Corporate Criminal Koch Industries Exposed in Bloomberg Article
In this Age of Corporate Personhood, isn’t it about time to start putting some corporations in jail, or — more realistically — revoking some corporate charters?
Here are some damning excerpts from the new Bloomberg article detailing the criminal activities of Koch Industries. Inc. (“Koch Brothers Flout Law With Secret Iran Sales“):
A Bloomberg Markets investigation has found that Koch Industries — in addition to being involved in improper payments to win business in Africa, India and the Middle East — has sold millions of dollars of petrochemical equipment to Iran, a country the U.S. identifies as a sponsor of global terrorism.
The ‘Koch Method’
Internal company documents show that the company made those sales through foreign subsidiaries, thwarting a U.S. trade ban. Koch Industries units have also rigged prices with competitors, lied to regulators and repeatedly run afoul of environmental regulations, resulting in five criminal convictions since 1999 in the U.S. and Canada.
From 1999 through 2003, Koch Industries was assessed more than $400 million in fines, penalties and judgments. In December 1999, a civil jury found that Koch Industries had taken oil it didn’t pay for from federal land by mismeasuring the amount of crude it was extracting. Koch paid a $25 million settlement to the U.S.
Phil Dubose, a Koch employee who testified against the company said he and his colleagues were shown by their managers how to steal and cheat — using techniques they called the Koch Method.
Some of Koch’s crimes have caused people to die:
In 1999, a Texas jury imposed a $296 million verdict on a Koch pipeline unit — the largest compensatory damages judgment in a wrongful death case against a corporation in U.S. history. The jury found that the company’s negligence had led to a butane pipeline rupture that fueled an explosion that killed two teenagers.
The article continues with a discussion of “corporate cultures.” Which reminds me of the old saying, “the fish rots from the head down.”
Read the complete article here.