Comment by close04
9 hours ago
The concept is thrown around a lot but the most obvious interpretation is that the company is shuttered, disbanded. So who suffers more, the executives who took the decisions and bail out with golden parachutes, the people who executed knowing the implications and got a bonus for it, or the many random employees and who knows how many more in the larger ecosystem who knew nothing more about it than you do?
The fix isn’t to kill the company, it’s to hold people directly accountable for decisions like this one. Unfortunately these are close to impossible to prove especially in the land of “best justice money can buy”.
The historical case of Enron and Arthur Andersen is instructive. No one from Andersen went to jail but it had to be argued up to the Supreme Court for their charges to be dismissed. The company was disbanded but the conviction against it was overturned afterwards. This is certainly some evidence for "killing the company" not being the right move.
Several Enron execs did go to jail: Kenneth Lay the chairman would have gone for 10+ years but died before sentencing, Jeff Skilling did 12 years, Causey did 5 years, Fastow did 5 years.
In the current environment of DOJ corruption I don't think this sort of thing would happen... unless the executives were conveniently non-supporters of the current President.
Why can’t the shareholders collectively vote to jail the execs and install new leadership?
1) Shareholders can't put people in jail. 2) People generally don't act against their interest.
Shareholders can refer to the DOJ.
They could also sue in civil court. A director lying harms the company which is breach of fiduciary duty.
If you kill the company the shareholders can sue the management for damages
So first of all I agree, definitely hold the directly responsible accountable.
But it's not an either/or thing, we can just do both!
Because I'm sorry, but who works at Exxon and doesn't know its probably not great for our planet?
That’s seems ass-backwards though. If you want to punish Exxon because they contributed to global warming by satisfying the demand of billions of people for the energy embodied in fossil fuels, it seems like you should directly attack the thing you don’t want: extraction and combustion of fossil fuels.
Don’t kill Exxon and let Shell operate.
Setting aside that demand is in no way an excuse - I take it you wouldn't come up with this justification for crack dealers - I want to kill Exxon for the specific thing this article is about.
In the (honestly, not that unlikely) event Shell has done similar, they, too should be killed.
Extraction and combustion of fossil fuels can (and IMO should!) be restricted as an orthogonal measure, but Exxon shouldn't be given the chance to reallocate its investments and pretend it never did what it did.
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