The monthly journalism award.Charles Pillar, Edmund Sanders, and Robyn Dixon Los Angeles Times Los Angeles Times Morning daily newspaper. Established in 1881, it was purchased and incorporated in 1884 by Harrison Gray Otis (1837–1917) under The Times-Mirror Co. (the hyphen was later dropped from the name). January 7th & 8th "Money Clashes With Mission" "Dark Cloud dark cloud See absorption nebula. Over Good Works of Gates Foundation" The Gates Foundation--run by Microsoft founder Bill Gates, his wife Melinda, and, soon, Warren Buffet--has an endowment larger than the GDP GDP (guanosine diphosphate): see guanine. of 70 percent of the world's nations. In part because of the resources at its disposal, the foundation's accomplishments have been remarkable. But a resourceful L.A. Times investigation scrutinized thousands of pages of financial data and found that the investments that sustain the foundation's work often directly clash with its philanthropic aims. In Seattle, the Times interviewed one couple who had fallen victim to a predatory lending scheme. The Gates Foundation had invested $2 million in the mortgage company, Ameriquest; it had also awarded $1.2 million to a nonprofit organization Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. that advised the couple on their plight. In Nigeria, the Times found a baby who had been immunized by a group funded by the foundation; he also suffered from respiratory trouble caused by nearby oil plants owned by foundation-supported Royal Dutch Shell Royal Dutch Shell plc is a multinational oil company of British and Dutch origins. It is one of the largest private sector energy corporations in the world, and one of the six "supermajors" (vertically integrated private sector oil exploration, natural gas, and petroleum product , BP, Chevron, Eni Corp., and Total. The foundation has invested $423 million in these companies, nearly twice the sum of its immunization programs In the 1950s, medical breakthroughs resulted in new vaccines to combat such diseases as polio and measles. States responded by requiring mandatory immunization for schoolchildren. One result was the near eradication of diseases that had previously been crippling or fatal. . The foundation also invests in pharmaceutical companies that drive up costs for AIDS drugs in Africa, and companies charged with using products made by child slave labor. The Times series concluded that the Gates Foundation's wealth gives it "unmatched muscle and potential moral authority," but that it was failing to use its clout to pressure for better corporate behavior. Over the two days following the articles' publication, the foundation published statements promising to review its investment strategies. However, in a January 14 letter to the paper, the foundation's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. explained that "it is naive to suggest that an individual stockholder" could help end the abuses of the companies it invests in. |
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