HyperVerse hedge fund CEO may not exist — Investigation finds no record of identity after collapse causing an estimated $1.3 billion in customer losses::HyperVerse’s collapse caused an estimated $1.3 billion in customer losses.

  • Carighan Maconar@lemmy.world
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    11 months ago

    Some potential solutions: Governments could decide corporations must have actual named people in charge, ID by say passports or drivers licenses validated in person at an office to be issued an LLC or whatever.

    I think the forced “this person is ultimately to be held accountable” would help a lot.

    They can break it up if they want, based on company size in that country. Have responsible persons for departments and so on. But only in addition to the one at the top, so now they are jointly held accountable, each 50%, basically.

    These people as you say need to be verified with ID and all, and on top of that need to have their finances registered as, like I said, they’re responsible. If the company fucked it up, they fucked it up.

    • jmp242@sopuli.xyz
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      11 months ago

      This sounds like a good idea, but is basically getting rid of LLCs entirely and going back to partnerships or some other structure. That said, having LLCs kind of lets people just do bad stuff and no-one is responsible. I think the idea of LLCs was potentially OK (hard to get stockholders if every investor is personally liable for what the company does), the people making decisions on a daily basis need to not be shielded IMHO. And / Or we need to get more comfortable with a corporate death sentence where courts just regularly revoke the license / charter if the company is bad enough.

      • abhibeckert@lemmy.world
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        11 months ago

        It’s not just stock holders. I wouldn’t even hire an employee if I was criminally liable for things they do.

        Say I run a restaurant and my wait staff are photographing credit cards and selling them… that’s not my fault, nothing really I can do to prevent it.

        LLCs are essential.

        • Steve@communick.news
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          11 months ago

          Yet people managed to run restaurant’s, and all manor of other businesses before 1977!
          (1977 is when the LLC classification was first created in Wyoming)