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Is The U.S. Government Capable Of Corporate Oversight?

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No DUplicitous DUpe Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 08:33 PM
Original message
Is The U.S. Government Capable Of Corporate Oversight?
Is The U.S. Government Capable Of Corporate Oversight?
posted with permission from: http://sane-ramblings.blogspot.com/2010/06/is-us-govern...

In 2002, overrun by corporate scandal and falsified accounting from the Enrons and World Coms, the public raised a huge outcry and Congress passed the Sarbanes-Oxley Act, making senior officers liable for their firms' financial statements, to the point of potentially going to jail for falsifying their numbers.

How did that work out? Not so well as AIG, Bank of America, Bear Stearns, Chrysler, Citibank, Goldman Sachs, General Motors and numerous other "too big to fail" firms filed fantasy financial statements with no-one but the U.S. taxpayer being held accountable. Big Bonuses to top management, rather than jail sentences have been the order of the day.

You might wonder where was the Securities and Exchange Commission while these corporate horror shows have gone on? Apparently missing in bureaucratic inaction. As you watch the British Petroleum environmental disaster and ask yourself where was the Mineral Management Services Agency or wonder what became of the Environmental Protection Agency, the answer is the same.

Our political system is so badly broken, that campaign contributions can excuse some of the worst violations of the law, while shifting responsibility to America's working classes, the people who pay most of the taxes and make this nation function.

The answer is to change the system but this can only happen if the people get involved. Casting a vote for a two party monopoly charismatic politician who glibly promises "change" and "transparency" brings neither. If we as a people want better, we need to provide public financing for elections and end anything but nominal private campaign contributions.

This has been a great nation and it can be again but only if the people care enough to make it so. If they do, they will help to ensure their children and grandchildren have the promise of a better future, much as they received from the World War ll generation. The spirit and substance of what tomorrow will be depends upon the actions that are taken today.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 08:44 PM
Response to Original message
1. Ruh-Roh -- recommend. Nt
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breadandwine Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 11:15 PM
Response to Reply #1
8. Dang! Gubmint ain't no good at regulay-shun! Let the corporations reg-you-late they selves!!!!!
And vote Reperblicun!


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obxhead Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 08:46 PM
Response to Original message
2. Hell yes it's capable!!!
Oh wait, you said oversight, not overlook....

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hughee99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:01 PM
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3. I've seen no evidence of it so far. n/t
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madrchsod Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:02 PM
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4. no......
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:03 PM
Response to Original message
5. knr nt
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unblock Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:03 PM
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6. sure it's capable. unfortunately, so too is the corporate world capable of government oversight.
they "work the ref" persistently over time and eventually corrupt the system.

they've learned that better than to ax a regulatory program is to cut its budget down to a harmless size, so they can claim to be regulated and still get away with murder.
they've learned that they can get corporate toadies hired or appointed to positions on regulatory bodies.
they've learned that they can legally bribe these people with the implicit promise of a lucrative post-government job.
they've learned that they can discredit the truth and dangle silly religious and/or bigotted issues in front of the masses to disguise themselves enough so that people will vote for near servitude.

they've learned that they can get away with it, and the worst for them is that they have to slow down a few years if the "wrong party" wins before the power back to full throttle.
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Richard Steele Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 09:05 PM
Response to Original message
7. In theory, certainly. At the present time, it's incapable and unwilling. K&R
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