Loading ...
Sorry, an error occurred while loading the content.

The 10 Worst Corporations of 2002

Expand Messages
  • NHNE
    NHNE News List Current Members: 763 Subscribe/unsubscribe/archive info at the bottom of this message. ... THE 10 WORST CORPORATIONS OF 2002 By Russell Mokhiber
    Message 1 of 1 , Jan 2, 2003
    • 0 Attachment
      NHNE News List
      Current Members: 763
      Subscribe/unsubscribe/archive info at the bottom of this message.

      ------------

      THE 10 WORST CORPORATIONS OF 2002
      By Russell Mokhiber and Robert Weissman
      January 2, 2003

      http://www.multinationalmonitor.org

      http://lists.essential.org/pipermail/corp-focus/2003/000138.html

      2002 will forever be remembered as the year of corporate crime, the year
      even President George Bush embraced the notion of "corporate
      responsibility."

      While the Bush White House has now downgraded its "corporate responsibility
      portal" to a mere link to uninspiring content on the White House webpage,
      and although the prospect of war has largely bumped the issue off the front
      pages, the cascade of corporate financial and accounting scandals continues.

      We easily could have filled Multinational Monitor's list of the 10 Worst
      Corporations of the Year with some of the dozens of companies embroiled in
      the financial scandals.

      But we decided against that course.

      As extraordinary as the financial misconduct has been, we didn't want to
      contribute to the perception that corporate wrongdoing in 2002 was limited
      to the financial misdeeds arena.

      For Multinational Monitor's 10 Worst Corporations of 2002 list, we included
      only Andersen from the ranks of the financial criminals and miscreants.
      Andersen's assembly line document destruction certainly merits a place on
      the list. (Citigroup appears on the list as well, but primarily for a
      subsidiary's involvement in predatory lending, as well as the company's
      funding of environmentally destructive projects around the world.)

      As for the rest, we present a collection of polluters, dangerous pill
      peddlers, modern-day mercenaries, enablers of human rights abuses, merchants
      of death, and beneficiaries of rural destruction and misery.

      Multinational Monitor has named Arthur Andersen, British American Tobacco
      (BAT), Caterpillar, Citigroup, DynCorp, M&M/Mars, Procter & Gamble, Schering
      Plough, Shell and Wyeth as the 10 Worst Corporations of 2001.

      Appearing in alphabetical order, the 10 worst are:

      Arthur Andersen, for a massive scheme to destroy documents related to the
      Enron meltdown. "Tons of paper relating to the Enron audit were promptly
      shredded as part of the orchestrated document destruction," a federal
      indictment against Andersen alleged. "The shredder at the Andersen office at
      the Enron building was used virtually constantly and, to handle the
      overload, dozens of large trunks filled with Enron documents were sent to
      Andersen's main Houston office to be shredded." Andersen was convicted for
      illegal document destruction, effectively putting the company out of
      business.

      BAT, for operating worldwide programs supposedly designed to prevent youth
      smoking but which actually make the practice more attractive to kids (by
      suggesting smoking is an adult activity), continuing to deny the harmful
      health effects of second-hand smoke, and working to oppose efforts at the
      World Health Organization to adopt a strong Framework Convention on Tobacco
      Control.

      Caterpillar, for selling bulldozers to the Israeli Defense Forces (IDF),
      which are used as an instrument of war to destroy Palestinian homes and
      buildings. The IDF has destroyed more than 7,000 Palestinian homes since the
      beginning of the Israeli occupation in 1967, leaving 30,000 people homeless.

      Citigroup, both for its deep involvement in the Enron and other financial
      scandals and its predatory lending practices through its recently acquired
      subsidiary The Associates. Citigroup paid $215 million to resolve Federal
      Trade Commission (FTC) charges that The Associates engaged in systematic and
      widespread deceptive and abusive lending practices.

      DynCorp, a controversial private firm which subcontracts military services
      with the Defense Department, for flying planes that spray herbicides on coca
      crops in Colombia. Farmers on the ground allege that the herbicides are
      killing their legal crops, and exposing them to dangerous toxins.

      M&M/Mars, for responding tepidly to revelations about child slaves in the
      West African fields where much of the world's cocoa is grown, and refusing
      to commit to purchase a modest 5 percent of its product from Fair Trade
      providers.

      Procter & Gamble, the maker of Folger's coffee and part of the coffee
      roaster oligopoly, for failing to take action to address plummeting coffee
      bean prices. Low prices have pushed tens of thousands of farmers in Central
      America, Ethiopia, Uganda and elsewhere to the edge of survival, or
      destroyed their means of livelihood altogether.

      Schering Plough, for a series of scandals, most prominently allegation of
      repeated failure over recent years to fix problems in manufacturing dozens
      of drugs at four of its facilities in New Jersey and Puerto Rico. Schering
      paid $500 million to settle the case with the Food and Drug Administration.

      Shell Oil, for continuing business as usual as one of the world's leading
      environmental violators -- while marketing itself as a socially and
      environmentally responsible company.

      Wyeth, for using duplicitous means, and without sufficient scientific proof,
      to market hormone replacement therapy (HRT) to women as a fountain of youth.
      Scientific evidence reported in 2002 showed that long-term HRT actually
      threatens women's lives, by increasing the risks of breast cancer, heart
      attack, stroke and pulmonary embolism.

      What's the lesson to draw from this year's 10 worst list? Not only are
      Enron, WorldCom, Adelphia, Tyco and the rest indicative of a fundamentally
      corrupt financial system, they are representative of a rotten system of
      corporate dominance.

      ..........

      Russell Mokhiber is editor of the Washington, D.C.-based Corporate Crime
      Reporter. Robert Weissman is editor of the Washington, D.C.-based
      Multinational Monitor, <http://www.multinationalmonitor.org>. They are
      co-authors of Corporate Predators: The Hunt for MegaProfits and the
      Attack on Democracy (Monroe, Maine: Common Courage Press;
      <http://www.corporatepredators.org>.

      ------------

      NHNE News List:

      To subscribe, send a message to:
      nhnenews-subscribe@yahoogroups.com

      To unsubscribe, send a message to:
      nhnenews-unsubscribe@yahoogroups.com

      To review current posts:
      http://groups.yahoo.com/group/nhnenews/messages

      Published by NewHeavenNewEarth (NHNE)
      eMail: nhne@...
      NHNE Website: http://www.nhne.com/
      Phone: (928) 282-6120
      Fax: (815) 346-1492

      Appreciate what we are doing?
      You can say so with a tax-deductible donation:
      http://www.nhne.com/main/donations.html

      P.O. Box 2242
      Sedona, AZ 86339
    Your message has been successfully submitted and would be delivered to recipients shortly.