There’s an old saying that nobody, on their deathbed, ever says that they wish they had made more money or worked longer hours. And yet we still succumb to greed, regardless of the consequences.
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5 Comments
Even the thought that corporate management “creates value for shareholders” is a stretch.
Given the extremely high levels of corporate executive compensation in the US (in contrast to most other developed nations), what they’re mostly doing is creating value for a (largely) interlocking oligarchy of corporate managers and directors.
Very accurate picture. I’m not sure what the actual definition of capitalism is but that picture illustrates what most people on wall street thinks it means. Make money for shareholders.Here’s a classic incident illustrating it. As far as Bartiromo, the former CNBC anchor, is concerned, the most important aspect of a company is whether it’s making money and not how its making it. I was so happy when she quit and moved to Fox.
http://blogs.reuters.com/felix-salmon/2013/09/29/the-jp-morgan-apologists-of-cnbc/
Legally, regular corporations are required to make as much money as possible for the shareholders. If they don’t, they can be (and often are) sued.
As much money legally I hope.
“Legally, regular corporations are required to make as much money as possible for the shareholders” – I wonder if a legal case could be made that the emphasis on short term stock price gains over long term growth and health of the company is contrary to the CEO’s fiduciary responsibility to the stock holders?