"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."
Read the whole thing, The Global Economy’s Corporate Crime Wave.
Nothing here we didn't already know from Bill Black, Frank Partnoy, Janet Tavakoli, Yves Smith, Elliot Spitzer and others. But it is nice to see a major economist saying it so forcefully. The question is whether anyone is listening?
