October 19, 2010
To whom,
Great idea! I don’t like the, “Advisory Vote” your vote should count! The advisory part is nothing, waste of paper and time. Companies will do as they always have, report the vote as advisory, then vote the way the companies want. Could we have real reform? I like the transparence of the reporting the rest is smoke. I like companies/corp. but they have grown to smart at walking around the system.
Look at airlines UAL WOW! They mismanage their company go bankrupt (over and over thru the yrs). Government bailouts, stockholder raids, blotted upper EXEC. pay, (while they fail) Take all the bailouts, file chapter 11, come out smelling like a rose and merge with another airline….America can not beat them even if you’re a stock holder. Our courts helped them! Closer look—
1. They fail.
2. file 11-- dump shareholders-and bill colllection
3. file under UAUA under new ticker
4. wait
5. become whole
6. file again under old ticker UAL again US NYSE (where the old stockholder wiped out under old UAL—without going back and making old UAL stockholders whole) WOW—All this, with the chapter 11 courts help! WOW
They didn’t get stockholder input, Yes, stockholders should have been 0 but not the stock liqidated…Now if they failed under chapter 11 (which they didn’t) yes, wipe out the old stock but if they came back under old UAL ticker NYSE old holders of UAL need made whole! All this without Stockholder input and while collecting hudge bounuses for EXEC’s pay– they boosted about it! WOW I would be willing to bet class A shareholder didn’t get liqudated somehow. Smoke and mirrors! You can’t let this type continuely keep doing this to our tax base and common shareholders! We do need reform, please help! I do not see it in an advisory vote, when you have rooms of people/companies masterminding their way around our system, doing anything but waste time.
Harold Myers