Hi All,

Its rare when there is an financial policy coming out of Washington DC that I am happy about. Well, recently, Barney Frank and others have been promoting the idea of strengthening shareholders rights as a way to curb excessive financial compensation.

For what its worth, this idea merits consideration. Two years ago, John Bogle gave a speech titled the Battle for the Soul of Capitalism. In it, Bogle argued that America had switched from Ownership Capitalism to Managerial Capitalism. The wealth is not going to the owners. Evidence for this shift was the fact that the rewards of capitalism have gone increasingly to managers and not to owners. – Witness the increasingly obscene executive compensation packages and declining dividend yields of major US companies.

Here is an interview with Congressman Frank on CNBC. As usual the CNBC guys are being jerks. My apologies to all who are reading this via RSS, you might not be able to view the video.

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