I've thought long and hard about this for many years. Punitive damages - eg jail time or financial punishment should be removed from our system except in cases where people are unfit to be in society (like murders' etc).
What should happen - all of the management at Citgroup should have to attend a 5 day training provided by the SEC showing how they can fix the reporting problems they have. How it causes problems to society. How it is dishonest - and how it wastes taxpayers dollars.
I'm betting having that happen to Citigroup 2 or 3 times a year would really make them think about following the rules.
Plus - its positive reinforcement instead of negative (punative) damage.
What should happen - all of the management at Citgroup should have to attend a 5 day training provided by the SEC showing how they can fix the reporting problems they have. How it causes problems to society. How it is dishonest - and how it wastes taxpayers dollars.
I'm betting having that happen to Citigroup 2 or 3 times a year would really make them think about following the rules.
Plus - its positive reinforcement instead of negative (punative) damage.