Corporate Kleptocracy

Corporate Kleptocracy

A slang term for greed among executives that harms shareholders or the general public. An example was Enron's use of aggressive accounting techniques to artificially inflate stock prices, which ultimately destroyed employees' retirement plans and the value for shareholders. The term is highly derogatory.
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Even more, we must recognize that we cannot survive under a system of corporate kleptocracy that has hijacked our potential for peace and prosperity.
I live in the mountains of Northeastern California, where many people are struggling in our corporate kleptocracy. If I order lab tests, insurance will not cover them.
The committee's report, delivered in August 2004, was entitled "A Corporate Kleptocracy," and said that Hollinger was "an entity In which ethical corruption was a defining characteristic." By then Black had been forced to resign as an officer of the company, which by now was on the point of collapse.
Black has been immersed in legal troubles for the past six years, losing his company and paying back $30-million, suffered punishment "in other ways." After a number of civil lawsuits, allegations of impropriety and a report that accused him and other controlling shareholders of running a "corporate kleptocracy," Black was charged with nine counts of mail and wire fraud in November 2005 and four new charges a month later, including racketeering, money laundering and obstruction of justice -the last charge related to video footage of Black removing boxes of documents from Hollinger's Toronto offices.
Black, et al will be cited in legal documents for decades to come, long after it is forgotten how Black built a worldwide newspaper empire only to reduce it to its present shrunken bankrupt group of Chicago-area papers by overseeing what a Hollinger special committee called a "corporate kleptocracy."
In addition to the various woes attached to being what a former top securities regulator once called a "corporate kleptocracy," Sun-Times has also been hurt by the general downturn in advertising spending and the economy.
Breeden dubbed Hollinger a "corporate kleptocracy" and claimed that more than 95 per cent of the firm's net income was lost in bonuses to senior execs between 1997-2003.
The Breeden report didn't come out for another year and when it did, the 500-plus page document accused Lord Black and other executives of "corporate kleptocracy," and that they essentially used company funds for their own devices.
In a 513-page report, the committee alleged Black, Radler and others ran a "corporate kleptocracy" that "looted" Hollinger Inc.
Lord Black had been accused of defrauding the company he co-founded, Hollinger International Inc., once one of the world's largest newspaper publishers; he was forced to resign from the company when an internal investigation revealed what was called a "corporate kleptocracy."
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