It was Jack Welch, and it was during the 1980s ‘Yuppie’, ‘Greed is Good’ era.
Fiduciary duty is cancerous in a way that has really accelerated Capitalism. It encourages businesses that would otherwise be entirely sustainable at a small size attempt to grow until they are incompetent, which causes a consistent breakdown/selloff cycle.
Imo this is a function of pensions being purposefully replaced with 401ks. It pinned more and more retirement funds to the performance of a stock market, ostensibly to encourage employees to feel staked in the company stock performance. But it was just a clever way to get away from direct-deposit pension funds.
It was Jack Welch, and it was during the 1980s ‘Yuppie’, ‘Greed is Good’ era.
Fiduciary duty is cancerous in a way that has really accelerated Capitalism. It encourages businesses that would otherwise be entirely sustainable at a small size attempt to grow until they are incompetent, which causes a consistent breakdown/selloff cycle.
Imo this is a function of pensions being purposefully replaced with 401ks. It pinned more and more retirement funds to the performance of a stock market, ostensibly to encourage employees to feel staked in the company stock performance. But it was just a clever way to get away from direct-deposit pension funds.