Thursday, October 27, 2005

it can't be, but it is

Mark Kleiman observes that maximizing shareholder value can't possibly be an acceptable rule for corporate officers, that the result would be absurd in a moral society. He is, of course, correct, and the results are predictably absurd. Defendants in lead liability cases, for example, are duty bound to avoid paying damages on technicalities, even if that means that the victims of lead poisoning go begging.

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