Corporate Liability Quotes
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.
McCain held this view despite the fact that most other politicians of his party supported removal of any corporate restraints.
Greenspan and some others assumed that the shareholders and the executives who ran the financial institutions had the same vested interests. But the executives had disconnected themselves from the fate of the shareholders, by having Golden Parachutes to protect the executives even if the business failed and they were fired. And they got their bonuses immediately so by the time the authorities and the shareholders discovered that the profits the bonuses were paid for were illusory, the bonus money was safely stored in a secret offshore bank. But if things went wrong, there was always the play of getting a government bailout which would keep the executives getting their huge bonuses and keep the shareholders from losing their money as the taxpayers covered most of the losses.
