Chris Cox Succumbs on Shareholder Rights
Commenting today on the SEC's vote preventing shareholders from nominating corporate directors, The New York Times's Gretchen Morgenson says that "shareholders lost the only shot they had at firing incompetent directors."
Apart from Gretchen and AOL blogger Zac Bissonnette, the media has been comparatively silent over the SEC's capitulation to corporate lobbyists, such as the Business Roundtable and U.S. Chamber of Commerce. The latter recently embraced another anti-investor initiative, clutching to its bosom the "naked short selling" issue that is used by corporate execs to excuse their poor stock performance.
Chris Cox, very much a "politician" as Gretchen points out, is blowing with the wind -- which is an utter indifference to investor rights in the Bush administration.
© 2007 Gary Weiss. All rights reserved.
Wall Street Versus America was published by Penguin USA on April 6.
Click here for its Amazon.com listing and here for more information on the book, from my web site, gary-weiss.com.