On Sat, 6 Dec 2008 12:06:37 -0800, "Hawke"
wrote:
When you stop competing in the innovation and production of
products people want and need you become uncompetitive. We have to turn this
ship completely around and get back to doing things the way we did when we
were successful. Continuing to do what we have done since Reagan set the
agenda is a recipe for disaster. Corporations have to be regulated and
managed for the good of the country and not simply for the stockholders.
---------------
Lots of lip service was paid to "the stock holders," but that's
is all they got. [other than the shaft]
Look at what the IPOs for all this paper were and look at the
current prices,espically the banks and brokerages. The
stockholders have taken a haircut down to their toenails.
[e.g. GM stock currently $3.75-4.55]
http://money.cnn.com/quote/quote.htm...ory_quote_link
-------------
snip
But after GM shares dropped earlier this week to ==a 50-year
low,== Smith and other local retirees are concerned about the
company's future --and their nest eggs.
Shares on Monday hit $9.92, tying their lowest point since Sept.
13, 1954, according to the Center for Research in Security Prices
at the University of Chicago. The price is adjusted for splits
and other changes.
snip
---------------
for complete article click on
http://www.mlive.com/flintjournal/bu...es_for_gm.html
Repeated efforts have been made to limit executive compensation
to something rational, and to impose other reforms, but these
have always been defeated by the boards, generally appointed by
the CEO. Nothing short of time in the federal pen has worked.
http://www.networkworld.com/news/200...08-ebbers.html
Corporate governance is now totally out of control. Lord Acton
was correct when he observed "power corrupts and absolute power
corrupts absolutely." Unfortunately for the officers and
directors of these corporations, the world is far larger than the
boardroom and corner office, and their absolute power was a
hallucination, as they are now discovering. The downside is that
they are taking the rest of us along for the ride as they go over
the cliff.
The underlying reason for the absolute refusal of Detroit
management to even consider a bankruptcy filing is that *ALL*
contracts are then subject to court review and abrogation,
including executive employment contracts w/golden parachute
provisions and "perks." It is highly likely these will be among
the first contracts nullified by the court, to be followed
immediately by "pink slips" for all the board members and senior
executives, and quite possibly "claw back" of their "performance"
bonuses and stock option profits for prior years.
Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?
Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).