Friday, July 06, 2012

Cut & Run Corporation

We are surrounded by, and rely upon, local, national & global companies. It should be more widely recognized that in times of serious trouble, most are constructed as "cut & run" corporations.

We give limited liability corporations the option of leaving creditors unpaid. Their cut & run often leaves the public holding the bag, paying assorted inflated costs for their mistakes. What an exit strategy!

Limited liability corporations should be very strictly regulated. A capitalist fundamental is to cut costs, so they can't regulate themselves. Horrible examples are Enron and the Madoff empires, found ultimately rotten to the core. TEPCO ("responsible" for Fukushima's nuclear safety) is another example.

The Libor rate manipulation scandal now engulfing major banks around the world shows corporate manipulation jerking the public to pay more. Again we're chumps, manipulated by insiders.

Such deceit and negligence must be criminal. The enabling conspirators should be heavily fined, shamed and imprisoned.

Joe Public pays the tragic flimflam costs... Republican "friends" never return his stolen money.