tagged w/ American Capitalism
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"Americans should not believe that the American way's the only way to run capitalism."
"an unholy alliance between the professional managers and floating shareholders. So floating shareholders demand short-term profit. The best way to get short-term profit is to sack everyone you can think of, not invest in anything that brings a return in the long-term--equipment, research, training."
"professional managers actually do not care, because by the time the effect of these decisions kick in and your company decline, probably you are in another job. You know. Maybe you are retired."
So states Ha-Joon Chang in his claim that companies should not be run in the interest of their owners, from his book "23 Things They Don't Tell You About Capitalism".
"Go to Germany. I mean, all the major companies have two-tier board structure, and on top of the managerial board, you have this supervisory board where half the members are selected by the trade unions. And this supervisory board has to give approval to big decisions like shutting down plants, agreeing to the merger or taking over some other company. And as a result, a lot of, naturally, resistance have been built into the system towards this American-style hostile takeover. In the whole 60 years of history of post-Second World War German history, there were something--only two or three hostile takeovers of any major company. And the German economy's as [inaudible] well as the American economy."
The reality is, that the small country of Germany exports more goods than the United States and also exports more than even China does! Yet, they have a high standard of living, and, features the world's OLDEST UNIVERSAL HEALTH CARE! They must be doing something right. How often have you heard of Germany being involved in an international conflict since WWII?
http://therealnews.com/t2/index.php?option=com_content&task=view&id=33&a...
http://current.com/11i694c"Americans should not believe that the American way's the only way to run... more
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Financial institutions on Wall Street are preparing to pay a record 144 billion dollars in compensation and benefits, according to a study published in the Wall Street Journal. The payout, covering bonuses, premiums and stock options for the firm's executives and employees, is a four-percent raise over the previous record 139 billion dollars that was handed over in 2009.Financial institutions on Wall Street are preparing to pay a record 144 billion... more
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According to a new study released by independent think tank, the Justice Policy Institute, many people who have lost their jobs and homes in the United States due to the ongoing economic recession are ending up in jail. The report's findings on the relationship between poverty and the justice system suggests that more and more people from poor and low-income communities are being arrested and jailed, even though nationwide, crime rates have fallen.According to a new study released by independent think tank, the Justice Policy... more
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Several thousand demonstrators marched through the New York financial district this past week in a protest led by labor unions. They said Wall Street's biggest banks must account for record profits while average Americans still suffer financially.Several thousand demonstrators marched through the New York financial district this... more
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The Obama administration's signature foreclosure-prevention program is likely to be a failure and has not done enough to help struggling homeowners who owe more on their mortgage than their home is worth. This is according to a scathing new report by the Office of the Special Inspector General for the Troubled Asset Relief Program. And the report found that the program may even be pushing these homeowners further underwater.The Obama administration's signature foreclosure-prevention program is likely to... more
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American International Group has paid another round of employee bonuses, worth about $100 million, a year after similar payments at the bailed-out insurance giant infuriated many Americans. Meanwhile, Goldman Sachs, another firm bailed out by US taxpayers, has just announced that its chief executive, Lloyd Blankfein, received a stock-based bonus of $9 million in 2009.American International Group has paid another round of employee bonuses, worth about... more
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