Sense on Cents Index of Cronyism and Corruption
Posted by Larry Doyle on June 13, 2014 9:22 AM |
Those engaged in cronyism and corruption much prefer to operate under a cover of darkness. When transgressions due occur, those caught in the web of such practices typically like to pay a fine and quickly move on.
Given the preponderance of these practices in our current economy, I think it is a good idea that, rather than addressing cases on an individual basis, we compile an index of those involved. In doing so, we can then reflect back on them and gain a fuller appreciation for how widespread and destructive this cronyism and corruption is within our nation.
With no further adieu, I kick off the Sense on Cents Index of Cronyism and Corruption:
The IRS Scandal: “That’s a Lie; (June 14, 2014)
Today’s FT highlights (June 12, 2014): “Goldman Sachs and Bain Capital paid $121m to settle a lawsuit alleging they conspired with other private equity firms to fix the price of some of the biggest ever leveraged buyouts.
Both Goldman and Bain said they came to the settlement, approved on Tuesday in the District Court of Massachusetts, to put an end to the protracted and costly litigation, which was brought in 2007 against 13 private equity firms of which five remain: Blackstone, Carlyle, Kohlberg Kravis Roberts, Silver Lake and TPG.
“We’re pleased to put this matter behind us,” said Goldman, which paid $67m. Bain paid $54m. Neither company admitted wrongdoing.
Shareholders in eight companies bought between 2003 and 2007 first brought the case, alleging they were denied a higher price for the buyout because private equity firms agreed not to compete against each other.”
Reuters reports (June 12, 2014): UBS expected to pay $8 billion fine for manipulating currency markets.
The Guardian reports (june 6, 2014): Lawsuit against exchanges for aiding and abetting high frequency traders.
I will continue to add to this list, and encourage readers to submit examples as you see them so we can make the index truly meaningful.
Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.
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