counterpunch | Crimes without criminals was not a subject for study when I was in law school. The two were seen as part of the same illegal package. That was before notorious corporate lawyers and a cash register Congress combined to separate economic, health and safety crimes from corporate accountability, incarceration and deterrence.
Lawlessness is now so rampant that a group of realistic law professors, led by Professor Mihailis E. Diamantis of the University of Iowa Law School, claim there is no corporate criminal law. I say “realistic” because their assertion that corporate criminal law, does not in fact, exist is not widely acknowledged by their peers.
Most Americans know that none of the executives on Wall Street who are responsible for the lies, deception, and phony investments they sold to millions of trusting investors were prosecuted and sent to jail. “They got away with it,” was the common refrain during the 2008-2009 meltdown of Wall Street that took our economy down and into a deep recession that resulted in massive job loss and the looting of savings of tens of millions of Americans.
Not only did the Wall Street Barons escape the Sheriff but they got an obedient Congress, White House and Federal Reserve to guarantee trillions of dollars to bail them out, implicitly warning that the big banks, brokerage firms and other giant financial corporations were simply “too big to fail.” They had the economy by the throat and taxpayer dollars in their pockets. Moreover, Wall Streeters made out like bandits while people on Main Street suffered.
All this and much more made up a rare symposium organized by Professor Diamantis last year at Georgetown Law School. (See: https://www.
The litany of corporate wrongdoing ranges from polluting the air and drinking water, dumping microplastics that end up inside human beings, promoting lethal opioids that caused hundreds of thousands of deaths, providing millions of accounts or products to customers under false pretenses or without consent, often by creating false records or misusing customers’ identities, (Wells Fargo), manufacturing defective motor vehicles, producing contaminated food, allowing software failures resulting in crashes of two Boeing 737 MAX’s with 346 deaths. (See, Why Not Jail? By Rena Steinzor).
People don’t need law professors to see what’s happening to them and their children. People laugh when they hear politicians solemnly declare that “no one is above the law,” extol “the rule of law” and “equal justice under the law.”
By far the greatest toll in preventable fatalities and serious injuries in the U.S. flows from either deliberate, negligent or corner-cutting corporate crime under the direct control and management of CEOs and company presidents, many of whom make over $10,000 an hour over a 40-hour week.
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