They’d need to make executives personally liable for crimes they commit as representatives of the company. But that’s highly unlikely to ever happen. Otherwise, the fines will always be less than the money saved by committing the crime and the crimes boost profits in the short term which is more important for publicly traded companies than a future potential fine no matter how much it is, unless it’s truly devastating, which will also never happen due to the cost of litigating.
Then they’d just appoint fall guys and remove them the second they disobeyed.
Abolish the corporate veil; hold shareholders liable for the crimes they pay people to commit. Yes I’m aware why it exists, and that can be solved with liability insurance without imposing external costs on everyone else.
They’d need to make executives personally liable for crimes they commit as representatives of the company. But that’s highly unlikely to ever happen. Otherwise, the fines will always be less than the money saved by committing the crime and the crimes boost profits in the short term which is more important for publicly traded companies than a future potential fine no matter how much it is, unless it’s truly devastating, which will also never happen due to the cost of litigating.
Then they’d just appoint fall guys and remove them the second they disobeyed.
Abolish the corporate veil; hold shareholders liable for the crimes they pay people to commit. Yes I’m aware why it exists, and that can be solved with liability insurance without imposing external costs on everyone else.
Not just executives, more importantly shareholders. The people that own the company should be liable.