Billionaire Nick Hanauer Goes (Even More) Rogue
Here’s your weekend think piece: a look at one billionaire who is now at war with an economy rigged to reward the already rich:
[Nick] Hanauer argued, it’s time to end stock buybacks—they are crippling our ability to grow our economy robustly. Along the way, Hanauer also sharply criticized what he called “the 40-year obsession with ‘shareholder value maximization’” [SVM] as the narrow-minded definition of corporate purpose, which has been used to justify, rationalize and obfuscate the buyback explosion, and other ills of corporate misgovernance that have become commonplace in the post-1980 era.
Now, there are many issues with the rigged American economy, but the cultlike worship of “maximizing shareholder value” among Wall Streeters that is an offshoot of post-Milton-Friedman economics is one of the most volatile. Go read!
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Copyright 2015 Liberaland
By: jybarz
3 responses to Billionaire Nick Hanauer Goes (Even More) Rogue
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Roctuna March 21st, 2015 at 11:34
It goes along with the view that “long-term” means the next quarter and value equals management bonus.
eyelashviper March 21st, 2015 at 11:58
His comments are undisputed facts, but the corporateers have managed to poison the well with absurd talking points, which are pushed by the reich wing media.
How can anyone respond to a person who says that rich people create jobs??? They are either painfully ignorant or just a variety of Ayn Rand followers who buy the Milt Friedman book of fairy tales about economics.
tiredoftea March 21st, 2015 at 18:49
Excellent article. One more nail in the coffin of corporate dominance of our economy.