I will believe the Saudis don't see any upcoming problems with Ghawar when they cancel one of their projects due to low oil prices. If they continue to be full steam ahead with increasing their capacity then I think they are aware that Ghawar may not be as robust in 5 years time as they would like us to believe.
Posted: Sun Oct 12, 2008 10:19 pm Post subject: liability - why doe no one ask for it?
Why does no one ask for personal liability of the CEO's of the money "industry"? Not our "leaders", nor the media, nor angry citizens?
If you are a health practitioner, a plumber or an engineer you must pay your insurance and you know if you make a major mistake you insurance will cover only a part of the liability (and the insurance payments will go up). So you try to do all things as correct as you can and you will still have some risks.
Other if you are a CEO of a bank. Your salary is outrageous and if take so many bad decisions that the whole bank fails you will still receive a lot of money and you are not liable with the money yet earned.
Are there not any lawyers out there looking at these contract to make these betrayers at least a bit liable for their mismanagement? While the taxpayers must pay they keep their wealth - what a weird world!
Joined: May 27, 2007 Posts: 1704 Location: The Post Peak Oil Historian
Posted: Sun Oct 12, 2008 10:30 pm Post subject: Re: liability - why doe no one ask for it?
Not weird, real. The banks, or rather the owners of the banks, or more clearly, the people who control most everything, who have created this system to maintain themselves in power and keep the masses powerless, will continue to do so.
Money is not real. It is a means of allocating the available resources towards the maintenance of the power structure.
You could redistribute all the supposed money that exists, but there is still only a limited supply of resources.
It's all about who gets it and who doesn't. _________________ In a time of universal deceit, telling the truth is a revolutionary act. - George Orwell
It riles them to believe that you perceive the webs they weave. - Moody Blues
Joined: Oct 18, 2004 Posts: 2097 Location: kiwibush
Posted: Mon Oct 13, 2008 12:10 am Post subject: Re: liability - why doe no one ask for it?
alokin wrote:
Why does no one ask for personal liability of the CEO's of the money "industry"? Not our "leaders", nor the media, nor angry citizens?
If you are a health practitioner, a plumber or an engineer you must pay your insurance and you know if you make a major mistake you insurance will cover only a part of the liability (and the insurance payments will go up). So you try to do all things as correct as you can and you will still have some risks.
Other if you are a CEO of a bank. Your salary is outrageous and if take so many bad decisions that the whole bank fails you will still receive a lot of money and you are not liable with the money yet earned.
Are there not any lawyers out there looking at these contract to make these betrayers at least a bit liable for their mismanagement? While the taxpayers must pay they keep their wealth - what a weird world!
Given the scope of the stupendously foolish securitisation of what were vast swathes of poor real estate loans, and the extent to which these vehicles were intermingled and used to raise both equity and debt finance, I'ld say there's plenty of work for astute corporate lawyers. All it needs now is for a group of astute tax-payers to frame the appropriate class action and I suspect that many an ill gotten gain could be clawed back to mitigate the taxpayers inter-generational burden. _________________ Bugger me, I hear oil's runnin out mate!
Posted: Mon Oct 13, 2008 12:31 am Post subject: Re: liability - why doe no one ask for it?
Yeah. It's an interesting bit of law. In most states (maybe all) you can't incorporate a medical practice or other professional practices as a standard corporation. You have to form a professional service corporation or some such. The difference is that a professional service corporation doesn't exempt you from liability in your profession the same way a standard corporation would. Sort of ironic that they don't want me skirting liability with my $20k income, but they're happy to give it to the $20M a year Lehman CEO. _________________ "So while you sit and whistle Dixie with your money and your power.
I can hear the flowers a-growin in the rubble of the towers.
I hear leaders quit their lying
I hear babies quit their crying.
I hear soldiers quit their dying, one and all." - OCMS
Joined: Oct 18, 2004 Posts: 2097 Location: kiwibush
Posted: Mon Oct 13, 2008 12:51 am Post subject: Re: liability - why doe no one ask for it?
smallpoxgirl wrote:
Yeah. It's an interesting bit of law. In most states (maybe all) you can't incorporate a medical practice or other professional practices as a standard corporation. You have to form a professional service corporation or some such. The difference is that a professional service corporation doesn't exempt you from liability in your profession the same way a standard corporation would. Sort of ironic that they don't want me skirting liability with my $20k income, but they're happy to give it to the $20M a year Lehman CEO.
Corporate limited liability does not generally limit the personal liability of board executives as a consequence of negligently perfoming their managerial and directorial functions, in certain instances of a fiduciary nature. In addition, recent amendments to OECD corporate law lowers the bar on directorial negligence extending it to creditors and others who suffer a like loss in particular circumstances. As I said, all it needs now is the will and the appropriately framed action. It's tricky but it can be done. _________________ Bugger me, I hear oil's runnin out mate!
Posted: Mon Oct 13, 2008 2:38 am Post subject: Re: liability - why doe no one ask for it?
If a banker does not even want to see recent paychecks - what else is this as negligently? If borrowers were proposedly told to lie about their assets and income, they only need a witness. The evil is in the details, but it is strange that there are not such lawsuits yet.
How are we, as average townspeople, to hold people liable if people don't understand the scope and real problem in the first place?
Think of all of us who tried in VAIN to convince our friends and families that peak oil is a real thing -- that it even happened right here in the US. Many of us were, and continue to be, flat-out laughed at.
The FACT of the matter is that the government, the mass media, TV and other factors to many to name contribute to a culture that believes it is informed, when in FACT it is NOT.
The BELIEF is the important thing. That is hard to get through --- especially when CNN isn't saying a damn thing about it.
We're no better informed than the Chinese!!
MAYBE we have better internet searches -- but who's to say Google hasn't adjusted ours, too?
So with the current COUP that happened in our govt -- what we get to is blame being placed all around without a clear picture being formed by anyone in the MSM or the powers that be.
Will anyone stand up and be a whistle blower? No. They'll be laughed at an marginalized very quickly by the powers that be.
But, for those of us who have researched, we see a very definite picture of advanced levels of corruption, opportunism (at best), manipulation, etc, etc, etc. But try explaining that to your partisan mother-in-law. Ain't happenin'.
Those who are liable have covered their tracks as best they could -- but history will show this for what it is. There may be a symbolic head rolled, but those who are truly getting away with murder? I think not. At least that's how it's looking so far. _________________ Summertime, and the livin' is easy...
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
News
Discussions
Resources
Members
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
