Anybody who has kept up with the news over the past few months already knows that the big banks, drug companies, oil companies, and other corporations have all been hit with record fines. Corporate rule-breaking is clearly on the increase with some knowledgeable persons even saying that it’s “booming.” Considering the tremendous increases, it’s rather difficult to understand why all we have seen so far is that companies are paying huge fines to the federal government. There have been very few criminal prosecutions.
The Economist Magazine has called for tougher sanctions against corporate crime, saying in a recent editorial that “[a]t the moment, it seems, some corporate crimes pay handsomely.” But so far, to my knowledge, none of our political leaders in Washington have called for tougher sanctions for corporations that break the law, not even for repeat offenders. Maybe a good place to start if Congress wants to reform Wall Street, would be to bring back Glass-Steagall. That would be a very good thing for the American people.
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