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Re: And who said Google could do no wrong! said by WhatNow:The Board of Directors have no incentive to fix the problem because they have to protect each other so they will get their bonuses. I think that has a lot to do with how stock ownership has changed. Forty years ago people bought IBM to hold it for the rest of their life. And, it was very few people because the stock market was considered risky (with the Great Depression still in people's minds).
Today, millions of workers buy indexed funds (400 to 2000 companies in one mutual fund). No regard to the company they are buying, or its ethics. And, unlike the guy who bought IBM forty years ago, these millions of workers (buying hundreds of companies) can't vote for the Board. Even if they could research 400-2000 companies, purchasers of shares in a mutual fund aren't considered the owner of shares in the underlying company. The fund manager is.
The bottom line is, corporations are more easily capitalized today, with less accountability to the people doing the capitalization. Worrying less about shareholder reaction, certainly must have contributed to the fact that CEO pay increased from 33 times the average workers' pay in 1978 to 300 times in 2000.
said by WhatNow:If you want to live in a Latin America economy of the very rich and no Middle Class keep voting for the free market Republicans. There is not free market for the middle class and below. I agree with your generalization. IMO, the problem with Ds is they get on board with every looney, marginal bandwagon that comes along. If they had been in control the past 20 years, we'd have National Transvestite Day, prohibition of gun ownership, and dozens of programs rewarding juvenile delinquency.
50 years ago they were more the party for the "working man." Since then, they've confused "the underdog" with marginalization (transvestites, illegal immigration). Not the mainstream, such as the middle class watching their jobs offshored in the interest of "free markets." |
