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Tue Aug 27, 2019, 10:22 AM

Big business is suddenly showing a conscience. But is that enough?

“To most Americans, the Business Roundtable might sound like a piece of conference room furniture, but the lobbying organization’s humdrum name belies the scope of its power and influence. Made up of chief executives from corporate giants including JPMorgan Chase, Apple, ExxonMobil and Walmart, the Business Roundtable is one of the leading voices of the financial elite. As such, it made headlines last week when the group reversed its official position on “the purpose of the corporation.”

“In a statement last week, the Business Roundtable abandoned its long-standing commitment to “shareholder primacy” — the idea, popularized by “free-market” economist Milton Friedman in the 1970s, that a corporation’s sole purpose and obligation is to create financial returns for its investors. Instead, the group conceded that businesses also have a responsibility to their customers, workers and communities. “While each of our individual companies serves its own corporate purpose,” the statement said, “we share a fundamental commitment to all of our stakeholders.”

“It should not be controversial to believe that corporations owe some measure of accountability to the society that allows them to accumulate massive wealth. The investor class’s “self-serving and destructive” insistence to the contrary has “caused grave damage to the American economy and society,” Columbia University professor Jeffrey Sachs writes, including “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.” If nothing else, the group’s about-face is a concession that corporations have failed to serve the public good. In that sense, the statement, uninspiring as it might be, is welcome.

“But don’t give these chief executives too much credit. After all, the companies they lead have done little to earn the public’s trust and plenty to lose it. In the years following the financial crisis, they and others battled to dilute any real reforms on Wall Street. They have consistently supported destructive trade and regulatory policies that do lasting harm to workers, consumers and the environment. They continue to cheer for President Trump’s tax cuts for corporations and the rich, a disproportionate share of which these companies and other similar firms used to reward shareholders with stock buybacks.”
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https://www.washingtonpost.com/opinions/2019/08/27/big-business-is-suddenly-showing-conscience-is-that-enough/

These “people” aren’t there, yet, on impeachment.
They realize Democrats will be in control in 2020 and want to create an appearance they are self-governing.

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Reply Big business is suddenly showing a conscience. But is that enough? (Original post)
Ponietz Aug 2019 OP
BeyondGeography Aug 2019 #1
rurallib Aug 2019 #2
Merlot Aug 2019 #3
Moostache Aug 2019 #4
Locrian Aug 2019 #5

Response to Ponietz (Original post)

Tue Aug 27, 2019, 10:24 AM

1. Gee, I don't know

I think they might need some guidance.

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Response to Ponietz (Original post)

Tue Aug 27, 2019, 10:25 AM

2. A fleeting bit of conscience that will pass quickly

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Response to rurallib (Reply #2)

Tue Aug 27, 2019, 10:28 AM

3. "Watch what they do, not what they say"

My guess is saying this is about as much as they'll do.

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Response to Ponietz (Original post)

Tue Aug 27, 2019, 10:31 AM

4. A dawning realization is hitting the ivory towers...

That is this:

"WTF are we going to do if this whole system crashes around us?...we can't SURVIVE without a fawning underclass killing themselves in the useless pursuit of the 'American Dream'. Without MILLIONS of people being taken advantage of, we won't get BILLIONS of $$$ in unearned, non-productive capital gains for ourselves....HOLY SHIT!!! It just hit me...without those unwashed masses earned to be exploited for free, our entire EXISTENCE is at risk!!!"


The reality of the situation is thus - without millions of people supporting the hideous wealth distribution scheme (theft?) of today's F.I.RE sector 'titans' and CEOs of large corporations, the whole thing will collapse and in a disorderly, chaotic world without the current order, those currently riding high will be brought low instantly as the mob would grab them and make sure of it. If the very concept of 'money' is destroyed by the derivatives market time bomb, or the wealth gap drives so many into poverty that desperation becomes the new norm, then paying for protection becomes as problematic as the mob with fire and pitchforks....in other words, without the existing police and courts to hold people at bay, those money and wealth-hoarding freaks are in deep, deep shit.

And they are starting to realize it...

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Response to Moostache (Reply #4)

Tue Aug 27, 2019, 10:47 AM

5. indeed

add in mass starvation and displacement from climate change, and, well.....

Those "guarded enclaves" and mansions go from refuges to something else: Targets.

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