Alan Greenspan: What’s Wrong With Corporate America
I started this site partly to showcase glaring examples of high-profile falsehood. But paradoxically, I also wanted to showcase high-profile truth-speaking, a phenomenon that in its own way can be even more glaring (and is certainly a good deal rarer). Anyway, a fine example of the latter is on display here: From Fed chairman Alan Greenspan, via the Price of Loyalty, a sober, hard-hitting indictment of the dishonest way CEOs have inflated their corporations’ apparent worth, at the expense of long-term viability: Greenspan memo: What’s wrong with corporate America.
One thing I find interesting about this is the way the problem of dishonest CEOs gaming the accounting system is mirrored by the problem of dishonest politicians gaming the electorate (though here, sadly, Greenspan seems to have a harder time staying honest; see this recent item from Paul Krugman, for example: Greenspan dabbles in bait-switch).
Anyway, fellow shareholders in the American dream, arise! It’s time for a hostile takeover.
