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### The only way to STOP CORPORATIONS from killing us ###

 
Anonymous Coward
User ID: 3991586
United States
11/20/2011 04:10 PM
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### The only way to STOP CORPORATIONS from killing us ###
We can make corporations more responsible to the public good by amending the law that says the pursuit of profit takes precedence over the public interest.

--- Robert Hinkley, former corporate attorney

------------------------------------------------------------

After 23 years as a corporate securities attorney-advising large corporations on securities offerings and mergers and acquisitions-I left my position as partner at Skadden, Arps, Slate, Meagher & Flom because I was disturbed by the game. I realized that the many social ills created by corporations stem directly from corporate law.

It dawned on me that the law, in its current form, actually inhibits executives and corporations from being socially responsible. So in June 2000 I quit my job and decided to devote the next phase of my life to making people aware of this problem. My goal is to build consensus to change the law so it encourages good corporate citizenship, rather than inhibiting it.

The provision in the law I am talking about is the one that says the purpose of the corporation is simply to make money for shareholders.

Every jurisdiction where corporations operate has its own law of corporate governance. But remarkably, the corporate design contained in hundreds of corporate laws throughout the world is nearly identical. That design creates a governing body to manage the corporation-usually a board of directors-and dictates the duties of those directors. In short, the law creates corporate purpose. That purpose is to operate in the interests of shareholders.

In Maine, where I live, this duty of directors is in Section 716 of the business corporation act, which reads: ...the directors and officers of a corporation shall exercise their powers and discharge their duties with a view to the interests of the corporation and of the shareholders....

Although the wording of this provision differs from jurisdiction to jurisdiction, its legal effect does not. This provision is the motive behind all corporate actions everywhere in the world. Distilled to its essence, it says that the people who run corporations have a legal duty to shareholders, and that duty is to make money. Failing this duty can leave directors and officers open to being sued by shareholders.

Section 716 dedicates the corporation to the pursuit of its own self- interest (and equates corporate self-interest with shareholder self- interest). No mention is made of responsibility to the public interest. Section 716 and its counterparts explain two things. First, they explain why corporations find social issues like human rights irrelevant--because they fall outside the corporation's legal mandate. Second, these provisions explain why executives behave differently than they might as individual citizens, because the law says their only obligation in business is to make money.

This design has the unfortunate side effect of largely eliminating personal responsibility. Because corporate law generally regulates corporations but not executives, it leads executives to become inattentive to justice. They demand their subordinates "make the numbers," and pay little attention to how they do so.

Directors and officers know their jobs, salaries, bonuses, and stock options depend on delivering profits for shareholders. Companies believe their duty to the public interest consists of complying with the law. Obeying the law is simply a cost. Since it interferes with making money, it must be minimized-using devices like lobbying, legal hairsplitting, and jurisdiction shopping. Directors and officers give little thought to the fact that these activities may damage the public interest.

Lower-level employees know their livelihoods depend upon satisfying superiors' demands to make money. They have no incentive to offer ideas that would advance the public interest unless they increase profits. Projects that would serve the public interest--but at a financial cost to the corporation--are considered naive.

Corporate law thus casts ethical and social concerns as irrelevant, or as stumbling blocks to the corporation's fundamental mandate. That's the effect the law has inside the corporation. Outside the corporation the effect is more devastating. It is the law that leads corporations to actively disregard harm to all interests other than those of shareholders. When toxic chemicals are spilled, forests destroyed, employees left in poverty, or communities devastated through plant shutdowns, corporations view these as unimportant side effects outside their area of concern. But when the company's stock price dips, that's a disaster. The reason is that, in our legal framework, a low stock price leaves a company vulnerable to takeover or means the CEO's job could be at risk.

In the end, the natural result is that corporate bottom line goes up, and the state of the public good goes down. This is called privatizing the gain and externalizing the cost.

This system design helps explain why the war against corporate abuse is being lost, despite decades of effort by thousands of organizations.

Until now, tactics used to confront corporations have focused on where and how much companies should be allowed to damage the public interest, rather than eliminating the reason they do it.

Read more
[link to www.nancho.net]

Last Edited by Account Deleted by User on 11/20/2011 06:27 PM
Anonymous Coward (OP)
User ID: 3991586
United States
11/20/2011 04:30 PM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
Please bump this thread and get it pinned.

I have never seen this important information anywhere else on the net.
Anonymous Coward (OP)
User ID: 3991586
United States
11/20/2011 05:24 PM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
bump
Anonymous Coward
User ID: 1221101
United States
11/20/2011 05:32 PM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
I agree.
Anonymous Coward (OP)
User ID: 3991586
United States
11/20/2011 06:23 PM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
I agree.
 Quoting: Anonymous Coward 1221101


Finally, an intelligent person on board.
Anonymous Coward (OP)
User ID: 3991586
United States
11/20/2011 06:25 PM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
Yay! 2 votes of 5 stars.

Anymore?

I would like Drudge to see this. He obviously visits GLP, since so often he posts a story a few hours after its been on GLP.
Anonymous Coward
11/20/2011 06:27 PM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
:copyright:
Anonymous Coward
User ID: 1371185
United States
11/20/2011 06:35 PM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
Well, that explains how they are by law, poisoning our food, water and body products.
Anonymous Coward
User ID: 1037929
United States
11/20/2011 06:37 PM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
Communism worked so well its sweeping the world.

Oh wait, that is capitalism.
Anonymous Coward
User ID: 5638405
Puerto Rico
11/20/2011 08:59 PM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
Communism worked so well its sweeping the world.

Oh wait, that is capitalism.
 Quoting: Anonymous Coward 1037929


And destroying the world in its wake.

Corporations are polluting the water, land and air with almost no penalties.(the small fines they pay mean nothing, that is why they prefer to pay the fine than correct the problem) Because corporations want the same status as a person they need to implement the same 3 strike rule that people face, they get 3 strikes for wrongdoing the company gets closed down and Board of Directors and all executives do time.
Anonymous Coward
User ID: 1763090
United States
11/20/2011 09:33 PM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
No the only way to beat the corporations is for us to fight back and form cooperatives. I'm not a communist but it is bullshit that WE have the skills to better ourselves but We end up making someone WITHOUT the skills rich just because He has money.

I work offshore for a company that is traded on one of the major stock exchanges. I have a certain SKILL SET that oil companies pay good money for. The skill set I have is one that takes years to acquire and its one I have acquired. The board of directors for my company don't have this skill set but they make all the rules especially when it comes to cutting my pay and benefits. So the only logical conclussion is to fuck these mother fuckers and start a company where the employees pull in the lion share and kick out the middle men.
Anonymous Coward (OP)
User ID: 3991586
United States
11/21/2011 10:00 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
No the only way to beat the corporations is for us to fight back and form cooperatives. I'm not a communist but it is bullshit that WE have the skills to better ourselves but We end up making someone WITHOUT the skills rich just because He has money.

I work offshore for a company that is traded on one of the major stock exchanges. I have a certain SKILL SET that oil companies pay good money for. The skill set I have is one that takes years to acquire and its one I have acquired. The board of directors for my company don't have this skill set but they make all the rules especially when it comes to cutting my pay and benefits. So the only logical conclussion is to fuck these mother fuckers and start a company where the employees pull in the lion share and kick out the middle men.
 Quoting: Anonymous Coward 1763090



Read the article:

CHANGE 26 WORDS IN THE LAW - AND EVERYTHING CHANGES
Anonymous Coward
User ID: 1530252
Mexico
11/21/2011 10:11 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
bumphf
Anonymous Coward
User ID: 5569403
United States
11/21/2011 10:11 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
I pledge allegiance, to the United Corporations of America....
Anonymous Coward
User ID: 1454475
United States
11/21/2011 10:15 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
Another thread full of idiot tards.

tard
Anonymous Coward
User ID: 2561793
Netherlands
11/21/2011 10:16 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
In money we trust. The new financial order.
Vice Director
User ID: 4933477
United States
11/21/2011 10:22 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
We perhaps can agree, that corporations, are "persons"?

But we must also agree, that as "persons", they would be classified,

"Persons that are psychopathic, sociopath dicks."

That is what sort of "person", the corporate "people", are.
Anonymous Coward
User ID: 1783849
Germany
11/21/2011 10:35 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
yeah or we could just burn down all the corporations and hang all the CEO's in a public square as a warning to not fuck with us for profit. evil motherfuckers deserve it.
Free Planet
User ID: 5353202
United Kingdom
11/21/2011 10:48 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
any CORPORATE NON DISCLOSURE AGREEMENT brazenly flies in the face of any written CONSTITUTION.

why don't you'all get that?

why?
Free Planet
User ID: 5353202
United Kingdom
11/21/2011 10:49 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
i.e. CORPORATEhood needs to end, as it's anti-people (and only pro-profit).

and don't talk to me about H.R. (cattle resources)
Anonymous Coward (OP)
User ID: 3991586
United States
11/21/2011 10:55 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
Some are missing the point.

Do whatever else works.

But to make them ALL work for us better, this MUST BE DONE. IN EVERY STATE.

Pin please mods?
Anonymous Coward
User ID: 241421
United States
11/21/2011 11:04 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
legalized greed!
Anonymous Coward
User ID: 1454475
United States
11/21/2011 11:13 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
We perhaps can agree, that corporations, are "persons"?

But we must also agree, that as "persons", they would be classified,

"Persons that are psychopathic, sociopath dicks."

That is what sort of "person", the corporate "people", are.
 Quoting: Vice Director 4933477


A corporation is a group of people legally recognized as a single entity, just like labor unions are, retards. What is so hard to understand about that? Are you also against labor unions? I doubt it!
stfu
Anonymous Coward
User ID: 3041808
United States
11/21/2011 11:16 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
***** stars and bump
Tuff~Kooky

User ID: 1557145
United States
11/21/2011 11:19 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
Corporations suck. It's time to put them in their place.
Anonymous Coward
User ID: 1454475
United States
11/21/2011 11:20 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
Corporations suck. It's time to put them in their place.
 Quoting: Tuff~Kooky


labor unions are corporations. Do they suck too?
shabutie

User ID: 5555022
United States
11/21/2011 11:24 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
Anything sucking away our money sucks.... lets blow this shit up.
Psych

User ID: 903456
Netherlands
11/21/2011 11:25 AM

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Re: ### The only way to STOP CORPORATIONS from killing us ###
Here is another one: Stop buying their products if you are against them. rolleyes
Tuff~Kooky

User ID: 1557145
United States
11/21/2011 11:29 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
Corporations suck. It's time to put them in their place.
 Quoting: Tuff~Kooky


labor unions are corporations. Do they suck too?
 Quoting: Anonymous Coward 1454475


Guess what! If these stupid laws changed they wouldn't have to be "corporations".

grinning
Tuff~Kooky

User ID: 1557145
United States
11/21/2011 11:37 AM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
bump
Anonymous Coward (OP)
User ID: 3991586
United States
11/21/2011 12:31 PM
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Re: ### The only way to STOP CORPORATIONS from killing us ###
12 votes for 5 stars.

Isn't it time this was pinned?

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