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There's no fiduciary duty to maximize profits for shareholders. Google was under no legal obligation to break the law here.

dmitrygr 9y ago
Is your name Wesley Mouch by chance?
- frgtpsswrdlame 9y ago
  I don't read Rand so I couldn't tell you. But corporate fiduciary duty is extremely misunderstood. Google would not have violated any fiduciary duty by refusing to engage in the actions which have attracted this attention and it would not have violated any fiduciary duty by fessing up and paying the fine. EDIT: after reading the conservapedia entry on Wesley I found this comment a lot funnier. Unfortunately I couldn't be Mouch, it was said of him that "What I like most about you, Mouch, is that you do not talk too much" and I don't think anyone has ever accused me of that. (:
tareqak 9y ago
Sorry then, my understanding was incorrect. I'm not sure where to look for the precise definition of "fiduciary". https://en.wikipedia.org/wiki/Fiduciary https://en.wikipedia.org/wiki/Fiduciary fiduciary: A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). http://dictionary.law.com/Default.aspx?selected=744 http://dictionary.law.com/Default.aspx?selected=744 fiduciary: 1) n. from the Latin fiducia, meaning "trust," a person (or a business like a bank or stock brokerage) who has the power and obligation to act for another (often called the beneficiary) under circumstances which require total trust, good faith and honesty. 2) adj. defining a situation or relationship in which a person is acting as a fiduciary for another. http://dictionary.law.com/Default.aspx?selected=745 http://dictionary.law.com/Default.aspx?selected=745 fiduciary relationship: n. where one person places complete confidence in another in regard to a particular transaction or one's general affairs or business. http://dictionary.law.com/Default.aspx?selected=599 http://dictionary.law.com/Default.aspx?selected=599 duty of care: n. a requirement that a person act toward others and the public with the watchfulness, attention, caution and prudence that a reasonable person in the circumstances would use.
- frgtpsswrdlame 9y ago
  https://en.wikipedia.org/wiki/Business_judgment_rule https://en.wikipedia.org/wiki/Business_judgment_rule So the business judgment rule isn't where any normal person would want to start on this topic, but I think it's wikipedia article probably is the best in terms of defining a few things and then linking you to more resources.
  - tareqak 9y ago
    Thanks frgtpsswrdlame! It is definitely hard to have any meaningful discussion without agreeing on the vocabulary to use.

dmitrygr 9y ago

Is your name Wesley Mouch by chance?

frgtpsswrdlame 9y ago
I don't read Rand so I couldn't tell you. But corporate fiduciary duty is extremely misunderstood. Google would not have violated any fiduciary duty by refusing to engage in the actions which have attracted this attention and it would not have violated any fiduciary duty by fessing up and paying the fine. EDIT: after reading the conservapedia entry on Wesley I found this comment a lot funnier. Unfortunately I couldn't be Mouch, it was said of him that "What I like most about you, Mouch, is that you do not talk too much" and I don't think anyone has ever accused me of that. (:

tareqak 9y ago

Sorry then, my understanding was incorrect. I'm not sure where to look for the precise definition of "fiduciary". https://en.wikipedia.org/wiki/Fiduciary https://en.wikipedia.org/wiki/Fiduciary fiduciary: A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). http://dictionary.law.com/Default.aspx?selected=744 http://dictionary.law.com/Default.aspx?selected=744 fiduciary: 1) n. from the Latin fiducia, meaning "trust," a person (or a business like a bank or stock brokerage) who has the power and obligation to act for another (often called the beneficiary) under circumstances which require total trust, good faith and honesty. 2) adj. defining a situation or relationship in which a person is acting as a fiduciary for another. http://dictionary.law.com/Default.aspx?selected=745 http://dictionary.law.com/Default.aspx?selected=745 fiduciary relationship: n. where one person places complete confidence in another in regard to a particular transaction or one's general affairs or business. http://dictionary.law.com/Default.aspx?selected=599 http://dictionary.law.com/Default.aspx?selected=599 duty of care: n. a requirement that a person act toward others and the public with the watchfulness, attention, caution and prudence that a reasonable person in the circumstances would use.

frgtpsswrdlame 9y ago
https://en.wikipedia.org/wiki/Business_judgment_rule https://en.wikipedia.org/wiki/Business_judgment_rule So the business judgment rule isn't where any normal person would want to start on this topic, but I think it's wikipedia article probably is the best in terms of defining a few things and then linking you to more resources.
- tareqak 9y ago
  Thanks frgtpsswrdlame! It is definitely hard to have any meaningful discussion without agreeing on the vocabulary to use.