Thursday, November 04, 2021

Whistleblowers Torpedo Facebook and Pfizer: Who's Next?

If America's total dependence on corporate profits and stock market/housing bubbles is just fine because the bubbles just keep inflating, there's nothing left but rot.

It's becoming a routine story: a whistleblower emerges with copious documentation, revealing the ethical / managerial rot at the very top of Corporate America icons. Recently it was Facebook that was revealed as devoting far more resources to masking corporate guile than to actually improving longstanding ethical and quality issues.

Now it's Pfizer's fast and loose treatment of supposedly rigorous protocols that's been heavily documented. The prestigious British Medical Journal (BMJ) stated that the whistleblower provided "The BMJ with dozens of internal company documents, photos, audio recordings, and emails." BMJ Investigation: Researcher blows the whistle on data integrity issues in Pfizer's vaccine trial.

The purpose of playing fast and loose is to maximize profits regardless of any other factors. And while corporations exist to maximize profits, the trend in Corporate America is to sacrifice everything to maximize profits and keep the putrid sewage hidden from regulators, the media and the public.

This isn't about profit, it's about hiding the rot that has seeped into every nook and cranny of Corporate America. The foundation of the stock market's extreme valuations is corporate profits, and the stock market bubble is now the precarious foundation of the entire U.S. economy: should the bubble pop, everyone knows the economy and the financial system will both crash.

The usual corporate strategy--defame the whistleblower and blow smoke to cover the rot--loses traction when the rot is documented by internal memos, recordings, etc. It's difficult for the lackeys of Corporate America to dismiss the British Medical Journal as just another tin-foil-hat outlet of "fake news," especially with all the documentation now made public.

Lost in the obsession to profiteer and hide the rot is the notion that corporations have responsibilities to the public and their customers/users, not just to greedy managers and shareholders. These responsibilities have been tossed into the muddy ditch.

Regulations only exist in name in America. Corporate America plays by its own rules. Corporate America is not longer regulated in any consequential fashion, as the list of Pfizer's actions reveal:

-- Participants placed in a hallway after injection and not being monitored by clinical staff

-- Lack of timely follow-up of patients who experienced adverse events

-- Protocol deviations not being reported

-- Vaccines not being stored at proper temperatures

-- Mislabelled laboratory specimens, and

-- Targeting of Ventavia staff for reporting these types of problems.

The last item appears in virtually every whistleblower case: the corporation doesn't rush to fix its glaring ethical and quality issues, it rushes to silence the whistleblower and "manage the narrative" to protect its precious profits. Never mind that the public pays the price for corporations saying one thing and doing another, for hiding what they dare not let regulators, users, customers and patients learn about their practices and behind-closed-doors goals.

The Prime Directive of Corporate America is to hide the rot that's permeated the entire corporation, starting at the top.

We shouldn't be too surprised that Corporate America is rotten to the core--the entire status quo is rotten to the core. Ethics and regulations are annoyances to be skirted, and if some random regulator catches insiders in the act, the corporation pays an inconsequential fine and then returns to BAU--business as usual, rotten to the core.

Any citizen who desires to be well-informed would be well-served to read this report closely: BMJ Investigation: Researcher blows the whistle on data integrity issues in Pfizer's vaccine trial.

As further documentation, I am honored to share a remarkable data base of Corporate Fines and Settlements from the early 1990s to the present compiled by Jon Morse. Here is Jon's description of his project to assemble a comprehensive list of all corporate fines and settlements that can be verified by media reports:

"This spreadsheet is all the corporate fines/settlements I've been able to find sourced articles about, mostly in the period from the 1990s up to today (with a few 80s and 70s). This is by far the most comprehensive list of such things online. At least that I could find, because the lack of any decent list is what made me start compiling this list in the first place."

What's noteworthy is the sheer number of corporate violations of laws and regulations--thousands upon thousands, the vast majority of which occurred since corporate profits began their incredible ascent in the early 2000s--and the list of those paying hundreds of millions of dollars in fines and settlements, which reads like a who's who of Corporate America and Top 100 Global Corporations.

I encourage you to open one of the three alphabetical tabs at the bottom of the spreadsheet on Google Docs and scroll down to find your favorite super-profitable corporation.

Many have a long list of fines and settlements, and many of the fines are in excess of $100 million. Many are for blatant cartel price-fixing, not disclosing the dangers of the company's heavily promoted medications, destroying documents to thwart an investigation of wrong-doing, etc.

In other words, these were not wrist-slaps for minor oversights of complex regulations-- these are blatant violations of core laws of the land.

Jon offered this commentary on Corporate America's slide to the bottom of the moral cesspool:

"With the increases in concentration of wealth there has been a culture of idolizing wealth, one example is how prosecutors no longer find it appropriate to put bankers and CEOs in jail. I think one side-effect of the culture changing has been an increased willingness to break the law to increase profits.

The settlements with the banks along with the ongoing investigations have shown that virtually every market is being manipulated; the stocks, metals markets, LIBOR, FOREX, everything. The companies would only break so many laws if they felt they would have a reasonable chance of getting away with it; they would also need a reason to do it, which is provided by the infinite growth model our economy is based on."


Thank you, Jon, for compiling a tremendously important and valuable database, and for connecting this staggering list of violations to the cultural worship of maximizing private gains at any cost. I am reminded of socio-economist Immanuel Wallerstein's description of the current system of central-state/private-corporation collusion as "a particular historical configuration of markets and state structures where private economic gain by almost any means is the paramount goal and measure of success."

If America's total dependence on corporate profits and stock market / housing bubbles is just fine because the bubbles just keep inflating, there's nothing left but rot. The once solid timbers of America are now so rotted that you can push your finger right to the centers of power and find nothing but the crumbling remains of ethics, accountability, competition, transparency, regulatory oversight or responsibility to anything beyond maximizing private gain and masking the rot with cleverly designed narratives full of pretty sentiments.

The gruel being served at the banquet of consequences won't nourish a revival. The rot is too deep and too pervasive.






If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.

My new book is available! A Hacker's Teleology: Sharing the Wealth of Our Shrinking Planet 20% and 15% discounts (Kindle $7, print $17, audiobook now available $17.46)

Read excerpts of the book for free (PDF).

The Story Behind the Book and the Introduction.



Recent Videos/Podcasts:

Keiser Report | The Tragedy of the Treadmill (25:30)

My COVID-19 Pandemic Posts


My recent books:

A Hacker's Teleology: Sharing the Wealth of Our Shrinking Planet (Kindle $8.95, print $20, audiobook $17.46) Read the first section for free (PDF).

Will You Be Richer or Poorer?: Profit, Power, and AI in a Traumatized World
(Kindle $5, print $10, audiobook) Read the first section for free (PDF).

Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic ($5 (Kindle), $10 (print), ( audiobook): Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake $1.29 (Kindle), $8.95 (print); read the first chapters for free (PDF)

Money and Work Unchained $6.95 (Kindle), $15 (print) Read the first section for free (PDF).



Become a $1/month patron of my work via patreon.com.




NOTE: Contributions/subscriptions are acknowledged in the order received. Your name and email remain confidential and will not be given to any other individual, company or agency.

Thank you, Bryan V. ($54), for your splendidly generous contribution to this site -- I am greatly honored by your support and readership.

 

Thank you, Pradeep A. ($10/month), for your outrageously generous subscription to this site -- I am greatly honored by your steadfast support and readership.


Thank you, Ariel C. ($10/month), for your outrageously generous pledge to this site -- I am greatly honored by your support and readership.

 

Thank you, Brian M. ($10), for your superbly generous contribution to this site -- I am greatly honored by your steadfast support and readership.

Terms of Service

All content on this blog is provided by Trewe LLC for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information. These terms and conditions of use are subject to change at anytime and without notice.


Our Privacy Policy:


Correspondents' email is strictly confidential. This site does not collect digital data from visitors or distribute cookies. Advertisements served by a third-party advertising network (Investing Channel) may use cookies or collect information from visitors for the purpose of Interest-Based Advertising; if you wish to opt out of Interest-Based Advertising, please go to Opt out of interest-based advertising (The Network Advertising Initiative). If you have other privacy concerns relating to advertisements, please contact advertisers directly. Websites and blog links on the site's blog roll are posted at my discretion.


PRIVACY NOTICE FOR EEA INDIVIDUALS


This section covers disclosures on the General Data Protection Regulation (GDPR) for users residing within EEA only. GDPR replaces the existing Directive 95/46/ec, and aims at harmonizing data protection laws in the EU that are fit for purpose in the digital age. The primary objective of the GDPR is to give citizens back control of their personal data. Please follow the link below to access InvestingChannel’s General Data Protection Notice. https://stg.media.investingchannel.com/gdpr-notice/


Notice of Compliance with The California Consumer Protection Act


This site does not collect digital data from visitors or distribute cookies. Advertisements served by a third-party advertising network (Investing Channel) may use cookies or collect information from visitors for the purpose of Interest-Based Advertising. If you do not want any personal information that may be collected by third-party advertising to be sold, please follow the instructions on this page: Do Not Sell My Personal Information


Regarding Cookies:


This site does not collect digital data from visitors or distribute cookies. Advertisements served by third-party advertising networks such as Investing Channel may use cookies or collect information from visitors for the purpose of Interest-Based Advertising; if you wish to opt out of Interest-Based Advertising, please go to Opt out of interest-based advertising (The Network Advertising Initiative) If you have other privacy concerns relating to advertisements, please contact advertisers directly.


Our Commission Policy:

As an Amazon Associate I earn from qualifying purchases. I also earn a commission on purchases of precious metals via BullionVault. I receive no fees or compensation for any other non-advertising links or content posted on my site.

  © Blogger templates Newspaper III by Ourblogtemplates.com 2008

Back to TOP