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At what point do we say, “Ok, we’re revoking your corporate charter. Please wind down your operations and liquidate your holdings.” A corporate charter isn’t su
by dimal 3y ago
At what point do we say, “Ok, we’re revoking your corporate charter. Please wind down your operations and liquidate your holdings.” A corporate charter isn’t supposed to be an eternal grant. If the corporation continuously breaks the law —lies, cheats, and steals over and over — there’s no reason why it should be allowed to exist anymore. As a bank, their first responsibility is to secure their customers’ money, and it’s clear that they are incapable of that. Wells Fargo has shown that they cannot reform itself. Time to pull the plug.
- golemotron 3y ago> At what point do we say, “Ok, we’re revoking your corporate charter. Please wind down your operations and liquidate your holdings.” I think we do that at the moment that the government decides to make the shareholders whole. And, that's expensive. Nothing short of that is politically feasible.
- sixothree 3y agoMaybe they should buy into a more reputable company.
- Kamq 3y agoPresumably the liquidated assets would go to the shareholders.
- djbusby 3y agoNot shareholders, they took a risk and lost. The customers should be made whole first. Then liquidation where those proceeds are distributed to shareholders.