Re-printed in part from The Money Changer by Franklin Sanders:
Two centuries ago an English chief justice lamented that a corporation had “no body to kick and no soul to damn,” which pretty well puts them beyond the reach of justice. Good thing he’s dead — he’d choke sure enough if he saw what these “juridical persons” do today.
Miss not my point. A “corporation” is a legal fiction, a mythical entity created to dodge liability. A corporation is people. It can’t lift its fictional hand unless some real, live human lifts the hand for it. And today corporations are employed to dodge liabilities civil & criminal, especially for big banks & Wall Street felons-on-the-loose. Think: How can a mythical being commit a crime? Not possible. Some PERSON did it & hides behind the guilty corporation.
Thus today JPMorgan Chase agreed to cough up $2.6 billion dollars in penalties criminal & civil for its part in the Bernie Madoff Ponzi scheme.
But who cares? None of the human beings who were acting as JP Morgan Chase paid anything — JPMC’s stockholders paid it. Nor did anyone in management with oversight responsibility go to jail. Ne’er a one.
When they make me dictator, first thing I’ll do is not kill all the lawyers but kill all the corporations. At least it will be a bloodless revolution, since corporations can’t bleed.
The rule of law -ha! A myth of the past.
Aloha, Mikie ~just a blogger (fightin’ like a girl)