Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Support MFO
Donate through PayPal
Want a Bigger Say in Corporate Behavior? Move Your Money.
“For-profit companies exist to serve their owners, not their executives, yet most owners are relegated to an entirely passive role. And if there is to be any real hope of shareholder democracy and humane capitalism, millions of people need to be able to exercise the latent power that ownership implies.”
With the upcoming merger of BB&T headquartered in Winston-Salem, NC and SunTrust headquartered in Atlanta, GA I've been thinking of moving my account from BB&T to First Citizens Bank & Trust Co. which is headquartered in Raleigh, NC. I've simply had it with large banks being merged to become mega banks.
I remember when First Union out of Charlotte merged with Wachovia out of Winston-Salem and was then merged with Wells Fargo. Seems as these banks get bigger their Corporate behavior changes for the worst. From my perspective Wells Fargo's ticker symbol "WFC" stands for "We Fleece Customers."
Yes, indeed, it is time for me to make a change. Bye bye BB&T and hello First Citizens.
Good article that summarizes the fundamental problems and potential solutions with poor proxy voting records, but the author makes it sound as if results of proxy voting studies are "startling" and new when I and others have been writing about this problem for about a decade.
Comments
I remember when First Union out of Charlotte merged with Wachovia out of Winston-Salem and was then merged with Wells Fargo. Seems as these banks get bigger their Corporate behavior changes for the worst. From my perspective Wells Fargo's ticker symbol "WFC" stands for "We Fleece Customers."
Yes, indeed, it is time for me to make a change. Bye bye BB&T and hello First Citizens.