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Pages tagged "Corporate Misconduct"


Challenges await Australia’s new Tax Commissioner

by Miranda Stewart

In January 2013, Mr Chris Jordan AO starts as Federal Commissioner of Taxation in charge of the Australian Taxation Office (ATO). He follows Mr Michael D’Ascenzo AO, who was not reappointed after his seven-year term.

Mr Jordan will be only the 12th Commissioner and only the second external appointment in the ATO’s history. All appointments have been male. The first Commissioner, George McKay, appointed from the New South Wales public service in 1910, seems to have died from overwork in 1917 after administering on a shoestring the federal land tax and income tax introduced in 1915 to help fund World War I. The next Commissioner, Robert Ewing, appointed an assistant commissioner to help. In his 22 year innings until 1939, Mr Ewing oversaw a new federal estate tax, payroll tax, and the turbulent time before World War II, when the federal government took over the income taxes of the States.

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The ‘Self-Made’ Myth and Our Hallucinating Rich

In real life, working hard only takes you so far. Those who go all the way — to grand fortune — typically get a substantial head start. So documents an entertaining, baseball-themed new analysis of the Forbes 400.

Let’s cut Mitt Romney some slack. Not every off-the-cuff comment the GOP White House hopeful made at that now infamous, secretly taped $50,000-a-plate fundraiser last May in Boca Raton reveals an utterly shocking personal failing. Take, for instance, Mitt’s remark that he has “inherited nothing.”

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The Unrepentant And Unreformed Bankers

By Phil Angelides

Money laundering. Price fixing. Bid rigging. Securities fraud. Talking about the mob? No, unfortunately. Wall Street.

These days, the business sections of newspapers read like rap sheets. GE Capital, JPMorgan Chase, UBS, Wells Fargo and Bank of America [2] tied to a bid-rigging scheme to bilk cities and towns out of interest earnings. ING Direct , HSBC and Standard Chartered Bank  facing charges of money laundering. Barclays caught manipulating a key interest rate, costing savers and investors dearly, with a raft of other big banks also under investigation. Not to speak of the unprecedented wrongdoing that precipitated the financial crisis of 2008.

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Political Corruption in New York: Low Comedy and High Cost

by Dan Collins

It's possible, what with the rush of the holiday season, that you have neglected to pay close attention to the city's latest political corruption trials. I must admit my own attention was wandering until this week, when a Brooklyn Assemblyman was indicted for attempting to solicit bribes so he could pay lawyers to defend from charges of taking bribes in a previous corruption trial.

The star of that saga is William Boyland Jr., who exemplifies all the reasons the words "state legislature" make New Yorkers want to beat their heads against the nearest flat surface.

He has a completely safe seat, which he inherited from his father, William Boyland Sr., who inherited it from his brother. Junior has had a totally undistinguished career in Albany, starring only in the narrow but competitive area of filling out expense forms. But back home he's apparently been very active in a business loosely described as consulting.

In Albany, consulting is generally a euphemism for being paid to get somebody state money.

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The Next Banking Crisis

by Hugo Radice

In the ongoing Euro-crisis, our political leaders are constantly criticised for “playing catch-up” and not being “ahead of the curve” (although others might feel that they are completely round the bend).   Perhaps, therefore, it is time to look up from the turmoil in the sovereign bond markets and the counsels of the European Union, dust off the crystal ball, and look forward to the next banking crisis.  For it is becoming increasingly clear that banks across Europe face a much more serious problem than a 50% haircut on their holdings of Greek government bonds;  and that problem goes to the heart of what is wrong with the current culture and practices of the financial sector.

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The rise and fall of the 'free market'

by David Hetherington

Ideas, like fashion, move in waves. A big idea will form, expand, dominate, and fade. Along the way it will accrue adherents and opponents, leaving a trailing wake of subsidiary ideas.

The last century has seen the rise and fall of communism, fascism, and socialism. Democracy has proven more enduring, still expanding if not dominating.

Yet the idea closest to the inflection point between domination and fade is the ‘free market’, the most influential concept in political economy over the past 40 years. Outlined in its modern form by the Austrian school of economists and expanded by Milton Friedman, the free market was the bedrock of the Thatcher/Reagan reforms. It defined the political orthodoxy for both right and left until the financial crash of 2008.

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Two Peas in a Pod

By Thomas L. Friedman

The world’s two biggest democracies, India and the United States, are going through remarkably similar bouts of introspection. Both countries are witnessing grass-roots movements against corruption and excess. The difference is that Indians are protesting what is illegal — a system requiring bribes at every level of governance to get anything done. And Americans are protesting what is legal— a system of Supreme Court-sanctioned bribery in the form of campaign donations that have enabled the financial-services industry to effectively buy the U.S. Congress, and both political parties, and thereby resist curbs on risk-taking.

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We May Be Witnessing the First Large Global Conflict Where People Are Aligned by Consciousness and Not Nation State or Religion

By Naomi Wolf
They're fighting a "corporatocracy" that has bought governments, created armed enforcers, engaged in systemic economic fraud, and plundered treasuries and ecosystems.
America's politicians, it seems, have had their fill of democracy. Across the country, police, acting under orders from local officials, are breaking up protest encampments set up by supporters of the Occupy Wall Street (OWS) movement - sometimes with shocking and utterly gratuitous violence.

In the worst incident so far, hundreds of police, dressed in riot gear, surrounded Occupy Oakland's encampment and fired rubber bullets (which can be fatal), flash grenades and tear-gas canisters - with some officers taking aim directly at demonstrators. The Occupy Oakland Twitter feed read like a report from Cairo's Tahrir Square: "they are surrounding us"; "hundreds and hundreds of police"; "there are armoured vehicles and Hummers". There were 170 arrests.

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Democracy in Danger – Has Anybody Learned Anything?

by Thorben Albrecht 

Yet again banks have to be rescued because financial markets have gone wild. And because still no effective rules and regulations have been introduced to make banks pay for the high risks they are taking. It feels like “Groundhog Day”: Everything starts all over again, nobody seems to remember anything. Has anybody learned anything?

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Why we need nationalised Banks

by George Irvin 

As things stand, the banks are the permanent government of the country, whichever party is in power.” (Lord Skidelsky, House of Lords, Hansard Citation, 31 March 2011, c1359)

Everybody agrees that the next financial crisis is about to hit us …. bringing another economic crisis in its wake. The general view is that if we were able to prevent meltdown in 2008 by throwing money at the banks, this time the money will be more difficult to find. Unlike the last time, the OECD economies are stagnating, unemployment is high and there’s already much public anger about cuts, joblessness and bankers’ bonuses. [1]

Perhaps we should remember that in 2009, neo-liberalism was pronounced dead and buried. It was thought that a new, more thoughtful era was being born. It most certainly didn’t happen. Instead, European countries became more narrowly nationalistic and xenophobic, while the US gave the world the Tea Party. So there is good reason to believe that, as in the 1930s, economic crisis may strengthen the right more than the left. That’s one reason that progressives need to sloganise less (eg, it’s all due to greedy bankers) and think more about underlying causes.

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