NYT: Colorado Proposes Tough Law on Executive Accountability

[Omaha Steve]

http://www.nytimes.com/2008/04/01/business/01fraud.html?_r=3&adxnnl=1&oref=slogin&ref=business&adxnnlx=1207023440-uIpjlwMHrDST6ZUgklKXQg&oref=slogin&oref=slogin



Matthew Staver for The New York Times

“We need businesses to survive, but we don’t need criminals running them,” said Lew Ellingson, a former Qwest employee. An insider trading scandal at Qwest damaged its reputation.

By DAN FROSCH
Published: April 1, 2008

DENVER — For 30 years, Lew Ellingson loved being a telephone man.

His job splicing phone cables was one that he says gave him “a true sense of accomplishment,” first for Northwestern Bell, then US West and finally Qwest Communications International.

But by the time Mr. Ellingson retired from Qwest last year at 52, he had grown angry. An insider trading scandal had damaged the company’s reputation, and the life savings of former colleagues had evaporated in the face of Qwest’s stock troubles.

“It was a good place,” he said wistfully. “And then something like this happened.”

Now, Mr. Ellingson is the public face of a proposed ballot measure in Colorado that seeks to create what supporters hope will be the nation’s toughest corporate fraud law.

Buttressed by local advocacy groups and criticized by a Colorado business organization, the measure would make business executives criminally responsible if their companies run afoul of the law. It would also permit any Colorado resident to sue the executives under such circumstances. Proceeds from successful suits would go to the state.

FULL story at link.

[rockymountaindem]

1. Kick n/t

[bobbolink]

2. Justice for ALL criminals. What a concept.

In 'Murka?

[barbtries]

3. how about some accountability for the

CHIEF executive? grrrr. it's looking like i won't live long enough to see that.

[Hotler]

4. If you're not a crook you have..

nothing to fear. Since when did any Chamber of Commerce care about anyone other than themselves.

[Indenturedebtor]

6. Yeah

Why don't we throw their meme about wiretapping back at these facist sacks of shit. "If you're not a criminal what do you have to fear?"

[snot]

5. k&r'd

[DCKit]

7. The penalties for white collar crime are lame.

Enron is the poster child of a company that harmed thousands irreparably, yet the responsible parties walked away, largely unscathed, several with their fortunes intact.

Additionally, when someone like Ken Lay transfers vast assets to his wife's name for the sole purpose of protecting them from from a legal judgment, the current laws protecting spousal assets need to be redrawn. She should have been left with only those assets she brought into the marriage.

[Pastiche423]

8. But what money would Kenny boy live on now?

[DCKit]

9. Shhhhhhhhhh. Dumbya and the gang might need to use that hidey hole too.

Let's leave it "undiscovered" until it's full, then....

[Pastiche423]

10. Nah

Let EVERYONE discover that hidey hole.