How Corporations Destroyed American Democracy – Chris Hedges.
Filmed at Socialism 2010 in Chicago by Paul Hubbard
William Dalrymple on the ruthless rise of the British East India Company
The outrageous story of a group of financiers from a poor and damp island on the outer rim of Europe, who created a private company that became the biggest military and political power in all of India
Stock Buybacks Enrich Management (Bad Stewards)
Dimon, Iger, Cook, Nadella, Pichai, Fink … they’re not founders like Gates or Bezos. They’re not investors like Buffett or Dalio. They’re management. And now they’re billionaires. And all their captains and lesser brethren are centimillionaires. And all their lieutenants and subalterns are decamillionaires.
And everyone is perfectly fine with this. No one even notices that this is happening or that it’s different or that it’s a sea change in how we organize wealth in our society. It’s not good or bad or deserved or undeserved. It just IS. This is our Zeitgeist.
This Is Water
One day we will recognize the defining Zeitgeist of the Obama/Trump years for what it is: an unparalleled transfer of wealth to the managerial class.
It’s the triumph of the manager over the steward. The triumph of the manager over the entrepreneur. The triumph of the manager over the founder. The triumph of the manager over ALL.
If TXN is the poster child of financialization, where are the owners? Who should be voting against all this bullshit? Where’s the corporate raider coming in to unlock shareholder value.
Here’s a quick google search.
Mutual fund holders 51.33%
Other institutional 37.52%
Individual stakeholders 0.55%
The finance industry is having it’s own “god is dead and we have killed him” moment.
Many speculate what the end game of “passive” investing looks like.
This is a preview.
But that’s what everyone in finance does. Don’t look at individual investments, build a portfolio. Hurray indexing. Hurray diversification. Hurray diversified portfolio across asset classes because you can’t make alpha without private information.
Are you investing in a way that supports more of this shit? Then going to your favorite forum “let’s ban buybacks”.
Don’t buy TXN stock(directly or indirectly).
Question for Ben: Is there any TXN under your management?
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