[Dialogue] Save the Internet

[James Wiegel]

The fellow who founded vanguard funds wrote a book, do not remember the  name, but he documented a trend that Fred Emerson told me about.   Fred used to be treasurer of Greyhound, now he is quite active with the  nature conservancy and hikes a lot.
  
  about 6 years ago, in <john and marilyn oylers living room he talked  about the change that happened when pension funds and other investment  funds became the major stockholders of their corporation.  all  they cared about was return on investment.  they had no interest  in the actual welfare of the company and were quite ready to jump to  another company with their money if they could get a higher  return.  these are the companies and funds that many of us are  looking to for funding our retirement.
  
  now i remember the book it was called battle for the soul of  capitalism.  he pointed out that individual share holders are by  far the minority owners of corporations, similar to Freds comment some  years ago.  our pension funds and ira funds and other investment  vehicles guaranteeing us good returns are the owners
  
  additionally he said that average ownership of a stock is 9-10 months  which makes annual meetings and other governance mechanisms irrelevant  because most of the owners will be gone before the next annual meeting.
  
  add to that the emergence of this professional management class that  has intervened their expertise, and the fact that our government system  allows no legitimate voice for organizations but does require taxes (no  taxation without representation?) and the class system in the  country  tried to buy a ticket to a professional sports game  recently?  not to mention the proportion of the us economy owned  by the saudis and others makes a much richer stew.
  

Dancing is to walking as singing is to talking.  Simon Frith

If I could tell you what I mean, there would be no point in dancing.  Isadora Duncan

Jim Wiegel
401 North Beverly Way   Tolleson, Arizona 85353
+1  623-936-8671   jfwiegel at yahoo.com
			
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