Elizabeth Warren wants CEOs to go to jail when their companies behave badly

[Omaha Steve]

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Warren introduced a new bills to hold executives more accountable for corporate misconduct.

By Emily Stewart Apr 3, 2019, 5:30pm EDT

Just one big bank executive went to jail after the 2008 financial crisis. The CEO of Wells Fargo and his successor walked away from the megabank with multimillion-dollar pay packages after it was discovered employees had created millions of fake accounts. The same goes for the Equifax CEO after its data breach.

Sen. Elizabeth Warren wants that to change. Instead of these executives slinking away after the companies they run get caught behaving badly — or sticking around without consequences — she wants them to go to jail.

The Massachusetts Democrat and 2020 presidential contender on Wednesday rolled out the Corporate Executive Accountability Act, new legislation that would up the accountability of corporate leaders for their firms’ misdeeds, whether or not they personally approved of the actions that broke the law. The bill builds on existing laws to include negligent executives of corporations with more than $1 billion in revenue and says that if they or the companies they run engage in bad behavior, they go to jail for a year.

This legislation complements the Ending Too Big to Jail Act, which Warren introduced in 2018 and is reintroducing again this Congress. That proposal would require the CEOs of big banks to certify that nothing illegal is happening under their watch and create a permanent governmental investigative unit to look into financial crimes.

FULL story: https://www.vox.com/policy-and-politics/2019/4/3/18294308/elizabeth-warren-op-ed-wells-fargo-equifax

[rpannier]

1. This idea I cannot agree with more if I tried

That whole rabble should have gone to jail and paid millions in fines out of their personal fortunes