Probes or Damage Control?

There has been a request for more on the Volcker Report. With three major corruption findings as well the myriad minor stuff, there is something of an overload at the moment.
Each of the big three is a major research effort, but the Volcker Report stands out as problematic for the UN. The UN do not have the authority to litigate against alleged miscreants, they can only penalise by banning miscreants from future UN Contracts.
That in itself is problematic when corporations seemingly have the means to change shape at will.
It is up to member countries to investigate and prosecute their own nationals, named in the report. If and how that is done is subject to the political and ethical strengths within individual countries.
The real stories will emerge over time as countries react to the report in their own ways.
The Australian Government was quick to initially dismiss claims against AWB (formerly the Australian Wheat Board). The knee jerk reaction was to protect billions of dollars of annual wheat exports.
However, in the face of overwhelming proof, and still to protect future export potential, the government did an abrupt about face. The three main Australian companies named in the report will now be subject to further enquiries.
Russia, on the other hand, is rife with denial and counter attack.
“Volcker's list of schemers who profited in various ways from oil-for-food includes prominent diplomats in Russia and France…”
“Russia could demand the Volcker Commission that probed alleged kickbacks received by foreign entities and individuals in implementing UN oil-for-food programme for Iraq to disclose its sources, as many of the documents it produced regarding alleged Russian involvement were ‘dubious’.”
“Russian Communist Party leader Gennady Zyuganov accused the intelligence services of concocting the report saying, “It is the handiwork of their special services (spy agencies) to destroy the foreign political rivals challenging the US policies.””
France is, just a little, preoccupied with internal turmoil and riots to make any meaningful response. Even so, the stain goes to high levels in the government and will most likely be smothered by bureaucracy.
The USA, mired in home grown scandals, have taken steps and even made arrests on the basis of the report.
The positive fallout from the US response is that they are intent on seeing other countries, like France and Russia, do the right thing.
India is mired in their own unique style of scandal. If nothing else, the forests’ being converted to newsprint, in order to accommodate this scandal, is almost a scandal in itself.
Like a number of other countries, the involvement of high government and establishment figures gives the saga a special twist in that vast country.
The real stories, from Volcker, are legion. They promise to be highly charged and highly damaging in some quarters.
I am just hoping they dribble out in some manageable order. Another flood of complex scandals is just too much to contemplate.