Should Trump's Business' Get The Corporate Death Penalty?

New York Attorney General Leticia James is considering the corporate death penalty for the Trump Organization. If true, it’s really good news for the entire field of corporate governance in America.

It’s past time to bring back the corporate death penalty.

Corporations come into being when they’re granted what’s called a charter — basically a license or permission to operate in the state — by a state’s government. (While there are a few federally chartered corporations — Amtrak, for example — they are exceedingly rare and usually limited to very specialized areas of operation that involve the public good rather than just making money.)

There was a time in this country when states routinely killed corporations that they found were harming the interests of the state’s citizens or behaving in a predatory or monopolistic fashion. The practice was widespread across the country right up until the last decade of the 1800s, when John D. Rockefeller provoked a change in most states’ corporate charter laws.

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The Founders of this nation were so wary of corporate power that when the British Parliament voted to give a massive tax break — through the Tea Act of 1773 — to the East India Company on thousands of tons of tea it had in stock so that the company could wipe out its small, entrepreneurial colonial competitors, the colonists staged the Boston Tea Party.

If enough corporate criminals are targeted, the American business renaissance could spread across industries including media, pharmaceuticals, airlines, tech, banking, insurance, food, chemicals, oil and beyond.

It would be a real stimulus, meaningful and long-lasting. And it could all begin with the high-profile dissolution of Donald Trump’s allegedly criminal empire.

Good on Attorney General Leticia James: It’s high time for our states to once again enforce the corporate death penalty.

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