Considered a Person But Cant do Jail

So corporations are considered people but can’t go to jail. I don’t get it,  corporations are considered people but get luxuries that most people can’t. The question of how far we are willing to consider corporations people in good and bad times was raised by a CNN Money headline “HSBC: Too big to jail?”In case you havent read the story it goes like this, HSBC is accused of laundering money for the Mexican drug cartel. The bank broke the law several times despite repeated warnings. According to CNN Money “To make matters worse, HSBC received multiple warnings. U.S. regulators ordered the bank in 2003 to strengthen its anti-money laundering controls, and did so again in 2010 after finding it had continued to ignore suspicious transactions.”The record of dysfunction that prevailed at HSBC for many years was astonishing,” said Assistant Attorney General Lanny Breuer. “Today, HSBC is paying a heavy price for its conduct.”  I understand that shutting down HSBC will create massive job loss and serious economic harm but considering the seriousness of this violation something more serious needs to be done besides , “HSBC compliance officials have had their bonuses clawed back, and most of HSBC’s senior management has been replaced since the conduct at issue, which stretched from the mid-1990s to 2010” this according to CNN Money.

2 Comments

  1. What sounds like a big penalty to we individuals (person) doesn’t seem like much of a detriment to HSBC. I understand that the fines amounted to one month (30 days ) profit for the corporation. So let’s see 10-12 years of billions in profits for a cost of 30 days of profit? Seems like a good business decision. Oh and gee I guess since I broke the law for the last decade I won’t get as much in bonus this one year where is the integrity or incentive to stop the behavior?

    1. In my opinion, this whole idea of treating corporations as people is wrong because it allows corporations as powerful as they are to get away with murder.

Leave a Reply