Former Detroit mayor Kwame Kilpatrick was convicted of corruption yesterday. There was widespread speculation that a jury of his peers might acquit in spite of compelling evidence to the contrary. This would have been a blow to the rule of law and the fortunes of cities with a culture of corruption that were/are attempting recovery. One might correctly argue that the severe economic problems that Greece is suffering through today can be traced back to the widespread corruption purported to be rampant in that country’s government (Reuters, December 5, 2012 – “Greece has scored the worst ranking of all 27 European Union nations in a global league table of perceived official corruption, falling below ex-communist Bulgaria as public anger about graft soars during the country’s crisis.”).
The rule of law is a prerequisite to success in capitalism.
All questions and comments are welcomed.
Bob Bilkie, CFA