Word: kickbacks
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...with Spitzer, whose anticorruption crusades in recent years have targeted top executives at Wall Street investment banks, mutual-fund companies, pharmaceutical firms and the New York Stock Exchange (N.Y.S.E.). In a civil suit filed in New York state court last week, Spitzer charged Marsh with a price-fixing and kickback scheme that inflated the cost of insurance for clients ranging from the Greenville County School District in South Carolina to companies like Fortune Brands. According to Spitzer, roughly $800 million of the $1.5 billion in net income Marsh earned last year came from those dicey commissions. The complaint says Marsh...
...drugmakers are generating profits at the expense and health of consumers. Since 2001, pharmaceutical companies have paid the U.S. government more than $2 billion to resolve charges of fraudulent sales and marketing tactics (including a record $875 million that TAP Pharmaceutical Products paid as a settlement in 2001 over kickback schemes to get doctors to prescribe its prostate-cancer drug Lupron). Almost every major firm is now being investigated. Says T. Reed Stephens, a former federal prosecutor who brought several cases against Big Pharma: "We've got a Titanic situation here. What we don't see is the rest...
While the Pentagon and Halliburton say there is no widespread kickback problem, the company has begun to change the way it awards contracts. At the outset, during the first few months of the occupation, KBR "didn't put in place any measures for detecting kickbacks," says a lawyer in Baghdad who represents contractors working in Iraq. Now, he says, KBR looks more closely at its suppliers and Department of Defense criminal investigators are actively investigating any allegations of misconduct...
Though McGrath Studios collects the fee, it in fact goes back to the yearbook in the form of a kickback for being the exclusive senior portrait provider to Harvard undergraduates. McGrath Studios charges students $10 and then pays the yearbook $25. (They call it a “rebate.”) In effect, the yearbook charges each student $10 just to be included. McGrath pays HYP a net $15 per student for the exclusive rights to the 1400 senior portraits...
...than they ever could have under a brutal dictator—pale in comparison. I hope that future demonstrations keep this concern in mind. After all, if you were President Bush, what would keep you up at night: Knowing that people think awarding reconstruction contracts to Halliburton is a kickback, or having to sign a condolence letter...