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| quote: | Originally posted by Krypton
 bravo bravo.. Don't hold it against me because I haven't "made it" yet..
Laws to hold CEOs accountable huh? How can those laws have jurisdiction over a multinational corporation which has most of its business in foreign markets? One example being, isn't it illegal to convict a company for bribing political officials? Africa is rife with political bribes from multinationals. I don't see an American company being convicting of bribing, say, an official in Nigeria, or Angola.
I very much support the ideal of corporations, capitalism. But I believe unrestrained capitalism, or unrestrained corporate power is very dangerous. |
sarbanes oxley is one of the newer laws holding CEOs and CFOs liable.
if a corporation does not violate US law then the US has no gripe and there is no need to apply US laws to the corporate officers. however, if the corporation operates within the borders of the US (even remotely) the US has a right to enforce its laws against the executives of the company. For example, the US has brought charges against UK and Carribean executives of online sports gaming websites. The issue then becomes whether US courts can exert jurisdiction over that person. At that point, it is as simple as stepping on US soil or in a terrority with an extradition treaty with the US. there are many instances when the US applies its laws to people who have never stepped foot in the country. the US does it all the time for south american drug smugglers importing drugs into the US.
you don't see american companies being convicted of bribing foreign officials because it is hard to prove. the foreign official isn't going to admit to doing so, and the corporation can likely launder the money by paying bogus government fees that are funneled to the official.
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