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Yves at NakedCapitalism keeps hammering on about how high level guys have to regularly sign off on the quality of their internal monitoring so a failure there would make them personally liable. Sarbanes Oxley is the key word here I think. Don't ask me how practical that would be in the real world.
by generic on Fri Mar 18th, 2016 at 11:15:02 AM EST
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Yeah, in theory. In practice I suspect that they'll find some way to blame minions further down. Some sort of strict liability rule may work for civil penalties, but might run into trouble for criminal sanctions.
by Colman (colman at eurotrib.com) on Fri Mar 18th, 2016 at 11:23:24 AM EST
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Then the civil penalties should be extended to a lifetime bar from serving in a position of fiduciary responsibility - for starters.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Mar 18th, 2016 at 11:34:57 AM EST
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That would be a nice touch - though in Irish law I have a funny feeling it might fall foul of a right to earn a living.
by Colman (colman at eurotrib.com) on Fri Mar 18th, 2016 at 11:36:02 AM EST
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Is there such a right explicitly or implicitly  guaranteed in the Irish Constitution? Even if there is a lifetime ban on positions of fiduciary responsibility does not prevent one from making a living - just from doing so with other people's money.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Mar 18th, 2016 at 12:49:52 PM EST
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There's something complicated about it, I don't quite recall what. Might be common law.
by Colman (colman at eurotrib.com) on Fri Mar 18th, 2016 at 12:56:30 PM EST
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As long as they can carry out menial work their right to earn a living is protected...

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Mon Mar 21st, 2016 at 10:14:38 AM EST
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I do know that Michael Milken is effectively prohibited from ever again working in the financial industry personally. But he still got to keep $500 million in assets and cash. I think a million would have been quite sufficiently generous and certainly no more than $10 million. He did far more damage than that via the junk bond scandal, and $440 million might have gone a ways towards compensating some of the victims, preferably starting with the most vulnerable.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Mar 18th, 2016 at 12:54:50 PM EST
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Does this mean that reckless drivers get to keep their licence in Ireland if they need to drive for their living? Or does the Irish Constitution have a special clause protecting bankers?
by gk (gk (gk quattro due due sette @gmail.com)) on Fri Mar 18th, 2016 at 01:07:36 PM EST
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No such right in the US.  We take away the ability to make a living above the poverty line with every felony conviction.
by rifek on Mon Mar 21st, 2016 at 10:18:55 PM EST
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Right, that's all going to be civil stuff.

Be nice to America. Or we'll bring democracy to your country.
by Drew J Jones (pedobear@pennstatefootball.com) on Sun Mar 20th, 2016 at 10:57:12 PM EST
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Strict liability works in crim law all the time.  Look at a number of federal criminal laws (e.g. the environmental statutes) or the bad check statute we have here in Utah, which frankly something out of Kafka.
by rifek on Mon Mar 21st, 2016 at 10:15:33 PM EST
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