Perhaps both. Punishing only the people deemed directly responsible makes it much too easy for corporations to scapegoat someone low on the totem pole, and it e

Perhaps both. Punishing only the people deemed directly responsible makes it much too easy for corporations to scapegoat someone low on the totem pole, and it ensures that the culture that fosters bad behavior will never change--there's an endless supply of ambitious underlings to be sacrificed as necessary. If you hit them in the bottom line every time, they'll learn to police themselves. (Or perish. Either is fine.)