A measure that would make executives criminally liable if their companies commit fraud will appear on November’s statewide ballot.
If voters approve it, Colorado could become the toughest state in the nation on corporate fraud, according to the Protect Colorado’s Future coalition backing the proposal. Business groups have opposed the measure, saying it would make the state a less desirable place to locate companies.
What we really need is a crackdown on fraud perpetrated on us by the government. Right now there is very little recourse.
Business, I am not as worried about the market has its own way of dealing with dishonest businesses and businessmen, namely that those businesses will go out of business, dishonest businessmen will lose their careers and reputations and will sometimes even go to jail. This bill would not have stopped an Enron from happening and the market took Enron down once the fraudulent practices were exposed much better and more quickly than the government ever could have. The major players in the Enron scandal did all go to jail or died before they made it to jail.