> Even if 90% of the punishment ends up distributed across the richest 7% of Americans, I’m not sure what that would do to discourage corporate misconduct. As

> Even if 90% of the punishment ends up distributed across the richest 7% of Americans, I’m not sure what that would do to discourage corporate misconduct. As a passive investor, you generally hope that active investors, who have very large stakes in a company's stock, and who care about their own returns, will steer company boards responsibly. It seems to mostly work, if it didn't, there'd be waaaaaay more fraud in the SP&500. It's noteworthy that the overwhelming part of bad corporate behavior is stuff that doesn't get seriously punished.