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Author Topic: Fossil Fuels: Degraded Democracy and Profit Over Planet Pollution  (Read 15105 times)

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AGelbert

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Truth from Thom Hartmann 

Quote
A business can operate at a profit, a break-even, or a loss. If the business is a sole proprietorship or a partnership (owned by one or a few people) and it loses more money than its assets are worth, the owners and the investors are personally responsible for the debts, which may exceed the amount they originally invested. A small-business owner could put up $10,000 of her own money to start a company, have it fail with $50,000 in debts, and be personally responsible for paying off that debt out of her own pocket.

But let's say you invest $10,000 in a limited-liability corporation, and the corporation runs up $50,000 in debts and then defaults on those debts. You would lose only your initial $10,000 investment. The remaining $40,000 wouldn't be your concern because the amount of your investment is the "limit of your liability," even if the corporation goes bankrupt, defaults in any other way, or causes millions of dollars in damage to the environment or even the deaths of people.

Who foots the bill? The creditors-the people to whom the corporation owes money-or the community that was devastated. The company took the goods or services from them, didn't pay, and leaves them with the bill, exactly as if you had put in a week's work and not gotten paid for it. Or it wreaks havoc and death and then simply shuts down, as so many asbestos companies have done recently.


"Unequal Protection: How Corporations Became People."
Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23

 

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