About Me

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Did Socrates say "Know Thyself", or was he misunderstood, as all are. Show Thyself is all we can do. The knowing is unknowable.  

I am filled with joy.  It can't be helped.  

Became a Farmer, Builder, Musician, Tank Commander, Librarian, Lawyer and Minister. I have failed at many things. And now retired.  Filled, just filled, with Joy. 

Saturday, September 09, 2006

"Communist" Care...for the Rich

Nell Minnow, editor of Corporate Library (a shareholder rights advocate) gives an "F" rating to the publicly-traded NEWS CORP in which Rupert Murdock owns a 31.2% stake. She points out that "the people in the world best able to afford their luxury homes are the ones who don't have to pay for them." The "corporate state" subsidizes the rich.
This week NEWS CORP disclosed in an SEC filing that it paid $4.5 million in salary, and $21.2 million in bonuses. ON TOP OF THAT, it provides Murdock with a $50,500 per month housing/utilities "perk" -- another $606,000 value. According to Andrew Butcher, the NEWS CORP spokesman, this housing allowance is "for the convenience of the company" for Murdock to have a NY luxury apartment.
Clearly, "the Board" is not making decisions that could be justified by the Business Judgment Rule. The payment of a personal, and wildly excessive, expense of a highly paid executive who does not even live in NY, is inappropriate for a publicly-traded company. What is being traded is the gullibility of investors: I checked the paper -- NEWS CORP shares rose 16 cents on yesterday.