Wednesday, February 10, 2010
Shorter Barack Obama:
Shareholders have a real impact on how companies are run.
apart from the obnoxiousness of obama forever attempting to appease 2 masters, this also reminded me of this argument that surfaced during the enron scandal:
6) Protecting Investors and Shareholders
On December 20, 1995, President Clinton vetoed the Public Securities Litigation Reform Act, which would have restricted lawsuits against corporation accused of securities fraud. In his veto message, Clinton presciently noted that while he supported the notion of reducing frivolous lawsuits: "I am not, however, willing to sign legislation that will have the effect of closing the courthouse door on investors who have legitimate claims. Those who are the victims of fraud should have recourse in our courts. Our markets are as strong and effective as they are because they operate -- and are seen to operate -- with integrity. I believe that this bill, as modified in conference, could erode this crucial basis of our markets' strength." The GOP Congress overrode Clinton's veto.
rights of shareholders have been neutered.