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...it is a tale Told by an idiot, full of sound and fury, Signifying nothing. Public corporations are not going to stop being paperclip maximizers until we leg
by dougmwne 7y ago
...it is a tale
Told by an idiot, full of sound and fury,
Signifying nothing.
Public corporations are not going to stop being paperclip maximizers until we legally and economically force them to stop. This is absolutely nothing but an attempt to divert public anger away from any new regulation that would force companies to deliver more value to society and less to shareholders. Sadly, no different than greenwashing.
- deleted 7y ago[deleted]
- stale2002 7y agoNo legal changes are needed. Companies are controlled by the shareholders. Shareholders can, at any time, decide to replace the CEO with someone who will "do good" or whatever. So if people want to change a company, what they have to do is simple. Buy out the shares, and get majority control, and then make whatever changes that they want.
- dougmwne 7y agoThe sp500 market cap is 24 trillion USD. It definitely sounds easier to legislate better corporate citizens than to spend at least 12 trillion buying them out, if it were even possible.
- stale2002 7y agoMy only point that I am making is that this idea of "corporations have to maximize profits" is false. Shareholders own the business. And they can do what they want with it. It is a total lie to say that they "have" to maximize profits.