this post was submitted on 08 Sep 2023
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I added some clarification.
What I mean is that the process should be intentionally and purposefully catastrophic for the company in question, while providing victims the maximum possible recourse, in a financial sense.
And further, to incentivize the government to actually regulate and police shitty corporations so that they don’t get into that insane and catastrophic situation, the US government would become the guarantor for claimant payouts once the corporation becomes insolvent. I realize I’m handwaving a good bit, but I think a system something like that could act as an effective forcing function to steer corporate governance in a more ethical and sustainable direction - not just in the US, but worldwide.