[athinggoingon]

Her review of Barbarians at the Gate: The Fall of RJR Nabisco https://web.archive.org/web/20221113051430/https://www.goodr...

My very uninformed impression of how companies work is something like:

- there is a CEO, who is a guy

- there is a board, consisting of a bunch of guys who are friends with the CEO

- they all have fiduciary duties and if they fail to meet them they will get yelled at by a judge in Delaware

- ???

- shareholder value gets maximized

[xiphias2]

But it does kind of feel like whenever you package and reallocate some risk, there is some tradeoff in which you might be increasing systemic risk but it's opaque and hard to measure.

This is crazy in the same review than the one that's talking about fiduciary duties.

Money is not just numbers on a paper.

She is destroying lives of millions of people.