By David Stockman: GM blamed a low-level engineer for its ignition switch fiasco. That doesn’t even merit an “oh puleese!” I speak from personal experience: I owned a supplier that was smashed to smithereens by GM’s engineering and purchasing bureaucracy.
Entries in Corruption (54)
By Ky Krauthamer: Grins were on the faces of CNPC executives as they celebrated a blockbuster 30-year deal for Russian gas. For some, however, those grins might turn to grimaces; CNPC has been caught up in a series of highest profile corruption investigations.
By Don Quijones: “I don’t think the government will want this to go to the courts, as it won’t benefit anyone.”
By Don Quijones: The Spanish magistrate Elpidio Silva is just about the only judge in the Western hemisphere to have sent the CEO of a bailed-out too-big-to-fail bank to jail. Turns out, that was huge mistake.
By Don Quijones: Political corruption has already become synonymous with political leadership in Spain. But now there’s a spectacle of political hubris and impunity so farcical and obscene that it leaves no doubt in one’s mind: Spain is run by a mafia state!
By Don Quijones: Revelations of a dirty, big business in Europe, and of the role banks play to make it possible. In fact, during the financial crisis, European banks “were as good as saved by the global drug trade.”
By Don Quijones: “We have to fight corruption in order to build a new model of more sustainable and fairer growth,” pontificated the CEO of BBVA, a Spanish TBTF bank.
By Don Quijones: Christine Lagarde, former economy minister of France, now Managing Director of the IMF, by pledging her undivided allegiance to the dark interests of those she serves, has inflicted untold devastation on families and communities across the globe even as she’s tangled up in a sordid corruption affair in France.
The US offered the Ukraine $1 billion in aid, the EU €11 billion. The IMF is working on its aid package. All to shift losses from lenders, bondholders, hedge funds... to taxpayers. But it won’t rescue the economy. Because it's a cesspool of corruption and plundering oligarchs.
By Don Quijones: When a consortium, led by the Spanish company Sacyr, bid to expand the Panama Canal for $2 billion under budget, it was an offer Panama couldn’t refuse. What the government didn’t know at the time was how Spanish construction firms operate.
By Hilary Barnes, Euro Politico Twitting: Someone in the French government deleted 3,300 French names from a purloined list of accounts at HSBC Switzerland. Their revelation would have left the despised French "political class" red-faced and in deep trouble.
Executive Report with Southern Pulse: A pipeline explosion in Tezoyuca, Mexico, injured seven and forced the evacuation of 800 families. It was caused by a tap to steal liquefied petroleum gas. Mayor Arturo Ahumada Cruz affirmed that the pipeline is perpetually tapped.
By Don Quijones: On the surface and on the pitch, Spanish football has never been better. The national team of once-perpetual underachievers has won two European Championships and one World Cup in the last six years, a feat unmatched by any other European nation.
Apparently, it has been impossible to sell Greece any weapons at all, not even a water pistol, without bribing officials at the Defense Ministry. But it takes two to tango. And in holier-than-thou Germany, the defense industry has been all too eager to dance with Greece.
Executive Report with Southern Pulse. Turkish Prime Minister Erdogan, his party (the AKP), and the business elite attached to them have become targets of a focused corruption scandal that he may not survive. It should shake investor confidence to its core.
By Don Quijones: In most places these days, it’s probably easier to pass a camel through the eye of a needle than it is to pass a corrupt CEO of a failed bank through a wide-open prison gate. But a judge in Spain tried – and it's costing him dearly.
By Don Quijones: Two years ago, Mariano Rajoy rode a wave of public anger to victory in Spain’s general election. The man who could never win anything was suddenly gifted the closest any politician can hope to get to absolute power in an ostensibly democratic society.
Gagging Doubt: French Crackdown On French And American Bloggers Who Question Megabank Balance Sheets
France’s Financial Markets Authority slapped fines on two bloggers, Frenchman Jean-Pierre Chevallier and American Mike “Mish” Shedlock, “for having spread inexact information about the level of indebtedness” of megabank Société Générale. Instead of going after banks, bank regulators are going after bloggers! It's more convenient.
By Chriss Street: Away from the cameras and the media scrum, the first political casualty of the President’s disastrous launch of Obamacare is a bipartisan Congressional revolt against crony capitalists’ effort to pass the clandestine Trans-Pacific Partnership (TPP) treaty.
Now “trade agreements” are negotiated behind sealed doors, without public oversight, beyond the reach of Congress. The text of the Trans-Pacific Partnership is secret, but some sections were leaked. It deals with trade only on the margins. Corporate interests dominate. It mocks democracy, establishes kangaroo courts, and taxpayers are on the hook.