FacebookTwitterGoogle+RedditEmail

How to Fight Corporate Crime

by Ralph Nader

Can anybody in Washington do what needs to be done about corporate crime in the eight weeks before the November elections?

Don’t look to the Republicans. Their “whatever corporations want” subservient stance during the Nineties reached levels somewhere between unconditional surrender and unconditional sell out. The former pesticide exterminator, House Republican Whip, Tom Delay (R-TX) once declared that he could not think of one regulation to keep on the law books. De-regulate everything in sight was their fevered mantra — including taking the federal cops off the corporate crime beats. Getting rid of corporate law and order, pushing to lock up the corporate cops and throwing away the keys became the Republicans’ inventory to raise huge piles of cash from the corporate malefactors.

The Democrats, while as a whole not as obeisant, did not throw the gauntlet down either. Also some Democrats, like Senators Lieberman and Dodd, locked arms with the Republicans to take away important rights to sue held by shareholders until 1995. Yes, there are some politicians who know full well the stands that they can take and should take.

Senator Byron Dorgan (D-ND) is one of them — a tough crackdown on U.S. corporations who renounce their U.S. state charter, reincorporate in Bermuda or other tax haven, escape gobs of taxes to Uncle Sam yet retain all the benefits as if they were still U.S. corporations. Dorgan says he will have hearings on this subject. One of the lead proposals will be to stop these companies from receiving government contracts and subsidies.

But who will provide by law more powers and rights to shareholders to control the corporation that they own? Shareholders in large public companies must be given the authority to approve or disapprove executive compensation packages. It has been executive pay that provided the bosses with the incentives to cook the books and inflate company profits so as to make their stock options and other bonuses more lucrative. Facilities to make it easier for consumers, taxpayers and shareholders to band together voluntarily into powerful self-help are also needed.

A more immediate opportunity comes very soon when the House and Senate votes on the Justice Department appropriations bill. At least fifty million dollars should be added to expand the corporate crime prosecution section in the Department. There is no way that the Justice Department can go after corporate crooks with its meager staff and, certainly, no way can it respond to the recommendations for prosecution by the beefed up Securities and Exchange Commission. More federal cops on the corporate beat, and the establishment of a corporate crime database are necessary to make law and order happen and to help save millions of Americans their investments, savings, pensions and jobs.

Rolling back the failed de-regulation of the financial industry which opened the floodgates to reckless, avaricious crimes and frauds in the Nineties is also necessary. Derivatives should be brought under regulation as should electricity (a necessity). It was de-regulation that allowed the Enronitis disease which gouged Californians and others and which eventually brought down Enron and cost thousands of workers their jobs.

These and other positions could help stem the tide of corporate power and benefit consumers, workers, and shareholders. For more information on these and other reforms visit http://www.citizenworks.org.

 

Ralph Nader is a consumer advocate, lawyer and author of Only the Super-Rich Can Save Us! 

More articles by:
June 29, 2016
Diana Johnstone
European Unification Divides Europeans: How Forcing People Together Tears Them Apart
Andrew Smolski
To My Less-Evilism Haters: A Rejoinder to Halle and Chomsky
Jeffrey St. Clair
Noam Chomsky, John Halle and Henry the First: a Note on Lesser Evil Voting
David Rosen
Birth-Control Wars: Two Centuries of Struggle
Sheldon Richman
Brexit: What Kind of Dependence Now?
Yves Engler
“Canadian” Corporate Capitalism
Lawrence Davidson
Return to the Gilded Age: Paul Ryan’s Deregulated Dystopia
Priti Gulati Cox
All That Glitters is Feardom: Whatever Happens, Don’t Blame Jill Stein
Franklin Lamb
About the Accusation that Syrian and Russian Troops are Looting Palmyra
Binoy Kampmark
Texas, Abortion and the US Supreme Court
Anhvinh Doanvo
Justice Thomas’s Abortion Dissent Tolerates Discrimination
Victor Grossman
Brexit Pro and Con: the View From Germany
Manuel E. Yepe
Brazil: the Southern Giant Will Have to Fight
Rivera Sun
The Nonviolent History of American Independence
Adjoa Agyeiwaa
Is Western Aid Destroying Nigeria’s Future?
Jesse Jackson
What Clinton Should Learn From Brexit
Mel Gurtov
Is Brexit the End of the World?
June 28, 2016
Jonathan Cook
The Neoliberal Prison: Brexit Hysteria and the Liberal Mind
Paul Street
Bernie, Bakken, and Electoral Delusion: Letting Rich Guys Ruin Iowa and the World
Anthony DiMaggio
Fatally Flawed: the Bi-Partisan Travesty of American Health Care Reform
Mike King
The “Free State of Jones” in Trump’s America: Freedom Beyond White Imagination
Antonis Vradis
Stop Shedding Tears for the EU Monster: Brexit, the View From the Peloponnese
Omar Kassem
The End of the Atlantic Project: Slamming the Brakes on the Neoliberal Order
Binoy Kampmark
Brexit and the Neoliberal Revolt Against Jeremy Corbyn
Doug Johnson Hatlem
Alabama Democratic Primary Proves New York Times’ Nate Cohn Wrong about Exit Polling
Ruth Hopkins
Save Bear Butte: Mecca of the Lakota
Celestino Gusmao
Time to End Impunity for Suharto’’s Crimes in Indonesia and Timor-Leste
Thomas Knapp
SCOTUS: Amply Serving Law Enforcement’s Interests versus Society’s
Manuel E. Yepe
Capitalism is the Opposite of Democracy
Winslow Myers
Up Against the Wall
Chris Ernesto
Bernie’s “Political Revolution” = Vote for Clinton and the Neocons
Stephanie Van Hook
The Time for Silence is Over
Ajamu Nangwaya
Toronto’s Bathhouse Raids: Racialized, Queer Solidarity and Police Violence
June 27, 2016
Robin Hahnel
Brexit: Establishment Freak Out
James Bradley
Omar’s Motive
Gregory Wilpert – Michael Hudson
How Western Military Interventions Shaped the Brexit Vote
Leonard Peltier
41 Years Since Jumping Bull (But 500 Years of Trauma)
Rev. William Alberts
Orlando: the Latest Victim of Radicalizing American Imperialism
Patrick Cockburn
Brexiteers Have Much in Common With Arab Spring Protesters
Franklin Lamb
How 100 Syrians, 200 Russians and 11 Dogs Out-Witted ISIS and Saved Palmyra
John Grant
Omar Mateen: The Answers are All Around Us
Dean Baker
In the Wake of Brexit Will the EU Finally Turn Away From Austerity?
Ralph Nader
The IRS and the Self-Minimization of Congressman Jason Chaffetz
Johan Galtung
Goodbye UK, Goodbye Great Britain: What Next?
Martha Pskowski
Detained in Dilley: Deportation and Asylum in Texas
FacebookTwitterGoogle+RedditEmail