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There is one court decision that needs to be reversed, but so few talk about it.
Dodge vs. Ford Motor Company.
In 1919, Ford wanted to use its profits to raise employee wages and employ more people.
Dodge sued, claiming a corporation's one and only responsibility is to increase shareholder value.
The clueless Michigan Supreme Court ruled that Dodge won, and this has been the basis of all US corporate law since.
Fuck product quality. Fuck the employees. Fuck the customers. Increase shareholder value.
Sound like BlackRock to you?
Look into the old Dodge logo and you will have your answer
https://images.app.goo.gl/x9zR21Xu7MHoSnzu5
Well there it is in plain sight. All the things we didn’t know.
😂😂😂
Hey fren I have to get with you about some shirts. Are you still doing them?
Wow...right in your face!
Yes, so even as far back as when corporations were starting this so-called five day work week, a certain group of people wanted to hold us down. Ford was actually lobbying for better conditions but nope… Dodge couldn’t have that. They probably had an endless supply of money and lawyers to fight against Ford for wanting to do good things. Sound familiar?
Oh yes it all too familiar...thanks fren!
Few things in my education made me as fuming mad as that case.
But of course it does.
Who controls the hedge funds and most of Wall Street?
I think there's more to it than that. If you bought 10% of a company early on based on their promise of paying dividends, and then the company randomly decides to go full Amazon and forego profits for the next 10 years and not pay the dividends they promised, wouldn't you be upset? That's the Dodge side of things in this case
No one's saying they should be in the red.
You can provide a great service and wonderful products while being content with being in the black, or at worst breaking even.
But thanks to this case, publicly-traded companies are forced to maximize profit and stock price over ALL else, product quality be damned.
There's a reason Elon took Twitter PRIVATE.
Yep good for him.
So the debate is, who should a company be more generous to: Stockholders or their Employees?
I need more details on the case. It seems kind of simplified.
https://case.law/caselaw/?reporter=mich&volume=204&case=0459-01