söndag 22 oktober 2017

The Era of the Fake Capitalists


"Today that system that worked so well to stimulate the American economy is despoiled and infected with fake capitalists. Those who run the gigantic corporations of today no longer have any real “skin in the game.” And yet, they expect to be rewarded – in the form of obscene salary and bonuses – as if they did. Few of these individuals have put their personal capital at risk and any ownership they have was given to them by the board of directors. If they do fail, their fall is cushioned by the comfort of multimillion dollar severance packages.  How can this be called capitalism? It is even stretching the term “capitalist” to apply it to shareholders. When someone buys stock in Ford or General Electric today they are not putting capital into the company so it can expand and grow. They have no material power to add value or make a difference in how the company performs. The capital they “invest” goes, not to the company, but to the person from whom they purchased the stock. This is no more than a form of gambling." - Bob MacDonald, retired CEO of Allianz Life NA

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