Executives of failing companies have the fiduciary duty...

[Smurphy]

Executives of failing companies have the fiduciary duty to its shareholders to suck the dick of every congress person willing to unzip their pants, begging for bailout money.

Congress has the duty to its taxpayers to cockslap executives in the face, then tell them to fuck themselves because Congress will not be returning the favor.

Thoughts?

 

[Scuzzle]

I'll take option C) Members of congress have huge stakes in the success of the Executives and their failing companies and will pump as much money into them as they can possibly weasel out of the American people.

 

[Smurphy]

for sure, I'm just trying to flesh out the actual duties to their respective constituents both for both executives and Congress

 

[PyroTeknik]

fi·du·ci·ar·y (f-dsh-r, -sh-r, -dy-, f-)
adj.
1.
a. Of or relating to a holding of something in trust for another: a fiduciary heir; a fiduciary contract.
b. Of or being a trustee or trusteeship.
c. Held in trust.
2. Of or consisting of fiat money.
3. Of, relating to, or being a system of marking in the field of view of an optical instrument that is used as a reference point or measuring scale.
n. pl. fi·du·ci·ar·ies
One, such as an agent of a principal or a company director, that stands in a special relation of trust, confidence, or responsibility in certain obligations to others.

 

[ShartShooter]

I'll fiduciary you in the ass.

 

[Lord Elessar]

it would be nice if it worked that way. In reality, executives have a duty to the board of directors and the voting block of stockholders that holds the percent needed to elect the board. If that group wants to pillage the company and steal money from the taxpayers then that's the CEO's job. The rest of us can go fuck ourselves.

 

[Smurphy]

fi·du·ci·ar·y (f-dsh-r, -sh-r, -dy-, f-)
adj.
1.
a. Of or relating to a holding of something in trust for another: a fiduciary heir; a fiduciary contract.
b. Of or being a trustee or trusteeship.
c. Held in trust.
2. Of or consisting of fiat money.
3. Of, relating to, or being a system of marking in the field of view of an optical instrument that is used as a reference point or measuring scale.
n. pl. fi·du·ci·ar·ies
One, such as an agent of a principal or a company director, that stands in a special relation of trust, confidence, or responsibility in certain obligations to others.

yep. Minority shareholders place their investment in the hands of the board and executives. The board and executives have a fiduciary duty to shareholders.

 

[Dumpy Dooby]

You're fat.

 

[Smurphy]

it would be nice if it worked that way. In reality, executives have a duty to the board of directors and the voting block of stockholders that holds the percent needed to elect the board. If that group wants to pillage the company and steal money from the taxpayers then that's the CEO's job. The rest of us can go fuck ourselves.

I'm saying the board and executives do have that duty to do everything possible to steal from taxpayers. Congress, as the protectorates of taxpayers, have the duty to tell companies to piss off.

 

[{FSC}Godfather]

Its too bad they lack the self respect the old school guys had.

At least the guys form the depression had the decency to kill themselves.

 

[TseTse]

Executives of failing companies have the fiduciary duty to its shareholders to suck the dick of every congress person willing to unzip their pants, begging for bailout money.

 

[Lord Elessar]

I'm saying the board and executives do have that duty to do everything possible to steal from taxpayers. Congress, as the protectorates of taxpayers, have the duty to tell companies to piss off.

sort of agree. there are some situations where if we could do a major overhall on some of the companies and kick out the retards currently running the show those companies might be worth saving. In general I think you're right. like 90% right.

 

[Smurphy]

sort of agree. there are some situations where if we could do a major overhall on some of the companies and kick out the retards currently running the show those companies might be worth saving. In general I think you're right. like 90% right.

If we want to do a major overhaul, we should buy the companies outright. If the government declared it would no longer help any companies survive, we could pick up some of these companies for somewhere between ~$1-$10mm and that would be generous. (Look how much Barclays paid for Lehman.) Then we replace the board. We should not make minority investments that no rational investor would think about making then make up laws to do our bidding.