Word: corruptible
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...Corruption is key. South America did need the discipline and budget austerity of U.S.-backed reforms, which freed the region from crippling hyperinflation and ushered in hundreds of billions of dollars in foreign investment. But they couldn't whip the plague of corrupt elites, absentee judicial systems and addiction to foreign capital that made Latin American capitalism as ripe for abuse and collapse as an Enron office suite. Says Stanford University Latin America scholar Terry Karl: "The Washington Consensus just further concentrated economic and political power in a region that already had the worst inequality in the world...
...withdrawal late last month of most of the British forces in Sierra Leone - a core group of some 100 officers will remain to help train local soldiers - signaled the former colonial power's confidence in the country's future under Kabbah. Critics of his goverment have accused him of corruption and his officials of involvement in the illicit trafficking of so-called conflict diamonds. Kabbah rejects such charges and says an anticorruption commission, which he refers to as his "baby," is making inroads against one of the country's most pervasive problems. "It's impossible to fence...
...That's bad news for the party in power, which is why President Bush last week invited 240 people who agree with his economic policies to praise them at a forum in Waco, Texas. He talked of corrupt CEOs in terms he once reserved for Osama bin Laden, but offered little more than assurances that "we're the greatest nation on the face of the earth." The markets-which matter more than ever in politics now that nearly half of all U.S. households hold investments-were paying more attention to the downbeat noises coming out of the Federal Reserve...
...actions last week underlined an unusually high level of cooperation between Justice and the SEC, which has limited subpoena powers and a more complex bureaucracy to navigate. Attorney General John Ashcroft emphatically announced that Justice was raising the stakes, declaring that "corrupt corporate executives are no better than common thieves when they betray their employees and steal from their investors." He noted that the WorldCom executives could face as much as 65 years in prison, which legal experts dismissed as prosecutorial hyperbole. Yet as former federal prosecutor and Los Angeles white-collar defense lawyer Mark Beck notes, "The criminal sanction...
...faced with a choice,” he says. “I could either continue to work in Mexico for a government that is corrupt and that I don’t support, or I could make a break in my life...