4 ms·

No one who has $2.5B is going to jail for anything.

by Trias11 6y ago

lallysingh 6y ago
Martha Stewart? But that was securities fraud, the only true crime.
- vageli 6y ago
  > Martha Stewart? But that was securities fraud, the only true crime. I don't think Martha Stewart is a billionaire.
  - ineedasername 6y ago
    She's > 600 million. At that level, I'm not sure there's a useful distinction between her level & billionaire
- blazor 6y ago
  that was lying to the FBI actually
- arcticbull 6y ago
  "The charge is bank robbery. Now, my caddie's chauffeur informs me that a bank is a place where people put money that isn't properly invested. Therefore, robbing a bank is tantamount to that most heinous of crimes, theft of money."
- floxy 6y ago
  >In March 2004, Stewart was found guilty of conspiracy, obstruction of justice, and two counts of lying to a federal investigator. Her securities fraud charge was dismissed. https://www.thestreet.com/lifestyle/martha-stewart-net-worth-15064812 https://www.thestreet.com/lifestyle/martha-stewart-net-worth...
- paulmd 6y ago
  The one thing that will absolutely send you straight to jail 100% of the time is playing games with rich people's money.
m1sta_ 6y ago
Fines like this typically punish shareholders and lower level employees (via restructuring in response to a need to find budget for the fine).
- dragonwriter 6y ago
  > Fines like this typically punish shareholders Good. That should motivate shareholders to assure that they can hold management of firms they invest in accountable. > and lower level employees Which is regrettable, but I’m not sure how any form of corporate sanction could avoid that.
  - entangledqubit 6y ago
    You could have the fines be "heavily" pulled out of compensation packages for the higher ups who actually have the power to change the organization... but then they'd probably just leave and screw up some other place? Do boards generally try to claw back compensation in these sorts of situations? (Just as they have been doing in some of the recent cases involving financial shenanigans.)
- deepsun 6y ago
  Boeing belongs to the USA, so US citizens will take the punishment then. Am I right?
  - blendergeek 6y ago
    Boeing is a publicly traded company based in the USA. That is different from being owned by the USA. Amtrak (which provided passenger rail service in the USA) is owned by the US Federal Government. Boeing on the other hand is owned by a multitude of individuals like you and me and probably a good number hedgefunds.
    - m463 6y ago
      Meanwhile, Airbus... I've always heard the French Government supports it, but it's hard to see exactly how. and something interesting I just noticed: "In 2015, Airbus Group said it was establishing an R&D center and venture capital fund in Silicon Valley."

No one who has $2.5B is going to jail for anything.

lallysingh 6y ago

Martha Stewart? But that was securities fraud, the only true crime.

vageli 6y ago
> Martha Stewart? But that was securities fraud, the only true crime. I don't think Martha Stewart is a billionaire.
- ineedasername 6y ago
  She's > 600 million. At that level, I'm not sure there's a useful distinction between her level & billionaire
blazor 6y ago
that was lying to the FBI actually
arcticbull 6y ago
"The charge is bank robbery. Now, my caddie's chauffeur informs me that a bank is a place where people put money that isn't properly invested. Therefore, robbing a bank is tantamount to that most heinous of crimes, theft of money."
floxy 6y ago
>In March 2004, Stewart was found guilty of conspiracy, obstruction of justice, and two counts of lying to a federal investigator. Her securities fraud charge was dismissed. https://www.thestreet.com/lifestyle/martha-stewart-net-worth-15064812 https://www.thestreet.com/lifestyle/martha-stewart-net-worth...
paulmd 6y ago
The one thing that will absolutely send you straight to jail 100% of the time is playing games with rich people's money.

m1sta_ 6y ago

Fines like this typically punish shareholders and lower level employees (via restructuring in response to a need to find budget for the fine).

dragonwriter 6y ago
> Fines like this typically punish shareholders Good. That should motivate shareholders to assure that they can hold management of firms they invest in accountable. > and lower level employees Which is regrettable, but I’m not sure how any form of corporate sanction could avoid that.
- entangledqubit 6y ago
  You could have the fines be "heavily" pulled out of compensation packages for the higher ups who actually have the power to change the organization... but then they'd probably just leave and screw up some other place? Do boards generally try to claw back compensation in these sorts of situations? (Just as they have been doing in some of the recent cases involving financial shenanigans.)
deepsun 6y ago
Boeing belongs to the USA, so US citizens will take the punishment then. Am I right?
- blendergeek 6y ago
  Boeing is a publicly traded company based in the USA. That is different from being owned by the USA. Amtrak (which provided passenger rail service in the USA) is owned by the US Federal Government. Boeing on the other hand is owned by a multitude of individuals like you and me and probably a good number hedgefunds.
  - m463 6y ago
    Meanwhile, Airbus... I've always heard the French Government supports it, but it's hard to see exactly how. and something interesting I just noticed: "In 2015, Airbus Group said it was establishing an R&D center and venture capital fund in Silicon Valley."