Wednesday 27th of November 2024

from the makers of bushit .....

from the makers of bushit .....

2008 marks the 20th anniversary of Multinational Monitor's annual list of the 10 Worst Corporations of the year.

In the 20 years that we've published our annual list, we've covered corporate villains, scoundrels, criminals and miscreants.

We've reported on some really bad stuff - from Exxon's Valdez spill to Union Carbide and Dow's effort to avoid responsibility for the Bhopal disaster; from oil companies coddling dictators (including Chevron and CNPC, both profiled this year) to a bank (Riggs) providing financial services for Chilean dictator Augusto Pinochet; from oil and auto companies threatening the future of the planet by blocking efforts to address climate change to duplicitous tobacco companies marketing cigarettes around the world by associating their product with images of freedom, sports, youthful energy and good health.

But we've never had a year like 2008.

The financial crisis first gripping Wall Street and now spreading rapidly throughout the world is, in many ways, emblematic of the worst of the corporate-dominated political and economic system that we aim to expose with our annual 10 Worst list.

The 10 Worst Corporations Of 2008

death by greed .....

The sight of the Wall Street legend Bernard L Madoff, shaken and staring at the ground as TV reporters fired questions at him, came as a real shock to New Yorkers. He was one of the biggest names in the financial services industry and had helped start the Nasdaq stock market.

But on Thursday morning he was arrested by FBI agents at his Manhattan apartment and charged with swindling investors in what the SEC (the Securities and Exchange Commission) is calling "a stunning fraud" of "epic proportions". Some are saying it could prove to be the biggest fraud ever perpetrated on Wall Street.

The SEC claims that Madoff's firm, Bernard L Madoff Investment Securities, had $17 billion in assets under management at the start of 2008 - and virtually all of it is missing. (As Forbes reports, "On the bright side, investors would have lost about half of that on the stock market this year anyway".)

http://www.nytimes.com/2008/12/12/business/12scheme.html?_r=1&pagewanted=1&hp