Yeah this. I really wish there was some way to sentence these billionaires to the middle class for the rest of their lives. Some sort of "external" prison where their net worth is held to that of the median net worth of the OMB's "middle class" range.
Can we do it for everyone?
You mean everyone convicted of criminal misconduct? Or everyone everyone? Feel the latter would do more harm than good. The opportunity to become wealthy it a tremendous motivator.
Yes, it is such a great motivator people will literally kill, die, and destroy the planet for it.
Can poor people get in on this? Being sentenced to a middle class life could be ok.
What does this have to do with "capitalism"? People hiding their ill-gotten assets is hardly a unique characteristic of capitalism.
Luckily, this means the family will be pursued criminally. Bankruptcy doesn’t shed that.
Purdue is already convicted of a felony. You shouldn't be able to declare bankruptcy to dissolve damages from a felony and felony conviction of company should hold directors accountable for damages.
While it’s unfortunate bankruptcy code wasn’t designed for these edge cases, I’m optimistic about how a court will handle this. Even more so about criminal charges that will likely include a prison sentence due to the amounts involved and clear intent.
Bankruptcy exists as a safety net for failed capitalists.