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View Diary: Why OWS is more important than ever: Global Network of Capitalism Revealed by New Study (33 comments)

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  •  I saw the same thing. The mutual fund companies (4+ / 0-)
    Recommended by:
    tovan, xaxnar, Catte Nappe, kurt

    still vote the shares, though, so they have control.  They generally outsource that control to proxy vote consultants, and generally have a very hands off approach to voting (same for the insurance companies)

    •  That's true (0+ / 0-)

      I had forgotten that mutual fund holders don't vote their shares. It is something that rather irks me.  For most people, their mutual fund represents the largest amount of shares that they own. $50,000 or more in some cases,  yet they are not allowed to vote those shares.

      •  It's the rigging of the system. Before mutual (0+ / 0-)

        funds became really, really popular and flush with 401K cash, investing was mostly about buying individual stock -- and no broker would talk to you unless you had 25k or 50k to put in a single buy order.

        Both are ways the tycoons have fashioned the system to keep the little people out. Even now, I own shares in some corporations, but the only thing I get to vote on is up or down on a board-selected list of candidates for the board of directors. "Shareholder Meetings" can't have binding votes, so management does anything they want to.

        •  Yes corporate goverence has a ways to go (0+ / 0-)

          I have gotten a few proxy ballots when I had a very small number of shares of stocks I bought directly.
          The ballots read like something from Stalin Russia or N Korea.  Voting up or down for candidates that are already on the board.  The concept of ownership through stocks is rather sad. You are in no meaningful way an owner of the company.

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