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Reply #1: Crushing corporate crime means crushing a few corporations [View All]

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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-03-05 11:28 AM
Response to Original message
1. Crushing corporate crime means crushing a few corporations
by withdrawing their charters and allowing them to exist only as large partnerships. There would be no more shielding of assets from suits, and stockholders would become directly responsible for corporate wrongdoing in proportion to the amount of stock they are holding.

This is the only thing that will clean this mess up. A corporation has no ass to kick or to jail. Only the death penalty can be imposed. Small stockholders would pay pennies on any judgement. Large stockholders would end up finding themselves very liable for the corporate wrongdoing that made them rich.

Simply jailing a few executives isn't the answer. Too many wealthy people wink at destructive corporations as long as the money keeps rolling in. Crushing a few of the worst by revoking their charter would do more to clean the mess up by making these jokers realize that yes, they CAN be hurt, than jailing every executive in the country in Club Fed would do.

My guess is that relatively few charters would be revoked before the whole rotten group cleaned up its act.
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