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Corporate personhood enhanced their power, yet imagine. Although corporations aren't human, they can live forever, change their identity, reside in many places globally, can't be imprisoned for wrongdoing, and can transform themselves into new entities for any reason.
They have the same rights and protections as people without the responsibilities. As a result, they operate freely unrestrained, especially financial giants controlling the power of money at the public's expense.
Beginning in the late 1960s, financialization grew more dominant. Economic control began shifting from industry to finance. Corporations are now seen as bundles of assets, the more liquid the better. A new monopoly finance capitalism developed to exploit it.
FIRE sector (finance, insurance, and real estate) predators capitalized. Casino capitalism gained prominence. Today it thrives. Major players took advantage, profiting hugely from speculation, chicanery and fraud.
A burgeoning financial superstructure gained a life of its own. Today it's omnipotent, especially in America and Europe. Their business model involves grabbing everything that smells money, no matter what harm is caused.
Money doesn't buy everything, but it buys enough influence to matter. The smartest guys in the room take advantage, buying politicians like toothpaste. Democracy's just a figure of speech.
Only wealth and power matter. Enough of them turned financial giants into monsters. Whatever they want, they get, including the right to operate freely outside the law, manipulate markets, bilk investors, strip-mine nations and people for profit, and get bailed out at public expense if overreach.
Under Obama and European leaders, the worst of bad practices flourish. Foxes guard the henhouse. Inmates run the asylum. Regulators don't regulate. Investigations aren't conducted. High-level criminal fraud gets wink and nod approval. Nothing is done to curb it.
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