Why should you, as part owner of the company, be held liable for crimes committed by the company before you owned it?
Simple. BECAUSE YOU OWN THE FUCKING COMPANY.
You buy the company, you buy the liabilities.
Otherwise you're shifting the cost of the crimes of a company from those who own it to those who DON'T own it. How the fuck is that fair?
I agree with you 100%.
I just want to emphasize: companies don't commit crimes, people do. If "the company" knew of the crime being committed and didn't take action, yes, "the company" is liable and owners do need to be held responsible.
The perps themselves need to also pay (either a fine or jail time depending on the crime). Bernie Madoff and his ilk are great examples (I'm pleased that they sent his software developers to jail too. They were some of his biggest enablers). This may be where RajivSLK was coming from, but he didn't articulate it.
I bring this up for 2 reasons:
1. In our rage at "company behavior", we sometimes forget about the people, which is at least as important
2. If Michael Dell and Kevin Rollins (a former boss) are personally being made to pay up, that means that, aside from Dell being liable, they personally perpetrated crimes (possibly.....rant on SEC below).
This is my big beef with the SEC. We should actually enforce our fraud laws and when someone is accused of committing fraud, have a real investigation and possibly some arrests, not have the SEC come in, say that there's "accounting irregularities" and slap a person on the wrist with a puny fine. Half the time the SEC is in cahoots with these companies/people and are committing crimes themselves.