LETTER TO THE EDITOR: History lesson on corporations and Romney’s company
I need to respond to Leigh Mateas about the power of corporations and the abuses committed in the work place. The problem started in the mid-1960s when Wall Street started pressuring corporations to maximize quarterly profits. Long range corporate thinking went out the window and everything was based on the 90-day cycle.
Corporate officers have more power than shareholders to appoint board members. These officers then use their “hand-picked” board members to give themselves sweetheart pay deals and golden parachutes. Part of the new consumer protection law, being fought by Republicans in Congress, would give shareholders more power to pick board members.
I commend the occupy protesters because young people are finally standing up to the status quo and voicing their opinions for change. If we continue on the present tract, we will become a third world country with some extremely wealthy at the top with the rest being poor. This country has been great during the past century because we had a strong middle class. We had a similar condition with income inequality during the 1920s and ended up with the Great Depression. The current decline of the middle class started in the early 1980s.
Mitt Romney’s private equity company, Bain Capital, was not about saving companies about to go bankrupt. It was about buying majority control in companies, restructuring them for short term gain and then selling them off so Bain, i.e., Romney and friends, could make huge piles of money. One of his business partners came out in the last couple weeks and stated that he never thought he was a job creator while working for Bain.
During political campaigns there is a lot of “spin” going on. We need to deal with facts if we are going to make smart choices at the polls.
South Lake Tahoe
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