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Major CEOs saying that profit is not the primary motive...is something major on the horizon?
- Thread starter ☑︎#VoteDemocrat
- Start date
ADevilYouKhow
Rhyme Reason
Economic downturn and they think Trump may lose and know the Dem base is out for blood after Trump’s bs
That’s what I gather too
Remember Obama told the big banks in April 2009: “I’m standing between you and the pitchforks outside the window”
Propaganda
Superstar
obvious window dressing for the left cuz they're worried about 2020. the shamelessness. 
Meta Reign
I walk the streets like, ''say something, n!gga!''
They're telling the "truth".
They have amassed so much money that they have all the power. What do you do with power?. . . Get more of it. We're witnessing outright fascism. The power of the corporation today reaches far beyond the bank accounts of anyone. . . They're our government, they're our financiers. . . They reign supreme, so now they have the luxury of telling everyone to our faces that they rule us. Remember Blankfein's, "God's work" comment? This is the ultimate manifestation of that.
Basically. . . We're all fukked.
They have amassed so much money that they have all the power. What do you do with power?. . . Get more of it. We're witnessing outright fascism. The power of the corporation today reaches far beyond the bank accounts of anyone. . . They're our government, they're our financiers. . . They reign supreme, so now they have the luxury of telling everyone to our faces that they rule us. Remember Blankfein's, "God's work" comment? This is the ultimate manifestation of that.
Basically. . . We're all fukked.
Secure Da Bag
Veteran
#YangGang keeps telling you all. That automation is gonna come fast and furious. These businesses made all their money. They're trade taxes for M4A for robots that don't need pensions.
i'm not voting for a guy who can't be bothered to be elected to lesser office.
haven't you learned this yet?
Secure Da Bag
Veteran
Thanks, Rich Lowry.
They're prepping for the recession and know the status quo is unsustainable.
I still doubt more than a handful of them do anything beyond superficial shyt.
The vast majority are going to need an enormous reckoning before they'll be willing to give up the status quo.
The ‘Stakeholder’ CEOs
Executives who abandon shareholders won’t appease the socialists.
By
The Editorial Board
Updated Aug. 19, 2019 5:09 pm ET
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Opinion: CEOs Who Abandon Shareholders Won’t Appease the Socialists
On August 19, 2019, Business Roundtable redefined its mission, pushing for CEOs to benefit stakeholders, as well as shareholders who own the company. Image: AP
Today’s corporate CEO is a politician as much as business leader, and for proof look no further than the statement Monday from the Business Roundtable ostentatiously redefining its mission to serve “stakeholders” in addition to the shareholders who own the company. A close reading shows there’s less substance here than meets the media spin, but it’s still notable that the CEOs for America’s biggest companies feel the need to distance themselves from their owners.
“Business Roundtable Redefines the Purpose of a Corporation to Promote ‘An Economy That Serves All Americans,’” says the headline over a press release Monday. “Updated Statement Moves Away from Shareholder Primacy, Includes Commitment to All Stakeholders.”
And sure enough, the 300-word “Statement on the Purpose of a Corporation” doesn’t get around to mentioning “shareholders” until the second-to-last paragraph. The statement instead stresses “a fundamental commitment to all of our stakeholders,” which it defines in listed order as customers, employees, suppliers and “the communities in which we work.” Shareholders ride the caboose in this new code of corporate purpose.
At a practical level this is largely symbolic, at least for now. To be successful, any company must serve its customers, adequately reward its employees, cultivate the loyalty of suppliers, and maintain good relations with the communities where it operates. At the Business Roundtable’s level of high-toned generality, who could disagree?
There is also more than a whiff of pre-emptive politics here. The executives—the Business Roundtable is led by JPMorgan CEO Jamie Dimon —know they are political targets.
They see socialism on the rise, with Senator Elizabeth Warren proposing to redefine corporate governance in law with explicit direction to serve “stakeholders.” Her goal is to redirect corporate capital to serve political goals favored by unions, environmentalists and trial lawyers. The CEOs no doubt want to get out in front of this by showing what splendid corporate citizens they are.
Yet these CEOs are fooling themselves if they think this new rhetoric will buy off Ms. Warren and the socialist left. It may even embolden them by implying that corporate rules that require a focus on achieving value for shareholders are somehow morally insufficient. The Roundtable CEOs may be selling Ms. Warren the political rope to hang them.
Politics aside, the moral and practical superiority of the stakeholder model is hardly clear. CEOs are themselves employees hired by directors who are supposed to be stewards of the capital that shareholders have invested. One virtue of the shareholder model is that it focuses the corporate mission on measurable financial results.
An ill-defined stakeholder model can quickly become a license for CEOs to waste capital on projects that might make them local or political heroes but ill-serve those same stakeholders if the business falters. Students of corporate governance have devoted years to analyzing the “agency problem” of holding CEOs accountable to the business owners. So-called activist investors who challenge underperforming managers are one market response.
Consider the long, slow decline of General Electric , which for decades helped mom-and-pop shareholders provide for their retirement. Former CEO Jeffrey Immelt was the model of the stakeholder executive, posing in Vanity Fair as a spokesman against climate change, issuing pronouncements after the 2008 panic about the failures of capitalism.
Yet Mr. Immelt failed in his core duty to find a post-panic business model that enhanced profits and shareholder value. That failure served neither customers, employees, suppliers, communities nor shareholders. From a moral point of view, GE did far more social and economic good when it was wildly profitable and its shareholder retirees could sleep better at night confident in its dividend.
***
CEOs aren’t popular these days, and it isn’t easy to defend profits. By all means CEOs should talk about the broad benefits that flow throughout society if their companies succeed. But sooner or later they will also have to defend the morality of free markets as the greatest source of prosperity for the most people in human history. Platitudes about stakeholders won’t stop President Warren from lining them up first for the gallows.
Too late. Maybe they realize that you can’t squeeze blood from a rock. How can you keep ripping off the people if you’ve taken everything they’ve already got.
Or perhaps they’re just scared about someone like Bernie winning the Presidency.
Either way, too late.
Or perhaps they’re just scared about someone like Bernie winning the Presidency.
Either way, too late.
Probably a few CEOs are finally seeing the writing on the wall and realize that operating for the sole purpose of enriching shareholders while society crumbles, isnt in their best interests long term.
It wont change the way vast majority of CEOs operate tho.
It wont change the way vast majority of CEOs operate tho.
