BOOK REVIEW
What Money Can’t Buy: The Moral Limits of Markets, Author: Michael Sandel.
By John Farmer Jr. – Bank of America has agreed to pay $11.8 billion to settle charges related to mortgage servicing abuses, such as fabricating affidavits of title; Intel has agreed to pay $1.25 billion to settle antitrust charges that it retaliated against computer manufacturers who refused to put the Intel inside; Goldman Sachs has agreed to pay $550 million to settle claims that it sold subprime mortgage instruments that it had designed to fail.
It also turns out that they are quite adept politically, these constitutionally recognized “persons” who (thanks to the current majority on the U.S. Supreme Court) can spend virtually unlimited amounts of money influencing the political process. Wal-Mart Stores Inc., it was disclosed last week, has been lobbying to change the federal law prohibiting bribery of foreign officials, a law that it is alleged to have violated in Mexico. Wal-Mart denies lobbying, though it belongs to groups that do.
The problem clearly runs deeper than a rogue financial adviser or two; it extends beyond Wall Street, and even Main Street USA, to some of the most powerful corporations in the world. It involves thousands of “real” people acting under the corporate umbrella.
What are we to make of this spate of corporate scandals? more> http://is.gd/QH1o9P
Related articles
- WalMart Involved in a Scandal? Really? (jl10ll.wordpress.com)
- Mexico Bribes: Another Wal-Mart PR Nightmare (pamil-visions.net)
- 6 Burning Questions on the Wal-Mart Corruption Scandal (alternet.org)
- Amid Mexico scandal, Wal-Mart works to clean up its image (kansascity.com)
- Wal-Mart Bribery and Bad Examples (businessethicsblog.com)
- Options Take: Pressure To Remain On Wal-Mart Woes (WMT, TGT, DG, BIG) (247wallst.com)
- Wal-Mart Now Faces Investigation by Mexican Government for Allegation of $24 Million Bribery Scheme (hispanicallyspeakingnews.com)
- Memo to Corporate America: Bribery doesn’t pay (finance.fortune.cnn.com)
- Wal-Mart shareholder sues over bribery scandal (news.yahoo.com)
