Capitalism Explained in the Midst of Demagoguery/ Another Post In Support of Evil Oil Companies
Joltin’ Django of Nigh Seen Creeder has written an excellent post explaining capitalism to Phil Valentine, who wonders why the oil companies dare to charge the “prevailing market price for their goods”.
Well, here’s a newsflash such-minded folk: Publicly-owned businesses aren’t in business to give anyone a break; they’re in business to provide goods and services the public at large desires and - AND - make a profit.
Did he say profit? Oh my God! How awful of those companies to make a (gasp!) profit. Is there any other word in the English language more offensive than profit?
Oh wait. His post gets better.
That said, corporate directors have one primary job: to maximize profits so that their company’s stock increases in value. A company can’t do either of those things by selling the goods it produces at below-market prices. If’n that sounds like a bad thing to you, well, direct your Web-browser to the Communist Party’s site and click the “join now” button.
CEO’s of major corporations are duty bound to their shareholders and just who are the shareholders of big oil? Well chances are, if you have a 401K, it could be you. One of my favorite radio commercials is this brilliant piece from the American Petroleum Institute. Please listen.
Yes that’s right. A recent study by Robert Shapiro, formerly of the Clinton administration, revealed that 41% of oil company stock is owned by people like firefighters and teachers in pension retirement plans, and nearly 30% are owned by mutual funds.
Selfish bastards!
CEO’s of major corporations are duty bound to their shareholders
Duty bound to take $400 million pensions?
You mean, they ran these huge multi-national companies and then were, oh my God, paid well? Oh crap, this must be stopped. No more mega salaries, except for movie stars and musicians, that is. But the people who run the companies that provide the fuel that feeds the world, those SOB’s should not get a dime.