Wall Street on Trial: A Corrupted State?

Wall Street on Trial: A Corrupted State?

Wall Street on Trial: A Corrupted State?

Wall Street on Trial: A Corrupted State?

Synopsis

The politics of business have become the business of politics. Across the world the lesson is clear: just as too much governmental interference leads to dysfunctional economies, left to its own devices the market is incapable of adequate self-regulation.
The corporate malfeasance crisis in the United States has transformed global perceptions about the efficacy of regulatory structures in combating corrupt practices in private and public sectors. The design of effective corporate governance structures depends not just on internal factors but also on the inter-relationship between various actors that constitute wider governance: politicians, lobbyists, corporations and regulators.
A Corrupted State: Wall Street on Trial breaks new ground by deconstructing the systemic flaws inherent in the model itself. It reveals that the 'rotten apple' theory, positing the problems in corporate America as merely the result of deviancy by an individual or a single firm, is an intellectual deceit not supported by the facts.

Excerpt

For many months now the world has been both entertained and alarmed by reports of the excesses of a number of key actors on Wall Street. the various ways in which investors, pensioners and ordinary working people have been shamelessly exploited have created a wave of revulsion across the United States, and incredulity abroad. There have been promises of stern action from politicians. the so-called “rotten apples” have been labelled a disgrace to their society and as being deserving the prison time.

This book both explains and lifts the veil on these sagas. It examines how it was that regulatory bodies were deliberately weakened at the behest of Wall Street and shows how it is that those very same financial institutions have been able – and continue to be able – to blunt the politicians' promises of meaningful reform.

The picture that emerges is one familiar to those working to strengthen national integrity systems of governance around the world: voracious money-grabbers empowered by networks of lawyers, bankers and accountants only too willing to do their bidding for a fee; weak and deliberately under-resourced official regulators; wellconnected individuals appointed to public posts regardless of their obvious unsuitability; and a political class devoid of the will necessary to push for effective change through being hopelessly compromised by its dependence on “the Street” for the financing of political campaigns.

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