Washington, September 26, 2016—Since the beginning of 2010, drug manufacturers, hospital systems, insurers and other healthcare companies have paid nearly $7 billion in fines and settlements to resolve cases in which they were accused of defrauding the federal government. Banks, led by Wells Fargo, account for the second largest portion of False Claims Act penalties, with more than $3 billion in payments. More than one-third of the 100 largest federal contractors have been defendants in such cases during the seven-year period.
These are some of the key findings that emerge from an expansion of Violation Tracker, a database of corporate crime and misconduct produced by the Corporate Research Project of Good Jobs First. It is available to the public for free at http://www.goodjobsfirst.org/violation-tracker.
Good Jobs First submitted the following comments to the SEC:
July 21, 2016
Mr. Brent J. Fields, Secretary
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090
Re: File No. S7-06-16, Business and Financial Disclosure Required by Regulation S-K
Dear Mr. Fields:
Washington, DC, June 28, 2016-- Since the beginning of 2010, two dozen major U.S. and foreign-based banks have paid more than $160 billion in U.S. penalties to resolve a wide range of cases brought against them by the Justice Department and federal regulatory agencies. Bank of America alone accounts for $56 billion of the total and JPMorgan Chase another $28 billion. Fourteen banks have each accumulated penalty amounts (both fines and settlements) in excess of $1 billion, and five of those are in excess of $10 billion.
Washington, DC, May 18, 2016 -- Documenting that corporate welfare has become a commonplace and expensive practice, the first national database of taxpayer-funded subsidy awards to business today reached two significant milestones: The latest expansion of Good Jobs First’s Subsidy Tracker brings the number of entries to 500,000 with a total value of more than $250 billion.
Washington, DC, April 18, 2016—Good Jobs First today applauded the State of Kansas for its progress towards accepting Missouri’s offer of a legally binding cease-fire to end the Kansas City-area problem of so-called “interstate job fraud,” or the payment of huge tax breaks for companies to relocate short distances across the region’s state line.