It is indeed already normal for rich people to do things that are sketchy as hell.
Maybe let's make it not normal?
Maybe let's make it not normal?
There are very legitimate reasons to incorporate in another location. Some are not only not sketchy, but even altruistic, e.g. incorporating in another state for the purpose of incorporating as a PBC.
Did they incorporate as a PBC?
Is there actual case law of people using a company's status as a PBC to effectively hold it to account for detrimental corporate conduct?
Businesses choose Delaware because their corporate law and court system are are both well developed and streamlined which makes investors comfortable.
There are plenty of other states that are better choices for tax reasons.
And what of incorporating somewhere, having your headquaters somewhere else, having your main office in a third place, and this all owned by a shell company in a fourth place, with all your assets owned by a fifth company, which rents it back to you for extortionate rates, your EU subsidiary in a sixth place, the actual EU offices in a seventh place, etc etc etc.
Thats not even approaching the trickery and deceit that is accepted as completely normal - let alone the ones that actually get in trouble
Do these sorts of things have legal benefits for the companies involved? (yes)
If I had a company over a certain size, I'd probably do it too. But it has sharply negative consequences for the rest of society, and for trust in the system in general.
If they're incorporated there because that makes regulatory compliance easier, then that's not "dodging", that's just... doing what's allowed.
And it's not like incorporating in Delaware is a get-out-of-jail-free card. If the company does have a presence in other states, the laws of those states are binding in many circumstances; the state of incorporation is irrelevant there. And there's always US federal law. Choice of state isn't going to change anything when the feds come knocking.
The issue at hand is Polymarket claiming they are based in Panama, outside the US's jurisdiction, but presumably being headquartered in the US. You might say this is no different from a company being incorporated in, say, the UK, doing business there, hiring people, maintaining an office, and then also having offices in the US, but... this is not the same, and it's a little odd that you seem to be missing that fact.
And on top of that, often multi-nationals will have a legal entity in every country where they operate. Do they have one in the US? If not, and they are de-facto headquartered here, that's beyond sketchy. And even if they do, if they've structured things such that they can shield their assets from US legal judgments for crimes or torts committed on US soil, that's also pretty damn sketchy.
Who more often jail time for sketchy things? Poor or rich?
Does anyone of sound mind make it a class issue? Of course not. It would make about as much sense as blaming every rich person for random white collar crimes.
If they get caught, do they get jail time or a fine?
How many poor people do you need to get the same number of victims compared to the sketchy things of rich people?
That whatever group has a worse impact should be “gotten rid of”? What if poor people are worse? You’d abandon that line of thinking entirely, I imagine.
What’s next? If people with red cars are statistically more likely to commit crimes we should round them up as long as you don’t personally have a red car?
Those who disagree with you are crazy.
Right.
Says one vain but ultimately useless meat suit whose food and shelter the rest of us don't have to concern ourselves with because it's so inconsequential an existence it props nothing important up.
Ah it's people like you that provide the most entertainment in life. Watching you shill delusions about your economic achievements in a physical reality that doesn't care you exist and a social system that provides no assurances your efforts today will afford you food and shelter in the future.
As the other 8 billion on the planet while you live don't notice you exist.
But you're of sound mind; a privilege you give yourself to begin with. Lol. Sad.