EXECUTE THE CORPORATIONS
The permanent people, as I like to call corporations, are immortal, unlike the temporary citizens: that is, flesh and blood people. And as I facetiously discussed, they thus have more interest in America’s long-term than the temporaries. But in the past few months a number of corporations including Chase, Bank of America and Wells Fargo have paid large fines for law-breaking, that is, cheating their customers. Had these corporations been people they would have gone to jail or prison for their activities, How can we give them equal treatment, since we can’t put them behind bars?
One solution is to suspend their fiscal activities for periods of time that a temporary would be imprisoned. The one rogue Goldman Sachs executive prosecuted by the government for insider trading just received a prison tem of two years. Let’s say GS had been found guilty and all of its trading and activities for its own and its clients’ accounts were suspended for two years. Clients of course could move their accounts, but the Goldman accounts could only be liquidated for two years. No new deals. Corporations could soon learn how disruptive even a short sentence can be and some of the big wrongdoers would be broken.
Every so often every corporate charter comes up for renewal. Up to now this has been a routine procedure. Wouldn’t it be better for the government to determine whether re-incorporation of some some of these big felon corporations should take place. “Wells Fargo, you’ve messed up so many families that we are not renewing your charter and not allowing you to transfer funds to an associated entity, You can disburse your assets to your shareholders but you are out of business. We are executing you by not renewing your charter and you will die a legal death. You are no longer immortal”.
Sounds good to me. Too big to fail? No the biggest corporations are just stopping cleaner, more innovative companies from getting started.