After investigation it was discovered the AI was designed to extract maximum profit fo the owners and hide business failings until it collapsed, leaving investors and creditors holding the debt.
The courts fined the owners $50 each.
Repeat.
Just like all the crypto, AI, and app scams these days.
Make big promises to inverstors, make a memecoin, steal all the data, pump and dump with the money and the courts don‘t do shit. Seems to be the Zoomer business model. Well, Trump‘s MAGA losers too.
The real scam was capitalism?
So financialization.
Rentseeking with extra steps.
More and more, alleged captains of industry are showing themselves to be confidence players who just defend capitalism because they got lucky in it.
And started with wealthy parents, often.
The legal fiction of the corporate shield is leading our species to its doom. Profit without accountability encourages destructive behavior.
What’s the better idea? Without that legal fiction, new businesses would grind to a screeching halt and the entrenched monopolies would be even more powerful, as if that isn’t the root of our economic problems already.
Without that legal fiction, new businesses would grind to a screeching halt
Thats not true though. The world abounded in businesses before the modern corporation and it will after.
There’s no way that making the board or c-suite personally liable could increase the power of monopolies. It would encourage smaller corps with less centralized risk.
What do you mean by “corporate shield”? Are you referring to limited liability? Corporations are still accountable for the laws that they break.
Um, how? Corporations don’t care if they go under. They also don’t care if they commit genocide or are responsible for major industrial disasters.
I think they mean the corporate veil that is typically assumed, as in https://en.wikipedia.org/wiki/Piercing_the_corporate_veil
It provides a layer of liability protection for the personal assets of the humans behind the company when it comes to debts. But it also provides protection from criminal liability in many cases when it comes to horrible non-financial crimes.
Sounds like this will be used to break laws and avoid responsibility. Just point to the black box to avoid fines and jail. A loophole for society to decend in to lawlessness and more corruption.
If you drive drunk, that’s an offense even without causing road accidents. These people not only think this shouldn’t be so when offloading decisions to a text predictor with different patterns of mistakes, they also seem to seriously mention possibility there should be no responsibility when those mistakes happen.
this technology will get a lot of people killed and it will only stop when it destroys enough elite families.
Dr. Guillotine would like a word…
So, basically just like human led companies?
AI-run business could be beneficial if done for the benefit of all humanity. Instead, people are using it for personal gain at the expense of others.
We need to criminalize this type of greed so, so badly.
Delaware Delamain.
They’re really rushing to leave the bleakest cyberpunk distopia in the dust.
Delaware is the state where a bunch of companies are legally but not physically headquartered, ro evade state taxes and regulations.
States need to rethink their tax laws for companies: If you do business here, you pay taxes here.
My former employer was a Delaware corporation, the company still has to pay our state taxes.
According to Wikipedia: Delaware charges no income tax on corporations not operating within the state, so taking advantage of Delaware’s other benefits does not result in taxation. At the same time, Delaware has a particularly aggressive tax on banks that locate in the state. However, in general, the state is viewed as a positive location for corporate tax purposes because favorable laws of incorporation allow companies to minimize corporate expenditures.
So, yeah, I was oversimplifying.
Isn’t Delaware a famous tax haven?
Delaware is often used at a location for companies because it has a very well documented and court proven legal foundation.
It eliminates a lot of the uncertainty in running a business from a legal standpoint because most cases are already settled by someone else.
Texas is the new hotness from a tax standpoint cause it gets its money from other sources, like property tax.
Famous for hiding business owners and shielding them from legal consequences. I haven’t heard about them being a tax haven; they just have a really thick corporate veil.
