Tyco Mistrial: Federal Crackdown on Corporate Scandals Derails

Frank Quattrone: Hung Jury - Tyco: Hung Jury - Martha Stewart: Guilty - Joseph Jett: Hung

(PRWEB) April 1, 2004 -- The vaunted federal crackdown on corporate scandals, insider trading, and CEO plundering derailed judge declares mistrial in the months long Tyco case. The unwillingness of the jury system to convict Frank Quattrone, Dennis Kozlowski, or Mark Swartz indicates why prosecutors, eager for a victory, target minorities and women as in the case of Martha Stewart and Joseph Jett. Kozlowski and Swartz undeniably plundered Tyco for $600 million but will likely walk free. Quattrone, who took the stand solely to declare his own guilt when Federal prosecutors could prove only their own ineptness, likewise walked free.

Where and when did the cause of justice first stumble in the financial markets? "The culture of fraud began in the mid 90's when the SEC found it both politically and economically advantageous to accuse scapegoats rather than administering justice to influential CEOs," says bestselling author, Joseph Jett, in the newly released Broken Bonds: My Immoderate Life of Love, Passion, War on Affirmative Action and Jack Welch's GE. "With the SEC, U.S. financial markets have the fox as sole regulator and guardian of the henhouse. The SEC's mission is confounded by an atmosphere of cronyism so endemic that famed whistleblower Michael Lissack labeled it: The Levitt Standard. Investors remain imperiled by the clear and continuing conflict of interest that has ex-SEC Division of Enforcement Chiefs charging corporations $650 per hour to have their SEC pals turn a blind eye to the most outrageous corporate malfeasance."

Broken Bonds examines the SEC's rapid descent from respected regulatory body to handmaiden of the very industries it was intended to regulate. The culture of corporate scandal, shareholder abuse, and CEO self-dealing is the end result of a regulatory body on the take. Says Jett, "Investors must know the truth about the regulatory environment in which they invest. It is one where government regulators enrich themselves by allowing fraud to eviscerate the capital markets."

Jett contends the financial markets remain imperiled as long as justice is applied unequally based on gender and race. "The Quattrone and Tyco cases show the court systems reflect the old and venerated prejudices of the community. We are not comfortable with women leaders so Martha Stewart is quickly and unanimously found guilty and will serve time for offenses at which Dennis Kozlowski and Mark Swartz would justifiably sneer; and Quattrone's witness stand confession is blissfully ignored. In the civil arena, the SEC is a complete mockery of justice, as they can deny the accused the right to ever face a jury of their peers. Theirs is a kangaroo court system defined. When I appealed to the SEC for justice, 10 years, that's right, 10 years after being accused, I found two butchers for a jury and a Hitler for a judge."

Broken Bonds is the story of America's broken promise to those who pull themselves up by their bootstraps to compete in the mythical colorblind society. Jett, a Harvard MBA and two time MIT graduate says, "I tried to do what was noble. I never identified my race on any college or job application. I refused any opportunity that seemed affirmative action related. I was determined to set a standard that proved that Blacks needed no intellectual crutch. I believe that I succeeded in that endeavor but must now face the last bastion of racism, the American legal system."

Broken Bonds offers a seldom-voiced view of the African-American experience. Jett is the antithesis of New York Times star reporter, Jayson Blair. Jett was the unquestioned master of the house. Many Blacks contend that the house was blown to smithereens rather than allow a Black intellectual to dominate.

Broken Bonds is a winning combination of sex, money, and power from a man who hides not his own frailties and lived life ferociously. The reader visits exotic locals in China, Thailand, Brazil, Macau and Marrakech and feels swept along by the breathtaking speed of events which would propel Jett to headline news coverage across the globe.

Hollywood producer luminaries Wendy Finerman (Forrest Gump, Stepmom, The Fan), Spike Lee (Malcolm X, Do the Right Thing, She's Gotta Have It), and Patrick McCormick (Peter Pan, Boys on the Side, Donnie Brasco) have all expressed interest in Jett's story. Jett starred in the BBC production, Blood on the Carpet, and was portrayed by Courtney Vance in the Law and Order episode, "Rage".

Title: Broken Bonds

Subtitle: My Immoderate Life of Love, Passion, War on Affirmative Action and Jack Welch's GE

Author: Joseph Jett

ISBN: 0-9708101-3-X

Category: Business/African American/Biography

Length: 336 pages

Retail Price: $34.95

Binding: 6" x 9" Hardcover