Corporate Crime Update: the looting of the commons, pharma-crime, war profiteering and more


Irregularity Uncovered at IndyMac – NYTimes 12/22/08

Former Nasdaq CEO arrested on $50 Billion fraud charge – AFP/Raw Story 12/11/08

75+ groups demand bailout transparency – Raw Story 12/8/08

Fed Approves GMAC Request to Become a Bank – NYTimes 12/24/08

ITALY: Ex-Head of Bank of Italy to Go on Trial  – CorpWatch 11/29/08

Now, three years after his time at the helm of the central bank ended in scandal, he goes on trial in Milan on Thursday, accused of rigging markets in order to keep Italian banks in Italian hands.

BAE accused of £100m secret payments to seal South Africa arms deal – Guardian, UK 12/5/08 

Shell’s Dutch pension fund tumbles by 40pc – Telegraph, UK 12/13/08

Investors fear $50bn loss in Madoff’s ‘big lie’ – Financial Times, UK 12/12/08

UBS seeks to deny duty over Madoff funds – Financial Times, UK 12/19/08

UBS sought to absolve itself from any duty to safeguard investor assets in a $1.4bn fund that channelled money into Bernard Madoff’s alleged $50bn Ponzi scheme

S&P downgrades 11 of world’s top banks – Financial Times, UK 12/19/08

The ratings agency said the current downturn could be longer and deeper than previously thought

Goldman Sachs Offshores Its Profits and Reduces Its Taxes to 1%  – Implode Explode 12/17/08

“With the right hand out begging for bailout money, the left is hiding it offshore.”

Bank of England mulls “nuclear option” of cash injection – Telegraph, UK 12/4/08

The Bank of England is working on radical plans to inject cash directly into the economy – the nuclear option to be used only when interest rates approach zero. 



Unsafe Heart Medication Peddled to Public as Wonder Drug – Alternet 12/23/08

Crestor offers little benefit and offsets it with costly side effects. But you wouldn’t know this from drug-company propaganda.

Cervical Cancer Vaccine Paralyses 12-Year-Old Girl– Cryptogon 12/14/08

Makers of US cold prevention remedy reach $7m settlement – Guardian, UK 12/17/08

Airborne Health, makers of a top-selling product marketed as a cold prevention and treatment remedy, signed a $7m (£4.5) settlement on Tuesday to settle false advertising claims levelled by 32 state attorneys general and the District of Columbia.

The settlement bars the company from claiming that any of its products fights germs, treats cold symptoms or prevents colds, flu and infections unless it can back up those claims with “reliable and competent scientific evidence”.  Airborne was not able to supply such evidence.

Chemical Used on Crops could Make You Fat – Natural News 12/8/08

Bone Drugs: The Latest Skeletons in Big Pharma’s Closet  – Natural News 12/8/08

Statin Drugs Cause Eye Disorders  – Natural News 12/11/08

Aspartame, Brain Cancer & the FDA Approval Process – 10 min, YouTube  

The approval of aspartame was the most contested in FDA history. The sweetener was not approved on scientific grounds but because of strong political and financial pressure.   Aspartame was ‘discovered’ in 1965 by Searle, a Chicago drug company. The FDA finally approved aspartame in 1981, even though scientific research had clearly shown that aspartame caused brain cancer in lab animals.The tests Searle used to determine the safety of aspartame were severely flawed. Searle used unscientific lab practices, falsified data and withheld crucial information during the FDA approval process.   Because aspartame caused brain tumors in lab animals, it poses a real cancer risk to humans as well. Cancer is increasing in western countries and will soon be the leading cause of death.Aspartame (E951) is now used in more than 6000 products and millions of people worldwide use the sweetener on a daily basis. In addition to causing cancer, aspartame also causes many other health problems including obesity, diabetes, migraines, brain diseases, ADHD, etc.The US Department of Health has recorded 92 (!) symptoms following complaints about aspartame. In fact, over 80% of all complaints filed with FDA are aspartame related!  http://www.321recipes.com/symptoms.html Some of the brand names for aspartame:
NutraSweet, Equal, NatraTaste, Canderel, Spoonful, Equal-Measure, etc.Aspartame is used in any of the following products:
Sugarfree, Light, Diet, Zero (Coke, Sprite & Fanta), Coke 007, Pepsi Max, Crystal Clear, Low-Calorie, Crystal Light, No Sugar Added, Sportlife, Stimorol Ice, Stimorol Fusion, Freedent, Mentos, Smint, etc.

Aspartame breaks down into three components:

1. Methanol : This is the poisonous kind of alcohol. Once in the body, methanol breaks down into formaldehyde, which is a poison.

2. Phenylalanine : This decreases the amount serotonin in your brain, which leads to mood swings (depressions) and an increased appetite! This is why aspartame is one of the main causes for the current obesity epidemic.

3. Aspartic acid : This is a neurological toxin comparable to MSG.

Do your self a big favor and remove this poisonous chemical out of your diet for 60 days and discover how your health will improve dramatically!



Blackwater Iraqi Carnage Detailed – The Smoking Gun 12/8/08

Charged Blackwater guards all decorated vets – USA Today 12/6/08

US ‘to drop Blackwater in Iraq’ – BBC 12/17/08

Blackwater should be dropped as the main private security contractor for US diplomats in Iraq, the State Department says.

Forget Holiday Sales — Struggling Retailers May Turn to Defense Contracts to Keep From Going Under  – Alternet 12/16/08

With the consumer economy on the skids, civilian companies may turn their attention to making products for the Pentagon.

CBS: Iraq contractor ‘knowingly exposed troops to toxin’ – Raw Story 12/23/08



Wall Street Journal Editors Put Brakes on BP Story – Corporate Crime Reporter 11/18/08

Amazon pollution suit hits Chevron – Raw Story 12/20/08

Exxon Mobil to pay $6.1 million for air pollution – CNN 12/17/08

Federal officials have fined Exxon Mobil more than $6 million after it violated a three-year-old agreement to decrease air pollution at four of its refineries.

US: PacifiCorp Agrees To Remove Dams – CorpWatch 11/13/08

Electric utility PacifiCorp has tentatively agreed to remove four dams from the Klamath River, in a deal that would end one of the West’s most rancorous water disputes and could serve as a settlement model for similar fights.

Aborigines win battle over mine – BBC 12/17/08

Aborigines from Australia’s Northern Territory win a court battle to stop mining giant Xstrata expanding a zinc mine.

US: Court Says Shell Can’t Drill Near Alaska  – CorpWatch 11/20/08

A federal appeals court on Thursday blocked Royal Dutch Shell from drilling oil wells off Alaska’s North Slope after finding that the Interior Department had failed to conduct an environmental study before issuing the company’s drilling permit.

Coca-Cola’s Latest Environmental Scam – Alternet 12/6/08

Under fire for its mismanagement of water resources in India, Coke has gone all out to create an image of itself as a leader in water conservation.



At Siemens, Bribery Was Just a Line Item – NYTimes 12/21/08

Corruption helped to build Siemens, but also cost it $1.6 billion, the largest fine for bribery in modern corporate history.

Siemens ready to settle SEC corruption case – Financial Times, UK 12/12/08

Siemens has offered to pay about $800m to settle accusations it breached anti-corruption laws in the US, in a move that could lead to the largest ever fine on a company accused of overseas bribery 

Record US fine ends Siemens bribery scandal – Guardian, UK 12/15/08

US authorities fined the German engineering group Siemens a record $800m (£523m) yesterday to settle a long-running bribery and corruption scandal….The US settlement, after a year of negotiations and plea bargaining, sees Siemens pay the US department of justice about $450m (€350m) to settle charges of bribery and trying to falsify corporate books.  The securities and exchange commission (SEC), the market regulator, will receive another $350m (€270m) on similar charges under the Foreign Corrupt Practices Act. The DoJ said it was the biggest such case it had ever seen in “scope and magnitude”.

Bailiffs get power to use force on debtors – Times, UK 12/21/08 

The government has been accused of trampling on individual liberties by proposing wide-ranging new powers for bailiffs to break into homes and to use “reasonable force” against householders who try to protect their valuables.  Under the regulations, bailiffs for private firms would for the first time be given permission to restrain or pin down householders. They would also be able to force their way into homes to seize property to pay off debts, such as unpaid credit card bills and loans.

Chrysler shutting down all plants for a month – USA Today 12/17/08

Chrysler said Wednesday it is closing all 30 of its manufacturing plants for a month starting Friday .

Mattel to pay $12m over toxic toys – Raw Story 12/15/08

U.S. oil firms may be forced to reveal pay to nations abroad – Houston Chronicle 12/13/08

Confronting an increasingly competitive environment around the globe, the major oil companies now face legislation that aims to use them to help keep corrupt regimes abroad from stealing their own people’s oil wealth.

Canada’s biggest buyout collapses – BBC 12/11/08

The buyout of BCE, which owns Bell Canada, collapses because of the amount of debt involved.

Wal-Mart to pay up to $54m to settle suit – Raw Story 12/9/08

Wal-Mart Stores Inc said on Tuesday that it will pay up to $54.25 million to settle a class-action lawsuit that accused the world’s largest retailer of failing to grant workers their full rest breaks and requiring hourly employees to work off-the-clock in Minnesota.

Wal-Mart Settles 63 Lawsuits Over Wages – NYTimes 12/23/08

The retailer said it will pay from $352 million to $640 million to settle lawsuits over wages and work rules.

Wal-Mart workers in Minnesota win $54 million settlement – WorkDay Minnesota 12/10/08

Some 100,000 current and former hourly employees of Wal-Mart and Sam’s Club stores in Minnesota – and the state of Minnesota itself – will share up to $54 million from the giant retailer under a settlement announced Tuesday.

Cash-strapped states weigh selling roads, parks (AP)  – Yahoo 12/27/08 

Another Houston oil firm moves its headquarters overseas – Houston Chronicle 12/11/08

The chief executive of Weatherford International said Thursday he and his company headquarters will move from Houston to Switzerland, joining at least two other top Houston oil services executives in seeking closer proximity to emerging oil producing regions overseas.  Halliburton Co. relocated its top executives to a Dubai headquarters in 2007 and offshore driller Transocean has announced plans to move to Geneva.


Previous posts on corporate corruption

2 Comments so far
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I got the same requests to add some info to Book Blogs. Do you think I should make a group about bookish charities, mention it in the discussion, or leave these kinds of things out of the site altogether? What do you think?

Comment by samza

I’m not sure I understand your question…

Comment by hope2012

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