13 Feb 2006
New Front: Protecting America's Investors

It's gotten to the point that even dyed-in-the-wool conservative columnists are noticing that something is seriously amiss with what we affectionately (if inaccurately) call the "free market". Ben Stein noticed. And writes as eloquent a plea for sanity as I've read in quite a while.

But what has happened is that — as in a corrupt, failed third-world state — the trustees in too many cases are captives of the C.E.O. and his colleagues; they owe both their places on the board and their emoluments to the chief executive, and they exercise no meaningful restraint at all on managers. The directors are instead a sort of praetorian guard, protecting management from its real bosses, the stockholders, as management sucks the blood out of the company.

(link) [New York Times]

via Masson's Blog

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