this post was submitted on 29 Jan 2024
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Management greed, stupidity, and self serving is perennial. Nothing new there.
Nassim Nicholas Taleb said in "The Black Swan" that he thought one of the unrecognized strengths of stock-market-based economies was that as publicly traded companies grow and get older, they tend to become bloated and incapable, and lose money and eventually die; and this represents a mechanism for redistributing wealth away from the investing classes ("the rich") with some of the money making its way back into society as a whole.
IDK if that's still true or ever was, but he was extremely successful working in finance; he wasn't just some idiot saying his opinions.
The investment class realized it's way more profitable to cellar box a struggling company and that you can short sell the stock and never have to pay up when the company goes bankrupt. Free money!
Yeah, I think they're getting better at recapturing all the useful flesh any time that happens, now.