» Aaron Kessler

Bogus Science at Glaxo

by Aaron Kessler / Published July 6, 2012 in The Big Sweep | Leave a comment

The U.S. government is imposing the largest fine ever levied against a drug company, after British pharmaceutical giant GlaxoSmithKline agreed to a $3 billion settlement over its use of illegal marketing schemes and fraudulent medical studies to boost drug sales. Glaxo will pay $1 billion to settle the criminal case and $2 billion for civil charges – covering wrongdoing dating back to the late-1990s and through the mid-2000s. As Time reports, the corruption at Glaxo came to light thanks to four whistleblowers within the company, who detailed the drug giant’s campaign to get doctors to prescribe its drugs for unapproved uses by paying for opulent trips and lavishing them with spa treatments, sailing excursions – even balloon rides. What’s more, … [FULL ARTICLE]

Dirty Buyers in Potato Scam

by Aaron Kessler / Published June 23, 2012 in The Big Sweep | Leave a comment

I say potato, you say pota…uh, oh. Three men are now headed for the big house after being sentenced in Britain for their roles in a potato corruption scam involving supermarket chain Sainsbury’s. As the Daily Mail reports, the case involves a potato buyer – a company called Greenvale – that paid millions of dollars’ worth of lavish bribes to officials at Sainbury’s in exchange for contracts to supply the grocery chain with their spuds. The bribes included “cash, gifts and luxury hospitality” totaling nearly $8 million. Some of the most blatant instances include a six-figure luxury hotel bill, a 12-day vacation to the Monaco Grand Prix, and high-end sports cars, the Mail reports. What’s more, Greenvale actually came out … [FULL ARTICLE]

Corruption’s Shields

by Aaron Kessler / Published June 13, 2012 in Corruption | Leave a comment

Much is made of corruption at the highest levels in Russia. But sometimes it’s the story of an individual town and the thwarted efforts of one reformer that can drive home the plight many Russians currently face. The Washington Post reports on where things stand nearly one year after the murder of a reformist mayor in the city of Sergiev Posad, about 40 miles from Moscow. The verdict? Not promising. The mayor, Yevgeny Dushko – only 35 years old – tried to take on the entrenched corruption and criminal elements with a stranglehold on his city. He was shot to death after getting into his car one morning last August. “Since then the police have found no suspects, nor have they in … [FULL ARTICLE]

New Scrutiny for JPMorgan Chase

by Aaron Kessler / Published May 12, 2012 in The Big Sweep | Leave a comment

U.S securities regulators have now opened a preliminary investigation into a gigantic $2 billion trading loss that banking juggernaut JPMorgan Chase & Co. disclosed Thursday. According to The New York Times, investigators are looking into JPMorgan’s disclosures related to the trades and its accounting practices. The bank’s chief executive, Jamie Dimon, issued the equivalent of a mea culpa late Thursday, saying “egregious mistakes” were made. The loss reportedly stemmed from huge bets on complex derivatives tied to corporate bonds. Dimon had previously been less remorseful when The Wall Street Journal originally reported in April that a London-based JPMorgan trader was making bets so large they were distorting the market. JPMorgan has also been outspoken against new banking regulations such as … [FULL ARTICLE]

Sun Down: Another Kwok Brother Arrested in Hong Kong

by Aaron Kessler / Published May 4, 2012 in The Big Sweep | Leave a comment

Billionaire property developers in Hong Kong are falling from grace recently – going from objects of adulation to ridicule. Now, prosecutors have made yet another arrest in a big-time bribery scandal that is embroiling one of Asia’s richest families. The Associated Press reports that Walter Kwok, the former chief executive of one of Hong Kong’s biggest real estate developers, Sun Hung Kai Properties, Ltd., is under arrest, as part an unfolding bribery investigation. Walter Kwok’s brothers, Thomas and Raymond Kwok, co-chairmen of the firm, were arrested in March. The Kwok family is one of the wealthiest families not just in China but in Asia as a whole. Since the bribery scandal broke, however, some reports put their net worth as … [FULL ARTICLE]

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