Redesigning Corporations: Incentives Matter (link) by Nicholas Benes is undoubtedly one of the most important corporate governance articles of 2020. Benes goes straight to the heart of irresponsible capitalism by addressing the unintended consequences of limited liability. A small tax on each trade of each company, refundable in 5 years if the company doesn’t declare bankruptcy, […]
Tobacco Investments Update Apparently, CalPERS sent invitations out on 9/27, 10/6 and 10/13 to about 400 people. Although I am on mailing lists for press and rulemaking, I wasn’t on the “stakeholders” mailing list. That has now been corrected going forward. The webinar was brief. CalPERS Chief Operating Officer Wylie Tollette reviewed CalPERS’ prior tobacco divestment actions, […]
Investing in America began with bankruptcy and early lessons in corporate governance. In the early 17th century, the hottest stock in England was the Virginia Company of London. Instead of adding to their fame and fortune, wealthy investors gained several hard insights from this first company to go bust on American soil. Fame Is Not […]