G. Edward Griffin on Corporations and OWS

G. Edward Griffin explains that corporations are really people who make an agreement to engage in economic enterprise. And that the PEOPLE within corporations should be held accountable for criminal acts.

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Category:

News & Politics

Tags:

• Griffin
• Corporations
• Occupy
• Wall
• Street

[rogerfgay]

I think he's lying (rather than just being wrong) when he says executives can hide behind corporations in order to violate the law; i.e. he wants reality to be illegal and to punish everyone if he doesn't feel satisfied with everything. I think his opening is well worth repeating and perhaps the only thing he said worth repeating. You're not going to solve anything from a mischaracterization of the problem.

[MorphCity]

@rogerfgay How can Griffin lie about a fact? As a general matter, courts will not allow an officer, director, shareholder or employee to be personally liable for the corporation's obligations, liabilities or debts. This doctrine is often called a "corporate shield" from personal liability. Additionally, Griffin specifically says that the decision makers behind the corporations are the ones who are committing crimes and should be punished (not stockholders).

[zofe]

WRONG stated Mr. Griffin!!!

Enron managers landed in jail for the corporation's deeds and wrongs.

That's because having conducted a criminal felony, the corporate shield is removed for that individual, typically a director.

[MorphCity]

@zofe  Hi Zofe: The 'Corporate Veil' protects people within the corporation. It is extraordinarily difficult to pierce the corporate veil- even with proof of criminal activity. The Enron case was an exception as the criminal acts were so obvious that Bush/Cheney could no longer protect Enron. Governor Davis, whose hands were tied by Cheney, was recalled over the Enron debacle. Massive public outrage led to the convictions. Enron accounting tricks are still used in banking and Wall Street.

[sklanger]

@MorphCity Just because you're unaware of enforcement actions doesn't mean they didn't happen. There have been numerous, numerous prosecutions under the Elkins Act, Sherman Act, Securities Exchange Act, Sarbanes-Oxley, Foreign Corrupt Practices Act and other federal corporate crime statutes going back a century, if not more. For the FCPA alone, Gibson Dunn's 2011 Mid-Year FCPA Update puts 40 individual defendants either going to trial or copping a guilty plea sometime in 2011/2012.

[MorphCity]

@sklanger I said that it was extraordinarily difficult, not impossible to pierce the corporate veil. The top decision makers are rarely held accountable. For example, what happened to the criminals within BP Oil? Nothing. What about Monsanto? Prescription drug & vaccine makers cause thousands of deaths a year with zero accountability. Let me know when the the top banking insiders are convicted and the system is reformed.

[MrDigitalwealth]

Like that slim ball piece of shit corzine!! You know G down with the deathpenalty letz get em!!!

[crabtrap]

Ed is correct here, i wish he would have expanded this theory to include govt "umbrella"protections were the state commits homocide or monetary theft and no person is held responsible either.

[MrHerostratus]

You have to punish both. If the corporation makes money in your example from people dying and only the president/manager pays, the corporation still has those profits; crime is paying for the corporation. In that environment, a corporate culture could encourage crimes because the corporation will never be held accountable, as long as the person doesn't get caught he's rewarded by the corporation with positions/compensation. If he gets caught, he takes the fall and the corporation proceeds on.

[1Littleagger]

Thank you for the information.POLICE BURTALITY HAS GOT TO STOP IN AMERICA.America wants trusted news reporting.Where is Americas Republic?Corporate and government greed has got to stop.Corporations are not people.Take away the protection of corprations.Privately owned Prison greed has got to stop.Stop profit over people.Where are the jobs in America?America say no to wars killing our children for the elite.Where is American human rights?

[ericjaynelson]

This guy is a TRUTH dispenser!

[TheLoyalhuman]

@rogerfgay: I feel economics and business is macro understanderble to mr griffin but micro details is missing from his broad statements. Some definitions he has described can be tossed in the air for all to interpret. moreover his interpretations is a little unconventional and best left to the you and me. Although an expert in business is more appropriate.

[irreverentjim]

I wonder what G Griffin would say about replacing congress with a jury. see jurygov dot org Appears we can do it by article 5 in the constitution. Seems would tighten up laws on corporate behavior. while ending the horible reign of people that do not represent the majority.

[jhanders]

Corporation are not Human Beings. It is the human being above anything else.

[JetRanger0007]

Thanks to the Over-Glorified Corrupt Colleges & Universities that Chrun out these White Collar Corrupt Asswipes and make Criminals out of them for their own personel gain & welfare, this type of Corporate Corruption will continue. Their ALL gettin this corruption from somewhere people !! Lets NOT forget ENRON - TYCO - AIG - WORLDCOM All these Over-Glorified Corporations their Corrupt CEO's who are Responsible, and where did they all learn this behavior - read above !!

[mrwigiteeman]

G. Edward Griffin hit everything on the head. If you disagree, it's because you don't understand something, shut up and listen again.