“CORPORATION, n. An ingenious device for obtaining individual profit without
–Ambrose Bierce, The Devil’s Dictionary
WorldCom, Enron, Tyco, and Adelphia (to name a few) could cost the
United States over a trillion dollars this year. That’s a fifth of the Gross
The Bush Administration has been widely described as
the most business-friendly administration in American history. Since
Eisenhower’s presidency, no president has had more than one former chief
executive in his cabinet; Bush has four. At lower levels, an overwhelming
proportion of the appointees come from backgrounds in business rather than
public service or academia.
White House spokespeople have long argued
that the depth of business experience reflected in Bush’s cabinet allows for an
intimate understanding of the corporate world and a corresponding ability to
make the necessary fixes. But many of the former businesses of Bush’s appointees
have histories of fraud and corporate crime. There are serious questions about
whether the administration is sufficiently distanced from the recent scandals to
offer real solutions.
(continued in comments to save space on other people’s friends pages.