Comment on Microsoft CEO's pay rises 63% to $79m, despite devastating year for layoffs: 2550 jobs lost in 2024
interurbain1er@sh.itjust.works 3 weeks ago
In case you missed it, in our broken model of civilization a CEO’s only responsibility is to increase value for shareholder. Not to clients, not to employees, not to the biosphere.
Market cap increased, job’s done successfully.
Flocklesscrow@lemm.ee 3 weeks ago
A) 1971, Economist Milton Friedman explicitly told business the “only social responsibility” for businesses is to increase shareholder value. The Business Roundtable heartily endorsed this view, setting the stage for the next half century of villains to gleefully enrich themselves without compunction.
B) 2019 Business Roundtable reversed their 50 year position to include that businesses should be beholden to all Stakeholders, not just shareholders.
But of course the damage has been done, and continues onward. To compound this, the FED’s open-purse monetary policy for 14 YEARS ushered in the worst inflation in 40 years, while wages have stagnated for 4 decades, kicking off around the time Baby Boomers were birthing the first Millennial children.