Rogue Corporations, Corporate Rogues & Ethics Compliance: The Sarbanes-Oxley Act, 2002
by Breena Coates
, School of Public Administration & Urban Studies
"Managed-mendacity arising from a culture of corporate greed
gave birth to the Sarbanes-Oxley Act of 2002. Organizational
malfeasance arises from deep within the culture of mega
corporations, and consists of the collective issues of complexity and
strategy; and, individual forms of managerial mischief. The impact
of unethical corporate behavior has had wide-spread national and
global ramifications for the economy and prestige of the United
States. This paper looks at survey results that shows that stiffer
penalties for wrongdoing embedded into the legislation are
beginning to have an impact on corporate social responsibility..."
Citigroup Report - Restructuring Citi to serve the Public Interest
by Robert Weissman, ESSENTIAL INFORMATION and Charlie Cray, CENTER FOR CORPORATE POLICY
Citigroup is among the world’s largest financial institutions. As of July 2009, it was also one-third owned by the U.S. government. Without the various subsidies and guarantees — totaling hundreds of billions of dollars — made available to Citigroup, it is very likely the bank would be insolvent. Many believe that — even with the government supports — with an honest accounting, it would be insolvent today. In the case of the failure of Citigroup, it would be taken over by the Federal Deposit Insurance Corporation (FDIC) which has a long record of “resolving” failed banks — albeit not banks of the size and reach of Citi.
Recent Trends and Patterns in the Enforcement of the Foreign Corrupt Practices Act
by Philip Urofsky & Danforth Newcomb
, Shearman & Sterling LLP
The past year has seen the announcement of a number of FCPA enforcement actions with unprecedented
fines and penalties. However, while such major cases as Siemens and Halliburton/KBR have obviously
dominated the news, it is hard to say whether they represent a trend toward large-scale high-penalty
FCPA prosecutions although there are likely several cases with similarly substantial fines to come.
Strategic Corporate Initiative: Toward a Global Citizens’ Movement
to Bring Corporations Back Under Control
by Michael Marx, Mari Margil, John Cavanagh, Sarah Anderson, Chuck Collins, Charlie Cray, Marjorie Kelly
, Corporate Ethics International
There are tectonic stresses building beneath the surface of our society that threaten a global earthquake
unlike any we’ve seen in recent history. Global warming is accelerating; fossil fuels are being rapidly
exhausted; critical eco-systems have been severely damaged; and the income gap between rich and poor
is increasing rapidly. The root cause of most of these problems can be found in the excessive power of
global corporations. To solve these problems, we must bring corporations back under our control. This
will be one of the greatest challenges our society faces this century.
Built to Last: Focusing Corporations on Long-Term Performance
Research and Policy Committee of the Committee for Economic Development
Like much of the business community, we are concerned
that “short-termism”—a focus on a company’s
quarterly reported financial results rather than on its
enduring value—is undercutting the economic performance
of U.S.-based corporations and, therefore, of
the U.S. economy overall.
The Myth of the Shareholder Franchise
by Lucian Bebchuk
The power of shareholders to replace the board is a central element in the accepted theory of the modern public corporation with dispersed ownership. This power, however, is largely a myth.
The Case Against Media Consoildation
Donald McGannon Center for Communications Research, Fordham University
Changes in technology do not eliminate the need for media ownership limits. Even with the explosion of the Internet and cable channels, most people still rely on their local newspapers and local television stations as the most important sources of local news and information. Those sources thus have disproportionate impact on public opinion. Access to local, independent news sources is already a precious commodity, and further consolidation would be highly problematic.