If it did, it's ok because it's a democractic country.
Actually USA is controlled by the financial corporate oligarchy, like most countries in the west are.
To get back to sovereignty and the structure of the state, another
cause of today's instability is that we now have a society in America,
Europe and much of the world which is totally dominated by the two
elements of sovereignty that are not included in the state structure:
control of credit and banking and the corporation.
These are free of
political controls and social responsibility, and they have largely
monopolized power in Western Civilization and in American society.
They
are ruthlessly going forward to eliminate land, labour,
entrepreneurial-managerial skills, and everything else the economists
once told us were the chief elements of production. The only element of
production they are concerned with is the one they can control: capital...
To me, the most ominous flaw in our constitutional set-up is the
fact that the federal government does not have control over of money
and credit and does not have control of corporations.
It is therefore
not really sovereign. And it is not really responsible, because it is
now controlled by these two groups, corporations, and those who control
the flows of money.
The new public financing of the Presidential
elections is arranged so that they can spend as much as they want:
voluntary contributions, not authorized by the candidate, are legal.
The administrative system and elections are dominated today by the
private power of money flows and corporation activities. I want to read
you a summary from James Willard Hurst, "The Legitimacy of the Business
Corporation in the Law of the United States from 1780 to 1970". He
points out that there was powerful anti-corporation feeling in the
United States in the 1820's. Therefore, it was established by the
states that corporations could not exist by prescription: they had to
have charters. They had to have a limited term of life and not be
immortal. Corporations today are immortal: if they get charters, they
can live forever and bury us all...
http://www.wealthbuilder.ie/essay
Compare the two, USA and China and their handling of corruption and corporate power:
China Executes More Corrupt Millionaires… While In America, AIG Swipes Another $249 Million In Bonuses

There’s a reason why the Chinese are ascendant while America is in
decline. Because the Chinese walk upright and aren’t afraid to apply
justice to the pigs who are ruining their country; while at the same
time, Americans bow and scrape to the same people who loot them,
dreaming like peasants of the day they can become Donald Trump’s
“Apprentice.” It’s a grotesque role-reversal, and we ought to be
ashamed....
http://exiledonline.com/china-executes-more-corrupt
Who is correct?
China is correct.