Thanks for taking my points in good faith - others have not done the same (or to your points either). Upvoted.
>Why is it not the best idea? It's a great idea. Fine them more money and let them go bankrupt.
It's not good politics, unfortunately. The political actors that have the will to do such a thing would get trounced by the next "pro business" candidate, and a lot of Americans would back such a candidate no matter how obvious the problem is. Job losses (albeit temporarily) as well as the temporary supply shock if 3M is the sole producer of any chemical or material that is of strategic importance. Voters who aren't the smartest lot would eat that sort of candidate up, and that candidate would also be backed heavily by other corporate wrong-doers who might also be in the crosshairs down the road. It's a tough situation.
The issue then becomes - if they don't have enough money to pay the fine, who is on the hook for the remaining damages? Think about it - if the company's market cap, assets, C-Suite/board combined net worths, etc.. is worth $N, and the total fine is $X (and N is less than X), who picks up the remainder of the cost to fully help those affected by the toxic chemicals? It's a tough question.
On a personal level, I fully agree with you - burn the company down and punish their board and C-Suite. Those who play by the rules get to participate in the free market, and those who don't need to suffer (and have their golden parachutes shot down). Skirting the rules is hubris at the end of the day, and hubris is not good.
>I don't understand. You think the taxpayer cannot be on the hook, yet you also think we are obligated to bail out the business by nationalizing it? What do you think nationalizing a business entails? It would literally place the taxpayer on the hook for that business. Nationalizing it would not imply any guarantee the business remains profitable, and future losses would be owned by the public.
Fair point. This is where things become difficult - because as I said above, who ultimately bears the responsibility if the company cannot afford to pay the full cost of damages? My solution would essentially be placing the company into a trust owned by the government - and the trust would be responsible for conducting a sale of the company's assets in a timely fashion.
The problem is that the taxpayer eventually foots the bill in one way or another. Damned if you do, damned if you don't.
>I do agree that execs should be punished more severely though. We are absolutely on the same page there. And I don't care if the current execs are not the original execs responsible. As far as I can tell, they've allowed the problem to continue if not get worse.
Fine them all. Old and new.