Corruption is a focus of w-t-w.org Women and Finance. Recently Patrick Radden Keefe, a fellow at the Century Foundation, wrote an extended piece on the subject in the New Yorker, (January 19, 2015).
Keefe, in discussing historic opinions on the subject, describes how the term ‘corruption’ may be used so often today that it has become meaningless. We agree.
There are many different kinds of corruption. Our site focuses on financial corruption in the banking industry. Evasion of taxes thorughout the world disproportionately impacts women and children. Diverted tax money means less public money for schools and good health, two areas most countries are commited to.
Singapore, a very small country whose leader in the early seventies was committed to ending corruption, actually succeeded in doing so. It was clear that the Prime Minister was behind the effort. One minister who was invstigated for taking kickbacks killed himself. In his suicide note, which was written to the Prime Minister, he stated, “It is only right that I shold pay the highest price for my mistake.”
It is hard to imagine Jamie Dimon writing such a note to his board at JP Morgan Chase.
Again this week, the International Consortium of Investigative Journalists has released tens of thousnads of documents from HSBC showing how this bank defies the law.
While Harvard economist Samuel Huntington wrote that a little corruption helps grease the wheels of government and buisness, it is hard to know where to draw the line if you are “a little guilty.” Women and FInance looks at this problem all the time. It is a particularly important subject for women to understand.
Credit Suisse, criminally charged, applies for waiver from US Labor Department
