Africa-Press – Mauritius. Let the corporate world make profits but we need to put our foot down to profiteering, crony capitalism and cornering of the nation’s resources and destruction of our environment Protests against crony capitalism. Pic – New Frame/Getty Images Above all, don’t lie to yourself.
The man who lies to himself and believes in his own lies comes to a point where he cannot recognise the truth within him, or around him, and so loses all respect for himself and for others.
And having no respect for anyone he ceases to love anyone. ” — Fyodor Dostoevsky, Russian novelist There is nothing wrong with private enterprise and, in fact, no country can grow without participation of private players.
The only thing is control over all capital and natural resources must reside with the people. How can that be done?Four things which require to be done are:
On the first point, the argument is that all corporate accounts are subject to audit by reputed accounting companies. Some of the worst frauds in corporate history, however, have taken place with active connivance of the auditors.
In the last twenty years alone, major frauds were detected in Enron, Halliburton, WorldCom, Merrill Lynch, Xerox, Wells Fargo, Lehman Brothers, Xerox, Merck & Co.
, Tyco, AIG and Barings Bank, etc.
These companies were audited by well-known auditors like Price Waterhouse Cooper, Deloitte &Touche, KPMG, Ernst & Young and Arthur Andersen.
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