Not good enough.
In limited liability capitalism, lots of management will roll the dice on nothing bad happening so they can save on safety to beat share price expectations and get their bonus. If things do go haywire they bail out with their pre negotiated severance.
Doesn't seem fair. When I was a crane operator, if I tipped a crane on a house, I was personally responsible, and would serve jail time if a miscalculation caused loss of life. ...But management isn't held to the same standards for their miscalculations in causing damage or loss of life?
And this is it, exactly. I can't help but think of a couple of examples in popular media, such as the first season of the West Wing we have Sam Seaborne, a big law firm lawyer in NYC, setting up the purchase of an outdated oil tanker for a major company. He sets up the deal and legally makes it so that the oil tanker is owned by an Limited Liability Company (LLC) that is owned by the oil company but, later in the season when the tanker has a rupture and leaks oil, the oil company is protected against any liability -- instead the LLC that owns the tanker quickly goes bankrupt. The oil company is merely out the cost of their investment in the tanker while the clean up and damage cost falls on governments and those harmed.
Another example is in John Grisham's book,
The Rainmaker. In this case an insurance company is basically running a scam -- taking policies but finding questionable reasons to prevent paying out on major claims. The lawyer proves what the insurance company is doing but, again, this is an LLC, one directly set up to sell low cost insurance (to largely poor people who can't fight back) but deny major claims. So, when the judgement comes down the LLC declares bankruptcy but the major insurance company that set up and owns the LLC has no liability in the case -- so got all the profit from the years the LLC "grifted" profits from their policies but can't be held legally responsible for the "crimes" of the LLC.
But even in this case, where it is the "major company" that had the issue, there is a clear cost/benefit analysis, done by the company, of how whether it is cheaper to invest in added maintenance and safety or to payout on claims if a failure occurs. A prime example of this is Ford Motor Company and their Pinto, if you recall, that is the car in the 70s where the gas tank blew up if the car was rear-ended. Because so many details are known, and the grisly accidents that occurred, it has become the example schools use to teach about cost/benefit ratios. It came out in lawsuits against Ford, through discovery, that
Ford did a cost/benefit analysis on the Pinto and found that upgrading the car, so the gas tank would not explode, would cost $11 per car. Ford executives made a clear choice, they decided, based on the cost/benefit analysis, that it would be cheaper to pay off the lawsuits, from those whose cars exploded and the families of those who died in accidents, than it would be to add an $11 extra cost on millions of vehicles. Of course, one of the arguments here that outrage people, is that Ford essentially put profits over customer lives.
What we, as consumers, don't see is that these types of decisions are made daily. McDonalds may find that they have an issue with a cleaner being used in their stores -- that it can make workers sick and, if improperly used can also contaminate food. Does McDonalds pay more to upgrade to a better cleaning solution in exchange for possible higher workman's comp claims and the hope that the workers always properly use the chemical? Boeing, with the 737 Max, do they cheap out on some testing thinking that the current testing is good enough and risk plane crashes from inadequate testing, since they think it will save more long term than doing better testing (amazing how Boeing blew that call)? Does a car company add autonomous features (software/hardware that allow automatic braking and keeping the car in its lane) to improve the safety of a car or do they not add it, to keep the price a bit lower in order to sell more of that model of car?
It's an interesting topic when you really dive into just how many decisions, made by major corporations, can effect your life -- not to mention that the decision is not typically based on what will protect lives but, rather, what will make the most money for the company. This decision will sometimes include whether it is cheaper to pay out wrongful death claims or make a product more inexpensively (and possibly sell it for less to gain a competitive advantage). And, unfortunately, like the Pinto, there is no way to know that a company has done this -- at least until it is too late.