International Anti-Corruption Conference Blog

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Political corruption behind financial crisis, says poll

Posted by iaccforum on October 24, 2008

A new survey carried out by Judicial Watch in conjunction with polling firm Zogby International has found that over 80 per cent of Americans think that political corruption is partly to blame for the current financial crisis. What began over a year ago in the US sub-prime mortgage market and has spread since, freezing credit markets, bankrupting storied financial institutions and now threatening the global economy.

A 24 October article in The New York Times, “West in Talks on Credit to Aid Poorer Nations”, makes clear that the crisis does not just threaten Wall Street and major financial centres, but also threatens to unravel the recent strides made by emerging markets from Iceland and Hungary to South Africa and Argentina, who are now starved of credit for capital improvements and whose devalued currencies have made it difficult for them to repay the foreign debts they have accrued.

Is all this the result of political corruption inside the Washington beltway? This is a provocative theory. What is certain, though, is that the crisis is one of governance and accountability more broadly, from the regulation of mortgage markets and the financial transparency of banks to the prescriptions of intergovernmental institutions embodied by the Washington Consensus of the 1990s.

But despite the human suffering that the current financial crunch brings with it, it bears opportunities as well. Domestic and international financial regulation, and corporate governance will be reinvented in its wake. The 13th IACC in Athens will be an opportunity to strategise about how the frustration and anxiety of the current crisis can be channelled into greater accountability and sensible oversight.

Jesse Garcia

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Posted in Commentary, Financial Crisis | Tagged: , , , | 1 Comment »

Welcome to the official IACC blog!

Posted by iaccforum on October 20, 2008

Welcome to the IACC Forum, the blog for the International Anti-Corruption Conference. This blog will provide information about the IACC and serve as a platform for the many stakeholders involved in the global fight against corruption.

From 30 October to 2 November 2008 the 13th International Anti-Corruption Conference (www.13iacc.org) will be held in Athens, Greece, under the banner “Global Transparency: Fighting Corruption for a Sustainable Future”. Check back here throughout the conference – and afterwards! – for insightful posts, controversial articles and colourful commentary from Athens and beyond.

Posted in Introduction | Tagged: , , , | 3 Comments »