Book Summary: Fairness Doctrine

6/24 class notes
Rules of discovery – applies to everyone
Net neutrality -
Fairness doctrine-

Chapter 6 book notes
Free speech does not protect you from consequences of your actions (the government can’t come and arrest you, however, local and state institutions can). Free speech is all about what the government can do
What is role of government? Watched John Stossel video - is American #? role of gov. in India and Hong Kong
Homg kong has freedom according to Milton freeman, gov doesn’t look for safety nets, you can’t protect everyone from everything, no gov crutch, people are inspired to create things, less taxes
India- government doesn’t let you do anything, too many regulations
Stossel is a libertarian and coming from that viewpoint
122 Foreign Corrupt Practices Act (FCPA)-legislation introduced to control bribery and other less obvious forms of payment to foreign officials and politicians by American publically traded companies. Signed under law - Jimmy Carter. If it’s illegal under US law, American companies cannot do it overseas, even though its legal overseas. Why was it done?
To show rest of world that we don’t tolerate it, if it’s not legal here, don’t be doing it in other countries, Carter wanted the US to be the shining star and to show others how to do business PRO CON Keeps bad practices out of this country We are less competitive Forces us companies to pay attention force US companies to hire consultants To quality and service pushes companies offshore Keeps companies honest called multinationals Keeps us from promoting politics in other international relations have suffered Countries

Message that competitiveness of US corps in overseas markets should be based on price and product quality rather than the extent to which companies had paid off foreign officials and political leaders
Disclosures – requirement that coirps fully disclose any and all transactions conducted with foreign officials and politicians
Prohibition – act includes wording from back secrecy act and mail fraud act to prevent the movement of funds overseas for the express purpose of conducting a fraudulent scheme
Facilitation payments – payments that are acceptable (legal) provided they expedite or secure the performance of a routine governmental action
Routine governmental action – any regular administrative process or procedure, excluding any action taken by a foreign official in the decision to award new or continuing business
Illegal vs. Legal pd 124 – don’t need to memorize, but in general. If activity is illegal here, and legal in foreign country, it is ILLGEAL unless done to provide basic services. Bringing to get mail, or getting utilities, than it is legal.
Illegal –
Bribes
Record keeping and accounting provisions
Legal –
Grease payments
Marketing expenses
Payments lawful under foreign law
Political contributions
Donations to foreign charities

128 Sarbanes Oxley Act (2002) (SOX)
A legislative response to the corporate accounting scandals of the early 2000s that covers the financial management of a business
Passed in wake of Enron collapse, and other similar accounting scandals
Signed into law by Bush
When publically traded companies hire big accounting firms, that firm has a fiduciary responsibility to report the facts, even though they are being paid by the company, companies have to hire independent

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