Depending on what happens in Madison, Wisconsin they may be able to.
A case before the Wisconsin Supreme Court may change the way that corporations interact with unions, banks and vendors. The court has been asked to decide whether or not business owners can make decisions for their personal benefit at the expense of their corporations. Opening arguments are set for January 7.
You can read the full story here.
Is it the business of the supreme court if you buy yourself luxury items while your business flounders? There is no question that the ethics are poor but the potential of the supreme court getting involved and legislating it is also a little frightening. Should taking vacations, buying yourself golf supplies, and acquiring new cars be illegal while your company is struggling to keep afloat?
It seems the owners of this corporation were enjoying fine wines, luxury living accommodations and other perks while the employees were losing their jobs, the creditors weren’t being paid and the company continuously increased their debt load.
The owners of the corporation really did nothing illegal, it seems that it is mostly a question of ethical behavior.
The question is whether or not the supreme court can regulate ethics. It will be an interesting case to watch with potentially long term effects on the way corporations are run.
image:morguefile
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This is very interesting. I think that if companies are publicly traded, CEO’s are more likely to be in the public eye and they should watch how they spend their money, especially in a time where people are losing their jobs. I think the attention should not be on what they by, but instead, how much they get paid. If they didn’t receive such large salaries, we wouldn’t have to worry how they were spending it. I don’t think it’s our place to tell people how they should and shouldn’t spend their money. Thanks for sharing!