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How can this be legal?
by artpop 7y ago
How can this be legal?
- tibbydudeza 7y ago"The New York attorney general’s office said on Friday that it had tracked about $1 billion in wire transfers by the Sackler family, including through Swiss bank accounts, suggesting that the family tried to shield wealth as it faced a raft of litigation over its role in the opioid crisis." Capitalism as it's finest.
- toomuchtodo 7y agoLuckily, this means the family will be pursued criminally. Bankruptcy doesn’t shed that.
- adrr 7y agoPurdue is already convicted of a felony. You shouldn't be able to declare bankruptcy to dissolve damages from a felony and felony conviction of company should hold directors accountable for damages.
- toomuchtodo 7y agoWhile it’s unfortunate bankruptcy code wasn’t designed for these edge cases, I’m optimistic about how a court will handle this. Even more so about criminal charges that will likely include a prison sentence due to the amounts involved and clear intent.
- fucking_tragedy 7y agoBankruptcy exists as a safety net for failed capitalists.
- ChuckMcM 7y agoYeah this. I really wish there was some way to sentence these billionaires to the middle class for the rest of their lives. Some sort of "external" prison where their net worth is held to that of the median net worth of the OMB's "middle class" range.
- llamataboot 7y agoCan we do it for everyone?
- ChuckMcM 7y agoYou mean everyone convicted of criminal misconduct? Or everyone everyone? Feel the latter would do more harm than good. The opportunity to become wealthy it a tremendous motivator.
- stallmanite 7y agoCan poor people get in on this? Being sentenced to a middle class life could be ok.
- PeterStuer 7y agoYes, it is such a great motivator people will literally kill, die, and destroy the planet for it.
- gwright 7y agoWhat does this have to do with "capitalism"? People hiding their ill-gotten assets is hardly a unique characteristic of capitalism.
- alyx 7y agoWelcome to the world run by business. Here’s a warm towel, enjoy your stay.
- justinjlynn 7y ago> Narrator: The towel is made by the lowest bidder, falling apart, it's not warm and you won't.
- refurb 7y agoBankruptcy? What do you propose as an alternative when liabilities exceed assets?
- throwawayjava 7y agoPiercing the veil. This is not a lemonade stand going under. Here, "Liabilities" correspond to dead bodies. In the thousands.
- jeffdavis 7y agoWhat law permits this now; or are you proposing a new law? If so, how would it work?
- YokoZar 7y agohttps://www.law.cornell.edu/wex/piercing_the_corporate_veil https://www.law.cornell.edu/wex/piercing_the_corporate_veil > "Piercing the corporate veil" refers to a situation in which courts put aside limited liability and hold a corporation's shareholders or directors personally liable for the corporation’s actions or debts.
- pkaye 7y agohttps://en.wikipedia.org/wiki/Piercing_the_corporate_veil https://en.wikipedia.org/wiki/Piercing_the_corporate_veil
- jrochkind1 7y agoA Chapter 11 is a filing for reorganization of debt, to keep the business alive and pay creditors over time, often at a discount and privileging some debtors over others. Even within traditional US Bankruptcy codes, there could instead be a Chapter 7 liquidation bankruptcy. In which the company is simply (or not so simply) liquidated and all assets used to pay creditors. Purdue pharma isn't a public company. I'm not sure how to look up it's net worth. The Sacklers will of course prefer whichever will lose them the least money. That's before we start talking about the ways in which a company's owners can indeed legally be liable for the company's fraudulent or criminal behavior, and long before we start talking about the guillotines.