Comment on An American city has been without power for 2 weeks, unacceptable.

Bluedragon012@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

• boonhet@lemmy.zip ⁨3⁩ ⁨weeks⁩ ago

  Uh… No? BlackRock is a passive company. They “own” so much because people buy they ETFs and mutual funds which buy stock in everything. You’re basically saying get rid of pension funds, 401ks and retail investors because those are largely the people using BlackRock and Vanguard funds.

  source

  • ninja@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    It’s kind of a problem that they own the stock. It’s not the people that own the ETFs or mutual funds that get to vote with the shares. Instead, a company gets to amass that power using other people’s money.

    I don’t know what a good solution is, but it’s very much a problem.

    source

    • kestrel7_7@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      A 401(k) is a magical process wherein one person invests money in the stock market, but another person controls their stockholder voting privileges.

      source
    • skisnow@lemmy.ca ⁨3⁩ ⁨weeks⁩ ago

      The insidious part is that this type of investor doesn’t care anything about what each company actually does or even their long-term future, they’re driven entirely by what will get them their bonuses for this year. It’s why we get enshittification. CEOs who don’t deliver YoY growth get voted out in favour of ones who will.

      source
  • Bluedragon012@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    Looking at your down votes here I don’t think you are correct.

    source