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Wed Feb 1, 2012, 11:07 PM

Moral bankruptcy

How did we get to a place where corporations are considered "people" and in fact in many ways have more rights than common citizens of this country? Or perhaps more importantly how do we change this situation within the structure of our legal system?

Corporations receive a charter for their existence from each state, and at least in abstract theory derive the privilege of holding this public-granted charter because the corp's existence will benefit the public at large. We all recognize that in practice many/most corporations wind up working against the public interest... so perhaps we should force the issue and revoke corporate charters.

In effect, declare especially malovent corporations "Morally Bankrupt" - with their charter removed, the firm goes to bankruptcy court, is liquidated, all debts and liabilities (including accrual for expected and potential liabilities for injured parties) settled, and if any assets are left over, divided up to the equity owners.

A company could be perfectly profitable, but if they have worked so very far against what the general public considers the public interest (whatever that may be, as defined democratically), then it is still bankrupt morally! Why not treat it as such?

Just a thought. Tired of seeing small businesses crushed by big businesses, and the 1% getting bonuses for screwing the 99%. Thinking we should screw them back, by closing one of their major sources of power.

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