Corruption Perceptions Index 2006 (Photo credit: Wikipedia)
This is an excellent, timely and controversial lead article from the Economist. Check it out!
via Corporate settlements in the United States: The criminalisation of American business | The Economist.
Personally, I struggle that the Economist is trying to defend big business from wrong-doing. The power of big-business is enormous. Big-business typically do not pay their share of taxes like ordinary folks. Greed drives big business. Big business does not want Keynesian economic stimulus – they’re alright – the working classes and middle classes can bury themselves.
Yes, the regulatory authorities have enormous power and they are securing eye-watering fines. Fear is a deterrent. Bring it on!
I do not believe that the answer is to curtail the regulatory powers. Perhaps, the answer is a special oversight committee of the regulators?
Once again, we are back to strategy. Governments and political parties, must have a clear strategy in dealing with big business. See my blog entitled Abuse of Strategy and John Gelmini’s excellent response which I reblogged.