The drawbacks of Americas civil tort system are well known. What is new is the way that regulators and prosecutors are in effect conducting closed-door trials. For all the talk of public-spiritedness, the agencies that pocket the fines have become profit centres: Rhode Islands bureaucrats have been on a spending spree courtesy of a $500m payout by Google, while New Yorks governor and attorney-general have squabbled over a $613m settlement from JPMorgan. And their power far exceeds that of trial lawyers. Not only are regulators in effect judge and jury as well as plaintiff in the cases they bring; they can also use the threat of the criminal law.Perhaps the most destructive part of it all is the secrecy and opacity. The public never finds out the full facts of the case, nor discovers which specific peoplewith souls and bodieswere to blame. Since the cases never go to court, precedent is not established, so it is unclear what exactly is illegal. That enables future shakedowns, but hurts the rule of law and imposes enormous costs. Nor is it clear how the regulatory booty is being carved up. Andrew Cuomo, the governor of New York, who is up for re-election, reportedly intervened to increase the state coffers share of BNPs settlement by $1 billion, threatening to wield his powers to withdraw the French banks licence to operate on Wall Street. Why a state government should get any share at all of a French firms fine for defying the federal governments foreign policy is not clear.think Ben Lawsky
http://www.economist.com/news/leaders/21614138-companies-must-be-punished-when-they-do-wrong-legal-system-has-become-extortion IMHO this demonstrates the absolute beauty of the Decentralized Autonomous Corporation (DAC) model. You can think of the bitcoin network as a company (or individual) who performs a specified task, which is maintaining the ownership structure of a public ledger.
A traditional company (or individual) can be sued by Ben Lawsky. But with a DAC there is nothing and no one to sue, imprison or bring to either a public court or a private tribunal. It operates outside of anyone's control, whether regulator, judge, legislator or tyrant.
The fact that the concept of a DAC was invented in bitcoin and many people are drawn to it, is a direct outcome of what this economist article describes and also is a very negative assessment of the world today.
