Corporate Crime Data
Introduction
For most people, it is hard to imagine how we got ourselves into this mess: eternal states of war overseas and a military industrial complex that helps sustain it; a bankrupt economy; a healthcare system that doesn’t provide quality health, and; a financial services industry that plays by its own rules, while taking enormous risks with astronomical rewards, but when it fails, it demands the middle class pay for its losses and make it whole again.
We incredulously look at how our legislators—in the Senate and the House, as well as the 50 state legislatures—are influenced by lobbyists representing nothing but private industries, especially the pharmaceutical, insurance and hospital complexes. We witness laws written entirely, not by members of Congress, but by Think tanks that are controlled and funded by special interest groups. These new laws, designed to repeal regulations, restrictions and old laws, are then presented by elected officials as necessary for the American public: the Franks, the Backus’, the Dodds, the Rockefellers and virtually 95 percent of Congressional members serve corporate interests rather than their civil constituents. We observe a new president, who made campaign promises and has broken nearly every one since coming into office. However, he is not unique in doing the opposite of the platform he campaigned on.
So we have decided to investigate the character and integrity of individual corporations, from Wall Street to insurance firms, from hospital associations to the pharmaceutical industrial complex. We have spent nearly half-a-year with a full time team of lawyers, interns and specialists who gathered the data to capture the criminal legacy of American medicine today. What we have found is shocking. These are the corporations that have free entrée into the White House and the Halls of Congress, who have hired lobbyists to literally buy the government. They own Washington.
Yet, there is a disturbing irony. If you or I, as individual citizens, with malice of forethought, break the law and cause injury or death to innocent people, our reputations would be destroyed. We would go to jail and would, henceforth, be branded by the type of crimes we have committed. However, in the course of regular business, corporations break the law, commit crimes and cause injuries and death. Yet no one goes to jail. Instead, they receive bonuses. And this culture of corruption and malfeasance has permeated every area of our society, including the public opinion leaders who have enormous influence and leverage over the media.
So, here is the raw data. The next time you see the head of one of these private corporations appearing as an objective independent expert on CNBC, CNN or FOX, return to this list and see how many times his/her company has been found guilty of criminal activities. How much have they paid in fines? Then ask yourself, in good conscience: Can you believe anything someone says after having been a repeated offender of illegal activities for decades? What does it tell us about ourselves that we would trust our policy leaders and opinion makers who have been serial offenders? Finally, why, in God’s name, would we forgive corporate crime completely, only to have them commit the same act again. It is time for true reform at every level of our society.
Our data collection has found that over the past 30 years, over $430 billion has been paid to parties by Wall Street firms in over 1500 cases.
Some data highlights:
- Bank of America has spent $14.9 billion to settle 15 cases alleging various charges such as securities violations and mismanagement;
- Citigroup has spent over $13.9 billion to settle 12 cases alleging various charges including abusive lending practices and involvement in fraudulent activities;
- Merrill Lynch has spent $12.2 billion to settle cases involving various allegations including negligence and mismanagement of funds;
- Morgan Stanley has spent over $5 billion to settle 11 cases involving various allegation including failure to disclose material information to customers;
- Wachovia has spent over $9.5 billion to resolve allegations including misleading investors and conflicts of interest;
- UBS has spent $19.5 billion to settle 6 cases with various charges including misleading investors.
> Big Pharma Verdicts and Settlements >
> Wall Street Verdicts and Settlements >
