Yet the masses still don't grab the reins of these out of control corporations...they don't vote their shares in their own best interests, and let this inbred system suck them dry. :-(
Many DO vote their [our] shares in their [our] own best interests ... but, even when one owns a large chunk of shares ... it does no good when the rules are set up so that even if all shareholders vote against, or withhold their votes entirely from, a particular proposal [or board member] ... that proposal/board member can be passed/elected by one vote ... his own.The folks coming out of the business schools learned how to manipulate the system. They have infiltrated the boards of most corporations and have loaded up the boards with their cronies ... and the individual shareholder has been left out in the cold while they have feathered their nests and raided the corporations. It has become a matter of you scratch my back and I'll scratch yours. Severe limitations should be imposed on these cross-corporation crony deals. Further severe limitations should be imposed on how many boards one can sit on.
Nothing short of a revolution will put an end to it.
The masses MIGHT do it, if they cared. But they've been carefully conditioned to think that the GOVERNMENT will fix their problem.
And those of us that DO own stock, many of us own it via our 401Ks, IRAs, or Mutual Funds, where we don't VOTE the shares held. . .