Tuesday, October 21, 2008

Credit where it's due



One of the most widely touted causes behind the current crisis in banking has been the failure of shareholders to control the companies that they own, in either their own interests or those of society as a whole, insofar as the two can be the same thing.

From what I can see, this has been Tom's central point for a long time now - and it's something that I've not really read anywhere else until recently.

I'm not saying that no-one else is saying this stuff consistantly (and thinking about what the consequences of his views are in some detail). But I am saying that I've not seen it anywhere else...

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