Jed S. Rakoff Quotes
Companies do not commit crimes; only their agents do. And while a company might get the benefit of some such crimes, prosecuting the company would inevitably punish, directly or indirectly, the many employees and shareholders who were totally innocent.
Rakoff, Jed S. "The Financial Crisis: Why Have No High-Level Executives Been Prosecuted?" The New York Review of Books, vol. 61, no. 1, NYREV Inc., 9 Jan. 2014.
This quotation, in addition to posing a challenging political question, illustrates an oratorical technique that he was particularly good at. Instead of making declaratory and accusatory statements about the administration and their law enforcement record, he asks the question of how the actual outcome came about. The failure is then clear, and the accusation is made in the minds of many if not most of this audience.
1st Baron Thurlow. This famous statement expressed the great concern and distrust that England had for corporations. Their worst fears were exceeded by the 20th century and was completely over the top by the 21st century when many corporations could control entire nations and even in America and the UK, they were very powerful and often acted against the public and even national interest with impunity. The chancellor was very concerned as to how the behavior of corporations would be controlled and regulated. For individuals, there was a combination of conscience and legal punishment to control behavior. Partnerships were an extension of individuals. But what was the corresponding mechanism for corporations? The same question is often asked in modern times when corporate scandals and excesses are brought to light. See {586120} for another version of this concern that was stated a few generations later.
The state of Texas had an enthusiasm for executions that was greater than and different from all the other states. Their execution numbers were closer to Iran and China than they were to other American states. The Supreme Court had ruled that corporations were people for purposes of being entitled to freedom of speech.
The Senator asked Justice Department officials if the reason that there had been no prosecutions of any major financial figures associated with the Meltdown of 2008 and the Great Recession is that they were “too big to jail.” This appears to be the first public official to use this phrase. See {637991} for the Attorney General’s sad but truthful reply.
McCain held this view despite the fact that most other politicians of his party supported removal of any corporate restraints.
Jed Saul Rakoff is a Senior United States District Judge of the United States District Court for the Southern District of New York.
