Hey Judd, Never forget the "Powell " memo" and the continuing opaque influence of the Chamber of Commerce and the BRT
https://static1.squarespace.com/static/58894b38ebbd1a2ab75adbe2/t/588cd57dd482e988fc008e79/1485624704579/Lewis-Powell-Memo.pdf
As powerful as today's shareholders, Vanguard and Black Rock are,-- it is not enough. As …
As powerful as today's shareholders, Vanguard and Black Rock are,-- it is not enough. As one of my friends wrote to me when I shared:
I didn’t realize the timing of the Powell memo. The timing makes it even more clear that Friedman’s essay wasn’t rooted in a lick of empirical economic research or in the law. It was pure political ideology. And the Powell memo lays out the grand, well-coordinated ideological project. Of course, he was rewarded for his vision- Nixon appointed him to the Supreme Court a few years later!
Powell’s project was explicit in seeking to unshackle business from accountability- to neuter the power of unions, consumer advocates, and any unaligned academics. It was explicit in wanting companies to STOP listening and responding to stakeholder or societal critiques. (Powell was on the Board at Phillip Morris after all.)
I’m also struck now by how directly this grand project also shaped the Supreme Court. I just read yesterday that since 1969 Republican Presidents have appointed 14 justices and Dem Presidents have appointed 4--- Trump alone will appoint 3. All of those Republican appointees have been staunchly anti-regulation and that’s a testament to the discipline of the Party staying true to the Powell memo.
Hey Judd, Never forget the "Powell " memo" and the continuing opaque influence of the Chamber of Commerce and the BRT
https://static1.squarespace.com/static/58894b38ebbd1a2ab75adbe2/t/588cd57dd482e988fc008e79/1485624704579/Lewis-Powell-Memo.pdf
As powerful as today's shareholders, Vanguard and Black Rock are,-- it is not enough. As one of my friends wrote to me when I shared:
I didn’t realize the timing of the Powell memo. The timing makes it even more clear that Friedman’s essay wasn’t rooted in a lick of empirical economic research or in the law. It was pure political ideology. And the Powell memo lays out the grand, well-coordinated ideological project. Of course, he was rewarded for his vision- Nixon appointed him to the Supreme Court a few years later!
Powell’s project was explicit in seeking to unshackle business from accountability- to neuter the power of unions, consumer advocates, and any unaligned academics. It was explicit in wanting companies to STOP listening and responding to stakeholder or societal critiques. (Powell was on the Board at Phillip Morris after all.)
I’m also struck now by how directly this grand project also shaped the Supreme Court. I just read yesterday that since 1969 Republican Presidents have appointed 14 justices and Dem Presidents have appointed 4--- Trump alone will appoint 3. All of those Republican appointees have been staunchly anti-regulation and that’s a testament to the discipline of the Party staying true to the Powell memo.