A decade ago, a hedge fund had an improbable viral comedy hit: a 294-page slide deck explaining why Olive Garden was going out of business, blaming the failure on too many breadsticks and insufficiently salted pasta-water:
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
The way that our corporate law is structured to not only allow and tolerate but even reward selfish and unethical - but not legally criminal - behavior is the driving force behind the evils of corporations. It's also behind how CEOs and MBAs are trained to behave.
If we want to correct corporate and finance misdeeds, we need to focus first on reforming the legal structure that allegedly keeps them grounded to society but doesn't.