"underwater" mortgages

richlevy · 04-04-2010, 09:21 AM

The loophole is that you can't put a corporation in jail. Back in the 70's or 80's there was a tragic amusement park fire in New Jersey. One of the prosecutors or cops went looking for the person responsible for the fatal criminal negligence. I don't think anyone ever went to jail.

The only way to punish corporate misbehavior is by fines and lawsuits. Fines have not kept up with the profit to be made by breaking laws and Washington is leaning towards 'tort reform'.

If you or I were told we would never go to jail for anything we did and would instead be fined, how would that affect our behavior? And what if the maximum fine were $1000 for any offense? And if lawsuits were also capped at $1000?

I have never heard more bitching than when Sarbanes-Oxley went into effect, making CEO's and CFO's more accountable. The bonus-laden babies immediately began crying about the increase risk to them now that they would actually be held accountable for financial reports.

In fact, there is a lot of criticism that Sarbanes-Oxley is actually pretty weak in enforcement.

04-04-2010, 09:21 AM	#11
richlevy King Of Wishful Thinking Join Date: Jan 2001 Location: Philadelphia Suburbs Posts: 6,669	The loophole is that you can't put a corporation in jail. Back in the 70's or 80's there was a tragic amusement park fire in New Jersey. One of the prosecutors or cops went looking for the person responsible for the fatal criminal negligence. I don't think anyone ever went to jail. The only way to punish corporate misbehavior is by fines and lawsuits. Fines have not kept up with the profit to be made by breaking laws and Washington is leaning towards 'tort reform'. If you or I were told we would never go to jail for anything we did and would instead be fined, how would that affect our behavior? And what if the maximum fine were $1000 for any offense? And if lawsuits were also capped at $1000? I have never heard more bitching than when Sarbanes-Oxley went into effect, making CEO's and CFO's more accountable. The bonus-laden babies immediately began crying about the increase risk to them now that they would actually be held accountable for financial reports. In fact, there is a lot of criticism that Sarbanes-Oxley is actually pretty weak in enforcement. __________________ Exercise your rights and remember your obligations - VOTE! I have always believed that hope is that stubborn thing inside us that insists, despite all the evidence to the contrary, that something better awaits us so long as we have the courage to keep reaching, to keep working, to keep fighting. -- Barack Hussein Obama

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