Johnson & Johnson knew their baby powder contained asbestos and caused cancer. They covered it up. A generation of women suffered, linking their ovarian cancer to J&J. But the $370 billion company could get away with it using a shady legal move: the Texas Two Step.
It starts by creating subsidiaries on paper and declaring them bankrupt shortly after. J&J has three, despite being one of the most profitable companies in the United States.
h/t 16 Blocks