CEOs are finally admitting to shortchanging society. It's about time

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    • #122987
      LiberalArkie
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      • Total Posts: 77

      On Monday, 181 of the nation’s leading CEOs issued a statement pledging that, above all else, corporations must have a commitment to all their stakeholders, including customers, workers, suppliers and the communities where they operate.

      It’s about time. For more than two decades, this group — known as the Business Roundtable — had asserted that the principle purposeof a corporation was to “generate economic returns to its owners.” This previous assertion of “shareholder primacy” was self-serving and enormously destructive. Leading CEOs, including many who signed the new statement, have caused grave damage to the American economy and society. And that damage continues.
      For decades, many of America’s top CEOs have pushed for unaffordable personal and corporate tax cuts, a rollback of environmental protections, sky-high salaries for themselves and stagnant wages for their workers, abusive financial practices, unaffordable drug prices and unhealthy food products. These actions have contributed to a massive rise in inequality of wealth and income, environmental destruction, huge budget deficits, financial crises, and death and despair due to the egregious failures of the corporate health care and food industries.
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    • #122989
      Cold Mountain Trail
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      • Total Posts: 10,743

      i’ll believe it when i see some actual change; until then, just more PR from the PR factory

    • #123318
      3fingerbrown
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      • Total Posts: 3,122

      I don’t care what these BSers say, I’m keeping my guillotine sharpened!

      All governments lie to their citizen's, but only Americans believe theirs.

    • #123334
      Mick063
      Participant
      • Total Posts: 578

      Taking action before the guillotines arrive. I’ll give them credit for being more proactive than the mid 1800’s French Aristocracy.

      Unfortunately for them, their train cannot get stopped in time for the washed out bridge. Their heads are not entirely safe regardless of how much they attempt to belatedly rejoin civilization. I’m talking, of course, when the inevitable “Mad Max” post apocalyptic times come and the commoners will want someone to answer for it. I’ll probably be long dead by then.

      As Bob Dylan sang, “When you got nothing, you got nothing to lose.” It will be a precarious world for those few that have much to lose.

      "I welcome their hatred" Franklin D Roosevelt

    • #123339
      Ohio Barbarian
      Moderator
      • Total Posts: 18,767

      My wife came across an Amazon ad today on her Facebook. If you use your Amazon account and buy certain children’s books from Amazon, Jeff Bezos will generously give 0.5% of the profits to one of his sponsored charities!

      She answered with a photo of one of Paul Newman’s salad dressing jars, where it says 100% of the profits go to charity.

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      Show me a man that gets rich by being a politician, and I'll show you a crook.--Harry Truman

    • #123785
      snot
      Participant
      • Total Posts: 1,131

      I’m skeptical of anything originating with anyone connected to or funded by corps. This could easily mask a “head ’em off at the pass” move that would result in standards of care for executives that are even murkier and harder to enforce.

      What’s needed are statutory and regulatory changes to strengthen labor rights, strengthen federal health, safety, and environmental regulation including enforcement, tie executive compensation to long-term rather than short-term corporate health, eliminate legal bribery of lawmakers and regulators, and above all to make it easier to hold individual executives accountable for egregious harms resulting from their decisions.

      The standard objection to the latter is that we need to encourage entrepreneurial risk-taking by protecting executives from personal liability. My answer is, they can protect themselves by buying insurance. If no responsible insurer will insure them for what they want to do, they shouldn’t be doing it.

      Destruction is easy; creation is hard, but more interesting.

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