The Global Economy's Corporate Crime Wave

By Jeffrey D. Sachs

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.

To read the rest of this post, go here.

Jeffrey D. Sachs is Professor of Economics and Director of the Earth Institute at Columbia University. He is also Special Adviser to United Nations Secretary-General on the Millennium Development Goals.

Comments

[ugg boots sale]

In case you have any louis vuitton speedy 25 in a crease it really is fake. If you discover any "LV" crooked or within the stitch it is fake. Louis Vuitton has a passion for perfection for each of their handcrafted purse or handbag given that the 1850s. They cautiously design where the LV should be place on the bag and also the LVs are always positioned on the louis vuitton speedy 35 with balance.In case you have any LV monogram in a crease it's fake. In case you discover any "LV" crooked or inside the stitch it's fake. louis vuitton speedy sale has a passion for perfection for every of their handcrafted purse or louis vuitton speedy 40 since the 1850s. They very carefully style exactly where the LV must be place on the bag and also the LVs are often positioned on the bag with balance.But in general louis vuitton, men and women will not connect diaper bags with fashion, due to the fact diaper bags primarily concentrate on the practicability, perhaps some of them are really practical louis vuitton sale but without the sense of beauty. As the modern day individuals, we really should change in addition to the time change, if the designers could combine the practical points with aesthetic points louis vuitton speedy mini that could be excellent. Louis Vuitton monogrammed diaper bags are so wealthy louis vuitton speedy function and ornamentation that these handbags had turn into the women's louis vuitton saleindispensable attachment.But lots of people like myself want to go treasure hunting and appear for handbags at a far more reasonable cost. Areas like Auction, eBay as well as other on-line stores have a lot of listing of handbags and purses of all of the designer brand names you can assume of and out with the several every day listings, a portion of them are fake replicas louis vuitton speedy 45. Some of the listings are actually great offers that folks just can't miss. Anyway please read via the lists below to learn some things about this one and only 1, distinctive designer brand handbag so that it is possible to spot a treasure and scope out the fakes, make a fun shopping knowledge louis vuitton speedy 30.But lots of people like coach purse outletmyself need to go treasure hunting and look for handbags at a more reasonable price tag. Locations like Auction, eBay and other on the internet stores have a lot of listing of handbags and purses of all the designer louis vuitton speedy damier brand names it is possible to assume of and out with the a lot of day-to-day listings, a portion of them are fake replicas. Some of the listings are really good offers that men and women louis vuitton speedy monogram just cannot miss. Anyway please read by means of the lists below to learn a few points about this 1 and only 1, special designer brand handbag so that you can spot a treasure and scope out the fakes, make a entertaining shopping experience.

[Edward]

Imitation clutches can be my personal favorite clutches. To secure replica fendi handbags), satisfy please click cheap Louis Vuitton Men Bags), I noticedbuy replica gucci) with this websites can be lowest cost and even high-quality, you will come across all types ofbest replica hermes accepted to this fact hold, enjop your own self!!!