Workers and Managers

Yoshie Furuhashi furuhashi.1 at osu.edu
Mon Jan 27 09:45:16 PST 2003


At 8:57 AM -0800 1/27/03, Gar Lipow wrote:
>The NYT has an example of what I've been talking about - how
>managers undercut the interests of owners, while not neccesarily
>benefiting those of workers.

Aren't the sort of CEOs and board members (be they of accounting firms or other corporations) who have the ability to undercut the interest of other shareholders actually _owners_ themselves, rather than just managers? "On average, a CEO holds about 8 percent of the company's equity" (Cynthia Hobgood, "Highly paid CEOs," _Washington Business Journal_ August 2, 2002, <http://washington.bizjournals.com/washington/stories/2002/08/05/focus5.html>). Therefore, the conflict in question here is not between allegedly separate classes of "managers" and "owners" but among one faction of owners (owners who actually control firms, accounting or non-accounting), another faction of owners (whose incomes mainly come from surplus value but do not individually have controlling interests in particular firms), and nominal "owners" (who are in reality non-owners but actually petty producers and proletarians who are forced to defer part of their compensation, to have it controlled by actual owner-managers, and worse yet in some cases to have it tied up with the fortune of just one corporation -- the very one that employs them)? -- Yoshie

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