Microsoft maintains the fiction that it has sold its most valuable copyrights and other intangible assets to a tiny factory in Puerto Rico, where, thanks to promising to hire a mere 85 workers, it pays effective zero tax; the company transfers almost all its profits to this factory to "license" its own crown jewels, making the company totally unprofitable on paper, and thus immune from taxation. Read the rest

Capitalism has a foundational dependence on auditors -- outside entities who evaluate companies' claims about their financial state so that investors, suppliers and customers can understand whether to trust the companies with their money and business -- but those auditors are paid by the companies they're supposed to be keeping honest, and to make matters worse, 40 years of lax antitrust enforcement has allowed the auditing industry to contract to a four gigantic firms that openly practice fraud and abet corruption, with no real consequences. Read the rest

KPMG is one of the "Big Four" accounting firms: that means that whenever a plan for a business or a public project has a box that says, "Make sure no one is cheating," it means that you hire KPMG or one of its rivals to come in and check the books and make sure that everything is on the level. If you can't trust the accounting firm, the whole thing falls apart. Read the rest

Carrillion was the UK government's go-to outsourcing partner, a company with a long and disgraceful history of putting profits before people -- perhaps that's why HM Government was so ready to believe in the company's robust financial health as it amassed £7B in debts and then collapsed, spectacularly, leaving the UK in financial and infrastructural disarray. Read the rest