CORPORATIONS: CAN’T LIVE WITH ‘EM BUT CAN WE LIVE WITHOUT ‘EM?
The Importance of Being Earnest
Bill & Ted’s Excellent Adventure release
Interesting story came out this week - Countrywide Financial’s CEO, Angelo Mozila, asked a judge to dismiss the Federal Securities & Exchange Commission’s lawsuit against him for fraud and insider trading because (I will paraphrase this) he was worried that he couldn’t get a fair trial because everyone hates CEO’s and major corporations. Even though the judge denied the motion, research does show that a majority of American’s don’t like and don’t trust the big corporations because they blame them for the current economic crisis with their “profit at any cost, even if you have to break the law” attitudes. Furthermore, people believe that when these corporate kingpins break the law and are eventually caught, they will also try to lie their way out. But wasn’t it just a few years ago that these titans of capitalism were actually looked upon as “rock stars?”
To better understand this, let’s go back to the beginnings of corporations in America for a brief overview. According to Ambrose Bierce’s Devil’s Dictionary, a corporation is “An ingenious device for obtaining profit without individual responsibility”. Wow. True it is a legal construct, a charter have you, granted by the state to a group of investors to gather private funds for a specific purpose. Originally, charters were granted in the service of a public purpose, and could be revoked if this were not fulfilled. But that was in merry old England, and after the Revolutionary War, we the people wanted nothing to do with their customs anymore. Therefore in the late 17th Century, corporations became “for profit”.
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Now let’s go back to the “individual responsibility” part. My dad always told me that a man’s word was the most important bond and I trust most women and men are brought up that way. Therefore, it’s easier on the conscious if we can blame our actions on the “corporate culture” instead of taking responsibility for our own deeds. Hey, nobody’s perfect, right? The quest for the almighty dollar is certainly understandable, particularly when you have a board of directors who answer to the shareholders who demand profitability above all else. After all, the shareholders really aren’t taking part in any wrongdoing themselves, especially when times are good (wink, wink). But when times are bad….well that changes everything. Corporate America’s thirst for more and more profits did bring us the housing meltdown, banking crisis, and just about everything else we want to blame on them.
But you know what?
They also brought us so many incredible things as well – some major corporation introduced us to the Beatles, Bob Dylan, Led Zeppelin and U2; brought us the Mustang, Camero and the Buick Grand National (okay that one’s important to me); jet airplanes, computers, Oprah, 60 Minutes, Star Wars, The Last Lecture, Google, MySpace, Amazon.com and allowed millions and millions of us to bring home a paycheck to take care of our families and allow us to pursue the American dream. I can go on forever but each one of us knows how they have enhanced our particular lives. And corporations really do so much good through their non-profit work to help the people that are less fortunate (granted there are more of us who need help more than ever because of the economic meltdown). Every once and awhile, a CEO and/or corporation pushes the envelope on profits which crosses the line into pure greed and that’s why we need oversight. But this is America after all, where we all theoretically have the opportunity to work hard to make ourselves a better life. And that includes Corporate America.
One more thing: Corporations also brought us our favorite brands, but that’s a topic I will have to take up in another blog.













