Archive for January, 2010

The Supreme Court’s ‘free speech’ decision

Thursday, January 28th, 2010

is astonishing.
I double-checked. http://www.usconstitution.net/const.html
The US Constitution begins with “We the People” and gives the people a long list of rights.
It does not mention, even once, companies or corporations or LLPs, etc. They are not (per the text) granted rights. People are. Commerce is mentioned only in the context of the government’s rights to regulate it.

 

This is just one more reason that

1)  shareholders need to have more direct influence over management’s actions, and

2)  all investment managers should be required to report to the clients their votes (or abstentions) on all corporate shareholder votes.

 

The public, through their pension funds and insurance policies and retirement accounts, through ETFs and mutual funds, owes it to themselves to assure that the companies they mutually own are not acting against the shareholders’ broader interests.