Wednesday, June 13, 2012

Neutered Securities

Now that the clamor over Facebook’s public offerings has abated somewhat – both the purchasing scrum and the disappointment over the results – let’s look at this type of “ownership.” Facebook isn’t the first to offer what I call “neutered securities.” Carlisle is another high-profile offering. While different from Facebook in that… June 13, 2012 | ownership
Thursday, April 19, 2012

Citigroup Shareholders

55% of Citigroup shareholders voted against the proposed pay package for the CEO, Vickram Pandit.  Will this impact votes at other companies?   More in the video... April 19, 2012 | Say on Pay , shareholder activism , CEO Pay , proxy , shareholder resolutions
Tuesday, April 17, 2012

Say on Pay

Gretchen Morgenson of the NYT wrote recently ("When Shareholders Make Their Voices Heard," April 8, 2012) about Say on Pay and indications that, "some companies seem to be listening."  This is heartening news  indeed but I still have reservations about Say on Pay because, in the end, precatory proposals… April 17, 2012 | Say on Pay , CEO Pay , shareholder resolutions , shareholder activism , boards of directors
Thursday, April 5, 2012

Confronting Power

The only way I know to combat corporate power as it now stands is for government to exercise its powers as owners of a preponderance of publicly traded stock. Self-regulation didn't work and any attempts at government regulation are thwarted or circumnavigated. You can't control a corporation from outside… April 5, 2012 | fiduciary duty , CEO power , Capture , Corporate Power , Government Capture , Money in Politics , ownership
Tuesday, March 13, 2012

Interview on Responsible Investor TV

My thanks to the folks at Responsible Investor for this very nice interview.  RI is one of my trusted resources for corporate governance news so I'm happy to have had the chance to talk with them... March 13, 2012
Thursday, January 26, 2012

Are corporations the best model -- or just the best we have?

In a recent article, Seven ways to fix the system's flaws, Martin Wolf wrote, "The corporation is the best institution we know of for running large, complex and dynamic businesses."  I agree it is the best option we have so far.  That doesn't mean, however that we shouldn't make… January 26, 2012 | capitalism , capitalism , self-regulation
Thursday, January 26, 2012

Private Equity

Private equity is another Wall Street process by which a few people make an enormous amount of money at public cost.  January 26, 2012 | government subsidies , Wall Street , Risk , pension guaranty , bailout
Friday, December 2, 2011

Judge Rakoff Rejects the SEC Deal with Citigroup

Truthdig named Judge Jed Rakoff "Truthdigger of the Week," and rightly so.  Judge Rakoff performed a public service in rejecting the SEC's deal with Citigroup this week.  These no-fault settlements are nothing but corporate power over government and regulation in its purest form.  We hear the same excuses all… December 2, 2011 | Capture , Corporate Power , SEC
Thursday, November 17, 2011

What is Government Capture?

As I have moved my attention to corporate power and government capture I was asked to explain what I mean by "capture."  Daniel Kaufmann has discussed been talking about it for some time and I encourage you to look at his blog.  Google searches will lead to all kinds… November 17, 2011 | CEO Pay , Capture , accountability , financial crisis
Thursday, November 17, 2011

National Debt and Government Capture

In this new video I address the U.S. national debt as a symptom of corporate power over government.  Everywhere I look these days there is evidence of government capture: lobbying, the revolving door in Washington, the dismantling of employee pension plans ...  As I said in my last post,… November 17, 2011 | Capture , accountability
Friday, October 21, 2011

Trustees Should Not Own Risky Stocks

"These are needlessly risky stocks and trustees should not own them."    Bob Monks talks about GMI's Risk Report. October 21, 2011
Thursday, July 28, 2011

DC Court Opinion on SEC Proxy Rules

As we approach the 40th anniversary of the Powell Memo, Justice Powell would undoubtedly be very pleased with the recent DC Circuit Court decision on SEC proxy rules. It represents a very – generous-- view of Court’s authority in order to inhibit business regulation. Because when Powell spoke in his memo… July 28, 2011
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