Born into a Big 5 investment banking family, I quit organized financial racketeering to go straight. MacDougal Irving is my Blogger Protection Identity, and I am a retired Certified Public Accountant and, like all of us, a badly misinformed investor. These are my observations on capital market cons as they were explained to me across the dinner table as a kid.
Prize
........... Recipient of the 2010 MacDougal Irving Prize for Truth in Market Manipulation ...........
October 2, 2014
And the Con Goes on
You'll recall that Coca-Cola (KO) bosses asked for shareholder approval of a stock option swindle redistributing what David Winters at Wintergreen Advisers calculated to be as much as 16.1% of their KO investment into management's cunning little paws. Well, yesterday we got a press release 1) revising that number to something like 4.4% (0.8% in 2015 and 0.4% in each of the plan's remaining years), and 2) telling us we could go to the company website and listen to a corporate skirt blow smoke up our a$$, which we didn't choose to do.
Apparently, shareholders passed the original con, but more than half of them didn't actually vote, which appears to be the messed-up way the criminal conspiracy running corporate America does business these days, if we understand what Warren Buffet talked around at the time, hence acceptable to the lowlifes atop Coca-Cola.
Common folk spend their adult decades building up a hard-earned nest egg only to see bamboozling mobsters like these KO thugs strong-arm gobs of that dough right out from under their goddam noses because getting paid out of profits isn't enough for the silver-tongued hired help. They have to loot the owners' pockets too. Investors have been getting hornswoggled like this since 1981 because nobody anywhere in authority holds the grifters responsible, or even requires them to fess up to what they're doing exactly.
Prior to that year, racketeers got tossed in the clink for this kind of grand larceny, and perps only get away with it now because they paid off crooked Washington politicians to pass enabling legislation then and kick back kingly "political contributions" to keep it on the books now, giving SEC hotshots the flimsy excuse they need to look the other way.
Screw you, light-fingered Coca-Cola bosses, crooked Washington politicians, and corrupt SEC hotshots. There's nothing even remotely legal about the hired help fleecing the owner's stash and running off to all those sprawling McMansions with the stolen loot.
4.4% is STILL grand larceny. Try 0.0%. Pay yourselves out of whatever income you generate from the business, and stop helping yourselves to a lion's share of our family savings, you crooked, plundering punks.