We used to arrest People who swindled the public out of millions of dollars...

[Blackhatjack]

Why is it that CEOs and other top corporate officers are able to walk away with millions of dollars in bonuses and 'golden parachutes' after running the companies in the ground --leaving the shareholders and the public to take the fall?

IF the shoe was on the other foot(shareholders and taxpayers were taking the money and property of the multi-millionaire CEOs) they would hunt down taxpayers with dogs and throw them in the hot boxes!

Are there some people who are so rich they cannot be arrested? and brought to justice?

[jody]

1. Wouldn't China execute "People who swindled the public out of millions of dollars"? n/t

[KittyWampus]

WWCD?

what would china do?

Actually, China always finds an underling to take the fall.

[stopbush]

2. You're wrong.

In the past, you'd be hunted down and prosecuted for swindling an amount well under a million dollars.

[Veritas_et_Aequitas]

3. There's more than one code of law in our country.

The very wealthy operate by one that permits just about anything. I don't care what anyone else has to say on the subject, there is no true, universal justice in our country.

[Nicholas D Wolfwood]

4. Being incompetent isn't against the law.

I highly doubt these idiots intentionally destroyed their companies.

[closeupready]

7. They abrogated their corporate fiduciary duty to preserve the financial health of their

organizations. That's a civil offense.

[Nicholas D Wolfwood]

8. Civil is not criminal.

Furthermore, there has to be criminal intent for a crime to be committed. I highly, highly doubt you could prove intent.

[closeupready]

10. 'Civil is not criminal.' No duh.

n/t

[Nicholas D Wolfwood]

11. If it's "no duh" then why are people suggesting they should be arrested?

You don't get arrested for civil violations.

[Blackhatjack]

13. Intentional misapplication of company funds supports both civil liability and criminal prosecution..

.... see my comment below.

[Nicholas D Wolfwood]

15. There's no proof of embezzlement (yet).

And see the response to your comment below.

[Greyhound]

19. What is it when the perpetrators have the power to legalize the formerly illegal? n/t

[Nicholas D Wolfwood]

24. WTF are you talking about? (nt)

[Greyhound]

26. There are dozens of examples, one being the "deregulation"

of finance and the repeal of Glass-Steagall, enacted to specifically prevent what has happened. Congress did not just spontaneously wake up one day and decide "we should remove those safeguards", it was pushed by the people that benefited from it.

So what happened became legal whereas it was previously illegal.

[Fireweed247]

5. yes, back in the old days, that's how you prevented it from happening again

We can't hold people accountable anymore. It might hurt their feelings.

[EFerrari]

6. Is that a rhetorical question? We just watched Bush give the Medal of Freedom

to his most favored swindling felons for eight years.

If you are just a guy, you get prosecuted. If you're part of the BFEE, you get a medal.

[endarkenment]

9. when?

Wall Street has been robbing us for at least 100 years.

[Blackhatjack]

12. You can be prosecuted for a crime and held civilly liable arising out of the same circumstances...

If you violate the civil rights of another, or embezzle from a company, you can be charged with the underlying crime AND the individuals/company can sue you civilly to recover damages. BOTH.

Making a ridiculous bet with company $$ to generate funds to support million dollar bonuses does NOT constitute just incompetence. And if you are using company operating funds to personally benefit yourself and your friends, at the expense of shareholders and taxpayers, there are crimes that fit that circumstance.

[Nicholas D Wolfwood]

14. It would have to be grossly negligent.

And given that there were many people participating in the exact same business practice, you'd be very hard pressed to prove gross negligence.

Embezzlement is another ballgame altogether, but we've not seen evidence of that quite yet. Doesn't mean it didn't happen, but the OP is jumping onto an entirely speculative limb if that's their angle.

[Blackhatjack]

22. I am talking about intentional conduct .... and it does not matter how many others did the same...

Embezzlement requires that taking of property belonging to another for personal use.

Intentional misapplication of company funds, using their authority to break regulatory laws, failing to fully disclose financial information they are required to provide to government regulatory agencies and financial auditors, .... (the list could go on forever) all could result in criminal prosecution.

Basically as a CEO you have a job description that defines the limits of your authority, and when you act outside those limits(or outside the law) then you are personally liable for that conduct and may be criminally prosecuted.

If you want a primer on this area of the law, just watch what happens to Bernie Madoff. He is being criminally prosecuted and civilly sued AT THE SAME TIME.

[Nicholas D Wolfwood]

23. I don't need a primer on embezzlement, thanks.

What I need is something beyond speculation (ie, evidence) before it makes any sense to move this conversation any further.

[glitch]

28. Good, then you're calling for a thorough investigation. nt

[Nicholas D Wolfwood]

30. Why wouldn't I?

Investigating and arresting are two different things. I'm not joining any lynch mobs, thanks.

[DavidDvorkin]

16. Back in some mythical Golden Age

Things got worse when Bush was in office, just as they did during the Reagan years, but it was a difference in degree.

[Greyhound]

17. When was that?

I can think of no instance when the parasites have ever been made to pay for their crimes.

[SoCalDem]

18. Michael Milken is probably wishing he had stolen his loot NOW

instead of back when he heisted all that money..He had to pay fines, lost his license, and did jail time..

[Greyhound]

27. But still came out a very rich man. n/t

[Kurovski]

20. K&R

Im think it's because they are the victors in the "class war" they started lo these many decades ago.

[Tierra_y_Libertad]

21. Now we elect them and expect them to prosecute themselves.

"Right here in this heart and home and fountain-head of lawyers this great factory where are forged those rules that create good order and compel virtue and honesty in the other communities of the land, rascality achieves its highest perfection."

"It could probably be shown by facts and figures that there is no distinctly native American criminal class except Congress."

Mark Twain

[Winterblues]

25. We used to arrest and try people for "War Crimes" as well

We have become a Lawless Country when it comes to the "Elite". Crime Pays "Big Time"

[Mudoria]

29. In 1789

the French citizenry offered them "severance" packages...

[leftofthedial]

31. There are two systems of "justice" in America.

one that doles out retribution to the poor.

and the other that either ignores or forgives the wealthy.

[tbyg52]

32. Bingo. nt

[GeorgeGist]

33. As long as people believe in the profit system ...

that's the bottom line.