Wednesday, October 4, 2017

White Collar Crime

Think Equifax and Wells Fargo.

Millions of American people were compromised, tens or hundreds of thousands were inconvenienced, and thousands were damaged beyond repair.

When a poor man steals an apple from a grocery stand, he earns himself a month in prison.  When an addict gets caught with the goods (cocaine, marijuana), in some states he is locked up and they throw away the key.  When a corporate big shot gets caught in a national scandal affecting millions of people, he may resign, but he still receives his golden parachute and he doesn’t forfeit any of his ill-gotten wealth.  And he never goes to prison (two Enron officials excepted).

A part of the problem is an institution called “limited liability.”  Limited liability was an invention of capitalism that has served us well, protecting owners, shareholders and high-level managers from personal liability for the unhappy consequences of the actions of the corporation.  Limited liability rested on a good faith assumption on the part of the corporate owners and managers.  But today limited liability protects corporate officials from the consequences of unlawful actions that were taken with a full understanding of the mischief that they would cause.  The institution of limited liability should be utterly repealed until corporate America can come up with a new version that ordinary Americans would approve.

Who does not believe that this is unfair?  I am certain that 99+% of Americans (who understand my simple point) believe it is unfair, certain that the only folks who (claim to) think it is all right are the tiny %age of folks who benefit from it, like corporate owners and high-level corporate managers.  Then how is it possible that the law benefits the 1% at the expense of the 99%?  How can this happen in a democracy, where We the People rule?  Because the 1% pay for legislation that benefits them.  Because we do not live in a democracy.  And, dear reader, until you and your fellow-Americans get off your collective asses and DO something, the 1% will continue to pay big bucks for lobbyists to get them what they want.  They laugh at the notion that we live in a democracy!  And so far they are having the last laugh!  It's on you, my friend!  Read my book!

This unequal system is not a “broken system.”  This is a system that screams for redress.  And if the redress that I just hinted at is not forthcoming, then it calls for revolution, and a violent revolution if need be.

By whatever means necessary!

P.S., I may not be a classical Republican or a classical conservative, I may not be a classical Democrat or a classical liberal, and I am surely NOT a partisan of either major party; but I am always thoughtful, I rarely have no opinion, and I am not a moderate!

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