I wish your statement about fiduciary duty were true. It's not a recent concept. http://en.wikipedia.org/wiki/Dodge_v._Ford_Motor_Company http://en.wikipedia.o

I wish your statement about fiduciary duty were true. It's not a recent concept. http://en.wikipedia.org/wiki/Dodge_v._Ford_Motor_Company http://en.wikipedia.org/wiki/Dodge_v._Ford_Motor_Company “The Court held that a business corporation is organized primarily for the profit of the stockholders, as opposed to the community or its employees. The discretion of the directors is to be exercised in the choice of means to attain that end, and does not extend to the reduction of profits or the nondistribution of profits among stockholders in order to benefit the public, making the profits of the stockholders incidental thereto. Because this company was in business for profit, Ford could not turn it into a charity. This was compared to a spoilation of the company's assets. The court therefore upheld the order of the trial court requiring that directors declare an extra dividend of $39 million.” The Wikipedia article notes that it's not considered 'current' law in the U.S., but this was decided in the early 20th century (~1920).