Reference no: EM133311925

Question: The Black Money piece by PBS does a masterful job of "lifting the veil" and exposing corporate corruption at the highest level of international government. Despite Lord Timothy Bell's rather embarassing attempt at around the 6 minute mark to soften the deal between the British government and the Saudi Royal family under the guise of "job and wealth creation" for Britain, the reality is that corruption is not diplomacy and the arms deal that Thatcher signed with Saudi Arabia and subsequent execution of the deal, was steeped in corruption at a foundational level. The United States is not shielded from having to confront corruption on this scale. The Watergate Hearing clip where a VP from Gulf Oil admitted to making cash payments from corporate accounts towards Richard Nixon's re-election campaign is a prime example of flagrant disregard for the rule of law here on our soil. These two examples and the documentary more broadly highlight the adversarial relationship between corporations and the rule of law upon which I'd like to pose questions to the group in this thread. Corporations, as a bedrock obligation to their shareholders (owners), are profit maximizers. Profit Maximization is at the core of every business consideration at every firm around the globe - Profit Maximization is often bound by the legal and regulatory framework in which firms must behave. This is a fascinating relationship and I have posed some related questions below: To what extent (if any) should lawmakers take into account broad economic gain when crafting laws related to corruption/bribery? Does Lord Bell have a point to highlight the benefits to the British and Saudi Arabian economies? What responsibility (if any) does the United States Congress have to spearhead the global legal battle against corporate corruption? Secondarily, what sort of extra burden does the lack of formalized statutory landscapes for corporate corruption abroad place on the U.S in this task? Why do you think there were such high levels of engagement from corporations with the "Voluntary Disclosure Program" created by SEC following the uncovering of corporate bribery in the US?