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.
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.