QOTD: In theory…

Felix Salmon, on JPMorgan’s board made up of “supine muppets who do as they’re told”:

In theory, shareholders elect directors, who hire the CEO to run the company. In practice, the CEO picks the directors he wants, pays them a handsome stipend for doing nothing, and they in turn make no attempt to listen to what the company’s shareholders might desire. In fact, they’re quite offended when it’s suggested that they might want to do that at all.


Jamie Dimon needs a boss (Reuters)


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