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How to Hold Corporations Accountable


#1

How to Hold Corporations Accountable

Charles E. Wilson, the CEO of General Motors in the middle part of the last century, reputedly once said that “what was good for our country was good for General Motors, and vice versa.”

The idea was that large corporations had a duty not just to their shareholders, but also to their employees, customers, and community. What was good for all of these stakeholders was inseparable from what was good for large corporations like GM.

But in the 1980’s, this shifted. The only goal of large corporations goal became maximizing profits and returns for shareholders.


#2

From the article:

“…their legal right to exist could be revoked if they engaged in repeated and egregious lawbreaking.”

That right exists now, if only on paper—a state’s revocation of a charter is effectively a death penalty for the corporate “person.” That this power has never, to my knowledge, been exercised is a testimony to corporate influence over state governments, especially Delaware (thanks a bunch, DuPont), which certainly wasn’t envisioned by the framers of the Constitution.

A federal charter for corporations would put an immediate halt to what the article describes as “a race to the bottom” among states competing for jobs and ratables; for that very reason, I foresee a flood of corporate cash being spent to prevent its being enacted.


#3

Is Mr. Reich being intentionally naive?
A larger percentage of the board will not hold the cabal (a la Piketty) accountable.
Mr. Reich is an economist. The system of money is the problem.
As in politics, those available to fill the posts for election will be presented from a select group of people inside the cabal.
Nothing short of a cooperative structure will reform the capitalistic cooperation.

For that to truly happen, we must decentralize data, and allow only those who produce actual work to be paid for their services.

And for that to happen, what we call money today has to be changed.

Otherwise we are just spinning our wheels.
When Mr. Reich writes such articles for the sake of brevity, it really does not do good. When there is absolutely no mention of the systems in place and ramifications of the offered solution to these systems, it seems pointless.


#4

Unless ALL of the New Deal regulations affecting corporations that have been decriminalized (euphemistically called deregulation) during the past 40 years are restored and new regulations added, there will be no return to the pre-Reagan days of corporations being held accountable. Warren’s ploy is nothing more than campaign candy.

Charles E. Wilson was simply making an observation of the contemporary business environment. He was not expressing his philosophy. Corporate law has always required corporations act in the best interests of shareholders and only the New Deal put that under control, unfortunately only from 1935-1985.


#5

Corporations were NOT accountable to the Public when Standard Oil running things, United Fruit Compnay forcing Coups in Guatemala and Ford using slave labor in Nazi Germany. A typical rubbish article trying to pretend that the issues withe the Corporate State can be fixed once more by putting lipstick on a pig.

The Corporate model has to be dismantled. The first step to that dismantling is not this silly act , but one that first removes the concept of limited liability and passing laws that make the Shareholders and Corporate executives PERSONALLY liable (and no the corporation is not a person) for harm done.

A corporation is a THING like my car is a THING . If I am involved in an accident and hurt someone I am liable and my car is not the THING held accountable. A THING can not be accountable.


#6

Fucking Bingo.

For a bit of levity:


#7

well thank you Wise Owl
I feel like I repeat that line a lot.
not sure if I am getting through to anyone with a sense of solution or just ad libbing for emphasis.

Kind a like Bingo.
If that was was your intent.


#8

We are simpatico here at CD, that’s why I try to look in every day. :wink: