The executives who run these banks aren’t going to jail, either. Apologists say it’s not fair to jail bank executives because they don’t know what their rogue traders are up to.
Yet ex-convicts often suffer consequences beyond jail terms.
In many states they lose their right to vote. They can’t run for office or otherwise participate in the political process.
So why not take away the right of these convicted banks to participate in the political process, at least for some years? That would stop JPMorgan’s Dimon from lobbying Congress to roll back the Dodd-Frank act, as he’s been doing almost non-stop.
Why not also take away their right to pour money into politics? Wall Street banks have been among the biggest contributors to political campaigns. If they’re convicted of a felony, they should be barred from making any political contributions for at least ten years.
He doesn’t seem to understand the law either.
So, why is it that companies are allowed to contribute to political campaigns? Because contributing to a political campaign is political speech, and as such is something that has First Amendment protections. And it’s one of those protections that extends to legal persons as well as natural persons.
So, do felons lose their free speech rights?
Nope, they don’t. So, what Reich is now suggesting is something that simply cannot happen. As such, the perfect campaigning tool in fact. Demand something impossible and you can gin up the rabble forever.