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07/31/2005

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Christian Louboutin Shoes

I shall try to respond and clarify my position. I believe corporations have as much right to lobby for laws as other interest groups, and should not be under any obligation to ignore the laws that are passed, even those that favor them. To take an example from the non-corporate world, the most powerful interest group in the United States is probably the AARP, the association of older, and mainly retired, men and women. They have managed to pass many laws dealing with social security and medicare that are too generous to richer retirees, and are on balance harmful to the general welfare. But I do not hear many people argue that rich persons should refuse the social security checks that they receive because in a better system that money and perhaps still more resources would go to poorer persons. Some of the comments claim that since stockholders often cannot get rid of their top management, they cannot get their views known other than by selling their stock. I dealt with that case in my comment. The market for top management is indeed not perfect, and that means entrenched management gets greater compensation then they would receive in a more competitive market for managers. Entrenched managers do not have to fully consider stockholder interests in their decisions, and can take higher compensation, and have the corporations they manage engage in various actions. Perhaps they will be “socially responsible”, but surely we do not want to rely on entrenched management to set the standards for corporate behavior?

Christian Louboutin

Entrenched and powerful management was the heart of the problem with World Com, Enron, and most other companies that had corrupt leadership. I said several times in my entry that if stockholders of a company are willing to pay for various

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