Captialism at a Crossroads

Captialism at a Crossroads

http://www.nytimes.com/2007/01/28/business/yourmoney/28every.html?_r=3&adxnnl=1&oref=slogin&...&oref=slogin

By BEN STEIN; Published: January 28, 2007

When yeoman farmers sent their savings to banks in London and Glasgow and Paris, they had to be able to count on it not being stolen. That was what allowed capital to be accumulated and deployed, and for the entire world economy to take off.

When I see what the top dogs at all too many corporations are now doing to that trust, I feel queasy. Outrageous — yes, obscene — pay. Greedy backdating of stock options, which in my opinion is straight-up theft. Managers buying assets from their trustors, the stockholders, at pennies on the dollar, then forestalling competing bids with lockups and insane breakup fees.

These misdeeds and many, many more are hammer blows at the granite foundation of trust we built in the 1940s and ’50s. How long democratic capitalism can survive these blows before it gives in and gives birth to revolution or to an out-and-out aristocracy, I am not sure.
_________________
Regards,

Ken Illingsworth

"Capitalism at the Crossroads is built on strong theoretical underpinnings and illustrated with many practical examples. The author offers a pioneering roadmap to responsible macroeconomics and corporate growth."

___________
Office Space London
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Captialism at a Crossroads
Ken Joined: 11 Jul 2006 Posts: 24	Dated: Fri Feb 02, 2007 1:22 pm Subject: Captialism at a Crossroads
Ken Joined: 11 Jul 2006 Posts: 24	Captialism at a Crossroads http://www.nytimes.com/2007/01/28/business/yourmoney/28every.html?_r=3&adxnnl=1&oref=slogin&...&oref=slogin By BEN STEIN; Published: January 28, 2007 When yeoman farmers sent their savings to banks in London and Glasgow and Paris, they had to be able to count on it not being stolen. That was what allowed capital to be accumulated and deployed, and for the entire world economy to take off. When I see what the top dogs at all too many corporations are now doing to that trust, I feel queasy. Outrageous — yes, obscene — pay. Greedy backdating of stock options, which in my opinion is straight-up theft. Managers buying assets from their trustors, the stockholders, at pennies on the dollar, then forestalling competing bids with lockups and insane breakup fees. These misdeeds and many, many more are hammer blows at the granite foundation of trust we built in the 1940s and ’50s. How long democratic capitalism can survive these blows before it gives in and gives birth to revolution or to an out-and-out aristocracy, I am not sure. _________________ Regards, Ken Illingsworth
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william90980 Joined: 19 Jul 2010 Posts: 6	Dated: Wed Aug 18, 2010 7:39 pm Subject:
william90980 Joined: 19 Jul 2010 Posts: 6	"Capitalism at the Crossroads is built on strong theoretical underpinnings and illustrated with many practical examples. The author offers a pioneering roadmap to responsible macroeconomics and corporate growth." ___________ Office Space London Office Rent London
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