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View Diary: The goal IS to reduce the standard of living (386 comments)

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  •  How about we ban public companies, (none)
    and we call it a day? You know, if they see fit to rewrite economic rules for democracies and republics after they have been prospering in them...

    politics ain't cricket

    by TOTO rules on Thu Oct 13, 2005 at 05:12:25 AM PDT

    [ Parent ]

    •  The public limited-liability corporation (none)
      I'm willing to let it stick around, it's been a useful invention. But I want two dreadful mistakes reversed:

    • No more human rights for non-human entities. Only people have a right to free speech, a right to privacy, a right to life. There is no such thing as a corporate person in reality, and the fiction should not be permitted in law.

    • No more "fiduciary duty". If the directors of a public corporation can get the shareholders to agree to keep them by a majority vote, even though they behaved ethically at the cost of failing to maximize shareholder value, then no single greedy shareholder should be able to sue them because they failed to do their "duty" to him. Most shareholders aren't evil, and could actually be persuaded to enjoy owning shares in an ethical company, even if it means 1% or so off their growth.

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