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Old 08-18-2018, 05:33 PM   #1
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Default Wall Street Shill Lies on Liz Warren's Capitalism Bill

I get annoyed when smart people think they're the only ones in the room who can think, case in point:

Wall Street's arch enemy Liz Warren wrote a piece in the WSJ a few days ago, one that gained the scrutiny of her ideas in the other WRP thread on this. Predictably, the responses were mostly gibberish, as the usual suspects weighed in about "socialism" and imagined threats of totalitarianism if the government even casts a sideways glance a the corporatocracy to hold them accountable.

I am not really on board with Warren's proposal, but for very different reasons entirely than those held by the elites and their useful idiots on the right crying about "socialism", which has utterly nothing to do with this topic. However, she's right on certain aspects of it...and for that reason, she's going to take abuse.

Exhibit A: Check out this link to a CNBC article by Bill George:

https://www.cnbc.com/2018/08/17/sena...-its-core.html

George criticizes Warren's proposed bill based on several things he suggests are erroneous, but his preamble to this is his own resume, one he touts as an experienced corporate board member for multiple companies, his past role as CEO of Medtronic, and his Harvard B-school education. In other words, George is pulling rank as somebody you should believe since he's part of the same business elites Warren is focusing the spotlight on.

This ought to give you pause.

If you'd like to know more about George, you can Google up his Wikipedia page and find a list of organizational affiliations ranging from the ultra-elitist World Economic Forum to his work with the United Way, where he was a member of an elitist group appropriately titled, "The One-Percenter's Club" back in the early '80's. To be sure, George has a pedigree, both as a CEO and as an author, but his lament on Warren's concept is deceptive in several ways. For starters, his experience in the business world as a C-Suite executive and his participation on boards began in the late 80's and is now 15 years in the rear view mirror, an eternity in the present environment, and he's spent his time since authoring books, one of which I've read.

While George mentions his Medtronic connection and his alleged experience with the deep concerns for stakeholders he's seen in his time in the directorships from CEO's, he failed to mention two companies he sat on boards for that mark this as another reason to take what he's saying with a grain of salt...

Goldman Sachs and Exxon Mobile.

At Goldman Sachs, George was connected with the company's ESG standards development according to info I dug up. That's the Environmental, Social, Governance rating system marking company commitment to Corporate Social Responsibility.

This does not really impress me. Walmart has people who do this also. Having actually dealt with some of these people, I know many of them are holding down a spot that exists far outside the company's core values.

What's more germane to this CNBC article, is that George uses a considerable amount of deception in arguing his case that giant corporations are really more like big fluffy teddy bears than evil bastards destroying the world. Case in point, his points here:

Quote:
In principle, Warren's ideas sound good, but they are based on a flawed premise. She contends that CEOs and boards are following Nobel-Prize winning economist Milton Friedman's philosophy of maximizing shareholder value.
Here:

Quote:
Warren's Op-Ed piece and her legislation are based on the belief that CEOs have abandoned all stakeholders other than shareholders. As a Harvard Business School professor, former CEO of Medtronic, and having served on nine public company boards, I can attest to the fact that every CEO I know recognizes the importance of multiple stakeholders in business.
And here:

Quote:
The CEOs I know believe there is no conflict between serving shareholders and stakeholders. In fact, Delaware law – which is the predominant corporate standard – requires that boards of directors take into account the interests of the company and its shareholders in making decisions.
I'm going to avoid a drawn-out discussion on why CSR and ESG standards aren't the best measure of real stakeholder consideration for Wall Street and big oil companies, but let's begin with a show of hands of those who believe that the CEO's of Exxon Mobile and Goldman Sachs are big on doing the right thing for the community shall we? This statement is pure bull****. Anyone who thinks that Fortune 100 CEO's believe there is "no conflict between serving shareholders and stakeholders" is either enormously ignorant about business, or they think their intended audience is. George is not ignorant...but his audience, or much of it...certainly is.

George's editorial carefully omits his connection to Wall Street and the carbon fuels industry, without doubt the two biggest targets Warren is going after, for obvious reasons. On top of this, his assertions about how the US economy is humming along and needs nobody fooling with it avoids Warren's principal point entirely:

Profits are way up, wages...are not.

George is a classical corporate elitist, masquerading as a concerned citizen-philanthropist who's really only into his business role for what he can bring back to the community. Here's another one:

Quote:
Her assertion that "between 2007 and 2016, large American companies dedicated 93 percent of their earnings to shareholders" is also incorrect. A McKinsey study indicates that "on average, US companies have returned about 60 percent of their net income to shareholders" through dividends and stock buybacks.
George is peddling snake oil here. The McKinsey study's point is about why companies return cash to shareholders when they can't find suitable investments to maintain growth at the current rate, and has nothing to do with Warren's point about considering stakeholders. More obvious, is the chart the McKinsey study uses, doesn't dispute Warren's claim, it verifies it:



George artfully sidesteps Warren's specific statement, "...between 2007 and 2016...", instead sneakily superimposing data for the last 52 years into the picture and pretending he's made his point.

This leads to a simple question...why would a guy who's got an MBA from Harvard, and has sat on the boards at megacorporations write an op-ed piece that looks like it came from Beavis?

My take...he realizes most people either won't bother looking or don't know what they're looking at. He's entirely correct in that regard.

Last edited by footstepsfrom#27; 08-18-2018 at 05:44 PM..
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Old 08-18-2018, 09:44 PM   #2
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My god if you dip****s keep barking up the crazy tree you might actually get Trump reelected.
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Old 08-18-2018, 10:38 PM   #3
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My god if you dip****s keep barking up the crazy tree you might actually get Trump reelected.
Thatís all you have?
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Old 08-19-2018, 04:46 AM   #4
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Originally Posted by footstepsfrom#27 View Post
Thatís all you have?
Another compelling, incisive point-by-point rebuttal from Beaver.
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Old 08-19-2018, 05:40 AM   #5
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My god if you dip****s keep barking up the crazy tree you might actually get Trump reelected.
Was FDR crazy? Because thatís pretty much all that these ďsocialistsĒ are advocating: a move back towards FDRís model of governance.
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Old 08-19-2018, 08:26 AM   #6
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Was FDR crazy? Because thatís pretty much all that these ďsocialistsĒ are advocating: a move back towards FDRís model of governance.
Uh, FDR specifically avoided adding a medical program to social security. Even though medical spending was trivial in those days and it would've been much, much easier to enact.

He also never pretended to hold power over large corporations' simple right to exist.
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Old 08-19-2018, 09:28 AM   #7
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Uh, FDR specifically avoided adding a medical program to social security. Even though medical spending was trivial in those days and it would've been much, much easier to enact.

He also never pretended to hold power over large corporations' simple right to exist.
He avoided it because it threatened the passage of the Social Security Act Beavis. If you think Roosevelt didn't believe in universal healthcare you are profoundly ignorant.

https://timeline.com/social-security...e-efe875bbda93


As far as how he viewed the relationship of corporations and the government, maybe you should read this:

http://www.presidency.ucsb.edu/ws/?pid=15637

While I don't know exactly how he would take on the oligarchy that has so thoroughly taken over this country, I guarantee you he would take it on, and probably with something stronger than Warren's bill.
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Old 08-19-2018, 09:32 AM   #8
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Here's a perfect quote for what the "socialists" like Sanders, Warren, and Ocasio-Cortez are actually advocating:

Quote:
"We believe in a way of living in which political democracy and free private enterprise for profit should serve and protect each other—to ensure a maximum of human liberty not for a few but for all." - FDR
Only to the deranged morons of the right does that constitute Marxism or even socialism.
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Old 08-19-2018, 02:41 PM   #9
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Old 08-19-2018, 04:41 PM   #10
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Here's a perfect quote for what the "socialists" like Sanders, Warren, and Ocasio-Cortez are actually advocating:



Only to the deranged morons of the right does that constitute Marxism or even socialism.
That's because those deranged morons are little more than useful idiots for the Mercers and Kochs of the world.
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