Stephan: The other day I told you that based on my analysis that contrary to all the Republican misinformation the shortage of baby formula has nothing to do with the Biden administration or Joe Biden himself and, instead, was due entirely to corporate greed. Today I watched as military personnel, at who knows what taxpayer cost, unloaded from military planes baby formula from Switzerland. How, I thought, is it possible that the richest nation on earth doesn't have enough baby formula to feed American infants. A shortage so great that babies have actually died as a result. well, here is the confirmatory evidence of my personal assessment. It is indeed vampire capitalism because in the United States nothing is more important than greed. As Michael Douglas said in the movie, American corporate officers all believe "Greed is good." I see it as yet another example of the lack of morality and ethics that defines American Culture.
Katie Wussler, a program coordinator at Mother & Child Education Center, throws away recalled Similac baby formula on May 12, 2022, in Portland, Oregon. Credit: Nathan Howard / Getty
Financial documents and whistleblower testimony spotlighted by The Guardian on Friday show that the U.S.-based baby formula producer Abbott used the massive windfall profits it accumulated between 2019 and 2021 to enrich shareholders, even amid a deadly bacteria outbreak that has triggered nationwide outrage and contributed to a formula shortage.
“Abbott detected bacteria eight times as its net profits soared by 94% between 2019 and 2021,” The Guardian’s Tom Perkins reported. “And just as its tainted formula allegedly began sickening a number of babies, with two deaths reported, the company increased dividends to shareholders by over 25% while announcing a stock buyback program worth $5 billion.”
Rakeen Mabud, chief economist at the Groundwork Collaborative, told the newspaper that “Abbott chose to prioritize shareholders by issuing billions of dollars in stock buybacks instead of making productive investments.”
“It’s important that we have high standards for something as vital as baby formula,” Mabud added.
The Government has allowed monopolies to develop and this is the root cause. Note that the investigation was unveiled in a British, not American, publication. In addition, I have yet to read a word encouraging women to breast feed their babies, which is healthier, rather than use formula.
The Government has allowed monopolies to develop and this is the root cause. Note that the investigation was unveiled in a British, not American, publication. In addition, I have yet to read a word encouraging women to breast feed their babies, which is healthier, rather than use formula.