Thursday, November 10, 2011

Corporate Criminals

Capitalism has twisted to become devilish. The system of incentives and exchange was always dangerous for having no in-built safety net for the weak or the outmaneuvered. It is all worse thanks to corruption.

Business must police itself against corporate thieves, and the public must also be vigilant.

Big money & lobbyists undermine our governments. When corporate bureaucracies are guilty of criminal activity or fraud, they're often able to negotiate payment of minor fines without admitting guilt - and avoid civil and criminal proceedings.

See Edward Wyatt's article in the NY Times (link) "Promises Made, Then Broken, By Firms in S.E.C. Fraud Cases" 8 Nov 2011, p A1.

These payoffs enter the public record, often rating a quick article in the corporate mouthpiece-of-record (e.g., Wall Street Journal or The New York Times). Then no more is said, and abuse begins afresh.

We need an official archive of record, a place where we can quickly see what fines and penalties have been paid by Goldman Sachs, Philip Morris, Bank of America, and other repeat offenders. Our communities allow these organizations to operate in our midst - we need to understand their behaviour. We must all be vigilant. Officers and staff, retired employees and their families have no socially-granted immunity from their employer's transgressions. They should struggle against antisocial behaviour, or be shunned.