Daily Beast Teams With Non-Profit To Find Most Corrupt Professions
April 30, 2010
(ChattahBox) – The Daily Beast teamed up with non-profit anti-corruption think tank Transparency International to find out what company types maintained the dirtiest records. The lineup of the usual suspects was headed by a surprising number one.
The study used information that is currently being held as a public record, with information on 150 companies in the United States. While this makes it a slightly incomplete study, it does show a general pattern that made it possible to track what professions held the most dirt.
These were the top 5:
- Utilities – Perhaps a surprising number one, utility companies have been named the most corrupt of all company types. They give an example of FirstEnergy, who in 2005 and 2006 were facing federal charges for covering up reactor head that was set to blow. They paid $33.5 million to make the charge go away.
- Wall Street/Securities – I don’t think I have to explain this one. From the capital cons on the stock market, to the scandal of Bernie Madoff, this one speaks for itself.
- Telecommunications – If you have ever gotten a phone and Internet bill you probably don’t have warm fuzzies for these guys. But the real scandal hit in the 1990′s, when WorldComm CEO Bernie Ebbers was arrested for securities fraud. Apparently, and and others were skimming money to quell investors, while claiming $10 billion more than they had in assets. They filed the largest bankruptcy the US had ever seen at the time.
- Construction – Three former employees for the company Fluor (who work closely with Transparency International, ironically) were indicted last week after charging $560,000 worth of non-existent services to a credit card issued by the federal government. Smart.
- Media – The Daily Beast mainly cites the use of pay-for-play practices by radio stations such a Clear Channel as proof of this. Songs were determined by Clear Channel for play by the amount of money given to them by record labels. In 2o07, they settled a suit by playing 4,000 songs by independent artists, and paying out $12.5 million.