While two third of the world’s oil and mining companies are under transparency laws, many companies are still rotting in corruption.

Equatorial Guinea has explored billions of dollars of oil since the 1990’s, yet it has one of the highest poverty rate in the world. The president would often ‘sell’ the oil to privatized oil companies that are actually owned by himself, by doing so, laundering billions that should have benefited the nation. Moreover, these are all done with the support of many large banks and oil & gas companies.

I feel that actions like this is extremely unethical, both on a business and political stand point. While privatizing a national resource like oil, it decreases the general standard of living, as there are no funds for education, health care, or even basic necessities like food and water. There are less job opportunities for the citizens due to a monopolization of the entire oil & gas market in the country. Both these factors causes poverty across the country, all while the son of the president is enjoying his expensive sport-cars. I personally believe that the president’s action is morally wrong, he is suppose to represent and protect his country, yet he can put his citizens through suffrage just to obtain excessive personal gain. Thus, corruption: the lack of business ethics at its worst.

http://www.ted.com/talks/charmian_gooch_meet_global_corruption_s_hidden_players.html