Sunday, September 23, 2007

Crime Pays If You Are Rich

Capitalism originated in plunder, the primitive accumulation of wealth, its origin lay in the evolution of class of mercantile bankers who hired mercenaries to expand their markets. As Arrighi points out in the Long Twentieth Century, the transition from Catholic Feudalism to capitalism was the creation of free trade private navies with marines in the service of merchant capital who created the bourse; the modern stock exchange.

Today capitalism still engages in economic criminal activities which are socially sanctioned. It is called tax avoidance. Where the law or regulations are silent, or allow for a wide interpretation of what is allowed or not, the speculator, the CEO the venture capitalist, etc.etc. will take advantage to get around the law or regulation. Until they are caught or bankrupt the company. Then new laws are created by the state to level the playing field, and the whole process comes full circle.

The one thing criminal capitalists can count on is being welcomed back to the old boys club with open arms by their ruling class chums. Heck they are proud of their reputation as the black sheep. And their class applauds their valiant efforts.

Of the more than 1,200 wealthy individuals that have appeared on Forbes's annual list of the 400 richest Americans over the past quarter century at least 13 have been convicted of serious crimes or jailed.

They include some well-known names: Wall Street's, Ivan Boesky and Michael Milkin from the Gordon Gecko junk bond era, the silver-speculating Hunt brothers, media diva Martha Stewart and the late Leona Hemsley, the hotelier.


A Day in the Life of Corporate Criminals

It's the company you keep

Agribusiness Bad Boys

Criminal Capitalism-West-Jet

Money Laundering Canadian Style

India Is Now A Capitalist State

Too Greedy

White Collar Crime Reporter 1

Criminal Capitalism The Story of 2006

Hedge Funds, Junk Bonds, Ponzi Schemes

Bring Out Your Dead

Money Laundering Canadian Style

Criminal Capitalism Redux

Credit Card Fraud

Golden Parachutes

1666 The Creation Of The World

Dirty Laundry Business as Usual

Calgary Fraud Funds Dubai Boom

Casino Capitalism

Are Income Trusts Money Laundering

Unproductive Capital

More Criminal Capitalists

Income Trust Fraud

Criminal Capitalism: Office Romance

Yeltsin's Legacy

Contracting Out Is A Crime

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