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Archive for the ‘Corporate Crime Wave’ Category

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Three Things That Must Happen for Us to Rise Up and Defeat the Corporatocracy

Truthout Friday 26 August 2011

by: Bruce E. Levine, Alternet | Op-Ed

Most Americans oppose rule by the corporatocracy but don’t have the tools to fight back. Here are three things we need to create a real people’s movement.

Transforming the United States into something closer to a democracy requires: 1) knowledge of how we are getting screwed; 2) pragmatic tactics, strategies, and solutions; and 3) the “energy to do battle.”

The majority of Americans oppose the corporatocracy (rule by giant corporations, the extremely wealthy elite,

and corporate-collaborator government officials); however, many of us have given up hope that this tyranny can be defeated. Among those of us who continue to be politically engaged, many focus on only one of the requirements—knowledge of how we are getting screwed. And this singular focus can result in helplessness. It is the two other requirements that can empower, energize, and activate Team Democracy— a team that is currently at the bottom of the standings in the American Political League.

Read article at Truthout Friday 26 August 2011

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The Global Economy’s Corporate Crime Wave

Thursday 5 May 2011
Via: Truthout- by: Jeffrey D. Sachs, Project Syndicate

New York – The world is drowning in corporate fraud, and the problems are probably greatest in rich countries – those with supposedly “good governance.” Poor-country governments probably accept more bribes and commit more offenses, but it is rich countries that host the global companies that carry out the largest offenses. Money talks, and it is corrupting politics and markets all over the world.

Hardly a day passes without a new story of malfeasance. Every Wall Street firm has paid significant fines during the past decade for phony accounting, insider trading, securities fraud, Ponzi schemes, or outright embezzlement by CEOs. A massive insider-trading ring is currently on trial in New York, and has implicated some leading financial-industry figures. And it follows a series of fines paid by America’s biggest investment banks to settle charges of various securities violations.

There is, however, scant accountability. Two years after the biggest financial crisis in history, which was fueled by unscrupulous behavior by the biggest banks on Wall Street, not a single financial leader has faced jail. When companies are fined for malfeasance, their shareholders, not their CEOs and managers, pay the price. The fines are always a tiny fraction of the ill-gotten gains, implying to Wall Street that corrupt practices have a solid rate of return. Even today, the banking lobby runs roughshod over regulators and politicians.

Corruption pays in American politics as well. The current governor of Florida, Rick Scott, was CEO of a major health-care company known as Columbia/HCA. The company was charged with defrauding the United States government by overbilling for reimbursement, and eventually pled guilty to 14 felonies, paying a fine of $1.7 billion.

The FBI’s investigation forced Scott out of his job. But, a decade after the company’s guilty pleas, Scott is back, this time as a “free-market” Republican politician.

MORE HERE

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