this post was submitted on 15 Apr 2024
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Being publicly traded does not force companies to become greedy, immoral scum... Stop spreading this piece of misinformation
https://www.nytimes.com/roomfordebate/2015/04/16/what-are-corporations-obligations-to-shareholders/corporations-dont-have-to-maximize-profits
PS: this goes hand in hand with the "you got to be an asshole to succeed"... You don't, the problem is that most people can't find anything else to imitate
It doesn’t force them legally, but it does effectively guide their behavior. There are a lot of things in this world we aren’t legally forced to do, but still have to do to participate in society. It’s not misinformation, it’s just the reality. It’s true that you don’t have to be an asshole to succeed, but it’s also true that you don’t have to go public to succeed either.
Not even.... If the entire point was to maximize profit for shareholders, we would see you he obscene compensation packages for C-suite execs or ridiculously luxurious perks for board members, etc
This has just been the excuse to do away with ethics and morals.... And repeating this is "the way it has to be" just makes it easier for them