By William S. Laufer
We are living in an period outlined through company greed and malfeasance—one during which remarkable accounting frauds and screw ups of compliance run rampant. on the way to calm investor fears, revive perceptions of legitimacy in markets, and display the unravel of kingdom and federal regulators, a bunch of reforms, high-profile investigations, and symbolic prosecutions were carried out in reaction. yet are they enough?
In this well timed paintings, William S. Laufer argues that despite fresh felony reforms, company legal legislation remains to be useless. As facts, Laufer considers the failure of courts and legislatures to type legal responsibility ideas that particularly characteristic blame for organisations. He analyzes the video games that agencies play to deflect felony accountability. And he additionally demonstrates how the alternate of cooperation for prosecutorial leniency and amnesty belies actual legislation enforcement. yet none of those elements, in accordance with Laufer, trumps the truth that there is not any unmarried constituency or curiosity workforce that strongly and continually advocates the significance and precedence of company legal legal responsibility. within the absence of a brand new general of company legal responsibility, the ability of regulators to maintain company abuses in cost will stay insufficient.
A useful corrective to our present weather of graft and greed, Corporate our bodies and responsible Minds will be necessary to policymakers and criminal minds alike. “[This] well timed paintings deals a dispassionate research of difficulties in relation to company crime.”—Harvard legislation Review
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Extra resources for Corporate Bodies and Guilty Minds: The Failure of Corporate Criminal Liability
Increases in payroll compensation, significant bonuses, and promotion to higher positions in the corporation) with corporate policies, codes, standards, and procedures that maximize law abidance. Top management is put on notice that the failure to align such incentives with implicit messages to deviate from the law risks entity liability. Successful managers must institutionalize an adequate control system to identify deviance, exercise great care in the delegation of significant corporate responsibility, and clearly communicate the importance and relevance of policies, code provisions, standards, and procedures, while defining those acts that are within the scope of an agent’s authority.
The Interstate Commerce Commission), provided some needed relief from the risks associated with the rise of the modern corporation. 72 Courts first extended the criminal law to corporations for crimes of nonfeasance, and then for crimes of misfeasance where proof of intent was not required. 73 Finally, with the antitrust action in Standard Oil of Indiana (1908) and the rate discrimination case of New York Central & Hudson River Railroad Co. (1909), the corporate criminal law was applied to all crimes, including those requiring proof of mens rea.
65 ‘‘The best of state laws,’’ wrote one commentator, ‘‘will never do away with the present abuses. Congress alone can, with safety, provide a method by which reasonable combination may be permitted. ’’ 66 Popular opinion argued in favor of federal regulation of large corporations in ‘‘national’’ commerce in order to ensure the general welfare of the public. And, with few exceptions, the business community was as solicitous of public approval as it was frightened of public disapprobation. 67 The transformation of the state’s role in promoting economic development was nothing short of remarkable.