Corruption Worldwide is on the Rise

10 Jul

We cynically accept the concept that politicians are liars and crooks. Jesse Jackson Jr., is the latest and most publicized politician to plead guilty of “fraud, conspiracy, making false statements, mail fraud, wire fraud, and criminal forfeiture.”

A seemingly well documented list of American Politicians convicted of crimes can be found here. It is interesting to note both the trend and the political party of the convictions, but primarily the list supplies a foundation for that “cynical” concept about politicians, a concept that is widely held. Uselessness is of course, a whole other topic, brought to light by a recent bill to fund a National Park on the Moon.

This week, the ratings agency Standard & Poors told a court, its ratings were “puffery”. S&P published more than 1 Million ratings in 2012, using more than 1400 credit analysts in 23 countries, yet their legal defense in their lawsuit is “…
that nobody could reasonably think that they had a reputation for producing independent and credible ratings“.
The federal government is seeking upwards of $5B in civil penalties from S&P as it relates to the residential mortgage business “bubble”.

“puffery” – –  in effect as worthless as the bullshit from a used-car salesman.

What does the S&P downgrade of Italy’s credit now mean, given their defense in the lawsuit? Is it simply that Italy cannot afford to pay S&P for a higher rating?

We now find that Bribery and Corruption worldwide is growing. One in Four paid a bribe for accessing public institutions and services. And in India, close to 50% of the people surveyed are paying a bribe for educational services. Getting an education and degree for your child is much of an issue in China and it is in the US. Parents rioted when their children were not allowed to cheat on exams.

“We want fairness. There is no fairness if you do not let us cheat.” 


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