“She should be in federal prison.”
On what charge? Stupidity and incompetence is not a crime.is not a crime
On what charge? Stupidity and incompetence is not a crime.is not a crime
Agent/PrincipalAny person, corporation, partnership, or government agency might be called upon to act as agent without conflict of interest on behalf of a principal. A common example of an agent/principal relationship that implies fiduciary duty is the one between the executives of a company and its shareholders. The shareholders expect that the executives will make well-considered, prudent decisions on their behalf and in their best interests as owners.
https://www.investopedia.com/ask/answers/042915/what-are-some-examples-fiduciary-duty.asp
Twenty-Eight Words: Enforcing Corporate Fiduciary Duties Through Criminal Prosecution of Honest Services FraudLisa L. Casey, Notre Dame Law School
This article examines the federal government's growing use of 18 U.S.C. § 1346 to prosecute public company executives for breaching their fiduciary duties. Section 1346 is a controversial but under-examined statute making it a felony to engage in a scheme "to deprive another of the intangible right of honest services." Although enacted by Congress over twenty years ago, the Supreme Court repeatedly declined to review the statute, until now. In 2009, Justice Antonin Scalia pointed to the numerous interpretive questions dividing the federal appellate courts and proclaimed that it was "quite irresponsible" to let the "current chaos prevail." Since then, the Court has granted certiorari in no fewer than three separate cases construing the honest services law. The questions before the Supreme Court are of particular interest to public company executives and their professional advisors. Following revelations of massive fraud and management wrongdoing at Enron and other public companies, the Justice Department employed § 1346 to indict executives accused of breaching their fiduciary duties. Former Enron CEO Jeffrey Skilling and former Hollinger CEO Conrad Black are just two of the corporate fiduciaries found guilty of breaching their duties and convicted under the statute.
https://scholarship.law.nd.edu/law_faculty_scholarship/777/
This CEO and Board members were not stupid or incompetent, but were intentionally set on destroying Cracker Barrel with no concern of shareholders, even when they in no uncertain terms were warned. I am retired from (MCI) DBA Verizon Business and experianced the shenanigans of Bernie Ebbers that got him a federal prison sentance that turned out for life.
My wife just heard on the radio that Cracker Barrel managment caved and will put it all back like it was.