Yeah malicious actors within companies usually get their penalties, but I’m talking about C-level executives getting jailed for illegal business practices instead of some slap on the wrist fine for the corporation
While the jailtime for C-level would be cathartic, it’s really just upping the fines and/or something that goes well beyond a defined amount of money. For instance: If you’re under investigation, there is an immediate stoppage on any stock transfer. Whoever holds the shares holds the shares, and they may be about to drop considerably. Traders would evaluate a purchase based on the risk they get stuck with an asset they can’t unload. Board members/large shareholders would be unable to unload either. Stock trading is the lifeblood of large corporations, a board would not allow a CEO that put that at risk.
I just don’t think there’s a fine big enough, and I don’t think jailing the c-suite would get it done (although I’d certainly give it a shot!). Part of what keeps people in compliance with water regs is if you violate permit, the state agency can and will pull your permit. If you proceed anyway, armed enforcement officers get involved and start seizing the property. Now thats not perfect, and through a lack of staffing and/or political favors, stuff slips through depending on the state, but my broader point stands. Crappy c-suites are the symptom not the disease. I find it awful, but they’re “just doing their job” in these situations. You have to threaten the business itself to make compliance a paramount “part of their job”. So yeah, I mean we can jail them, but the worlds got no shortage of people willing to take a fall for the right price.
Congrats, that’s regulation. If you want to pretend that you were being sarcastic I’ll pretend I didn’t see that.
What conservatives think those penalities are are things like “don’t buy from that company anymore” and I really don’t have to explain why that does not work except for the most inane luxury goods and even then it’s a coin toss if people actually do anything. That’s by design, of course, to make it sound like it works when it really just doesn’t.
I see your point. I suppose this is more of a watered down version of regulation, sort of like having a boss that minds their own business but if you mess up because you were cutting corners you get your ass kicked. The government sets the rules and the industry watches and monitors themselves rather than have a costly government body do it. Just make sure there’s lots off ass kicking to go around for the company and its leaders as well
Self regulation might work if the penalties when things went wrong were harsh and criminal.
And the penalties should apply BOTH to the company as well as the persons responsible
This does happen in some cases. A water operator in my state just went to jail for fabricating report numbers.
Here’s an idea: Let’s keep the for-profit prison lobby happy by having them push jail time for white collar crime?
Yeah malicious actors within companies usually get their penalties, but I’m talking about C-level executives getting jailed for illegal business practices instead of some slap on the wrist fine for the corporation
While the jailtime for C-level would be cathartic, it’s really just upping the fines and/or something that goes well beyond a defined amount of money. For instance: If you’re under investigation, there is an immediate stoppage on any stock transfer. Whoever holds the shares holds the shares, and they may be about to drop considerably. Traders would evaluate a purchase based on the risk they get stuck with an asset they can’t unload. Board members/large shareholders would be unable to unload either. Stock trading is the lifeblood of large corporations, a board would not allow a CEO that put that at risk.
I just don’t think there’s a fine big enough, and I don’t think jailing the c-suite would get it done (although I’d certainly give it a shot!). Part of what keeps people in compliance with water regs is if you violate permit, the state agency can and will pull your permit. If you proceed anyway, armed enforcement officers get involved and start seizing the property. Now thats not perfect, and through a lack of staffing and/or political favors, stuff slips through depending on the state, but my broader point stands. Crappy c-suites are the symptom not the disease. I find it awful, but they’re “just doing their job” in these situations. You have to threaten the business itself to make compliance a paramount “part of their job”. So yeah, I mean we can jail them, but the worlds got no shortage of people willing to take a fall for the right price.
This would end up with some random technician or engineer getting the buck passed.
Congrats, that’s regulation. If you want to pretend that you were being sarcastic I’ll pretend I didn’t see that.
What conservatives think those penalities are are things like “don’t buy from that company anymore” and I really don’t have to explain why that does not work except for the most inane luxury goods and even then it’s a coin toss if people actually do anything. That’s by design, of course, to make it sound like it works when it really just doesn’t.
Self regulation works with regulation, heh
I see your point. I suppose this is more of a watered down version of regulation, sort of like having a boss that minds their own business but if you mess up because you were cutting corners you get your ass kicked. The government sets the rules and the industry watches and monitors themselves rather than have a costly government body do it. Just make sure there’s lots off ass kicking to go around for the company and its leaders as well