|
opinion:
our view
Reform
bill likely toothless
The U.S. Senate this week unanimously passed corporate reform
measures intended to restore American confidence in business
and boost the flagging economy.
A by-product of the measure would be to punish the corporate
officers who have deceived investors and the general public
while stealing … er … earning billions, as well as create
a new oversight committee to prevent future crimes.
Apparently the Securities and Exchanges Commission, the regulatory
body specifically designed to investigate and punish this
sort of thing needs to be investigated as well.
None of this is surprising, given the cozy nature that corporate
America has with the government that is ostensibly policing
them. Remember when Ken Lay’s name was being bandied about
for a cabinet post.
Before people get too excited about this new legislation cleaning
up corporate America, Clint Eastwood-style, there are a few
caveats.
Republican stalwart Trent Lott has ensured worried billionaires
everywhere that the legislation will be reviewed in regards
to lessening the penalties for executive crimes and neutering
overzealous regulators.
He has to make sure all those who gave to his and his colleagues’
campaigns earn a return on their investments … er … contributions.
What is most shocking about the entire affair is the unabashed
arrogance of those chosen few in the capitalistic elite who
have shown blatant disregard for the welfare and well-being
of their employees as well as America in general.
The corporate raiders of the 80s who acquired companies through
leveraged buyouts and sold off their component were only slightly
more honorable than those who use their employees retirement
plans to buy yet another Renoir.
Whatever becomes of the Enrons, WorldComs, RiteAids and Arthur
Andersens (hard to pick just four), we can be sure the investigations
won’t reach the highest levels.
Oil companies beginning with the letter “H” will likely prove
exempt from examination, saving both President Bush (Harken)
and Vice President Cheney (Haliburton) will claim either executive
privilege, or Republican privilege.
You know that one. It’s where the leader of a corrupt organization
takes complete credit for its success while simultaneously
disavowing any knowledge of its corruption.
Remember Ken Lay’s wife gushing over her husband’s innocence?
The only benefit likely to emerge from this entire scandal
is a new distrust of corporate America for those unfortunate
enough to have been fleeced out of their retirements or those
robbed by their own employers.
We’ll all have to check behind some back for crossed fingers
when a CEO gushes about profits their company is raking in
that are really going into his or her private Swiss bank account.
|
|
ADVERTISEMENT
ADVERTISEMENT
Search our site
DEPARTMENT
OF
JOURNALISM
ONLINE 49ER
DEPARTMENTS
ADVERTISING
ADMINISTRATION
DAILY
49ER ALUMNI
SUBSCRIPTION
SERVICE
GIVE
FEEDBACK
|
