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Why does selling shares to the public produce a duty to do anything possible to make a profit? A share in something could be a share in any social contract. A
by DaniFong 16y ago
Why does selling shares to the public produce a duty to do anything possible to make a profit?
A share in something could be a share in any social contract. A share in a nation, for example, accords one vote and a host of other rights and duties. A share in Whole Foods implies a share in some of the profits going towards nonprofit activities. A share in Google implies only a 1/10th control over their direction -- they come along for the ride.
- yardie 16y agoIt actually came from a quote taken out of context by Sumner Redstone 30 years ago. Wall Street took it to heart over the next few decades leading up to the financial clusterfuck we have now. When asked about that quote, he said, "it is the stupidest thing I've ever said."