i mean the whole notion of a corporation is based on what's called limited liability limited liability means that the individual participants or workers cannot be charged with crimes of the corporation and that's it can't were limited it's one of the major runs scored runs through the corporation acts in such a way that kills the managers of the c.e.o. or the shareholders have limited liability and it's not a disregard for human life and maybe the nicest people were made to give to charity who knows what but in their institutional rule as managers of the corporation there is a task that they asked. that task is to maximize profit or markets or. if they don't do that they're out and somebody else is in the dust and the indian government meanwhile declare itself sole representative of the victims and proceed through for so out the case for four hundred seventy million dollars which was so cheap the union carbide stock went up by two dollars a share of the settlement was announced and people could not mean that it could be such a cruel sell out because the government agreed to settle all

some of the old notion of a corporation is based on what's called the limited liability limited liability means that individual participants or workers cannot be charged with crimes that corporation commits a crime to a very limited it's one of the major runs its course mansour corporation actions are true it kills the managers the c.e.o. the shareholders have limited liability and it's not disregard for human life and maybe the nicest people in the world not me to give to charity when i was working but in their institutional rule as managers. there is it ask that they must promise that task is to maximize profit and market. if they don't do that they're out and somebody else is in the dust of the indian government meanwhile declare itself the sole representative of the victims and proceeded to sort out the case for four hundred seventy million dollars which was so cheap the union carbide start went up by three dollars a share seven members and if you could not mean that could be such a cruel sell out because the government agreed to settle all the cost present and future gladly piece for

becoming the old notion of a corporation is based on what's called the limited liability limited liability means that individual participants. cannot be charged with crimes and a corporation commits a kind of very limited it's one of the major runs its course answered and the corporation actions are true it kills the managers see you. have limited liability i mean it's not disregard for human rights and maybe the nicest people we're all going to give to charity. but in their institutional rule as managers of the corporation there is a task that they must follow that task is to maximize profit in markets or. if they don't do that they're out and somebody else is in the bust of the indian government the market where itself the sole representative of the victims and proceeded to sort out the case for four hundred seventy million dollars which was sort of cheap the union carbide start went up by two dollars a share of the settlement was announced if you could not mean that it could be such a cruel sell out because the new government agreed to settle all bost present and future gladly for a sum

some of the old notion of the corporation is based on what's called the limited liability limited liability it means that individual participants in a court cannot be charged with crimes that the corporation commits they can't with very limited it's one of the major crimes squad rounds for a corporation actions or two it kills the managers will see your. limited liability and it's not disregard for human rights or maybe the nicest people were made to give to charity who knows what but in their institutional rule as managers of the corporation there is a task that they asked. that task is to maximize profit and not. if they don't do that they're out and somebody else is in the dust of the indian government meanwhile declare itself the sole representative of the victims and proceeded to sort out the case for four hundred seventy million dollars which was so cheap that carbide stock went up by two dollars a share of the settlement was announced it will not mean that could be such a grew old sellout because the new government agreed to settle all the cost present and future liabilities thought

good old notion of a corporation is based on what's called the limited liability limited liability means that individual participants are cannot be charged with crimes that the corporation commits a crime to or limits one of the maison runs its course rounds for a corporation acts in such a way that kills the managers will see you. have limited liability i mean it's not a disregard for human life and maybe the nicest people in the world maybe give to charity who knows what but in their institutional rule as managers of the corporation there is a task to take us to. that task is to maximize profit in markets or. if they don't do that they're out and somebody else is in the dust of the indian government meanwhile declare itself the sole representative of the victims and proceed to do so out the case for four hundred seventy million dollars which was so cheap the union carbide start went up by two dollars a share saddam was in there if you can not mean that it could be such a grueling sell out because the new government agreed to send all cost present and future liabilities for as some as s

a limited liability individual participants. cannot be charged with crimes. because we were limited to one of the major. actions which really killed a man. there's. limited liability and it's not disregard for human life maybe the nicest people. maybe give to charity. but in their institutional rule as managers. there is a task that they asked. that task is to maximize profit markets or. if they don't do that they're out and somebody else is in does the indian government meanwhile declare itself the sole representative of the victims and proceeded to do so out the case for four hundred seventy million dollars which was so cheap that your car by start went up by three dollars a share settlement was a map so if you cannot mean that it could be such a cruel sell out because the new government agreed to set all costs present and future liabilities what if some as small as four hundred seventy million dollars. people received as little as five hundred dollars but life long injuries and. unpunished. every month i believe whatever happened in the past be cannot chang

area of expertise, but they did have in 1913 through 1915, they had a bunch of what we call limitation of liability hearings that occurred right here in washington, d.c. where whitestar line was asking the courts to limit its liability in the lawsuit. and i just don't have the numbers in terms of what all that was. probably one of the biggest costs to whitestar line was they lost one of three major ships that would have been a trio of giant ships to run the service between -- the north atlantic service. but they also had to do extensive modifications to olympic and pritanic and i think the number is somewhere like 6 1/2 million pounds, which in those days was a re amount of money. >> what was the cost of the titanic to build it? >> i don't know that. but it is in the book. that section i think was handled by bruce beverage and steve hall in chapter 3. it's there. >> sam, i've got your last question. we know that there was the loss of a better word discrimination i guess between first, second and stirrage class passengers. didn't that also occur after the tragedy when ships like the bennett went out

where the losses and revenues are passed through the shareholders but it still has the corporate limited liability. you still have to calculate the corporation's net income. so even having no taxation on a corporation and taxing income, dividend, profits, losses to the individual shareholders, you would still have to figure out, what is that corporation's net income? so that certainly gives us lots of opportunity to create lots of laws and lots of preferences and things like that. there will still be some rules about corporate income, so i don't think you get away from that problem. but it is one of the proposals that a lot of, you know, thinkers about tax policy and economists, you know, have put on the table for the last 20 years, even longer. >> eddie writes on twitter and says that you remarked the tax code changes at least once a day. is that because of economic necessity or change for the sake of change? >> some of the provisions are maybe technical corrections, but others are very tiny, little specific provisions that address some groups' need. and there are just a lot of groups. >> let's h

you pay 5%. >> that's along the same lines of what i said to limit liability to percentage of your incomen issue we'll talk about some other time. it's a brilliant notion. two nobel learates agree. trickle down economics coming next. viewfinder. all multivitamins give me the basics. they claim to be complete. only centrum goes beyond. providing more than just the essential nutrients, so i'm at my best. centrum. always your most complete. from silver screens... to flat screens... twizzlerize your entertainment everyday with twizzlers the twist you can't resist. if you have copd like i do you know how hard it can be to breathe and what that feels like. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open a full 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. and it's steroid-free. spiriva does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems glaucoma, trouble urinating, or an enlarged prostate. these may w

you pay 5%. >> that's along the same lines of what i said, to limit liability to percentage of your incomee we'll talk about some other time. it's a brilliant notion. two nobel learates agree. trickle down economics coming next. viewfinder. [ mocking tone ] i'm ms. brown. i'm soooo chocolatey. i'm giving away money to make people like me-eee -- is what he said. and i was like "you watch your mouth. she's my friend." friend is a strong word. [ male announcer ] chocolate just got more irresistible. find the all brown bag and you could win! ♪ ♪ ♪ ♪ [ male announcer ] the jeep grand cherokee has won more than just respect. ♪ ♪ well-qualified lessees can get a 2012 jeep grand cherokee laredo 4x4 for $319 a month. >> coming up if wall street is hogwart's, then bruno iksil is voldemort. but first when it doesn't fit anywhere else, we put it in the viewfinder. >> in modern era americans celebrate april 20th every year by smoking marijuana. >> this is the closest thing stoners have to a holiday erin. it's stoner he is new year's eve. >> i think we should have glasses. >> and you have a plethora of

in the book, we move so often that some sociologists call modern neighborhoods communities of limited liabilityeople make connections without expecting links to be deep or lasting. for the first time in history, the german socialists chimed, the individual is becoming the basic unit of social reproduction. everything revolves around it. >> it's a big change, you know? 30, 40 years ago, even if you were in a marriage and it wasn't working out, you had to justify getting out of it. today, we're so compelled by this idea that we should do what works for us as individuals, that if the marriage isn't working, you have to justify staying in it. >> staying in it. >> things have changed. you can see it as a story of the rise of selfishness and narcissism but i think it would be a mistake, and here's why. turns out people who live alone are more likely to socialize with friends and neighbors than people who are married, that we know that they are more likely to go out at night, spend time in money and bars and cafes. they're more likely to volunteer in civic organizations than people married and that's

victims but she actually blamed congress for writing the law so the definition of individual limits the liability to a natural person now might seem obscure to you but it is worth paying attention to you if there were more attention directed towards it and maybe congress would actually rework this law maybe there would be more ways to seek justice for the victims of torture but not yet so we decided that's worth highlighting this week but for now the mainstream media has chosen to miss. well guess what's been leaked to the washington post by anonymous u.s. officials just read the headline cia seeks new out already to expand yemen drone campaign that's right according to these officials the cia wants the authority to launch signature strikes signature strikes means that they don't have to know the identities of those who could be killed but they can hit the targets based solely on intelligence which indicates patterns of suspicious behavior and these types of strikes are already employed in pakistan and the targets there have been funeral ceremonies the victims of turned out to be civilians at tim

businesses operate to make a profit not to help with the people were not there we don't give limitations of liability corporation you because they are a benefit if you require subway to pay ten dollars an hour and they're no longer able to stay in business saturday as i did my body else loses their jobs and come on minimum wage isn't all that the business has to pay you have the taxes that the business have to pay you have benefits you have everything else my point all the actual meaning of the actual cost of the business is way above the minimum wage because of what government and the liberals have done to make it so expensive that a horrible forty hour work week that's. it seems grover norquist is losing his clout yesterday congressman steve king became the latest to start walking back from grover here's what he had to say. oh. i told you this i say this but what do we. do much less chance for then. other republicans to walk back from norquist spoilage representatives timothy johnson john fortenberry charles stanley. mike simpson frank wolf so the question is mark was losing his political mojo i do

all the income and losses are pass through to the shareholders, but it still has the corporate limited liability. he still have it calculate the corporations' net income. having no taxation on corporations and taxing income, profits, losses, to the individual shareholders, you would have to figure out what is that corp.'s net income, and that gives us operations -- opportunities to create lots of loss and preferences said there will still be some rules about corporate income. you do not get away from that problem. it is one of the proposals that a lot of thinkers about tax policy and economists have put on the table for the last 20 years. host: 8 stuart says the tax code changes at least once a day. is that because of necessity or a change for the sake of change? guest: others are very tiny provisions that address some and there are a lot of groups. host: let's hear from marjorie in pittsburgh. caller: this is strange, but i do not feel i paid nearly enough taxes. a lot of my income is in dividends, and if you were qualified dividend's worksheet, you come out with a much lower tax rate, and it i

you go back to 1811, the new york corporate law which made it easier to incorporate and the limited liabilitys met with the same type of response when it came out, but since then it ushered in the democratization of wall street, right? >> right. the issue is i guess freedom for the people but if you give people freedom, they might mess up and make mistakes. but i think we have to allow that. that's how we have a vibrant society. it's deeper than just business. it's about everything we do. >> i mean, we have to make -- we have to make individual decisions at some point and we have to be allowed to fail. otherwise there's no such thing as rnd success and earned success is what really makes it worth living at i think. so what was in the jobs act? you didn't mention it in your book because the job act was already done. we're talking about what is called crowd funding specific that one of the things that the far left really disliked about that bill i? saw this was going to usher in a thousand new madoffs, this jobs act. >> that's the worry. but i think it's the same worry as when they launched wik

you don't need to know anything about the history or the background those limited liability companieshas $4.3 million in debt. winning our future has $5 million. why don't they pay it off? the one rule the sec has is the super p.a.c. can't coordinate with the candidate and newt is a candidate until that debt is off of the books. we are catch-22. we will be right back. as i understand it in radio they can't see you, so this is big for me. >>tv and radio talk show host stephanie miller rounds out current's new morning news block. >>it's completely inappropriate for television. >>sharp tongue, quick wit and about all, politically direct. >>politically direct to me means no bs, the real thing, cutting through the clutter. my show is the most important show in the world. >> this is current tv. this is the bill press show. >> so, this disgraced police chief in sanford, florida, tries to retire and the city commission says we won't accept your resignation. what are you going to do? they should have fired his butt a long time ago. what do you say? hello, everybody. here we go. the full court

income and losses are passed through to the shareholders and yet it still has the corporate-limited liability still have to calculate the corporation' income -- net income. even having no taxation on a corporation and taxing income dividends, profits, losses to the individual shareholder a, you would still have to figure out what is that corp. posted net income. if so that certainly gives us lots of opportunities to create lots of laws and lots of preferences and things like that. there would still be some rules about corporate income. so i don't think we would get away from that problem. but it is one of the proposals that a lot of thinkers about tax policy and economists have put on the table for the last 20 years, really, even longer. host: eddie has written on twitter -- guest: some of the provisions are maybe technical corrections, but others are very tiny little specific provisions that address's some need-- some group's need and there are a lot of groups. host: marjorie is calling from pittsburg. caller: hello. i don't think i am paying nearly enough taxes, although that may sound stra

one thing that has happened by the stand your ground legislation is that it limits the liability of gun sellers. so now what we have is gun sellers with less liability and therefore they cannot be taken to court for selling guns to people. so here we have a situation in florida where we are dealing with mr. zimmerman and a young man who was killed, when we should really be dealing with the national rifle association and the limiting of liability of major corporations to be charged a. a second point i would like to make is mentioned 14%. what you should really consider is the percentage of the independent legislatures, 826 pieces of legislation across the united states. where would that 14% pass? was it largely in republican legislation? if so, does that tell you more than just the number of pieces submitted? thank you very much. guest: i don't know where they were all passed. i don't have the breakdown on that. but i do think that this whole question of stand your ground has really resonated with the public, because of the trayvon martin case. these laws say that you have the right to u

we also know that because of the 86 tax reform legislation, allowing seven chapters a limited liability partnerships and corporations to be filed under the personal tax reform in the tax returns, that about 80% and small businesses in america a file on a personal return -- under the personal tax returns. in 1950, the average family of four in america paid only 2% of their adjusted gross income in federal income taxes. today that figure is 22%. when you add in state tales -- sales taxes and income taxes, property taxes and all the other fees and taxes from government at every level, the average family for an american is paying between 35% and 40% of their entire income in taxes to some government entity. that is money that cannot be used to grow business, cannot be used for the education of their children. it is money that cannot be used to provide health care or to care for elders or seniors, parents and other members of that extended family. we believe that the family is the most success -- instead of taking the money out of hard work and small businessmen and women and mothers and fat

if the government violates the use limitation, the bill provides for government liability for actual damages, costs and attorney fees in federal court. these provisions together ensure that information cannot be shared with the government or used under this bill unless there's a direct tie to cybersecurity. cyberterrorists work fast. so congress needs to work faster to protect america. enabling information sharing between the government and private sector is the quickest and easiest way to prevent a cyberattack on our nation. our amendment assures we can accomplish this goal while also protecting the privacy of all americans and i urge my colleagues to support it and i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. the gentleman from maryland. mr. ruppersberger: how much time do i have? the chair: is the gentleman claim time in opposition? mr. ruppersberger: yes. i claim time in opposition but i don't oppose the amendment. the chair: the gentleman is recognized for five minutes. mr. ruppersberger: first, off this amendment -- i'm going to y

limitations in that respect. you also have possible civil liability if it can be shown that other teams coaches or anyone else fort matter involved would detrimentally affected by mr. loomis's actions. jon: two things, lis. we should point out there is no evidence that he actually accessed this eavesdropping, you know, box. >> right. jon: also, that the statute of limitations is in question. and the saints vice president of communications says this report is 1,000% false. >> right. jon: all that being said, what do you think about these charges? >> well jason has got the law exactly right, absolutely right, except for here, if i'm the prosecutor i'm very suspicious. meanwhile these anonymous sources, come by year after it happened, no, jon, 10 years happened. anonymous. they will still not be named? that is a big problem. we don't know loomis if it existed at all, we don't know if it existed he ever used it. don't forget the anonymous sources said it was put in there for coach mueller, loomis's predecessor. we don't know loomis even knew it existed and or even accessed that is big problem. touched on very nicely

liabilities and say your luck has run out and you're going to be charged. >> that would stand in the fact that there is a five-year statute of limitation.almart is not going to get lucky. walmart is cooperating with the enforcement agencies and in furtherance of their cooperation they'll most likely waive any statute of limitation defenses. a lot of times the department of justice can work around the statute of limitation by charging a conspiracy. if the doj alleges that the so-called cover up is in furtherance of the conspiracy the clock does not begin to tick until that last act has occurred. i think it's highly unlikely that the statute of limitation also immune myselfize walmart in any way in this case. >> what does it when when you have someone vice chairman of the company deep fixing this investigation and saying, we want to sweep this away. am i right it's hard in the context of the justice department not to bring a criminal case? >> i mean, i think we're talking about perhaps the difference between the corporate entities' exposure and the exposure of any culpable individual. you can be sure both the department of justice and the

limit merrill lynch's ability to do certain things. there's a lot of regulatory uncertainty as well as uncertainty about the legal and the regulatory liabilitiesng to be related to its legacy mortgage business. >> you know, mary, you were talking about expense management. elaborate on that if you will as it pertains to perhaps bank of america. they did have the largest if not -- one of if not the largest cost cutting program in place, correct? >> yeah. i think actually kate should speak to that because she was listening in on the call. but one thing i want to note, again, this is a theme for all the banks. bank of america had one of the largest cost cutting programs in place. wells fargo is in the midst of one called project compass. morgan stanley on track to cut $1.4 billion in costs. again, with so many issues just as neil pointed out facing these banks, they have to keep expenses under control because for the traditional money center banks, we are operating in a low rate environment and there isn't a lot of demand for lending, you have to keep the costs in line in order to help your bottom line. kate can talk about the b of a program. >> k

liability. one of those yet to devise as a public that is highly geared about the world, the uncomfortable truth is that the u.s. its public has an alarmingly and limitednowledge of basic local geography, current events, and even political moments. even as thousands of u.s. troops were being killed in the middle east area 63 percent of young american adults could not find the rock of the map, and 88 percent could not find afghanistan. more than half of college seniors did not know that nato was formed against soviet expansionism. 30 percent of american adults cannot name to countries that americans fought in world war ii he plans this are a deficient public education system end of the news media which except for a few major newspapers were held in low regard. then continued in his latest book to argue forcefully why this matters. in his words the cumulative effect of such widespread ignorance makes the public more susceptible to demagogic lead stimulated fear, especially when aroused by a terrorist attack. that increases the pau ability of self-destructive for policy initiatives. in general public ignorance creates an american political environment mor

limit. >> you as accountants don't think investors would have an opinion about that? >> however, the company that initially transfers the security is fully culpable. they recognize the liabilityits their net worth. >> i know, back to the number of rpaas, and i think investors from an accounting stand point and i don't know much about anything really, just pigs growing up, but it seems like that's a significant thing for investors to know their money is being, rpa back and forth and back and forth. >> there's no doubt that this requires that the company that transfers security make diss close -- disclosures. >> time's over. .. >> as i previously mentioned, it is the obligation of the sem to know what funds in the account are their own and what are the customers accounts. therefore, and we would not have the information to be able to tell. normally, we do not ask questions about the account transfer. but in this case we did take the unusual step of asking questions. that was for two reasons. first, it has been my experience that when firms have had issues with clients -- with compliance with client segregation rules, it is often due to operational errors. those operational erro