Good move.In addition, a company which has committed malpractices should be reconstituted at the Directors level and broken up into smaller units.
Pattern of holding of companies,especially ‘shell companies,needs to be looked into and and IRS may be given sweeping powersto rein them in.
For failed companies ‘Limited liabilty’ must be scrapped and assets of spouse,if found possessing wealth disproportionate to their known sources of income, must be confiscated
Story:
Just when Wall Street thought it couldn’t get worse for them on Capitol Hill – it did.
Rep. Paul Kanjorski (D-Penn.), a senior member of the Financial Services Committee, has proposed the most explosive provision so far in the debate over financial reform, seeking to empower federal regulators to preemptively break up financial firms deemed “too big to fail.”
The powers Kanjorski is proposing are sweeping – he wants to hand the federal government a measuring stick to figure out which companies are a threat to the larger financial system, then give the feds the authority to break them up regardless of their financial health.
http://www.politico.com/news/stories/1109/29153.html
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