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Corporations started out as a way for a municipality to get a needed infrastructure improvement it couldn’t afford by itself and for which no state or federal dollars were forthcoming. The strictest social and environmental due diligence was required of the investor, and often escrow funds covered any unforeseen repercussions.
As time went by, licensing standards were more than relaxed, they were reversed; the public had to provide incentives and guarantees to corporations. In a court case once, a clerk wrote into the record his opinion that corporations had all the rights of a citizen. Though it was not a judge’s opinion, and legally invalid, once later cases used this opinion, it had the authority of precedent. Courts later decided that CEOs are required to consider ONLY shareholder profit; it was AGAINST THE LAW to consider social or environmental consequences in making corporate decisions.
If a CEO drops employee health coverage, saving the company, say, $200 million a year, the board of directors may very well give the entire $200 million to the CEO as a bonus for “saving” this much. Of course, nothing is saved, and the social harm is so great, this practice is absurd and destructive.
An old-style business, that provided jobs and health insurance and pensions for generations of families, is often the target of a corporate raider. This scourge buys up the company, pockets the pension fund money, fires half the workforce, offers the remainder half their old wages, and no benefits at all. The materials and processes used in making the company’s products are cheapened. The company is then sold as an “efficient” business.
Well, of course it costs less to run a business if you don’t pay your workers. That’s not efficiency, that’s theft, pure and simple, and abuse of the workers and the community. The raider claims that, since he bought the company, the pension fund belongs to him. But pensions are part of employee compensation. Pocketing the pension fund is the same as taking back wages from pre-takeover times. But that’s not how the law sees it. And so a community collapses, families are driven into debt and poverty, but everything’s hunky-dory in corporate-land, because a company’s been saved from inefficiency.
This is the psychotic mindset that gets laws passed forbidding peasants in poor countries from COLLECTING RAINFALL; these desperately poor people must buy all their water from private companies. Laws are passed forbidding the used of saved seed from locally adapted crops; the desperately poor must buy expensive seed from agribusiness giants, seed that requires expensive fertilizer and insecticides. In India, some 150,000 formerly prosperous farmers have drunk their expensive insecticides in ultimate protest at being driven into crushing debt, not by an act of God, but by acts of sociopaths.
The insane used to be cared for in asylums, to protect society. Now the insane are given yearly bonuses larger than the GNP of some countries. Today the insane are given unfettered control of our economy, our government, our military. Oh, brave new world!
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