The global economy’s corporate crime wave

Corporate corruption is out of control for two main reasons. First, big companies are now multinational, while governments remain national. Big companies are so financially powerful that governments are afraid to take them on.

Second, companies are the major funders of political campaigns in places like the US, while politicians themselves are often part owners, or at least the silent beneficiaries of corporate profits. Roughly one-half of US Congressmen are millionaires, and many have close ties to companies even before they arrive in Congress.

There’s another reason too. The international banking system depends upon laundered drug money. At very high levels, the difference between organized crime and international finance becomes indistinguishable.

Antonio Maria Costa, head of the UN Office on Drugs and Crime

Drug money laundered by banks kept financial system going during peak of the 2008 financial crisis.

That money comes with a price, not that many investment bankers would have any qualms about taking it in the first place.

Also, we have no leaders in this country who are saying no to corruption. There are no visible national figures who are taking a strong stand for honesty and against bribery, kickbacks, pay for play in Congress, or money laundering by major US banks. In fact, we really have no leaders at all any more. This is a dangerous situation and one that will not last long. Sooner or later we will have some version of a populist uprising, and who its leaders will be and what their politics will consist of is anyone’s guess.

"We just took control of three more banks"

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