Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
There isn't much in the essay to commend Ms Warren's sop to the disaffected, a "gigantic socialistic" plan to authorize unelected representatives of an unspecified group of persons to a list of a corporations directors --not even the stipulation that they shall be unpaid.
Consider the concept "a corporation has a legal duty to maximize shareholder value." There is debate about whether this is actually true.
It isn't true.

First, examine US Code; find the civil or criminal statute.

Second, examine Uniform Commercial Code (UCC) of the USA, mother of many "loop holes" that riddle corporate governance and conduct enforced by the several states; find a non-conforming Delaware regulation.

Third, examine US case law; cause of action in litigation by shareholders and so-called stakeholder (a revolting term, like "the marginalized," to disguise unenforceable contractual claims) typically allege fraud, a misrepresentation of fact, lying, by sundry corporate agents that results in an economic loss to owner title to a property.

No loss is the inverse of "profit maximization"; a loss is the destruction of a realized asset. Then again, we live in a society that counts foregone tax revenue as an expense, fff, before the first bond has been issued.

Warren (69) is playing to the rubes' passions like she did lording over the Congressional Oversight Panel, which destroying community banks, before sliding into the impotent Consumer Financial Protection Bureau, controlled by the FRB in point of fact. No, she is not my friend.

Diversity is the key to economic and political evolution.

by Cat on Sat Aug 18th, 2018 at 09:37:20 PM EST
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