Alternative Radio – Richard Grossman: Revoking Corporate Charters
From ExxonMobil to Wal-Mart, they dominate society and politics. Over the last 100 years corporations have accrued enormous economic power and legal standing. A corporation is licensed to do business. These licenses are called charters. In theory, when a corporation violates its charter, it can be revoked. That used to happen but not any more and now corporate power has gotten a big boost. On Jan. 21, 2010, the U.S.Supreme Court, in Citizen's United v. Federal Election Commission, ruled that there are no limitations on campaign contributions by both domestic and foreign corporations. Noam Chomsky calls the decision a dark day in the history of U.S. democracy, and its decline. The ruling, The New York Times, says strikes at the heart of democracy by having paved the way for corporations to use their vast treasuries to overwhelm elections.