Tuesday, October 25, 2011

As the Rupert Turns

On this morning's episode we discover just how many shareholders voted against keeping Rupert's sons on the board last Friday. According to the company, 67 percent of non-Murdoch shareholders voted against James and 64 percent against Lachlan.

You read that correctly. 2/3 of the News Corp shareholders not named Murdoch (let's call them the 99% of News Corp investors) wanted those two voted out. And they still remain. That's the way Wall Street works. When 1% owns more than 40% (which is literally the case in this example), 1% gets whatever it wants, no matter how upset the other 99% gets.

Tell me again why those people protesting at Wall Street are a bunch of kooks?