Multinational Monitor

MAY/JUN 2007
VOL 28 No. 3

FEATURES:

The Billionaire Loophole: The Private Equity Tax Escape
by Samuel Bollier

Financial Entanglement and Developing Countries
by C.P. Chandrasekhar

Sin and Society: Part 1
by Edward Alsworth Ross

INTERVIEWS:

The Predators' Ball Resumes: Financial Mania and Systemic Risk
an interview with Damon Silvers

The Foreclosure Epidemic: The Cost to Families and Communities of the Predictable Mortgage Meldown
an interview with Alan Fishbein

DEPARTMENTS:

Behind the Lines

Editorial
Deregulation and the Financial Crisis

The Front
White Collar Drug Pushers - Snake Eyes for the U.S. at WTO - Taming the Giant Corporation

The Lawrence Summers Memorial Award

Greed At a Glance

Commercial Alert

Names In the News

Resources

Resources

Mailing List

Search

Editor's Blog

Archived Issues

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Donate Online

Links

Send Letter to the Editor

Writers' Guidelines

HOME

Orgnaizations

AFL-CIO
815 16th Street, NW
Washington, DC 20006
www.aflcio.org

Consumer Federation of America
1620 I Street, NW, Suite 200
Washington, DC 20006
E-mail: cfa@consumerfed.org
www.consumerfed.org

Service Employees Union
International
1800 Massachusetts Avenue, NW
Washington, DC 20036
www.seiu.org

Center for Economic
and Policy Research
1611 Connecticut Avenue, NW Suite 400
Washington, DC 20009
E-mail: cepr@cepr.net
www.cepr.net

ACORN
739 8th Street, SE
Washington, DC 20003
E-mail: natacorndc@acorn.org
www.acorn.org

United for a Fair Economy
29 Winter Street
Boston, MA 02108
E-mail: info@faireconomy.org
www.faireconomy.org

Center for American Progress
1333 H Street NW, 10th Floor
Washington, DC 20005
E-mail: progress@americanprogress.org
www.americanprogress.org

Economic Policy Institute
1333 H Street, NW,
Suite 300, East Tower
Washington, DC 20005
E-mail: epi@epi.org
www.epi.org

National Community
Reinvestment Coalition
727 15th Street, Suite 900
Washington, DC 20005
www.ncrc.org

Program on Inequality
and the Common Good
Institute for Policy Studies
1112 16th Street NW, Suite 600
Washington, DC 20036
E-mail: info@ips-dc.org
www.ips-dc.org

Demos:
A Network for Ideas & Action
220 5th Avenue
New York, NY 10001
E-mail: info@demos.org
www.demos.org

Inequality.org
inequality@demos.org

Center for Community Change
1536 U Street, NW
Washington DC, 20009
E-mail: info@communitychange.org
www.communitychange.org

National Low Income
Housing Coalition
727 15th Street NW, 6th Floor
Washington, DC 20005
www.nlihc.org

U.S. Chamber of Commerce
1615 H Street, NW
Washington DC 20062
www.uschamber.com

Private Equity Council
950 F Street, NW, Suite 550
Washington, DC 20004
www.privateequitycouncil.org

Center for Responsive Politics
1101 14th Street, NW, Suite 1030
Washington, DC 20005
E-mail: info@crp.org
www.opensecrets.org

Public Citizen’s
Global Trade Watch
215 Pennsylvania Avenue, SE
Washington, DC 20003
E-mail: gtwinfo@citizen.org
www.citizen.org/trade/index.cfm

Peterson Institute for
International Economics
1750 Massachusetts Avenue, NW
Washington, DC 20036
www.petersoninstitute.org

Public Citizen’s
Health Research Group
1600 20th Street, NW
Washington, DC 20009
E-mail: hrg1@citizen.org
www.citizen.org/hrg/index.cfm

Taming the Giant Corporation
www.tamethecorporation.org

Center on Alcohol Marketing
and Youth
Health Policy Institute
Georgetown University
Box 571444
3300 Whitehaven Street, NW,
Suite 5000
Washington, DC 20057
E-mail: info@camy.org
www.camy.org

Public Employees for
Environmental Responsibility
2000 P Street NW, Suite 240
Washington, DC 20036
E-mail: info@peer.org
www.peer.org

Transactional Records
Access Clearinghouse
666 11th Street, NW, Suite 900
Washington, DC 20001
E-mail: trac@syr.edu
http://trac.syr.edu

International Rivers
1847 Berkeley Way
Berkeley, CA 94703
E-mail: info@internationalrivers.org
www.internationalrivers.org

Publications

The Speculation Economy: How Finance Triumphed Over Industry
By Lawrence Mitchell
San Francisco: Berrett-Koehler, 2007

War on Greed
A Robert Greenwald and
Brave New Films Production
www.warongreed.org

Too Much: An Online Weekly on Excess and Inequality
777 UN Plaza, Suite 3C
New York, NY 10017
E-mail: editor@toomuchonline.org
www.cipa-apex.org/toomuch

“Behind the Buyouts: Inside the World of Private Equity”
Washington, DC: Service Employees Union International, 2007
www.behindthebuyouts.org

The Squandering of America: How the Failure of Our Politics Undermines Our Prosperity
By Robert Kuttner
New York: Knopf, 2007

“Executive Excess 2007: The Staggering Cost of U.S. Business Leadership”
By Sarah Anderson, John Cavanagh, Chuck Collins, Mike Lapham and Sam Pizzigati
Washington, DC:
Institute for Policy Studies, 2007
www.ips-dc/reports/
070829-executiveexcess.pdf

Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich — And Cheat Everyone Else
By David Cay Johnston,
New York: Portfolio Hardcover, 2003

Other People’s Money: The Corporate Mugging of America
By Nomi Prins
New York: New Press, 2004

The Predators’ Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders
By Connie Bruck
New York: Penguin, 1989

Den of Thieves
By James Stewart
New York: Touchstone Books, 1992

Barbarians At The Gate: The Fall of RJR Nabisco
By Bryan Burrough and
John Helyar
New York: Harper & Row, 1990

The Money Machine: How KKR Manufactured Power and Profits
By Sarah Bartlett
New York: Warner Books, 1991

Merchants of Debt: KKR and the Mortgaging of American Business
By George Anders
Frederick, MD: Beard Books, 2002

The Panic of 1907: Lessons Learned from the Market’s Perfect Storm
By Robert Bruner and Sean Carr
Indianapolis, IN: Wiley, 2007

Left Business Observer
38 Greene Street, 4th Floor
New York, NY 10013
E-mail: dhenwood@panix.com
www.leftbusinessobserver.com

Wall Street: How It Works and For Whom
Doug Henwood
New York: Verso, 1997
Full text available at: www.leftbusinessobserver.com/
WSDownload.html

After the New Economy
Doug Henwood
New York: New Press, 2003

A Demon of Our Own Design:
Markets, Hedge Funds, and
the Perils of Financial Innovation
By Richard Bookstaber
Indianapolis, IN: Wiley, 2007

Traders, Guns & Money:
Knowns and Unknowns in the
Dazzling World of Derivatives

By Satyajit Das
Upper Saddle River, New Jersey:
FT Press, 2006

Subprime Mortgages: America’s Latest Boom and Bust
By Edward Gramlich
Washington, DC: Urban Institute Press, 2007

The New Masters Of Capital:
American Bond Rating Agencies And The Politics Of Creditworthiness
By Timothy Sinclair
Cornell University Press, 2005

Pain Killer: A “Wonder” Drug’s Trail of Addiction and Death
By Barry Meier

New York: Rodale, 2003

Whose Trade Organization?:
A Comprehensive Guide to the
World Trade Organization

By Lori Wallach and Patrick Woodall
New York: New Press, 2004

Developing Countries and Services Trade: Chasing a Black Cat in a Dark Room, Blindfolded
By Chakravarthi Raghavan
Penang, Malaysia:
Third World Network, 2002

Taming the Giant Corporation:
How the Largest Corporations
Control Our Lives
By Ralph Nader, Mark Green
and Joel Seligman
New York: W.W. Norton & Co., 1977

The People’s Business: Controlling Corporations and Restoring Democracy
By Lee Drutman and Charlie Cray
San Francisco: Berrett-Koehler, 2004

Blackwater: The Rise of the World’s Most Powerful Mercenary Army
By Jeremy Scahill
New York: Nation Books, 2007