Corporate Corruption News Articles

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Ministers have agreed [to] a secrecy clause in any dispute with the drugs manufacturer Pfizer over Britain's Covid vaccine supply. Large portions of the government's contracts with the company over the supply of 189m vaccine doses have been redacted and any arbitration proceedings will be kept secret. The revelation comes as Pfizer is accused by a former senior US health official of "war profiteering'' during the pandemic. Tom Frieden, who was director of the US Centers for Disease Control and Prevention under Barack Obama, said: "If you're just focusing on maximising your profits and you're a vaccine manufacturer ... you are war profiteering." Zain Rizvi, research director at Public Citizen, a US consumer advocacy organisation which has examined Pfizer's global vaccine contracts, said: "There is a wall of secrecy surrounding these contracts and it's unacceptable, particularly in a public health crisis." Rizvi said the UK needed to explain why it had agreed to secret arbitration proceedings. He said: "It's the only high-income country we have seen that has agreed to this provision. It allows pharmaceutical companies to bypass domestic legal processes." While AstraZeneca agreed to sell its vaccine at cost during the pandemic, Pfizer wanted to secure its profits. The Pfizer/BioNTech vaccine ... will be one of the most lucrative drugs in pharmaceutical history. One biological engineering expert [claims] the Pfizer vaccine costs just 76p to manufacture for each shot. It is reportedly being sold for Ł22 a dose to the UK government.

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

Merck is planning to charge Americans 40 times its cost for a Covid drug whose development was subsidized by the American government. Americans are facing not merely expensive drugs but prices that are examples of outright profiteering. In many cases, the medicines we are being gouged on are those that we the public already paid for. These facts show us that pharma-bankrolled Democrats trying to kill drug pricing measures aren't just bought and paid for in this particular skirmish – they are foot soldiers in the pharmaceutical industry's larger multi-decade campaign to seal off and rig America's alleged "free market". A new Public Citizen analysis shows that the 20 top-selling medicines generated almost twice as much pharmaceutical industry revenue in the United States as in every other country combined. For all the pharmaceutical industry's self-congratulatory rhetoric about its own innovations, the federal government uses your tax dollars to fund a lot of that innovation, research and development. A study from the National Academy of Sciences tells that story: the federal government spent $100bn to subsidize the research on every single one of the 200-plus drugs approved for sale in the United States between 2010 and 2016. We now routinely face immoral situations like last week's news that pharmaceutical giant Merck is planning to charge Americans $712 for a Covid drug that cost only $17.74 to produce and whose development was subsidized by the American government.

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

A massive trove of private financial records shared with The Washington Post exposes vast reaches of the secretive offshore system used to hide billions of dollars from tax authorities, creditors, criminal investigators and – in 14 cases involving current country leaders – citizens around the world. The revelations include more than $100 million spent by King Abdullah II of Jordan on luxury homes in Malibu, Calif., and other locations; millions of dollars in property and cash secretly owned by the leaders of the Czech Republic, Kenya, Ecuador and other countries; and a waterfront home in Monaco acquired by a Russian woman who gained considerable wealth after she reportedly had a child with Russian President Vladimir Putin. Other disclosures hit closer to home for U.S. officials. The files provide substantial new evidence, for example, that South Dakota now rivals notoriously opaque jurisdictions in Europe and the Caribbean in financial secrecy. Tens of millions of dollars from outside the United States are now sheltered by trust companies in Sioux Falls, some of it tied to people and companies accused of human rights abuses and other wrongdoing. The trove, dubbed the Pandora Papers, exceeds the dimensions of the leak that was at the center of the Panama Papers investigation five years ago. That data was drawn from a single law firm, but the new material encompasses records from 14 separate financial-services entities.

Note: Some have suggested that the CIA was responsible for the earlier Panama Papers leak. For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption from reliable major media sources.

The cost of vaccinating the world against COVID-19 could be at least five times cheaper if pharmaceutical companies weren't profiteering from their monopolies on COVID-19 vaccines, campaigners from the People's Vaccine Alliance said today. New analysis by the Alliance shows that the firms Pfizer/BioNTech and Moderna are charging governments as much as $41 billion above the estimated cost of production. Colombia, for example, has potentially overpaid by as much as $375 million for its doses of the Pfizer/BioNTech and Moderna vaccines, in comparison to the estimated cost price. Despite a rapid rise in COVID-19 cases and deaths across the developing world, Pfizer/BioNTech and Moderna have sold over 90 percent of their vaccines so far to rich countries, charging up to 24 times the potential cost of production. Last week Pfizer/BioNTech announced it would licence a South African company to fill and package 100 million doses for use in Africa, but this is a drop in the ocean of need. Neither company have agreed to fully transfer vaccine technology and know-how with any capable producers in developing countries, a move that could increase global supply, drive down prices and save millions of lives. Analysis of production techniques for the leading mRNA type vaccines produced by Pfizer/BioNTech and Moderna â₏•which were only developed thanks to public funding to the tune of $8.3 billionâ₏• suggest these vaccines could be made for as little as $1.20 a dose.

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

President Joe Biden's administration is being asked to punish Hungary, Colombia, Chile, and other countries for seeking to ramp up the production of Covid-19 vaccines and therapeutics without express permission from pharmaceutical companies. The sanctions are being urged by the drug industry, which has filed hundreds of pages of documents to the Office of the U.S. Trade Representative outlining the alleged threat posed by any effort to challenge "basic intellectual property protections" in the response to the coronavirus pandemic. The drug industry has sharply criticized any attempt to share vaccine patents or the technological knowledge needed to manufacture them, despite global need. The strident corporate opposition to any intellectual property flexibility has rankled public health advocates, many of whom note that much of the vaccine technology has been financed by the public sector. The Pfizer vaccine, noted Prabhala, was developed in partnership with the European firm BioNTech, which received $445 million from the German government to help accelerate vaccine development and manufacturing. The U.S. government provided about $1 billion for the research and testing by Moderna to create its coronavirus vaccine. Johnson & Johnson received over $1.45 billion in funding from the Biomedical Advanced Research and Development Authority, a division of the U.S. Department of Health and Human Services, for its recently approved Covid-19 vaccine.

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.

Ever since Monsanto introduced its line of Roundup weedkillers to the world in 1974, the products have been touted by the company and regulators as extremely safe. But the emergence of long-held corporate secrets in three public trials has revealed a covert campaign to cover-up the pesticides risks and raised troubling questions about lax oversight of all pesticides by the Environmental Protection Agency and other regulatory agencies. Two recently concluded Roundup product liability trials in California have resulted in large damage awards against Monsanto, after juries found the companys herbicides contributed to cancer and that it failed to warn of the risks. Monsanto never conducted epidemiology studies for Roundup and its other formulations made with the active ingredient glyphosate, to see if the products could lead to cancer in people who used them. At the same time ... the company was spending millions of dollars on secretive PR campaigns including $17m budgeted in a single year to finance ghostwritten studies and op-eds aimed at discrediting independent scientists whose work found dangers with Monsantos herbicides. When the US Agency for Toxic Substances and Disease Registry sought to evaluate glyphosate toxicity in 2015, Monsanto ... engaged the assistance of EPA officials to delay that review. The efforts delayed the release of the public draft of the review ... until earlier this month. As Monsanto had feared, the agencys review found links between cancer and glyphosate.

Note: Internal FDA emails suggest that the food supply contains far more glyphosate than government reports indicate. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health.

Amazon hasn't paid any taxes to the US government in the past two years. Actually, Amazon received hundreds of millions of dollars in federal tax credits in 2017 and 2018. That might seem nuts, considering Amazon is the third-most valuable company in the world and earned a record $10 billion last year. But critics of Amazon's tax bill aren't accusing Amazon of doing anything improper. "This is tax avoidance, not tax evasion. There's no indication of any wrongdoing, except on the part of Congress," said Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy. US tax code allows money-losing companies to reduce their future taxable income. Amazon's total earnings have easily topped its losses — many times over. But some of Amazon's earnings came from sales outside the United States, on which Amazon paid either lower or no US taxes. Many companies that lose money pay little or no federal income taxes. For example, General Motors (GM) has paid little federal tax money since emerging from bankruptcy in 2009, despite posting record profits for several years. Amazon declined to comment on its federal tax payments.

Note: Read how former tax lobbyists now run the tax-writing committees. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.

An Australian study has found that about one in five corporate executives are psychopaths – roughly the same rate as among prisoners. The study of 261 senior professionals in the United States found that 21 per cent had clinically significant levels of psychopathic traits. The rate of psychopathy in the general population is about one in a hundred. Nathan Brooks, a forensic psychologist who conducted the study, said the findings suggested that businesses should improve their recruitment screening. He said recruiters tend to focus on skills rather than personality features and this has led to firms hiring "successful psychopaths" who may engage in unethical and illegal practices or have a toxic impact on colleagues. "Typically psychopaths create a lot of chaos and generally tend to play people off against each other," he said. "Psychopaths ... don't mind if they violate morals. It is about getting where they want in the company and having dominance over others." The global financial crisis in 2008 has prompted researchers to study workplace traits that may have allowed a corporate culture in which unethical behaviour was able to flourish. Mr Brooks's research ... was based on a study of corporate professionals in the supply chain management industry across the US. The researchers have been examining ways to help employers screen for potential psychopaths. "We hope to implement our screening tool in businesses ... to hopefully identify this problem," Mr Brooks said.

Note: This study was retracted in 2018 following allegations of plagiarism. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.

I wonder how many of the readers remember the WHO’s pandemic alert on swine ‘flu some years ago? When the WHO was proactive to announce a pandemic then without any scientific justifications I was the one who wrote that that was a business stunt! People did not believe and the British Medical Journal rejected my paper. After one long year what I had predicted came true. Council of Europe Health Committee Chairman Dr. Wolfgang Wodarg said that the declaration of a swine flu pandemic was a false alarm. “There are many signs that there is close cooperation between the WHO and pharmaceutical companies. We have to find out whether there was pressure or whether there was money given as an incentive to the WHO to have this pandemic declared,” Dr. Wolfgang Wodarg adds. To give a simple example of the swine flu drug Tamiflu when given to a million people, 45,000 will experience vomiting, 31,000 will experience headache and 11,000 will have psychiatric side-effects. These figures might be insignificant if Tamiflu cures swine flu. That is not the case. Raising the fear levels in society is the surest way of depressing their immune system! This is good for business. With people’s immune system depressed they are prone to all kinds of infections. What follows next is the usual history. Greedy drug companies will now vie with each other to produce a vaccine. Vaccination is big business. This pattern goes on and on as long as money and medicine are related.

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

Perhaps you saw Ray Suarez’s three-part series on poverty and AIDS in Mozambique on the PBS NewsHour. Or listened to Public Radio International’s piece on the rationing of kidney dialysis in South Africa. These reports ... were all bankrolled by the Bill & Melinda Gates Foundation. Better-known for its battles against global disease, the giant philanthropy has also become a force in journalism. The foundation’s grants to media organizations such as ABC and The Guardian, one of Britain’s leading newspapers, raise obvious conflict-of-interest questions: How can reporting be unbiased when a major player holds the purse strings? The foundation has invested millions in training programs for journalists. It funds research on the most effective ways to craft media messages. Gates-backed think tanks turn out media fact sheets and newspaper opinion pieces. Magazines and scientific journals get Gates money to publish research and articles. Experts coached in Gates-funded programs write columns that appear in media outlets from The New York Times to The Huffington Post, while digital portals blur the line between journalism and spin. Over the past decade, Gates has devoted $1 billion to these programs. Beyond direct links to media, the foundation also supports a dizzying mix of organizations whose goals include influencing media coverage. An interested citizen might think she’s getting news and information from a variety of sources, but many of them might be funded by Gates.

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

The Trump administration yesterday handed Bayer another win, urging the Supreme Court in a new brief to side with the German pesticide company in a high-stakes legal case that could wipe out thousands of cancer lawsuits and potentially billions of dollars in liability tied to glyphosate-based Roundup weed killer. Three out of nine U.S. officials who signed the brief previously worked for law firms that have represented Bayer, raising questions about whether the Trump administration is providing special favors and benefits to Bayer and siding with a foreign corporation against Americans with cancer. In the new filing, the Justice Department and Environmental Protection Agency urged the Court to rule in Bayer's favor on the central legal issue: whether federal approval of a pesticide label under federal law preempts state failure-to-warn claims. If the Court accepts that argument, individuals would be barred from suing Bayer under state law for failing to warn that Roundup may cause cancer. The salvo for Bayer is the latest in a series of favorable actions the Trump administration has provided to Bayer. On February 18, the White House invoked the Defense Production Act to guarantee supplies of glyphosate-based herbicides and elemental phosphorus, a raw element used in production of fertilizers, pesticides, herbicides, and a wide range of industrial and military chemicals. Our Bayer lobby tracker provides information about ... 45 lobbyists registered to lobby for Bayer.

Note: In addition to increasing cancer risk by 41%, glyphosate is linked to severe depression and cognitive decline. Our latest Substack, "The Pesticide Crisis Reveals The Dark Side of Science. We Have The Solutions to Regenerate," uncovers the scope of Monsanto's media propaganda machine and the widespread conspiracy to poison our food, air, and along with the powerful remedies and solutions to this crisis. For more along these lines, read our concise summaries of news articles on government corruption and toxic chemicals.

On July 31, 2019, just eleven days before Jeffrey Epstein was found dead in a Manhattan jail cell, his connection to the Rothschild banking dynasty became the subject of major public controversy. Anonymous sources informed Bloomberg of a 2015 visit to Epstein's New York mansion by baroness Ariane de Rothschild, the CEO of Edmond de Rothschild Group, a storied private bank and one of the largest Swiss financial institutions by assets under management. Newly released documents reveal that Epstein and de Rothschild's personal relationship was much closer than the bank previously acknowledged. According to emails released by the U.S. House Oversight Committee on November 12, Epstein planned to see a Broadway play with de Rothschild in January 2014, and scheduled a private trip with her to Montreal. A second set of documents–the leaked inbox of former Israeli defense minister Ehud Barak ... sheds light on Epstein's efforts to leverage his personal friendship with de Rothschild to raise funds for the development of Israeli cyberweapons. It's not clear whether the Rothschild bank ultimately participated directly in Epstein and Barak's cyberweapons efforts–but in October 2015, de Rothschild negotiated a $25 million contract with Epstein's Southern Trust Company, the same entity Epstein used to fund Barak's intelligence-linked security startup Reporty Homeland Security (now known as Carbyne) earlier that year.

Note: Read more about the vast influence of the Rothschild empire. Israeli cyberweapons have been sold to the FBI and used against journalists and activists. For more along these lines, read our concise summaries of news articles on Jeffrey Epstein's crime ring.

In an exchange this week on "All-In Podcast," Alex Karp was on the defensive. The Palantir CEO used the appearance to downplay and deny the notion that his company would engage in rights-violating in surveillance work. "We are the single worst technology to use to abuse civil liberties, which is by the way the reason why we could never get the NSA or the FBI to actually buy our product," Karp said. What he didn't mention was the fact that a tranche of classified documents revealed by [whistleblower and former NSA contractor] Edward Snowden and The Intercept in 2017 showed how Palantir software helped the National Security Agency and its allies spy on the entire planet. Palantir software was used in conjunction with a signals intelligence tool codenamed XKEYSCORE, one of the most explosive revelations from the NSA whistleblower's 2013 disclosures. XKEYSCORE provided the NSA and its foreign partners with a means of easily searching through immense troves of data and metadata covertly siphoned across the entire global internet, from emails and Facebook messages to webcam footage and web browsing. A 2008 NSA presentation describes how XKEYSCORE could be used to detect "Someone whose language is out of place for the region they are in," "Someone who is using encryption," or "Someone searching the web for suspicious stuff." In May, the New York Times reported Palantir would play a central role in a White House plan to boost data sharing between federal agencies, "raising questions over whether he might compile a master list of personal information on Americans that could give him untold surveillance power."

Note: Read about Palantir's revolving door with the US government. As former NSA intelligence official and whistleblower William Binney articulated, "The ultimate goal of the NSA is total population control." For more along these lines, read our concise summaries of news articles on Big Tech and the disappearance of privacy.

Staff at a Santa Barbara county jail heard screams coming from one of the cells. A 57-year-old inmate was moaning and hyperventilating. Rather than sending her to the ER, medical staff chalked her pain up to opioid withdrawal, since they had taken a prescription opioid away upon her arrival days before, a grand jury investigation later found. They placed the inmate – referred to as CF in the grand jury's report – on mental health observation. The grand jury determined that CF's stomach had perforated days before her excruciating death. CF would have had a 90% chance of survival if she had received immediate treatment. Wellpath, one of the nation's leading health providers to prisons and jails, was the contractor responsible for healthcare at Santa Barbara county's Northern Branch jail, where CF died. The grand jury's report is the latest in over a decade of government investigations into two behemoths in the prison health industry – Wellpath and Corizon – which are both backed by private equity investors. Both Corizon and Wellpath continued to contract with jails, prisons, immigration and juvenile detention centers around the country until they faced so much liability ... that both landed in bankruptcy court over the last two years. Both companies were still operating in some form while restructuring in Chapter 11 bankruptcy proceedings, and had reorganization plans confirmed in bankruptcy court this year that allowed them to ... continue their prison contracts.

Note: According to this Guardian article, "More and more people, especially the relatively poor, may live almost their entire lives in systems owned by one or another private equity firm: financiers are their landlords, their electricity providers, their ride to work, their employers, their doctors, their debt collectors." For more along these lines, read our concise summaries of news articles on corruption in prisons and in the financial system.

Kenya's Gazette Supplement 181 of 2024 ... carrying the name of Kenya's minister of foreign affairs, announced that the Kenyan government had granted full diplomatic immunity to the Bill and Melinda Gates Foundation. An organization must affirmatively ask Kenya's highest leadership for such privileges, which they can only grant through a vote of the full cabinet and with the support of the country's president. The immunity announcement ... did not say who at the foundation was being immunized or why. The Gates Foundation has assets in excess of $75 billion and has given out $91 billion in grants this century, making it the richest and most generous American charity in history. Since 2003, Gates has given 502 grants to organizations in Kenya, totaling over $1.9 billion. Gates has donated $870 million to AGRA, a Nairobi-based group attempting to introduce genetically modified seeds, chemical fertilizers, and large-scale agriculture throughout Africa. In Kenya it is possible to see the results of his now-accelerating project, which comprises three distinct efforts: the introduction of a new vaccine against malaria, a far-reaching agricultural reform program, and a divisive campaign to vaccinate cattle. Gates has no democratic accountability to anyone in the U.S., Kenya, or any other country. The Gates Foundation ... exists outside of nations and constitutions and laws, and its money is so widely distributed and so embedded in so many different private and public entities that it practically disappears into the larger architecture of the global system. One thing that unites NPR, the Guardian, and the Chinese government is that they are, in some form or another, Gates-funded institutions.

Note: Gates has given over $250 million to major outlets including BBC, Guardian, NPR, and Al Jazeera. Bill Gates' hundreds of millions to WHO now give him outsized influence to prioritize corporate interests under the guise of public health philanthropy, which have led to mass suicides in India and worsening environmental degradation and poverty in Africa.

Since 1999, more than 800,000 Americans have died from opioid overdoses. The latest headlines focus on fentanyl, yet the staggering toll can be traced to the widespread availability of opioid pills made possible by decades of overprescribing. Few users start with fentanyl. Experts date the start of the opioid epidemic to within three years of the approval of OxyContin in 1995. Reports from emergency departments across the US showed Purdue's pills were being crushed and injected or snorted as early as 1997. "My eyes popped open," recalls one FDA medical officer of seeing the reports. "Nobody wanted to see it for what it was. You would've had to have your head in the sand not to know that there was something wrong." By 2000, Purdue was selling $1.1 billion annually in OxyContin. Higher doses led to higher profit. Sales reps were coached accordingly. In five years, oxycodone prescribing had surged 402%, and hospital emergency room mentions of oxycodone were up 346%. By 2012, OxyContin sales were almost $3 billion annually. And many other companies were cashing in. In the preceding six years, 76 billion opioid pills had been produced and shipped across the US, as the FDA faced a national crisis of epic proportions. In the 2010s, the US, with less than 5% of the global population, was consuming 80% of the world's oxycodone. And with coordinated pharmaceutical campaigns to destigmatize opioids, brands other than Purdue's and Roxane's benefited.

Note: Read our Substack on the dark truth of the war on drugs. Read how Congress fueled this epidemic over DEA objections. For more along these lines, read our concise summaries of news articles on government corruption and Big Pharma profiteering.

"If we broke up the big banks tomorrow, would that end racism? Would that end sexism?" This quote from one of [Hilary Clinton's] campaign rallies has an unusual durability. The Democratic Party's answer to Bernie Sanders's propagation of economic justice and economic issues was to smear him as somebody who ignored the plight of what they love to call – their new term – "marginalized groups," which is people of color, women, trans people, all matters dealing with sexuality. [Hilary Clinton's] victory over Bernie Sanders in the Democratic primary reshaped center-left politics for a decade and established identity politics as a standard tool in the Democratic Party belt. For basically a decade ... you couldn't even criticize [identity politics] without being smeared as a racist, a sexist, whatever term would work to instantly discredit any criticism while shutting down any critical thought of what that criticism represented. There's a huge rise in the number of black elected officials, mayors, congressmen, etc. [They] no longer have any reason to cater to working-class blacks because workers are politically disorganized. The political officials end up captured by the same corporate forces as the white politicians – but they get to have the corner on race talk. To deal with the quality of life and life chances of the vast majority of racial minorities, you have to go beyond disparities and look at the actual availability of social goods, not the current distribution of different races. Identity politics promotes strategies and policies that primarily address the interests of elites rather than the vast majority of working Americans. As long as the American political system is run on money, the basic direction of both parties is going to be set by big money. The way out is not by confining ourselves to increasing representation and combating discrimination, but rather by addressing the quality of the jobs and the availability of basic goods.

Note: Watch an excellent interview of journalist Batya Ungar-Sargon discussing how journalism has shifted from being a working class trade that held the powerful accountable to an elite industry that serves the upper class. She articulates that mainstream news has abandoned and divided the working class by creating a culture war around identity and race. Elites shaping the news industry benefit from this political polarization, which hides the tragic reality of income inequality that affect all races across political lines.

In a new video, Swedish TikTok user SwedishJohan shared a video from within the American section of his local store that sells candies such as Airheads, Laffy Taffy and Sour Patch Kids. In it, he flipped over a watermelon flavored Airhead, a fruit flavored taffy bar, showing that on top of the normal nutrition label, there was a paper tag that listed a warning. When translated, the warning reads: 'Contains the AZO dyes e129, e110, e102 which can have a negative effect on children's behavior and concentration.' These are also known as Red40, Yellow 6 and Yellow5 and are perfectly legal in the US but heavily regulated in Europe. In children, research has linked these dyes to behavioral problems like ADHD, restlessness, inattentiveness, aggression, irritability and problems sleeping. Johan said: 'So American candy comes with warning labels here in Europe'. The EU hasn't outlawed the three dyes, but a 2008 law says that any manufacturer that uses these products must put a warning label on their product. This has meant that many manufacturers have decided to swap the synthetic colorants for natural options. The three dyes are made from petroleum-oil, and found in more than 36,000 food products sold in the US, according to a 2024 report from the Environmental Working Group. They are also found in cosmetics, medications and personal care products like soap. In 1990, the FDA banned Red 3 from cosmetics after reports linked it to thyroid cancer.

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 food system corruption.

BlackRock, the world's biggest asset management company, faces a complaint at the Organization for Economic Co-operation and Development (OECD) for allegedly contributing to environmental and human rights abuses around the world through its investments in agribusiness. Friends of the Earth US and the Articulation of Indigenous Peoples of Brazil accuse BlackRock of increasing investments in companies that have been implicated in the devastation of the Amazon and other major forests despite warnings that this is destabilising the global climate, damaging ecosystems and violating the rights of traditional communities. The influence of BlackRock is enormous. It manages more than $11tn in assets, more than the combined government spending of the world's 10 wealthiest countries. To support their complaint, Friends of the Earth investigated publicly available data on BlackRock's shareholdings ... in 20 agribusiness companies that have been implicated in environmental and human rights abuses, operating in the palm oil, pulp/paper, soy, cattle, timber and biomass sectors. It found BlackRock has more than $5bn invested in these companies, an increase since 2019 of $519m. In each of the companies is it a top 10 shareholder. Conservation organisations and Indigenous peoples have repeatedly asked BlackRock to stop financing companies that deforest the Amazon and violate communities' land rights.

Note: For more along these lines, read our concise summaries of news articles on financial industry corruption and environmental destruction.

Larry Fink doesn't think the US election will affect markets much. The BlackRock CEO doubled down on saying the outcome of the US election, which will be decided in two weeks, won't matter in the long run. He said that BlackRock works with both administrations and is "having conversations" with both Vice President Kamala Harris and Republican nominee Donald Trump. BlackRock, which manages $11.5 trillion in assets via passive and active strategies, has ties and conflicts to both parties. Trump has invested in BlackRock funds, campaign finance forms showed. Since winning the last election in 2020, President Joe Biden has stocked his administration with BlackRock alumni, including Adewale Adeyemo, the deputy Treasury secretary, and Mike Pyle, Vice President Harris' chief economic advisor. Both previously worked in the Obama administration. Last year, a bipartisan House committee began looking into BlackRock's investments in China, for their stakes in Chinese companies blacklisted over claims of supporting China's military or alleged human rights abuses. Fink is not the only Wall Street heavyweight saying the election won't matter to financial markets. In an interview in May, Mike Gitlin, CEO of the $2.7 trillion investing giant Capital Group, said that over the long term, markets climb higher regardless of who wins, and he doesn't agree with rebalancing a portfolio because of election outcomes.

Note: Blackrock is now considered to be the fourth branch of government. For more along these lines, read our concise summaries of news articles on financial industry corruption.

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.