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View Diary: "Freedom" to socialize the losses: chemical company declares bankruptcy (229 comments)

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  •  Jail the execs (5+ / 0-)

    and seize their assets.  I know, too radical for America, but a boy can dream.

    •  that doesn't put any more money (2+ / 0-)
      Recommended by:
      MGross, Justanothernyer

      in the victims pockets, and the "assets" of the corporation are already now under the jurisdiction of the bankruptcy court.  Are you suggesting seizing the assets of the executives without proof they disregarded the corporate form?   Even if seizing individual assets were a good idea - which I don't agree it is absent further proof - there's nothing the court could point to to justify it.  The net effect of a rule authorizing this as a matter of course would be to increase executive compensation, for the added legal risk they'd run.  Every future dollar insuring executives is a dollar not spend insuring against the spills in the first place.

      I don't even know jailing the execs in this case won't happen, but it probably depends on questions of proof and the wording of existing statutes.  It's hard to read too much in either case. If the laws are not sufficient for personal criminal liability, it still ducks the question of having been previously inappropriately lax in regulation, what is the preferred alternative to bankruptcy, from the perspective of the innocent victims, creditors, whomever?  Which is what i raised initially, in response to the claim that it's somehow inappropriate to file for bankruptcy here.  It's about the least inappropriate thing this company ever did.

      Difficult, difficult, lemon difficult.

      by Loge on Fri Jan 17, 2014 at 02:04:53 PM PST

      [ Parent ]

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