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Everyone I know who speaks about a corporate death penalty includes liquidation to pay pack victims. I've never heard someone argue for the corporate death pena
by tedivm 2y ago
Everyone I know who speaks about a corporate death penalty includes liquidation to pay pack victims. I've never heard someone argue for the corporate death penalty without "liquidation" and "license revocation and/or personal liability for senior management."
The difference between this and a big fine:
* Lots of big fines aren't big enough to actually kill companies that deserve it,
* Fines tend to go to the government, while companies that deserve a "death penalty" often have victims who could use that money,
* Bankruptcy doesn't prevent people from starting another company, or board members who failed at oversight to join another board.
- JumpCrisscross 2y ago> includes liquidation to pay pack victims Just do damages. > Lots of big fines aren't big enough to actually kill companies that deserve it Neither is a corporate death penalty. You’re just shuffling around assets and making work for lawyers. > companies that deserve a "death penalty" often have victims who could use that money Why the extra steps? The closest we have to a death penalty is license revocation, e.g. Arthur Anderson [1]. Victims got screwed. Taking it further and the death penalty analogy seems appropriate--death penalties aren't about restitution. They’re an instrument of retribution. > Bankruptcy doesn't prevent people from starting another company, or board members who failed at oversight to join another board Neither does a corporate death penalty. That’s what bans are for. Corporate death penalty is a gift to corporate America. It sets activists running in circles over a stupid idea that represents simpler, precedents punishments with the ambiguous baggage of extra steps. [1] https://en.wikipedia.org/wiki/Arthur_Andersen_LLP_v._United_States https://en.wikipedia.org/wiki/Arthur_Andersen_LLP_v._United_...