Federal White Collar Cases Not Deterring “Recidivist Companies”

[FreakinDJ]

Federal White Collar Cases Not Deterring “Recidivist Companies”

Reviewing federal white-collar crime cases against “recidivist companies,” American Lawyer Media’s Corporate Counsel concludes that “from fatal explosions to global financial meltdowns to health threats tied to drug company wrongdoing, prosecutors have settled for huge financial penalties and paper promises. Then the company returns to business as usual.”

There is little evidence to show that higher fines and stricter monitoring are making the too-big-to-fail corporations change their behavior. Driven by recent corporate scandals and their consequences, critics are coming at the Justice Department from all sides. The publication recounts cases against BP, GlaxoSmithKline, and others to make its point.

http://thecrimereport.org/2010/12/24/federal-white-collar-cases-not-deterring-recidivist-companies/

[Angry Dragon]

1. Jail time and personal monetary judgements are the way to go

[xchrom]

4. +1

[somone]

2. The only thing financial drones understand is confiscation - and jail time

[gratuitous]

3. As long as criminality is just a cost of doing business

The criminals in our society known as corporations will simply figure the cost of criminality into their business case. If it pencils out to be cheaper to kill a few dozen people, pay a fine, and go merrily on its way, the corporation will pursue that plan. Now, if an individual made these kinds of decisions, we'd lock him up for life, perhaps even execute him, but certainly would treat him as a sociopath with no place in society. What do we do with corporations who make this same calculation? Feature them on the cover of Forbes magazine.

[FreakinDJ]

5. We need madatory Jail Time for repeat offenders

[tech9413]

6. Use the asset forfeiture laws

They've been sucking up funds of anyone suspected of criminal activity for decades. Use the same rules to punish corporate crime.
http://www.justice.gov/jmd/afp/

[lonestarnot]

7. We need larger settlement amounts, larger to the point of pain and then no reduction on appeal.

We need more liberal judges, no ands ifs or buts about that.

[snot]

8. The problem is, it's the shareholders who pay.

The senior managers who caused the problems can't be touched except under the most extreme conditions.

Jeff Skilling's case, for example, is STILL being appealed (although after his conviction on multiple felony counts in connection with Enron's collapse, at least he's residing in a low security federal prison that offers pool, ping-pong or even foosball to the inmates).