Corporate Corruption News Stories

Excerpts of Key Corporate Corruption News Stories in Major Media

Below are key excerpts of revealing news articles on corporate corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.

Note: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.

A leading health expert says the swine flu scare was a "false pandemic" led by drugs companies that stood to make billions from vaccines. Wolfgang Wodarg, head of health at the Council of Europe, claims major [drug] firms organised a "campaign of panic" to put pressure on the World Health Organisation to declare a pandemic. He believes it is "one of the greatest medicine scandals of the century" — and has called for an inquiry. Dr Wodarg said: "It's just a normal kind of flu. It does not cause a tenth of deaths caused by the classic seasonal flu. The great campaign of panic we have seen provided a golden opportunity for representatives from labs who knew they would hit the jackpot in the case of a pandemic being declared. We want to clarify everything that brought about this massive operation of disinformation. We want to know who made decisions, on the basis of what evidence, and precisely how the influence of the pharmaceutical industry came to bear on the decision-making." He added: "A group of people in the WHO is associated very closely with the pharmaceutical industry."

Note: For powerfully revealing reports of the corruption regarding swine flu and previous health scares, click here.

A wave of American companies have been arriving in Iraq in recent months to pursue what is expected to be a multibillion-dollar bonanza of projects to revive the country’s stagnant petroleum industry, as Iraq seeks to establish itself as a rival to Saudi Arabia as the world’s top oil producer. Since the 2003 American-led invasion, nearly all of the biggest reconstruction projects in Iraq have been controlled by the United States. Many rebuilding contracts are expected to be awarded as soon as this month. Concerns have been heightened by the prominent role expected to be played by American companies that have been criticized in the past ... for overcharging by hundreds of millions of dollars, performing shoddy work and failing to finish hundreds of crucial projects while under contract in Iraq. Halliburton and its former subsidiary KBR, as well as Bechtel and Parsons, have been singled out for criticism by the Special Inspector General for Iraq Reconstruction for their previous work in Iraq.

Note: The contracts just keep on coming for this key group of US corporations with connections to the highest levels of the US government. For many revealing reports from reliable sources on the profiteering which is such a major drive to modern war, click here.

So severe is the environmental damage [at Lago Agrio, on the fringes of the Ecuadorian Amazon] that experts have called it an "Amazon Chernobyl". But the people of Lago Agrio and its surrounding area have been fighting back. Sixteen years ago, 30,000 Ecuadorians began legal action against the US oil company – now owned by Chevron – they hold responsible. This week, while both sides await the verdict, a fly-on-the-wall documentary about the case goes on release in Britain. Directed by Joe Berlinger ... "Crude" tells a story [that] began when Steve Donziger, a lawyer acting for the Ecuadorians, arrived at the film-maker's office. "The story the lawyer told me was indeed shocking," said Berlinger. Within a few days of Berlinger's trip to Ecuador, he realised that the case was virtually demanding to be made into a film. "I noticed a group of indigenous people sitting by the riverbank, preparing a meal by an open fire using processed tuna fish from a big industrial-sized can. They were eating this canned tuna because the fish that swam in their river, which had fed these proud people for millennia, were dead." "Crude" is a head-on culture clash bursting with strong personalities where brash US lawyers on both sides are at loggerheads, and Ecuador's indigenous – incongruous in New York with their traditional dress and warpaint – are carefully coached to fight their case in a foreign system.

Note: To watch the trailer for the film "Crude," click here.

Of the 84,000 chemicals in commercial use in the United States -- from flame retardants in furniture to household cleaners -- nearly 20 percent are secret, according to the Environmental Protection Agency, their names and physical properties guarded from consumers and virtually all public officials under a little-known federal provision. Under the 1976 Toxic Substances Control Act, manufacturers must report to the federal government new chemicals they intend to market. But the law exempts from public disclosure any information that could harm their bottom line. Government officials, scientists and environmental groups say that manufacturers have exploited weaknesses in the law to claim secrecy for an ever-increasing number of chemicals. In the past several years, 95 percent of the notices for new chemicals sent to the government requested some secrecy, according to the Government Accountability Office. About 700 chemicals are introduced annually. Some companies have successfully argued that the federal government should not only keep the names of their chemicals secret but also hide from public view the identities and addresses of the manufacturers.

Note: So according to this law, the bottom line (profits) trumps public health. For lots more on corporate and government secrecy, click here.

The massive U.S. Senate healthcare reform measure passed ... with support from the multibillion drug industry, but makers of cheaper generic rivals are feeling left out in the cold. Generic drugmakers face several obstacles in the bill backed by Democrats that they worry will dampen a potential increase in use even as more people gain access to health insurance and prescription medicines. The hurdles include extensive protections against generic versions of pricey biotech medicines, an incentive for Medicare recipients to use more brand-name drugs, and a possible end to payments from brandname makers to delay the launch of copy-cat medicines. "The bill passed by the Senate unfortunately amounts to a treasure trove to brand drug companies," said Generic Pharmaceutical Association President Kathleen Jaeger. Bill Marth, chief executive of Teva's North American operations, said Democrats missed a chance to further boost [generics] use: "It's frustrating," he said. "Maybe some people have just lost sight of what the bill is supposed to do."

Note: For a powerful analysis by Dr. Marcia Angell, former editor in chief of the New England Journal of Medicine, of the corrupt relationship between the biggest pharmaceutical companies and the federal government, click here. Drug company lobbyists who contribute millions of dollars to the elections campaigns of Congress members have a huge influence which is often detrimental to public health.

Since the attempted bombing of a U.S. airliner on Christmas Day, former Homeland Security secretary Michael Chertoff has given dozens of media interviews touting the need for the federal government to buy more full-body scanners for airports. What he has made little mention of is that the Chertoff Group, his security consulting agency, includes a client that manufactures the machines. An airport passengers' rights group ... criticized Chertoff, who left office less than a year ago, for using his former government credentials to advocate for a product that benefits his clients. "Mr. Chertoff should not be allowed to ... privately gain from the sale of full-body scanners under the pretense that the scanners would have detected this particular type of explosive," said Kate Hanni, founder of FlyersRights.org, which opposes the use of the scanners. Chertoff's advocacy for the technology dates back to his time in the Bush administration. In 2005, Homeland Security ordered the government's first batch of the scanners. Today, 40 body scanners are in use at 19 U.S. airports. The number is expected to skyrocket at least in part because of the Christmas Day incident. The Transportation Security Administration this week said it will order 300 more machines.

Note: For lots more on the profiteering that underlies "the war on terror," click here.

H.R. 4173 [is] the financial-reform legislation passed earlier this month by the House of Representatives. The Senate has yet to pass its own reform plan. The baby of Financial Services Committee Chairman Barney Frank, the House bill is meant to address everything from too-big-to-fail banks to asleep-at-the-switch credit-ratings companies to the protection of consumers from greedy lenders. At 1,279 pages, the “Wall Street Reform and Consumer Protection Act” is a real slog. While banks opposed the legislation, they should cheer for its passage by the full Congress in the New Year: There are huge giveaways insuring the government will again rescue banks and Wall Street if the need arises. For all its heft, the bill doesn’t once mention the words “too-big-to-fail,” the main issue confronting the financial system. Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. The bill also allows the government, in a crisis, to back financial firms’ debts. Bondholders can sleep easy -- there are more bailouts to come.

Note: For a treasure trove of reliable reports on the government bailout of Wall Street, click here.

Pension funds and insurance companies lost billions of dollars on securities that they believed were solid investments, according to former Goldman employees with direct knowledge of the deals who asked not to be identified because they have confidentiality agreements with the firm. Goldman was not the only firm that peddled these complex securities ... and then made financial bets against them, called selling short in Wall Street parlance. Others that created similar securities and then bet they would fail ... include Deutsche Bank and Morgan Stanley, as well as smaller firms like Tricadia Inc., an investment company whose parent firm was overseen by Lewis A. Sachs, who this year became a special counselor to Treasury Secretary Timothy F. Geithner. How these disastrously performing securities were devised is now the subject of scrutiny by investigators in Congress, at the Securities and Exchange Commission and at the Financial Industry Regulatory Authority. While the investigations are in the early phases, authorities appear to be looking at whether securities laws or rules of fair dealing were violated by firms that created and sold these mortgage-linked debt instruments and then bet against the clients who purchased them, people briefed on the matter say.

Note: So the banks were betting that their own customers would lose money on their products. Hmmmm. For lots of reliable, eye-opening reports on banking secrecy and corruption, click here.

Just before Christmas, the US President, Barack Obama, signed into law one of his country's biggest aid pledges of the year. It was bound not for Africa or any of the many struggling countries on the World Bank's list. It was a deal for $US2.77 billion ($3 billion) to go to Israel in 2010 and a total of $US30 billion over the next decade. Israel is bound by the agreement to use 75 per cent of the aid to buy military hardware made in the US. For the first time the US is also providing $US500 million to the Palestinian Authority, including $US100 million to train security forces, under the strict proviso that the authority's leadership recognises Israel. For many years Israel has been the largest recipient of US foreign aid, followed by Egypt ($US1.75 billion), which also receives most of its assistance in tied military aid. The Congressional Research Service says that the US spent 17 per cent of its total aid budget - or $US5.1 billion - on military aid in 2008, of which $US4.7 billion was grants to enable governments to receive equipment from the US.

Note: Israel's population is 7.5 million. If you do the math, the US is providing the equivalent of $4,000 in aid to every man, woman and child in Israel over the next decade, with $3,000 of that to buy US military hardware. For lots more on government-facilitated profiteering in the arms industry, click here and here.

A new report finds that the Centers for Disease Control and Prevention did a poor job of screening medical experts for financial conflicts when it hired them to advise the agency on vaccine safety. Most of the experts who served on advisory panels in 2007 to evaluate vaccines for flu and cervical cancer had potential conflicts that were never resolved, the report said. Some were legally barred from considering the issues but did so anyway. In the report ... Daniel R. Levinson, the inspector general of the Department of Health and Human Services, found that the centers failed nearly every time to ensure that the experts adequately filled out forms confirming they were not being paid by companies with an interest in their decisions. The report found that 64 percent of the advisers had potential conflicts of interest that were never identified or were left unresolved by the centers. Thirteen percent failed to have an appropriate conflicts form on file at the agency at all, which should have barred their participation in the meetings entirely, Mr. Levinson found. And 3 percent voted on matters that ethics officers had already barred them from considering.

Note: For lots more on corporate and government corruption from reliable sources, click here and here.

Dr. Julie Gerberding, former director of the U.S. Centers for Disease Control and Prevention, was named president of Merck & Co Inc's vaccine division. Gerberding, who led the CDC from 2002 to 2009 and stepped down when President Barack Obama took office, will head up the company's $5 billion global vaccine business that includes shots to prevent chickenpox, cervical cancer and pneumonia. She had led CDC from one crisis to another, including the investigation into the anthrax attacks that killed five people in 2001, the H5N1 avian influenza, the global outbreak of severe acute respiratory syndrome, or SARS, and various outbreaks of food poisoning. She may be charged with reigniting flagging sales of Merck's Gardasil vaccine to prevent cervical cancer by protecting against human papillomavirus or HPV. After an encouraging launch Gardasil sales have been falling and were down 22 percent in the third quarter at $311 million.

Note: So the head of the CDC now is in charge of vaccines at one of the biggest pharmaceutical companies in the world. Could this be considered conflict of interest? Could this possibly be payback for supporting the vaccine agenda so strongly for years? For more on the risks and dangers of vaccines, click here.

A healthcare firm is seeking to silence a Danish academic from expressing doubts about one of its products by using England’s draconian libel laws. Two years ago in a conference room in the Randolph hotel in Oxford, Henrik Thomsen ... one of Europe’s leading radiologists, revealed how patients treated at his hospital had subsequently contracted a rare and potentially fatal disease. Thomsen and other doctors at his Copenhagen University hospital were baffled as to why 20 kidney patients who had been given routine scans were afflicted by a disorder — nephrogenic systemic fibrosis (NSF) — in which the skin gradually swells, thickens and tightens. Some sufferers were confined to wheelchairs. At least one died. There was no known cure. It was confirmed that all those who had fallen ill with NSF had been given the same drug in advance of a magnetic resonance imaging (MRI) scan. Omniscan was used to enhance the images produced by the scan. The product was sold around the world and was manufactured by GE Healthcare, a subsidiary of General Electric, one of the world’s largest corporations. Thomsen ... now refuses to speak anywhere in England on the possible risks of Omniscan. The reason is that he faces another kind of storm: GE Healthcare is suing him in the High Court for libel. GE has already racked up costs of more than Ł380,000 pursuing the respected academic. Thomsen will have to pay the firm’s costs if he loses the case.

Note: For lots more on corporate corruption from reliable sources, click here.

[Bill Moyers:] Something's not right here. One year after the great collapse of our financial system, Wall Street is back on top while our politicians dither. As for health care reform, you're about to be forced to buy insurance from companies whose stock is soaring, and that's just dandy with the White House. It's capital. Raw money, mounds of it, buying politicians and policy as if they were futures on the hog market. Some of the big insurance companies, Well Point, Cigna, United Health, all surged to a 52 week high in their share prices this week when it was clear there'd be no public option in the health care bill going through Congress right now. What does that tell you? ROBERT KUTTNER: Their strategy was cut a deal with the insurance companies, the drug industry going in. And the deal was, we're not going to attack your customer base, we're going to subsidize a new customer base. And that script was pre-cooked so it's not surprising that this is what comes out the other side. Once the White House made this deal with the insurance companies, the public option was never going to be anything more than a fig leaf. And over the summer and the fall, it got whittled down, whittled down, whittled down to almost nothing and now it's really nothing.

Note: For lots more on corporate and government corruption from reliable sources, click here and here.

Goldman Sachs Group Inc. played a bigger role than has been publicly disclosed in fueling the mortgage bets that nearly felled American International Group Inc. Goldman was one of 16 banks paid off when the U.S. government last year spent billions closing out soured trades that AIG made with the financial firms. A Wall Street Journal analysis of AIG's trades, which were on pools of mortgage debt, shows that Goldman was a key player in many of them, even the ones involving other banks. Goldman originated or bought protection from AIG on about $33 billion of the $80 billion of U.S. mortgage assets that AIG insured during the housing boom. That is roughly twice as much as Société Générale and Merrill Lynch, the banks with the biggest exposure to AIG after Goldman. In Goldman's biggest deal, it acted as a middleman between AIG and banks, taking on the risk of as much as $14 billion of mortgage-related investments. Then Goldman insured that risk with one trading partner – AIG. When the federal government bailed out the insurer, Goldman avoided losses on its trades with AIG covering a total of $22 billion in assets.

Note: For many revealing reports from reliable, verifiable sources on the hidden realities behind the Wall Street bailout, click here.

Private security guards from Blackwater Worldwide participated in some of the C.I.A.’s most sensitive activities — clandestine raids with agency officers against people suspected of being insurgents in Iraq and Afghanistan and the transporting of detainees, according to former company employees and intelligence officials. The raids against suspects occurred on an almost nightly basis during the height of the Iraqi insurgency from 2004 to 2006, with Blackwater personnel playing central roles in what company insiders called “snatch and grab” operations. Several former Blackwater guards said that their involvement in the operations became so routine that the lines supposedly dividing the Central Intelligence Agency, the military and Blackwater became blurred. Instead of simply providing security for C.I.A. officers, they say, Blackwater personnel at times became partners in missions to capture or kill militants in Iraq and Afghanistan, a practice that raises questions about the use of guns for hire on the battlefield. The secret missions illuminate a far deeper relationship between the spy agency and the private security company than government officials had acknowledged. Blackwater’s ties to the C.I.A. have emerged in recent months, beginning with disclosures in The New York Times that the agency had hired the company as part of a program to assassinate leaders of Al Qaeda and to assist in the C.I.A.’s Predator drone program in Afghanistan and Pakistan.

Note: After this report was published, the CIA announced it had terminated contracts with Blackwater. The reality is that many of Blackwater's services are provided under classified contracts, with both the CIA and the Joint Special Operations Command, so the denial of "contracts" with Blackwater may be deceptive.

This is the 25th anniversary of the Bhopal gas disaster. [It] started one night when a pesticide plant owned by the American chemical giant Union Carbide leaked a cloud of poisonous gas. Before the sun rose, almost 4,000 human beings capable of love and anguish sank to their knees and did not get up. Half a million more fell ill, many with severely damaged lungs and eyes. An additional 15,000 people have since died from the aftereffects, and 10 to 30 people are said to die every month from exposure to the hundreds of tons of toxic waste left over in the former factory. But amazingly, the site still has not been cleaned up, because Dow Chemical, which since acquired Union Carbide, refuses to accept any responsibility. In 2001, the maker of napalm married the bane of Bhopal: Dow Chemical bought Union Carbide for $11.6 billion and promptly distanced itself from the disaster. Union Carbide and Dow were allowed to get away with it because of the international legal structures that protect multinationals from liability. Union Carbide sold its Indian subsidiary and pulled out of India. Warren Anderson, the Union Carbide chief executive at the time of the gas leak, lives in luxurious exile in the Hamptons, even though there’s an international arrest warrant out for him for culpable homicide. The Indian government has yet to pursue an extradition request. Imagine if an Indian chief executive had jumped bail for causing an industrial disaster that killed tens of thousands of Americans. What are the chances he’d be sunning himself in Goa?

Note: For lots more from reliable sources on corporate corruption, click here.

Global power-brokers have a penchant for siting their get-togethers in inaccessible places. Since Seattle 1999, Washington and Prague 2000, the calendar of global get-togethers has attracted lively anti-globalisation demonstrations. Davos this year had unusually tight security to try and keep protestors well away, leading to allegations of unnecessary heavy-handedness by the Swiss police. This weekend, it is the turn of Bilderberg, perhaps the most secretive (or as the organisers would prefer to claim, discrete) club for the global elite. It holds its weekend on Stenungsund, an island off the Swedish west coast. The group was created by Denis (now Lord) Healey, Joseph Retinger, David Rockefeller and Prince Bernhard of the Netherlands (a former SS officer) - the group aimed to [bring] together financiers, industrialists, politicians and opinion formers; the press have never been allowed access. There is a growing perception that globalisation is a process which is being managed for the benefit of a small proportion of the planet's residents and at terrible cost to many more. There is a perception of illegitimacy about unaccountable corporate power and governments elected on low turnout: sooner or later global power-brokers will have to recognise this crisis of legitimacy, and engage with protestors rather than run away from them.

Note: For lots more reliable news on powerful secret societies, click here. And for another balanced article on the powerful Bilderberg Group, click here.

So this is how it works. A tiny, shoe-string central office in Holland decides each year which country will host the next meeting. Each country has two steering committee members. They call up Bilderberg-friendly global corporations, such as Xerox or Heinz or Fiat or Barclays or Nokia, which donate the hundreds of thousands of pounds needed. They do not accept unsolicited donations from non-Bilderberg corporations. Nobody can buy their way into a Bilderberg meeting, although many corporations have tried. Then they decide who to invite - who seems to be a "Bilderberg person". The notion of a Bilderberg person hasn't changed since the earliest days, back in 1954. The guests are expressly asked not to give interviews to journalists. There are two morning sessions and two afternoon sessions. While furiously denying that they secretly ruled the world, my Bilderberg interviewees did admit to me that international affairs had, from time to time, been influenced by these sessions. This is how Denis Healey described a Bilderberg person to me: "To say we were striving for a one-world government is exaggerated, but not wholly unfair. Bilderberg is a way of bringing together politicians, industrialists, financiers and journalists. Politics should involve people who aren't politicians."

Note: For lots more on the highly secretive Bilderberg meeting from two later BBC News article, click here. For many other revealing articles from major media reports on secret societies and secret meetings of the most rich and powerful people in our world, click here.

U.S. lenders saw loans fall by the largest amount since the government began tracking such data, suggesting that nervousness among banks continues to hamper economic recovery. Total loan balances fell by $210.4 billion, or 3%, in the third quarter, the biggest decline since data collection began in 1984, according to a report released ... by the Federal Deposit Insurance Corp. The FDIC also said its fund to backstop deposits fell into negative territory for just the second time in its history, pushed down by a wave of bank failures. The decline in total loans showed how banks remain reluctant to lend, despite the hundreds of billions of dollars the government has spent to prop up ailing banks and jump-start lending. The issue has taken on greater urgency with the U.S. unemployment rate hitting 10.2% in October. "There is no question that credit availability is an important issue for the economic recovery," FDIC Chairman Sheila Bair told reporters Tuesday. "We need to see banks making more loans to their business customers." She said large banks -- which account for 56% of industry assets and received a large share of the government's bailout funds -- accounted for 75% of the decline.

Note: The big banks were given trillions in bailout funds with a mandate to increase loans and stimulate the economy. Why are they still giving out so few loans? Where did the huge amounts of our taxpayer money go? Why isn't the government demanding accountability with such huge sums of taxpayer money? For lots more on major manipulations by the big bankers, click here.

At a covert forward operating base run by the US Joint Special Operations Command (JSOC) in the Pakistani port city of Karachi, members of an elite division of Blackwater are at the center of a secret program in which they plan targeted assassinations of suspected Taliban and Al Qaeda operatives, "snatch and grabs" of high-value targets and other sensitive action inside and outside Pakistan. The Blackwater operatives also assist in gathering intelligence and help direct a secret US military drone bombing campaign that runs parallel to the well-documented CIA predator strikes, according to a well-placed source within the US military intelligence apparatus. The previously unreported program, the military intelligence source said, is distinct from the CIA assassination program. "This is a parallel operation to the CIA," said the source. "They are two separate beasts." Blackwater's presence in Pakistan is "not really visible, and that's why nobody has cracked down on it," said the source. Blackwater's operations in Pakistan, he said, are not done through State Department contracts or publicly identified Defense contracts. "It's Blackwater via JSOC, and it's a classified no-bid [contract] approved on a rolling basis. Some of these strikes are attributed to [the CIA], but in reality it's JSOC. So when you see some of these hits, especially the ones with high civilian casualties, those are almost always JSOC strikes."

Note: Don't miss this key report in it's entirety. Why haven't other major media outlets mentioned the Joint Special Operations Command (JSOC) drone operations in Pakistan, running parallel to the CIA's?

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