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IMO, all that is necessary is the law strongly backing personal liability of C-level in all industries. Trying to penalize companies never works in practice, r
by manoDev 3y ago
IMO, all that is necessary is the law strongly backing personal liability of C-level in all industries.
Trying to penalize companies never works in practice, regulators CANT let large companies going bankrupt, cascading defaults of creditors, creating unemployment, etc. It never happens. Also, this penalizes the workers the most.
Once psychopaths have certainty of personal consequences they will want to stay away from executive positions.
- horsawlarway 3y agoThere is too strong an incentive to assign fall men to positions of "public responsibility" and then operate behind them at will (profitably). I'd maybe be in favor of a law that demanded that fines be paid in equity of the company (starting with equity held by the C-level officers and board) at a steep discount on market price (say... 50% valuation). Engage in enough bad behavior and you become nationalized over time, and then the public can decide what to do with the result.
- hedora 3y agoRegulators definitely could let large companies go bankrupt. They’d seize 100% of the stock and cancel any exit packages, then fire the board, and CEO, and claw back any remaining fines from the personal accounts and garnished wages of the executives responsible for the problem. This would protect the employees, customers and creditors of the company. Of course, it wouldn’t protect the people that own congress and the supreme court, so it will never happen.