Frank has been engaged with global economics, banking, governance and anti-corruption for more than 40 years, as a journalist, as a World Bank senior official, as an anti-corruption civil society leader, and as a top level advisor to financial institutions. Frank is President ofVogl Communications, Inc., which has provided advice to leaders of international finance for more than two decades.
Surprisingly, both leaders of US Democrats and Republicans agree that the top executives at the biggest banks should no longer be "too big to jail." News developments related to HSBC and Goldman Sachs underscore the key issues.
Never before have public prosecutors so ardently investigated corruption among political elites as they are today. For all those prosecutors the decision to sentence one of New York’s most powerful leaders to prison for 12 years will be seen as a victory and an encouragement.
Across the globe stride powerful people in government and business who operate as if they are above the law. They steal vast sums, live in extravagant luxury and arrogantly manipulate the systems and processes of justice in their favor. They are the untouchable kleptocrats. It is time they were brought to justice.
Multiple major corruption crises are splashing across the front pages of newspapers across the globe. Taken together, these crises are contributing to global insecurity and to financial and economic instability, while they are challenging freedom and democracy in many countries.
The individual cases of grand corruption involving political leaders are reported case by case. The dangerous mega-impact, however, is only really evident by looking at the crises in combination.
World Bank president Jim Yong Kim says,"Each dollar lost to corruption is a dollar stolen from a pregnant woman who needs health care; or from a girl or boy who deserves an education; or from communities that need roads and clean water."
Shining a bright light on the global operations of major multinational corporations, including details of the cash they pay to foreign governments, will not end corruption. But, it is a very good start on a long and vital journey.