Active Users:1248 Time:23/11/2024 06:58:07 AM
Almost anything CAN happen. Joel Send a noteboard - 22/11/2011 07:43:31 AM
That individuals who take illegal action on behalf of a corporation can be prosectued for their actions as an individual.

Sure; one need only identify the specific individual(s) who took the action(s,) which requires piercing what has been called "a Chinese wall" since before the SCOTUS decided corporations were persons (inexplicably, a good century after the US government began issuing charters for those peculiar creatures that were persons from the start.) Otherwise, the corporation takes the blame, and its legal liabilities follow its financial ones into dissolution with it. Routinely; just ask Enron investors.
Further, in many sitations directors are legally personally responsible for the actions of a corporation.

Quite so; then one need only find a legal authority willing to enforce the law. After fraud and unethical behavior caused the loss of tens of billions of dollars, collapsed the global economy and nearly collapsed American banks, until they were handed a trillion dollar bailout, the total fines were $160,000, against two people. No one served a day of prison time. Almost anything CAN happen, but the chances white collar crime will be prosecuted tends to be inversely proportional to its severity (or success, depending how one looks at it.) I can hear you thinking, That would never be allowed to actually happen, because it would destroy all investor confidence in the financial industry and it would collapse. It was, it did and it has, and continuing on that course cannot reverse said course. :[
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This message last edited by Joel on 22/11/2011 at 07:44:21 AM
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