3 ms·

I used to think this as well but then I learned of something called a principal-agent problem. I am talking in general, so while fines might work in this exact

by mcny 3y ago

I used to think this as well but then I learned of something called a principal-agent problem. I am talking in general, so while fines might work in this exact case, they won’t work in general. The CEO and board supervising the crimes might be long gone and no longer a part of the corporation by the time the law catches up with them and the owners / shareholders are left holding the bag. I understand what I am advocating might seem against existing case law about LLC and as I’ve said before I am not a lawyer so it might not be something straightforward to codify but I know it is possible if we have the will and we make it a priority. I would hope we should have the owners of our economy, the 0.0001% of the population on our side on this matter because upper management is robbing them or they will if we institute reasonably high enough fines instead of prison time.

jeltz 3y ago
While GDPR is far from perfect those fines made a huge difference. Hefty fines do scare companies.
- nickpp 3y ago
  The most visible difference inside the EU is a significant degradation of the user web browsing experience.
  - unionpivo 3y ago
    Maybe visible, but as someone who works in EU, behind the screen there is a lot more emphasis on either not collecting data, or being more strict with what you collect and how you collect it. PII data identifying, documenting it, and periodic review's of that is becoming standard procedure. I remember when GDPR was announced, where for most projects, there was not anyone who could tell you for any given project, what all data is being collected and stored where. So GDPR did have positive* effect at least with the part of the market I am familiar with. * As in positive for people privacy
educaysean 3y ago
> The CEO and board supervising the crimes might be long gone and no longer a part of the corporation by the time the law catches up with them and the owners / shareholders are left holding the bag. Did these people continue to maintain the processes and rules enacted by their predecessors? If so they aren't "left holding the bag", they are the remaining beneficiaries of the system. If you are one of the few who have the power to stop something but you don't because you benefit from the status quo, you aren't a victim. You are the perpetrator.
- mcny 3y ago
  > If you are one of the few who have the power to stop something but you don't because you benefit from the status quo, you aren't a victim. You are the perpetrator. I know you said few and I am moving goal posts here a little but it isn’t always the “big guys” who suffer either. Will you volunteer to tell the retiring teacher or firefighter that they will have to starve because you’d rather punish the ultimate perpetrators rather than hold the actually guilty (the then CEO and the board) accountable to the law?
  - unionpivo 3y ago
    > Will you volunteer to tell the retiring teacher or firefighter that they will have to starve because you’d rather punish the ultimate perpetrators rather than hold the actually guilty (the then CEO and the board) accountable to the law? I would. And firefighters and teachers are used to getting fucked by everybody anyway. (mom is a teacher, and have several friends who are firefighters). But in reality, big union funds, invest only a little bit in any one company, so no, some big company loosing some of it market cap, would make little difference to each individual teacher and firefighter.

by mcny 3y ago

jeltz 3y ago

While GDPR is far from perfect those fines made a huge difference. Hefty fines do scare companies.

nickpp 3y ago
The most visible difference inside the EU is a significant degradation of the user web browsing experience.
- unionpivo 3y ago
  Maybe visible, but as someone who works in EU, behind the screen there is a lot more emphasis on either not collecting data, or being more strict with what you collect and how you collect it. PII data identifying, documenting it, and periodic review's of that is becoming standard procedure. I remember when GDPR was announced, where for most projects, there was not anyone who could tell you for any given project, what all data is being collected and stored where. So GDPR did have positive* effect at least with the part of the market I am familiar with. * As in positive for people privacy

educaysean 3y ago

> The CEO and board supervising the crimes might be long gone and no longer a part of the corporation by the time the law catches up with them and the owners / shareholders are left holding the bag. Did these people continue to maintain the processes and rules enacted by their predecessors? If so they aren't "left holding the bag", they are the remaining beneficiaries of the system. If you are one of the few who have the power to stop something but you don't because you benefit from the status quo, you aren't a victim. You are the perpetrator.

mcny 3y ago
> If you are one of the few who have the power to stop something but you don't because you benefit from the status quo, you aren't a victim. You are the perpetrator. I know you said few and I am moving goal posts here a little but it isn’t always the “big guys” who suffer either. Will you volunteer to tell the retiring teacher or firefighter that they will have to starve because you’d rather punish the ultimate perpetrators rather than hold the actually guilty (the then CEO and the board) accountable to the law?
- unionpivo 3y ago
  > Will you volunteer to tell the retiring teacher or firefighter that they will have to starve because you’d rather punish the ultimate perpetrators rather than hold the actually guilty (the then CEO and the board) accountable to the law? I would. And firefighters and teachers are used to getting fucked by everybody anyway. (mom is a teacher, and have several friends who are firefighters). But in reality, big union funds, invest only a little bit in any one company, so no, some big company loosing some of it market cap, would make little difference to each individual teacher and firefighter.