I got the clue in 73-74 when the Arabs turned off the oil and we had
an energy crisis. The press was full of conspiracy theories
suggesting that the evil oil companies were conspiring to raise prices
and soak the public. So, I investigated the owners of the major oil
companies and found (for example) that the largest stockholder in
Standard Oil was the Chicago school teachers retirement fund. Somehow,
I had a difficult time believing that they would force Standard Oil
management to precipitate an energy crisis in order to increase their
profits.

The management of the oil company does it for them.

Do you really believe that "the stockholders" have much of a say in running
companies? They do, only when they're wealthy people who own a preponderance
of the stock, which lets them control who sits on the board. The "little
guys" are generally disorganized and unfocused.

I just love the Johnson Wax -- "a family company" -- ads. "Family company"
means it's not public -- the Johnsons own the stock, making them
unaccountable to anyone else. They might very well be as sincere as they
paint themselves, but being family-owned does not, per se, guarantee that a
business will try to behave in a responsible manner, that goes beyond merely
making money. (Contrary to what you might think about my opinions, making
money is a good thing.)