in Wisconsin and California who he said had told him that they were urged to list the disease as a cause of death even if it was unrelated. "The only justification for taking it down was that the two physicians on screen had reached different conclusions from the people currently in charge," said Fox News host Tucker Carlson. Massihi posted a video to his personal Facebook page Tuesday thanking supporters while insisting that their comments were meant only to share their own data, not to drive national or even state policy.

Note: Watch an excellent follow-up interview with Dr. Erickson exposing further deception. Even if these doctors are wrong about some of their conclusions, don't they have a right to express their opinions? Will anyone who disputes the claims of government officials be banned from expressing their opinions on social media? Sadly, this BBC article shows that is already true for the coronavirus on YouTube. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.


You elected them to write new laws. They’re letting corporations do it instead.
2019-04-03, USA Today
https://www.usatoday.com/in-depth/news/investigations/2019/04/03/abortion-gun...

Each year, state lawmakers across the U.S. introduce thousands of bills dreamed up and written by corporations, industry groups and think tanks. Disguised as the work of lawmakers, these so-called “model” bills get copied in one state Capitol after another, quietly advancing the agenda of the people who write them. A two-year investigation by USA TODAY, The Arizona Republic and the Center for Public Integrity reveals for the first time the extent to which special interests have infiltrated state legislatures using model legislation. USA TODAY and the Republic found at least 10,000 bills almost entirely copied from model legislation were introduced nationwide in the past eight years, and more than 2,100 of those bills were signed into law. In a separate analysis, the Center for Public Integrity identified tens of thousands of bills with identical phrases, then traced the origins of that language. Model bills passed into law have ... limited access to abortion and restricted the rights of protesters. In all, these copycat bills amount to the nation’s largest, unreported special-interest campaign, driving agendas in every statehouse and touching nearly every area of public policy. USA TODAY found more than 4,000 bills benefiting industry were introduced nationwide during the eight years it reviewed. More than 80 of those bills limit the public's ability to sue corporations, including limiting class-action lawsuits, a plaintiff's ability to offer expert testimony, and cap punitive damages for corporate wrongdoing.

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


After Year of Vaccine Profiteering, Pfizer Hikes Prices on 125 Drugs
2022-01-13, Common Dreams
https://www.commondreams.org/news/2022/01/13/after-year-vaccine-profiteering-...

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.


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