Commenting on the unfolding disgrace of boardroom thievery in Corporate America, former Ambassador Peter Secchia wants us to know that he thinks these crooks should be thrown in jail. Criminal prosecution may well be in order for those corporate directors and officers who broke faith the shareholders they were hired to serve in order to line their pockets with ill-gotten gain.
Contrary to the shared misconception of both the bien pensant compassion-mongers and the “greed is good” masters of the universe, the free market is sustained not by the law of the jungle but by the rule of law. It is our trust that the law stands behind the bargains we strike, the contracts we make, and the obligations we incur that lubricates the machinery of the free market. Without the law we would have nothing more than the “caveat emptor” of the bazaar rather than the sophisticated capital markets that fuel the businesses that deliver a wealth of goods and services to us.
So, yes, those corporate malfeasors who breached our trust must reckon with the law. Let us hope that the Ambassador, who was a director of Old Kent Bank, is just as demanding when the role played by bank insiders in the 25-million-dollar Toxic Towers fiasco comes to light.
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