Wednesday, June 13, 2012

To Adbusters & Occupy activists:

Dear Adbusters & Occupy activists

Many thanks for continuing agitation in support of humanity.

As we struggle against unchecked corporatist powers, an important theme might focus on the legal notion of corporate limited liability. We cannot afford giving a free pass to banks and mega-corporations acting irresponsibly & illegally. Too often we allow shut-down on company terms & schedule, as PLC & LLC corporations leave a violated public with their bills and environmental cleanup.

A case in point is TEPCO in Japan (Tokyo Electric Power Company) and the flaccid response to their shortcomings in the Fukushima nuclear disaster. TEPCO has received huge bailout funding from the Japanese public, with no clawback of past dividends paid out to company owners. Nobody has been found responsible or prosecuted for bad corporate policy decisions or engineering flaws. In any event, anyone punished would more likely be a draftsman, subordinate to the Board of Directors, President & CEO (the true corporate architects).

Kalle Lasn chronicled our need for corporate responsibility throughout his 1999 book Culture Jam, but also specifically highlighted the need that shareholders be partially liable for their activities (p. 158 in my paperback edition). We're too often berated to be fiscally responsible by corporate shills luxuriating in public-sponsored largesse. The limited liability corporation is an expensive loophole to be closed. Terminate Ltd. This is a meme we can work with:
Stop Limited Liability !