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this post was submitted on 14 Sep 2023
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I find it interesting how common it is to blame executive greed/stupidity, as if we all merely got super unlucky when companies were picking their CEOs. Every CEO is different, yet the outcome is almost universally the same: when company longevity and quarterly profits come into conflict, profits win.
The CEO of the modern public corporation embodies that conflict of interest, which is perhaps why they are so hateable -- the job is inherently two-faced -- but at the end of the day they're just a face, a name, and a bundle of core competencies. No matter how many CEOs we go through, there will never be one who could satisfy the unending hunger of the public stock market. You will never find one who is not ultimately enthralled. The fundamental concept of know-nothings owning everything is just outright broken.
I don't know if I think we should burn it all down, but one thing I'm sure of is that the problems won't stop until we bring the people with investment money into close alignment with the long-term interests of the corporations they own (and/or oust/eat them)