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Corporate Finance

Legal Studies and Business Ethics Papers

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Full-Text Articles in Business Law, Public Responsibility, and Ethics

Responsible Shares And Shared Responsibility: In Defense Of Responsible Corporate Officer Liability, Amy J. Sepinwall Jan 2014

Responsible Shares And Shared Responsibility: In Defense Of Responsible Corporate Officer Liability, Amy J. Sepinwall

Legal Studies and Business Ethics Papers

When a corporation commits a crime, whom may we hold criminally liable? One obvious set of defendants consists of the individuals who perpetrated the crime on the corporation's behalf. But according to the responsible corporate officer ("RCO") doctrine, the government may also prosecute and punish those corporate executives who, although perhaps lacking "consciousness of wrongdoing," nonetheless have "a responsible share in the furtherance of the transaction which the statute outlaws>" In other words, under the RCO doctrine, a corporate executive can come to bear criminal responsibility for an offense of her corporation that she neither participated in nor culpably ...


Responsibility, Repair And Redistribution In The Wake Of The Financial Crisis, Amy J. Sepinwall Jan 2013

Responsibility, Repair And Redistribution In The Wake Of The Financial Crisis, Amy J. Sepinwall

Legal Studies and Business Ethics Papers

Who bears responsibility for the financial crisis? The list of possible culprits is unmanageably long and at times internally inconsistent, as it includes subprime mortgages and over-zealous mortgage originators; risk-happy investment bankers and the ineffectual ratings agents who rubber-stamped the bankers' exotic products; and neoconservatives hell-bent on deregulation along with liberal politicians cowering before entities they allowed to become too big to fail.1 Nonetheless the question of responsibility seems to demand an answer not only for purposes of arriving at lessons that might avert a future crisis but also for answering a second question that seems a natural corollary ...


Guilty By Proxy: Expanding The Boundaries Of Responsibility In The Face Of Corporate Crime, Amy J. Sepinwall Jan 2012

Guilty By Proxy: Expanding The Boundaries Of Responsibility In The Face Of Corporate Crime, Amy J. Sepinwall

Legal Studies and Business Ethics Papers

The BP oil spill and financial crisis share in common more than just profound tragedy and massive clean-up costs. In both cases, governmental commissions have revealed widespread wrongdoing by individuals and the entities for which they work. The public has demanded justice, yet the law enforcement response in both cases has been underwhelming. In particular, no criminal indictments have been sought for any of the corporations responsible for the Macondo oil-rig explosion or for the Wall Street banks involved in the financial meltdown.

This governmental restraint reflects a deep-seated ambivalence about corporate criminal liability. Though scholars have been debating the ...


The Moral Problem In Insider Trading, Alan Strudler Jan 2009

The Moral Problem In Insider Trading, Alan Strudler

Legal Studies and Business Ethics Papers

This article identifies the moral wrongness of insider trading. It examines the leading arguments for treating insider trading as morally wrong and suggests that these arguments are unpersuasive because they either rely on dubious empirical premises or assume normative premises that are equivalent to their conclusions. It concludes that it is the unconscientious dealings involved in insider trading that is the most persuasive moral basis for wrongfulness of insider trading.