The Motley Fool Discussion Boards
Investment Analysis Clubs / Macro Economic Trends and Risks
|Subject: Why executives aren't prosecuted...||Date: 4/21/2013 4:45 PM|
|Author: notehound||Number: 421122 of 467224|
A lot of folks wonder why the boards and executives of banks and other companies, such as the Texas fertilizer plant that blew up, MF Global (Jon Corzine) and why the manipulators and double-dealers at JP Morgan, Goldman Sachs, etc., are not held personally liable for their malfeasance.
For the most part, it's because such folks and their lobbyists have written the laws and regulations passed by our Congress (as well as the corporation laws of states such as Delaware). The laws are designed to specifically ensure that no perp walk shall ever befall the great and powerful who fund our elections.
This state of affairs is not unique to the developed world of the 21st Century. When it has happened before, a few voices came forth to cry out and alert the people:
"When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it."
Frédéric Bastiat, Economic sophisms, 2nd series (1848), ch. 1 Physiology of plunder ("Sophismes économiques", 2ème série (1848), chap. 1 "Physiologie de la spoliation").
"It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder..."
Frédéric Bastiat, The Law, 1850, par. L.31.
"The law has been perverted, and the powers of the state have become perverted along with it. The law has not only been turned from its proper function, but made to follow an entirely contrary purpose. The law has become a tool for every kind of greed. Instead of preventing crime, the law itself is guilty of the abuses it is supposed to punish. If this is true, it is a serious matter, and moral duty requires me to call the attention of my fellow-citizens to it."
Frédéric Bastiat, The Law, 1850
In three years every Frenchman can know how to read. Do you think that we shall be the better off? Imagine on the other hand that in each commune, there was ONE bourgeois, only one, who had read Bastiat, and that this bourgeois was respected, things would change."
Gustave Flaubert, The George Sand-Gustave Flaubert Letters. Ebooks.adelaide.edu.au. Retrieved on 2008-12-02.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|