Clearly, the funds were doled out on the basis of personal networks and relationships between directors and shareholders on one side and politicians and bureaucrats on the other -- merit and good corporate citizenship was most definitely nowhere on the list of criteria for eligibility, which is, simply stated, astonishing and inexcusable.
If this is to be fixed or cured, it has to be analyzed truthfully.
There is a way to shine the light on all of this and I feel until it is done, there can be no healing and moving forward.
After they calculate ALL of the back taxes owing from ALL of the companies who received bailout funds, they should not only release the names of all the companies receiving any funds, but:
1. The period of time each entity has been in arrears;
2. A full list of the tax "incentives" that company has received over the years, including disclosure of its corporate tax rate;
3. A complete list of all of the shareholders and directors of each entity;
4. A complete list disclosing all of the political "donations" that each company, and each one of its shareholders and directors, has made in each of the last 10 years;
5. Disclosure of the names of all of the shareholders and directors of each entity that, in the past 10 years, has occupied a position in public office (whether as an elected or appointed official); and
6. Disclosure of the total amount of money that each entity paid, directly or indirectly, to each of its directors and officers as "remuneration" (including salary, bonuses, stock options, and so on) over the past 10 years.
Until this is done, no one will ever know what went on here, or continues to go on.
JMO
