#fiduciary responsibility

[eretzyisrael]

by Dov Fischer

Yes, like that hapless car dealer, many university directors and trustees have no grasp of the entirety of responsibilities they have accepted and assumed when they became directors and trustees, but they bear those fiduciary duties nonetheless.

What fiduciary duties do they have to the federal (and state) government? The Feds allocate millions of dollars to the universities for research. They allocate millions in Pell Grants and other federal financial grants to students so that the kids get a full unhindered education. They extend loans at advantaged interest rates and often end up writing off those loans, at the expense of the national budget and American taxpayer, when it becomes clear that the students cannot or will not pay the loans back. They grant the universities tax exemptions that waive millions in federal tax revenue so that donors will give more to the colleges and universities. Any single federal expenditure for a college entitles the federal government to subject matter jurisdiction and standing in any lawsuit brought over Director or Trustee malfeasance, misfeasance, or non-feasance in the conduct of fiduciary duties. (READ MORE: Catching Up on More Infuriating Things in the Past Month’s News)

Most students’ parents also would have legal standing to sue. If their kids pay all the tuition and dorm rent, or borrow it all, then such parents may not have standing. But if a parent has paid even one dollar, not to mention tens of thousands, or borrowed tens of thousands in Parent PLUS loans, toward paying tuition or dorm fees, then they have paid for their child to receive a full, unhindered education on a safe and peaceful campus. Any extended rioting or other insurrection on campus distorts the very purpose for which that money has been spent. It comprises, at the very least, a breach of contract. The failure of the directors or trustees to impose solutions, fire ineffective university presidents, demand the removal of toxic professors, and implement all steps necessary to secure the campus for reasoned and calm learning legally exposes them to great individual liability. And what a fabulous class action that lawsuit would be! One thousand parents suing Columbia University for $60,000 apiece, a winning class action for $60 million. I am almost tempted to return to practicing law.

All that is needed is a federal law like FIRREA and similar state laws, since states also finance educational institutions within their borders. Overnight, you will see one Claudine Gay after another, like that evil woman now at the helm of Columbia University, fired; students expelled and a great many deported back to the dirt holes whence they came, and a return to proper, reasoned, and respectful learning.

[afrotumble]

@kalilahrey financial advice 💪🏾💪🏾

[nationalkazoo]

Fiduciary Responsibility Accidentally Undoes Internet Censorship 

Despite its best efforts, corporate governance law unwittingly brought an end to the censorship practices of many of the internet’s most popular companies when four people - who have been banned from every known platform - had an audience of more than thirty million people watch them rant incoherently for over two hours. 

“The internet is basically just a popularity contest,” explained the Securities and Exchange Commission. “Preventing what is demonstrably the most popular thing on the internet from appearing on a platform whose entire revenue comes from advertising is a gross and obvious violation of the fiduciary responsibility that publicly traded companies have to their shareholders or that executives of private companies have to their creditors.” 

Regulators from the SEC further explained that it is a breach of corporate law to intentionally refuse profitability due simply to some personally perceived offense. Other than that, no one from the United States government could think of any reason why censoring free speech would be a violation of the law.

[obsidianbit]

I am far too tired to make this coherent, but I am not surprised that OFMD didn't get renewed. It isn't just about the viewership, or the success of the seasons gone by. It isn't even about how successful s3 COULD be. It's just following that pattern that we are so used to with Netflix: a new show will get more NEW subscribers than continuing a show. Two seasons is mostly considered enough to maximise the number of new people signing up to the service.

Anyways fuck streaming services, the entire concept is awful.

[geraldofallon]

Fashions of the Neath, taken from 1890’s fashion plates.

Exposure to noxious fumes has driven many a milliner mad. This bowler carries a whiff of solvent, and turns the mind inexorably to matters rational, fiscal and economical.

[biggest-gaudiest-patronuses]

this is the HARVEST season! i better see you all out there doing your part. that candy is RIPE and not gonna pick itself!!!

"i'm too old to trick-or-treat" what the HELL are u talking about. that is FREE candy. in this economy. "i'm too old to make responsible financial decisions" you sound like a goddamn lunatic

[awkward-teabag]

I hate the idea that a company should always be in growth mode and that mass layoffs, sorry, restructuring is something that should happen at set intervals. Steady profits are still profits and people will be less inclined to work or get invested in their work if they have to keep an emergency backup job in the back pocket no matter how good their work is.

To say nothing about how it limits social bonding 'cause there's only so many times you can go through seeing friends lose their job and have survivor's guilt or vice versa, or how since it's a known occurrence it means you know you're competing directly with friends.

Of course that's the point, along with the business idea that employment should follow the Pareto Principle even though it's pop science, demonstrably false, and an intentional misunderstanding of what was really an observation of coincidences.

And of course that means you're constantly shedding people who have knowledge, skills, and training to "streamline" things or to "increase production speed" when overworking already overworked employees and throwing greenhorns into it does the exact opposite.

It's not about making the company better, it's about making unionizing harder, paying people less, making it seem like the company is doing something, and giving the execs and shareholders more money.

While overworking those who kept their jobs.

[arnoldvmejia]

Timesharing Today Magazine: Your Source for Timeshare News and Updates

If you're a timeshare enthusiast or a vacation property owner, staying informed about the latest developments in the timeshare industry is crucial. One of the most valuable resources for such information is "Timesharing Today Magazine." This blog post will explore how this magazine is your go-to source for timeshare news and updates.

The Role of Timesharing Today Magazine

Timesharing Today Magazine has been trusted in the timeshare community for years. Its mission is to provide timeshare owners, prospective buyers, and industry professionals with accurate, reliable, and up-to-date information. It's where novice and experienced timeshare owners turn to for insights, advice, and inspiration.

News and Trends in the Timeshare Industry

The timeshare industry constantly evolves; staying informed about the latest trends is vital. Timesharing Today Magazine offers readers a window into these trends. The magazine covers it all, whether it's the shift towards more flexible ownership models, the emergence of new destinations, or advancements in technology that enhance the timeshare experience. This helps readers make informed decisions and stay ahead of the curve.

Destination Spotlights

Timesharing Today Magazine is not just about industry news; it's also about the destinations where you can make the most of your timeshare. The magazine frequently features destination spotlights, offering readers a detailed look at vacation hotspots. From the stunning beaches of Hawaii to the cultural richness of Europe, these spotlights provide valuable insights into resorts, attractions, and activities, helping you easily plan your next vacation.

Expert Interviews

The magazine doesn't stop at owner testimonials; it also features interviews with industry experts and insiders. These interviews provide an opportunity to dive deep into the world of timeshare. Experts share their insights, tips, and advice about making the most of your timeshare, understanding the legal aspects, or getting the best exchange deals. It's like having a personal consultation with a timeshare guru.

Tips and Advice

Beyond news and destination highlights, Timesharing Today Magazine offers practical tips and advice to help readers maximize their timeshare ownership. Whether you're a first-time buyer or a seasoned timeshare pro, you'll find information on planning vacations, exchanging your timeshare, managing ownership costs, and much more. These valuable tidbits empower readers to make informed decisions and enhance their timeshare experiences.

Staying Informed

If you're eager to tap into the wealth of information Timesharing Today Magazine offers, you can easily subscribe to the magazine in digital or print format. Subscribing ensures you never miss an issue and have a reliable source of timeshare news and updates. The magazine's website provides subscription details and contact information for any inquiries.

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[dc-probate-attorney]

Preventing Inheritance Theft in Your Family

If you suspect that someone is stealing from a parent or a loved one, it’s important to take action as soon as possible. The best defense in this situation is a good offense. Even if you file a lawsuit, it may not be possible to undo the transfer of property, get items that were gifted to a person returned to the estate. Additionally, it might not be possible to get property back from someone who…

[pasta-is-magnificent]

You wanna know a "fun" fact that to this day explains everything and makes me personally incredibly angry?

Something called Fiduciary Responsibility makes it so that shareholders/investors that don't see ever increasing sums of money getting thrown back their way can just sue the places they've invested in and get whomever was in charge of that company fired.

This makes corporate altruism or just the ability for a company to not try and grow like a cancer on the economy functionally impossible!

[afrotumble]

Jayson Tatum's Mom Lets Him Spend Endorsement Money, Not NBA Earnings

[molinaesque]

Do you know what 'fiduciary responsibility' means?

[faboo978]

There are public benefit corporations ("B corps", rather than the usual "C corp"), but I can't imagine it's easy to change a C corp to a B, if that's even possible without some kind of buyout - e.g. setup a new B for the expressed purpose of buying either the C outright or its assets. And the amount of legal monkey-business you could get into if you have any outside investment (let alone retail investors) would make that far from a sure-fire thing. And nobody starting a company they plan to get, say, venture funding for is going to start a B corp.

While I'm writing things that I've been intending to write for a while... one of the things that I think that a lot of people who haven't been involved in like... banking or corporate shenaniganry miss about why our economy is its current flavor of total fuckery is the concept of "fiduciary duty to shareholders."

"Why does every corporation pursue endless growth?" Fiduciary duty to shareholders.

"Why do corporations treat workers the way they do?" Fiduciary duty to shareholders.

"Why do corporations make such bass-ackwards decisions about what's 'good for' the company?" Fiduciary duty to shareholders.

The legal purpose of a corporation with shareholders -- its only true purpose -- is the generation of revenue/returns for shareholders. Period. That's it. Anything else it does is secondary to that. Sustainability of business, treatment of workers, sustainability and quality of product, those things are functionally and legally second to generating revenue for shareholders. Again, period, end of story. There is no other function of a corporation, and all of its extensive legal privileges exist to allow it to do that.

"But Spider," you might say, "that sounds like corporations only exist in current business in order to extract as much money and value as possible from the people actually doing the work and transfer it up to the people who aren't actually doing the work!"

Yes. You are correct. Thank you for coming with me to that realization. You are incredibly smart and also attractive.

You might also say, "but Spider, is this a legal obligation? Could those running a company be held legally responsible for failing their obligations if they prioritize sustainability or quality of product or care of workers above returns for shareholders?"

Yes! They absolutely can! Isn't that terrifying? Also you look great today, you're terribly clever for thinking about these things. The board and officers of a corporation can be held legally responsible to varying degrees for failing to maximize shareholder value.

And that, my friends, is why corporations do things that don't seem to make any fucking sense, and why 'continuous growth' is valued above literally anything else: because it fucking has to be.

If you're thinking that this doesn't sound like a sustainable economic model, you're not alone. People who are much smarter than both of us, and probably nearly as attractive, have written a proposal for how to change corporate law in order to create a more sensible and sustainable economy. This is one of several proposals, and while I don't agree with all of this stuff, I think that reading it will really help people as a springboard to understanding exactly why our economy is as fucked up as it is, and why just saying 'well then don't pursue eternal growth' isn't going to work -- because right now it legally can't. We'd need to change -- and we can change -- the laws around corporate governance.

This concept of 'shareholder primacy' and the fiduciary duty to shareholders is one I had to learn when I was getting my securities licenses, and every time I see people confusedly asking why corporations try to grow grow grow in a way that only makes sense if you're a tumor, I sigh and think, 'yeah, fiduciary duty to shareholders.'

(And this is why Emet and I have refused to seek investors for NK -- we might become beholden to make decisions which maximize investor return, and that would get in the way of being able to fully support our people and our values and say the things we started this company to say.)

Anyway, you should read up on these concepts if you're not familiar. It's pretty eye-opening.

[mostlysignssomeportents]

NLRB rules that any union busting triggers automatic union recognition

Tonight (September 6) at 7pm, I'll be hosting Naomi Klein at the LA Public Library for the launch of Doppelganger.

On September 12 at 7pm, I'll be at Toronto's Another Story Bookshop with my new book The Internet Con: How to Seize the Means of Computation.

American support for unions is at its highest level in generations, from 70% (general population) to 88% (Millenials) – and yet, American unionization rates are pathetic.

That's about to change.

The National Labor Relations Board just handed down a landmark ruling – the Cemex case – that "brought worker rights back from the dead."

https://prospect.org/labor/2023-08-28-bidens-nlrb-brings-workers-rights-back/

At issue in Cemex was what the NLRB should do about employers that violate labor law during union drives. For decades, even the most flagrantly illegal union-busting was met with a wrist-slap. For example, if a boss threatened or fired an employee for participating in a union drive, the NLRB would typically issue a small fine and order the employer to re-hire the worker and provide back-pay.

Everyone knows that "a fine is a price." The NLRB's toothless response to cheating presented an easily solved equation for corrupt, union-hating bosses: if the fine amounts to less than the total, lifetime costs of paying a fair wage and offering fair labor conditions, you should cheat – hell, it's practically a fiduciary duty:

https://www.jstor.org/stable/10.1086/468061

Enter the Cemex ruling: once a majority of workers have signed a union card, any Unfair Labor Practice by their employer triggers immediate, automatic recognition of the union. In other words, the NLRB has fitted a tilt sensor in the American labor pinball machine, and if the boss tries to cheat, they automatically lose.

Cemex is a complete 180, a radical transformation of the American labor regulator from a figleaf that legitimized union busting to an actual enforcer, upholding the law that Congress passed, rather than the law that America's oligarchs wish Congress had passed. It represents a turning point in the system of lawless impunity for American plutocracy.

In the words of Frank Wilhoit, it is is a repudiation of the conservative dogma: "There must be in-groups whom the law protects but does not bind, alongside out-groups whom the law binds but does not protect":

https://crookedtimber.org/2018/03/21/liberals-against-progressives/#comment-729288

It's also a stunning example of what regulatory competence looks like. The Biden administration is a decidedly mixed bag. On the one hand there are empty suits masquerading as technocrats, champions of the party's centrist wing (slogan: "Everything is fine and change is impossible"):

https://pluralistic.net/2023/01/10/the-courage-to-govern/#whos-in-charge

But the progressive, Sanders/Warren wing of the party installed some fantastically competent, hard-charging, principled fighters, who are chapter-and-verse on their regulatory authority and have the courage to use that authority:

https://pluralistic.net/2022/10/18/administrative-competence/#i-know-stuff

They embody the old joke about the photocopier technician who charges "$1 to kick the photocopier and $79 to know where to kick it." The best Biden appointees have their boots firmly laced, and they're kicking that mother:

https://pluralistic.net/2023/08/16/the-second-best-time-is-now/#the-point-of-a-system-is-what-it-does

One such expert kicker is NLRB General Counsel Jennifer Abruzzo. Abruzzo has taken a series of muscular, bold moves to protect American workers, turning the tide in the class war that the 1% has waged on workers since the Reagan administration. For example, Abruzzo is working to turn worker misclassification – the fiction that an employee is a small business contracting with their boss, a staple of the "gig economy" – into an Unfair Labor Practice:

https://pluralistic.net/2022/01/10/see-you-in-the-funny-papers/bidens-legacy

She's also waging war on robo-scab companies: app-based employment "platforms" like Instawork that are used to recruit workers to cross picket lines, under threat of being blocked from the app and blackballed by hundreds of local employers:

https://pluralistic.net/2023/07/30/computer-says-scab/#instawork

With Cemex, Abruzzo is restoring a century-old labor principle that has been gathering dust for generations: the idea that workers have the right to organize workplace gemocracies without fear of retaliation, harassment, or reprisals.

But as Harold Meyerson writes for The American Prospect, the Cemex ruling has its limits. Even if the NLRB forces and employer to recognize a union, they can't force the employer to bargain in good faith for a union contract. The National Labor Relations Act prohibits the Board from imposing a contract.

That's created a loophole that corrupt bosses have driven entire fleets of trucks through. Workers who attain union recognition face years-long struggles to win a contract, as their bosses walk away from negotiations or offer farcical "bargaining positions" in the expectation that they'll be rejected, prolonging the delay.

Democrats have been trying to fix this loophole since the LBJ years, but they've been repeatedly blocked in the senate. But Abruzzo is a consummate photocopier kicker, and she's taking aim. In Thrive Pet Healthcare, Abruzzo has argued that failing to bargain in good faith for a contract is itself an Unfair Labor Practice. That means the NLRB has the authority to act to correct it – they can't order a contract, but they can order the employer to give workers "wages, benefits, hours, and such that are comparable to those provided by comparable unionized companies in their field."

Mitch McConnell is a piece of shit, but he's no slouch at kicking photocopiers himself. For a whole year, McConnell has blocked senate confirmation hearings to fill a vacant seat on the NLRB. In the short term, this meant that the three Dems on the board were able to hand down these bold rulings without worrying about their GOP colleagues.

But McConnell was playing a long game. Board member Gwynne Wilcox's term is about to expire. If her seat remains vacant, the three remaining board members won't be able to form a quorum, and the NLRB won't be able to do anything.

As Meyerson writes, centrist Dems have refused to push McConnell on this, hoping for comity and not wanting to violate decorum. But Chuck Schumer has finally bestirred himself to fight this issue, and Alaska GOP senator Lisa Murkowski has already broken with her party to move Wilcox's confirmation to a floor vote.

The work of enforcers like DoJ Antitrust Division boss Jonathan Kanter, FTC chair Lina Khan, and SEC chair Gary Gensler is at the heart of Bidenomics: the muscular, fearless deployment of existing regulatory authority to make life better for everyday Americans.

But of course, "existing regulatory authority" isn't the last word. The judges filling stolen seats on the illegitimate Supreme Court had invented the "major questions doctrine" and have used it as a club to attack Biden's photocopier-kickers. There's real danger that Cemex – and other key actions – will get fast-tracked to SCOTUS so the dotards in robes can shatter our dreams for a better America.

Meyerson is cautiously optimistic here. At 40% (!), the Court's approval rating is at a low not seen since the New Deal showdowns. The Supremes don't have an army, they don't have cops, they just have legitimacy. If Americans refuse to acknowledge their decisions, all they can do it sit and stew:

https://pluralistic.net/2023/05/26/mint-the-coin-etc-etc/#blitz-em

The Court knows this. That's why they fume so publicly about attacks on their legitimacy. Without legitimacy, they're nothing. With the Supremes' support at 40% and union support at 70%, any judicial attack on Cemex could trigger term-limits, court-packing, and other doomsday scenarios that will haunt the relatively young judges for decades, as the seats they stole dwindle into irrelevance. Meyerson predicts that this will weigh on them, and may stay their hands.

Meyerson might be wrong, of course. No one ever lost money betting on the self-destructive hubris of Federalist Society judges. But even if he's wrong, his point is important. If the Supremes frustrate the democratic will of the American people, we have to smash the Supremes. Term limits, court-packing, whatever it takes:

https://pluralistic.net/2020/09/20/judicial-equilibria/#pack-the-court

And the more we talk about this – the more we make this consequence explicit – the more it will weigh on them, and the better the chance that they'll surprise us. That's already happening! The Supremes just crushed the Sackler opioid crime-family's dream of keeping their billions in blood-money:

https://pluralistic.net/2023/08/11/justice-delayed/#justice-redeemed

But if it doesn't stop them? If they crush this dream, too? Pack the court. Impose term limits. Make it the issue. Don't apologize, don't shrug it off, don't succumb to learned helplessness. Make it our demand. Make it a litmus test: "If elected, will you vote to pack the court and clear the way for democratic legitimacy?"

Meanwhile, Cemex is already bearing fruit. After an NYC Trader Joe's violated the law to keep Trader Joe's United from organizing a store, the workers there have petitioned to have their union automatically recognized under the Cemex rule:

https://truthout.org/articles/trader-joes-union-files-to-force-company-to-recognize-union-under-new-nlrb-rule/

With the NLRB clearing the regulatory obstacles to union recognition, America's largest unions are awakening from their own long slumbers. For decades, unions have spent a desultory 3% of their budgets on organizing workers into new locals. But a leadership upset in the AFL-CIO has unions ready to catch a wave with the young workers and their 88% approval rating, with a massive planned organizing drive:

https://prospect.org/labor/labors-john-l-lewis-moment/

Meyerson calls on other large unions to follow suit, and the unions seem ready to do so, with new leaders and new militancy at the Teamsters and UAW, and with SEIU members at unionized Starbucks waiting for their first contracts.

Turning union-supporting workers into unionized workers is key to fighting Supreme Court sabotage. Organized labor will give fighters like Abruzzo the political cover she needs to Get Shit Done. A better America is possible. It's within our grasp. Though there is a long way to go, we are winning crucial victories all the time.

The centrist message that everything is fine and change is impossible is designed to demoralize you, to win the fight in your mind so they don't have to win it in the streets and in the jobsite. We don't have to give them that victory. It's ours for the taking.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/09/06/goons-ginks-and-company-finks

[glitterdustcyclops]

"i am the CEO of this company, i have a fiduciary responsibility--"

"to MAKE MUGS!!"

"to make mugs!! out of your upsetness!!"

[queerasian]

girls love it when jeremy strong says words like fiduciary responsibility