Shareholders make American great again. @JohnTamny

Jul 21, 03:24 AM

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(Photo: Alibaba Chairman Jack Ma celebrates his company's IPO at the New York Stock Exchange on Friday. (Photo: Mark Lennihan/AP))

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Shareholders make American great again. @JohnTamny

https://www.realclearmarkets.com/articles/2018/07/12/formichaelhiltzikrealityisstillloudlyknockingatthedoor_103346.html

Michael Hiltzik is the militantly imperceptive business columnist at the Los Angeles Times. Recently he wrote that the one of most persistent barriers to business and societal good is "the addiction of corporate managements to pleasing their shareholders.” It seemingly never occurred to Hiltzik that without investors, there would be no companies, no jobs, and little society to begin with. Readers can likely imagine where Hiltzik takes this: he's convinced that 'Wall Street' rewards the businesses that pay the least, which is of course mocked by corporate valuations revealing the exact opposite. More than he realizes, he’s the substantial beneficiary of the very shareholder patience he naively claims doesn’t exist. The opinion piece can be found here.