Billionaire Nick Hanauer Goes (Even More) Rogue
[su_right_ad]An you thought FDR was a “traitor to his class.”
Here’s your weekend think piece: a look at one billionaire who is now at war with an economy rigged to reward the already rich:
[Nick] Hanauer argued, it’s time to end stock buybacks—they are crippling our ability to grow our economy robustly. Along the way, Hanauer also sharply criticized what he called “the 40-year obsession with ‘shareholder value maximization’” [SVM] as the narrow-minded definition of corporate purpose, which has been used to justify, rationalize and obfuscate the buyback explosion, and other ills of corporate misgovernance that have become commonplace in the post-1980 era.
Now, there are many issues with the rigged American economy, but the cultlike worship of “maximizing shareholder value” among Wall Streeters that is an offshoot of post-Milton-Friedman economics is one of the most volatile. Go read!