Tag: USA: Accountable Capitalism Act ?

NOVANEWS HIOB / GETTY IMAGES BY: Yves Smith Naked Capitalism Elizabeth Warren introduced her Accountable Capitalism Act in the Senate on Wednesday and set forth the logic of her bill in a Wall Street Journal op-ed. The Massachusetts senator described how as recently as the early 1980s, even conservative groups acknowledged publicly that corporations were responsible to employees and communities as well as to shareholders. And as we’ve written, and is implicit in the Warren article, there is no such thing as a legal obligation to “maximize shareholder value.” It’s simply an ideology that has become widely accepted, even as some of its most prominent advocates, such as Harvard’s Michael Jensen, have since renounced it. But this practice has become so deeply embedded and s...