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I've never seen a company squander as much goodwill as Blizzard. (lemmy.world)

submitted 2 months ago by [email protected] to c/[email protected]

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[–] [email protected] 9 points 2 months ago (2 children)

Just to be clear, there's no actual law requiring that. It's just an excuse they use to be greedy.

[–] [email protected] 6 points 2 months ago

If you breach fiduciary duty the best thing you can hope for is to be fired. Executives have been criminally charged for it as well though. And while it has to be an intentional act of malfeasance, that gets pretty blurry when the shareholders hire thousand dollar an hour lawyers to come after you.

So while yes, the root cause is greed, the system itself is setup to feed that.

[–] [email protected] 5 points 2 months ago* (last edited 2 months ago) (1 children)

It's more complicated than just one law that says "you must be a bastard" I admit, but fiduciary responsibility is a core requirement of any publicly traded company and very much is legally enforceable (this parenthetical aside stands in for about three pages of niche caveats and overly wordy exceptions that I'm just going to shamelessly handwave away). At best a CEO might be found to be civilly liable, but ~~peasants~~ non-C-suite employees are criminally charged for neglecting their fiduciary duty every day in the US.

[–] [email protected] 2 points 2 months ago (1 children)

Absolutely, but fiduciary responsibility, has never and was never intended to mean absolutely maximizing profits and especially at the long term expense.

That was a twisted idea that was put forward in the late 70s early 80s as a means to justify destroying companies for short term gain.

[–] [email protected] 3 points 2 months ago

Oh, then yes I agree completely!

...

So anyways you coming to Steve's "eat the rich" party? I hear he's got a new barbecue.