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Nobel Prize Winner Joseph Stiglitz Calls for Jail Time for Corporate Crooks

Business  (tags: campaign fnance, campaign finance reform, corporate goveernance, Dodd-Frank Act, featured video, financial crisis, fraud, Joseph Stiglitz, Nobel prize, underwater mortgages )

- 3134 days ago -
Legal penalties for financial fraud in the U.S. have become "just a cost of doing business," Stiglitz said. "It's like a parking fine". You risk a ticket to avoid walking around the corner to the parking lot. The fine is tiny compared to the profits made


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Fran F (116)
Friday October 22, 2010, 11:25 pm
"Corporations are a legal entity....As legal entities we have the right to make the rules that govern them. As individuals we have certain basic rights ....We aren't created by the law. We exist by nature. But corporations are man-made. They are supposed to serve our interest, our society's interests. And we are creating them with powers that are not serving our society's interests."

That's just obvious common sense. Some people get so greedy that they can't think straight.

greenplanet e (155)
Saturday October 23, 2010, 6:03 pm
Right on!

KS Goh (0)
Saturday October 23, 2010, 8:19 pm
Thanks for the info.

Bon L (0)
Sunday October 24, 2010, 1:03 am
Thanks for the article.

Norm C (74)
Sunday October 24, 2010, 11:14 am
"So it's like theft," said Stiglitz. "These corporations are basically now working for the CEOs and the executives and not for any of the other stakeholders in the corporation, let alone for our broader society."

What should be done? "I think we ought to go do what we did in the S&L [crisis] and actually put many of these guys in prison," said Stiglitz. "Absolutely. These are not just white-collar crimes or little accidents. There were victims. That's the point. There were victims all over the world."

You think? Monster Money and Monster Corps. now run everything. If you think the CEOs aren't running the show, why is Ken Lewis not in jail? Why is Jack Welch not in jail? Why are the Koch brothers not in jail.

Same goes for their apologists and lackies. Why is Jim Cramer not in jail? Why is Rick Santelli not in jail?

Monster Money is destroying America. It is totally incompatible with govt. of the people, by the people and for the people. Corporations that answer only to owners and operators are anti-democratic and will inevitably lead to fascism. Welcome to the American nightmare.

Robert O (12)
Thursday October 28, 2010, 4:04 pm
I agree!
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