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More #cynic for me today!
I'm disappointed we're only taking 1 Billion. It's lower than the damage they caused and it's not like they can't afford it.
we should be asking for at least their share of the bailout. at least.
Fuck. I inherited stock in them. Better call my broker and liquidate. Don't like them anyway. Had an account there and they killed me with charges.
Good to know it was only 1 billion. So we take the billion back because they messed up and what's the fine going to be to discourage the practice in the future? 😐
Because of the complexity of the relationship between the day to day decision makers who were passing loans through the High Speed Swim Lanes, and their corporate officers (who could easily make the case that they had no idea that was happening – and that's ultimately as it should be. CEO's steer the ship, Engineering is down in the hold making the propellers turn and the rudders steer. The CEO doesn't shovel coal.
So, because Corporations are not human, they feel no emotion. Because they feel no emotion, Fines and punishment have no value. Corporations also do not learn from mistakes and bad decisions the way an individual does. Trying to apply individual logic to Corporate Culture is folly at best.
You can't make a corporation do the right thing – you can only recoup the ill-gotten gains when they don't.
I thought corporations were considered people now-a-days. 😛
Also, I would expect you could make the practice prohibitively expensive for when they do it. I thought that was part of the point of fines?
Remember, corporations don't have emotions, and they don't have consciences.
"Prohibitively expensive" = "We have to fire 15% of our staff" – which is pretty damn counterproductive.
The proper manner (in my view) for dealing with things that have no emotions or consciences is to provide them a nurturing environment to grow (fairly low regulation), while limiting cancerous growth (strongly progressive corporate and individual taxes that make it painfully self-defeating to try to grow too large, or too quickly)
During WWII, we had a *97%* tax on all income above ~$600,000 (2012) dollars.
Think about that for a second.
Jeff Smisek, CEO of United/Continental Airlines was paid 13.2 million dollars in 2011.
With WWII taxation, that means that (discounting taxes on that first 600k because I don't feel like calculating all the progressions) he'd bank ~378k of that final 12.6million. The government would bank the other 12.22 million.
Under such a system, there's strong financial disincentive to pay your CEO large sums of money, since the bulk of it winds up in the tax coffers.'
Likewise, there would be strong financial disincentive to post large corporate profits, as the profits would be strongly progressively taxed the same way. It would be in the corporation's, and the individual's, best financial interest to do well, but to reinvest back into the community…
It's the lack of financial disincentive to make lots and lots of money that's the problem in the first place.
Preaching to the choir.