UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: notehound Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 463361  
Subject: Why executives aren't prosecuted... Date: 4/21/2013 4:45 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 46
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.

http://en.wikiquote.org/wiki/Fr%C3%A9d%C3%A9ric_Bastiat

http://bastiat.org/en/the_law.html#SECTION_G006

http://en.wikipedia.org/wiki/Fr%C3%A9d%C3%A9ric_Bastiat
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Saul's Investing Discussions

Why Did I Buy a Bunch of PFIE Today?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement