Was just thinking about this. Like Meta just got the EU data privacy one. It should be something like "You have to shutdown XYZ until you are audited in full meeting compliance and regulations."
Does prison time actually benefit society, other than in an emotional capacity?
Is there any evidence that prison time for executives would help prevent such abuse in the future?
I personally think a harsher punishment is needed but I'd also prefer it to be effective towards the goal of helping prevent these abuses, rather than merely vindictive.
For example, it seems logical to me that a situation where the perpetrators were removed from, and unable to hold in the future, any executive or decision making position might better protect society.
Prison might be one way to effect that but I think we can probably do better.
And probably the financial penalties should be applied to all the individuals involved rather than the companies, otherwise consumers are the people paying in the end.
I think you would need a significant penalty aside from being unable to be a decision maker though. Perhaps the individual financial penalties you mentioned, if high enough, would accomplish this.
Otherwise some one found guilty of this could be replaced easily with another willing soul, be moved to another role in the company and paid a handsome salary as a reward, and or consult for others on how to commit fraud or run the company.
Jail time for executives in situations like this will definitely make other executives think about their actions.
Jail time for a drug addict or other small time desperate criminal who would otherwise be homeless and have no hope of a future will not make any difference to the actions of others in a similar situation.
