And when that company commits a crime, it should be punished and its stock should lose value. It seems like you're arguing that shareholders should reap reward

And when that company commits a crime, it should be punished and its stock should lose value. It seems like you're arguing that shareholders should reap rewards for actions that a company takes but be shielded from negative financial repercussions that result from criminal actions it takes. This creates a moral hazard similar to to the "too big to fail" situation of banks. It incentivizes risky and potentially criminal behavior because ownership is able to capture the value of any upside and is shielded from the downsides of the behavior.