Baby formula crisis: Abbott enriched shareholders as factory needed repairs, records show

Economists condemn ‘rot’ in system after manufacturer issued billions in stock buybacks despite problems at Michigan factoryA deadly bacteria outbreak in baby formula and an ongoing formula shortage stem from issues some economists characterize as “rot” in the nation’s economic system: prioritization of shareholder wealth and consolidation.The embattled baby formula producer Abbott used windfall profits to enrich investors instead of replacing failing equipment that was likely injecting the dangerous bacteria into its infant nutritional products, financial records and whistleblower documents show. Continue reading… Source – Full Article https://www.theguardian.com/environment/2022/may/20/abbott-baby-formula-shareholder-profits

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