Nobody's Taking Care of Bad Business

October 25, 2004 | Common Dreams |

Senior Fellow Nomi Prins on how runaway fraud and corruption are costing jobs, pensions and the future prosperity of the middle class.

We could hack a chunk off the deficit by increasing, not decreasing, corporate taxes. Or by invoking a flat tax on corporate profit that actually adds to the federal government's bottom line. The Securities and Exchange Commission should reinforce existing regulations pre-emptively, not after the fact or an Eliot Spitzer fraud investigation.

Any administration should recognize that future economic stability is predicated on restoring some integrity to the financial and corporate system. Where's that "Pottery Barn" rule now? Break the regulations, own the mess, fix the problem. We need to hold corporate America accountable to greater America — that's helping the middle class.