I completely forgot about transfer of liabilities. My bachelors is in Information Science with a minor in Accounting and a specialization in Sociology of all things. But I completely forgot about transferring liabilities.
So if you want, open a business that’s a gross polluter. Then shut it down and transfer the environmental liabilities to a shell company and let that company file bankruptcy. A deft trick. And a loophole that should be abolished. Leave a major corporation on the hook for environmental damage? Heaven forbid but I say make them pay. Make the CEO’s give up 2/3’s of their salary to satisfy cleanup cost demands. Make each member of the board personally responsible.
I say this because under the 14th Amendment corporations think they have the same rights as people. Well then, one of the rights we have is to be personally responsible for our actions. Corporations and their officers should be held responsible for theirs. The recent conviction of Lay, Skilling, Ebbers et al give me hope that the corporate shield is starting to crack with age, or perhaps judiciaries are finally realizing that the 14th Amendment should be applied equally.
It’d be good to knock down a couple of the gross examples of greed and let someone else take the reigns and perhaps for once, run a company with true ethics.