Can the System be Fixed?
Program #ZINH027. Recorded in Auburndale, MA on August 08, 2002.The scale of corporate scandals is unprecedented in American history. Many workers have lost not only their jobs but also their savings, pensions and investments. Upper management, the so-called captains of industry, cashed in their stocks long before they tanked. Wall Street brokers, dependent on commissions, were selling investors stocks they were describing in internal memos as "crap" and "junk." WorldCom, the telecom giant, might take the cake for sheer perfidy. It originally acknowledged it had cooked their books to the tune of four billion dollars. Now it says that there's another three. Responding to public outcry, Congress passed a corporate reform bill that consumer advocate Ralph Nader calls "modest." Rogue capitalism has many people asking the question, Can the system be fixed?
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