# Power to Truth: Investigative Journalism, Hidden Harms, and the Battle for Public Trust Source: https://www.youtube.com/watch?v=uw1bfUrvrik Recap page: https://rapidrecap.app/video/uw1bfUrvrik Generated: 2025-12-12T22:05:36.951+00:00 --- ## Quick Overview Investigative reporter Walt Bogdanich details how he and his team at The New York Times exposed hidden harms in the pharmaceutical industry, specifically concerning the opioid crisis and misleading reporting by private equity-owned companies, ultimately leading to greater public awareness and policy changes by leveraging the power of truth-telling journalism. **Key Points:** - Walt Bogdanich, a New York Times investigative reporter, co-authored the book "When McKinsey Comes to Town" and reported extensively on the opioid crisis. - Bogdanich's investigation uncovered that a private equity-owned drug company was selling a cold medicine ingredient that mimicked an active ingredient in opioids, contributing to harm. - The investigative team traced the origins of toxic ingredients, including those used in toothpaste, back to a Chinese chemical company, revealing supply chain issues. - Bogdanich notes that ethical review boards, which are supposed to be independent, were sometimes not independent enough, leading to issues like the approval of dangerous protocols. - The reporting spurred policy changes in China regarding the chemical ingredients and forced companies to be more transparent about their supply chains. - Bogdanich expresses ongoing concern about the potential for AI to exacerbate issues where accountability is already lacking, such as in financial reporting or health crises. - The core lesson emphasized is that while accountability is difficult to enforce against powerful entities, investigative journalism provides the 'power to truth' to expose wrongdoing. ![Screenshot at 00:03: The title card for the web series "Power to Truth" is displayed, introducing the interviewees Anat Admati and Walt Bogdanich, setting the stage for a discussion on investigative journalism and corporate accountability.](https://ss.rapidrecap.app/screens/uw1bfUrvrik/00-00-03.png) **Context:** This video features an interview between Anat Admati, a Professor of Finance and Economics at Stanford GSB and Co-faculty Director of CASI (Corporations and Society Initiative), and Walt Bogdanich, an investigative reporter for The New York Times and author of "When McKinsey Comes to Town." The discussion centers on the role of investigative journalism in uncovering corporate malfeasance, specifically focusing on Bogdanich's work exposing hidden harms in industries like pharmaceuticals and private equity, and the broader implications for public trust and regulation. ## Detailed Analysis Anat Admati introduces Walt Bogdanich, who details his investigative work, including his book co-authored with Michael Forsythe, "When McKinsey Comes to Town." Bogdanich recounts an investigation starting around 2015 concerning a private equity-owned drug company in Panama that was involved in ethical scandals related to medical trials and the supply chain of active pharmaceutical ingredients. He discovered that a company owned by private equity was selling an ingredient used in cold medicine that actually mimicked an opioid substance, leading to harm and deaths in Panama, which the company denied responsibility for. Bogdanich notes that the ethical review boards overseeing these trials were not sufficiently independent, highlighting a systemic failure. He also mentions finding similar issues involving ingredient mislabeling in toothpaste supply chains. Bogdanich expresses concern that similar issues persist today, particularly with AI, where accountability is vague; if powerful entities like tech giants or financial firms collude with authoritarian governments, it becomes difficult to hold them accountable for harm, as the responsibility is often diffused. He concludes that the role of journalism is crucial to expose these truths, even when it is difficult, to force accountability and change. ### Introduction and Background - Anat Admati introduces Walt Bogdanich, author of "When McKinsey Comes to Town," for the 'Power to Truth' web series - Bogdanich discusses his investigative focus on corporate behavior impacting society. ### Opioid Crisis Investigation - Bogdanich recounts investigating a private equity-owned drug company in Panama around 2015 - He discovered the company was involved in clinical trial ethical issues and mislabeling of ingredients used in medicines/toothpaste. ### Corporate Accountability Failures - Bogdanich points out that supposed independent ethical review boards failed to prevent harm from dangerous protocols - The company's defense was that they were merely passengers, not responsible for the harm caused by the products (like the opioid-mimicking ingredient). ### The Role of Journalism - Bogdanich emphasizes that investigative journalism is necessary to expose wrongdoing that regulatory bodies or internal structures fail to address - He cites the importance of digging deep to find verifiable facts, even when powerful entities try to hide them. ### Modern Concerns and AI - Admati and Bogdanich touch upon contemporary concerns regarding AI, noting that if AI systems collude with authoritarian governments or financial wrongdoers, accountability becomes even harder to enforce. ### Conclusion and Takeaway - The conversation concludes with a shared sentiment that despite difficulties, journalism's role in revealing truth remains vital to ensuring accountability and driving necessary systemic changes. ![Screenshot at 00:03: Title slide for the Stanford Business Corporations and Society Initiative web series 'Power to Truth' featuring Anat Admati and Walt Bogdanich.](https://ss.rapidrecap.app/screens/uw1bfUrvrik/00-00-03.png) ![Screenshot at 00:09: Split screen view of Anat Admati \(right\) and Walt Bogdanich \(left\) beginning the interview, with a compass graphic in the background.](https://ss.rapidrecap.app/screens/uw1bfUrvrik/00-00-09.png) ![Screenshot at 00:40: Walt Bogdanich gestures while discussing his investigative reporting for The New York Times, referencing various sectors where he has uncovered wrongdoing.](https://ss.rapidrecap.app/screens/uw1bfUrvrik/00-00-40.png) ![Screenshot at 01:50: Anat Admati begins to pose a question to Bogdanich about a specific story concerning private equity and medical trials.](https://ss.rapidrecap.app/screens/uw1bfUrvrik/00-01-50.png) ![Screenshot at 02:27: Walt Bogdanich explains the specific issue regarding a private equity-owned company's protocol in clinical trials that exposed volunteers to elevated risk of brain injury.](https://ss.rapidrecap.app/screens/uw1bfUrvrik/00-02-27.png)