Re: [s-d] [s-b] Proposal: Piece the Corporate Veil

["Geoffrey Spear" <geoffspear@xxxxxxxxx>]

On Thu, May 29, 2008 at 11:48 AM, Jay Campbell <bnomic@xxxxxxxxxxxxxxx> wrote:
> It's possible to rig the contract so that you aren't allowed to draw
> your money out of a corporation if it's for paying a fine. Corps
> currently have a lot of privilege and very little responsibility. I'm
> trying to legislate some responsibility so they aren't so criminally
> useful and risk getting the whole corporate framework voted away.

It's a worthy goal, but not at the risk of making all of a criminal's
partners in an enterprise liable for his bad acts.  I can imagine a
corporation where, say, I deposit 1000 macks in exchange for 1000
shares of stock, some criminal pays 1 mack for 1 share of stock, then
when he gets fined 1001 macks the stock is suddenly worthless and he's
out 1 mack while I'm out 1000.

I think the solution is to bring back the without objection mechanism
for creating any sort of limited liability structures, along with the
sort of debtor's prison BobTHJ has proposed.
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