Same kind of thing as the elite CEO's picking each other for company boards, who give each other enormous salaries that hurt the company in the long run.
from Robert Reich's Facebook page
https://www.facebook.com/RBReich?hc_location=timeline
Dec. 8, 2013
Federal authorities have just obtained confidential documents on a program run by JPMorgan Chase, Wall Street’s biggest bank, to hire the children of China’s ruling elite in order to gain business with China’s state-owned companies. It's a serious offense, but how different is this from Wall Street’s ongoing program of hiring departing Treasury Department officials in order to grease the wheels in Washington? JPMorgan may face prosecution under the Foreign Corrupt Practices Act, which bars American corporations from making payoffs to foreign officials to get favorable treatment in their countries. But why isn’t there a Domestic Corrupt Practices Act barring American corporations from making payoffs to U.S. officials – campaign donations, payments into political slush funds, implicit promises of future employment – to get favorable treatment here? Why don’t we at least require full disclosure of all corporate political spending and all corporate hires of departing government officials? Because Washington is too corrupt to enact such legislation. Never before has so much corporate and Wall Street money poured into our capital. Never before have so many Washington officials taken jobs in corporations, lobbying firms, trade associations, and on the Street immediately after leaving office. Corruption is corruption and bribery is bribery in whatever country or language it’s transacted in.
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