Tag Archives: crony capitalism

THE Letter

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I started two days ago discussing the change in the way corporations work.  That change started some 30 years ago, given the permission by Dr. Milton Friedman, when corporations abrogated the social contract (between business and its employees, between business and their local communities)  that had obtained  since the industrial revolution.   But, just this month, the founder and CEO of the largest single investor in corporations, Laurence Fink of BlackRock, Inc., implored the executives of some 1000 firms in the US and worldwide to re-engage in that social contract.

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The middle needs to hold.

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A few years ago, my district was represented by a fellow that truly ticked me off.  Over the course of a few years, there was (more than) a hint that he might have borrowed money from folks’ stock accounts, that he beat his wife, that he had a physical argument with a young (10ish) child.  Oh, and after he promised he would never vote for a change in the bankruptcy bill, he did- and this one really favored the banks.  Amazingly, he acquired a new mortgage for his home shortly after the vote- for about 100-105% of its value, which secured his divorce.

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Wages and Profits

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It’s time to review the facts again.  Because it’s reporting season- when companies let us know how profitable they’ve been- and how much we should reward the CEO’s who (they want us to believe) are solely responsible for this situation.   Yet, these same CEO’s seem to get rewards even if the results are poor. So, before I switch gears, let me just say I look forward to the promised regulations that will require companies to publish performance gains AND CEO pay increases side by side.

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