At least that's what the Food and Drug Administration tells me.
Cheerios, you see, should be classified as a drug, according to the
FDA. Yes, Cheerios, the cereal ... this isn't a code name for a new
type of amphetamine.
As the FDA wrote to Cheerios parent General Mills (NYSE: GIS):
Based on claims made on your product's label, we
have determined that your Cheerios Toasted Whole Grain Oat Cereal is
promoted for conditions that cause it to be a drug because the product
is intended for use in the prevention, mitigation, and treatment of
disease.
Is this April 1? Amazingly, no. This is real. The FDA demands that
General Mills classify Cheerios as a drug because the company claims
that it reduces cholesterol, which can lower the rate of heart disease.
"Because of these intended uses, the product is a drug," says the FDA.
Mind you, everything high in fiber should now be classified as a
drug, by this logic. So keep an eye on Grandpa when he downs another
glass of Metamucil.
I can't blame the FDA for doing its job. What's funny about this
little revelation is that we have government rules and disclosures
designed to protect consumers against the perils of toasted oat cereal,
but still scarcely anything to protect them against toxic financial
products, deceptive lending, and imploding financial markets.
If toasted oat cereal is a drug, what's a subprime mortgage? If General Mills is classified as a merchant of drugs, what are AIG (NYSE: AIG), Bank of America (NYSE: BAC), and Citigroup (NYSE: C)? Inquiring minds want to know.
For related Foolishness:
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Will These Drugs Get Past the FDA?
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Analysts Say This Stock Is a Double
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Fool Blog: Call Me a Raging Drug Addict
The FDA has issued a regulation authorizing a health claim associating soluble fiber from certain foods, including oats, with a reduced risk of coronary heart disease. For Cheerios, the FDA complaint is about presenting “stand alone” claims through their location on the package!
The FDA also complained about saying that Cheerios can lower cholesterol by four percent in six weeks because that implies a degree of risk reduction for coronary heart disease. FDA themselves state that if total and LDL cholesterol levels decline, the risk of coronary heart disease declines as well. So they agree – but you can’t say by how much!
They complained about claims on GM’s website that left out any reference to fruits, vegetables, and fiber content, stating that this “does not enable the public to understand the significance of the claim in the context of the total daily diet”. The FDA believes that “consumers might otherwise be misled into thinking that eating a diet high in oats is all that is necessary to reduce the risk of heart disease.” As if!
Never mind that they permit use and mislabeling of food additives whose sole purpose is to make you eat more (and have a very negative impact on health), and drink ingredients that promote diabetes - instead they quibble about this.
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