What a corporate coup could portend for you

Suppose we were about to vote in an election that could drastically change American government from a democratic republic to a privately-owned entity run by billionaires (actually, such a plutocratic concept is not as far-fetched today as it would've sounded 25 years ago, but still, if it was put to a vote, the American people would soundly reject it).

Suppose we were about to vote in an election that could drastically change American government from a democratic republic to a privately-owned entity run by billionaires (actually, such a plutocratic concept is not as far-fetched today as it would’ve sounded 25 years ago, but still, if it was put to a vote, the American people would soundly reject it).

Everybody does better when everybody does better.

Wear it like you mean it.
T’s, totes, mugs, and more in the Lowdown store.

Enjoying Hightower? How about a weekly email that gives you the full scoop?

But now, let’s suppose that the plutocrats, realizing that their privatization scheme was going to lose, suddenly and arbitrarily postponed election day so they could have more time to run deceitful campaign ads and woo special voting blocks with promises of money. And, suppose they postponed the vote two more times, while also rigging the election rules to jack-up their vote count. One more thing: Suppose they installed their own judges to rule that all this manipulation is permissible.

Preposterous, you say? Can’t happen in America?

Well, it’s happening right now. Not in a political election, but in an ongoing vote involving corporate governance, and it demonstrates the utter contempt that moneyed elites have for any rules – even their own – that get in their way of maintaining control.

The chief autocrat in this real-life melodrama is Michael Dell, the multibillionaire founder of the now-foundering Dell computer corporation. He recently got his hand-picked board of directors to let him and a few other financial elites turn the publically-traded giant into their private entity. In essence, they intended to seize Dell Inc. from its owners – ie, shareholders – by using a razzle-dazzle line of hokem to cover up the fact that they were buying them out on the cheap and even using the shareholder’s own money to engineer the plutocratic coup.

However, there’s one group the Dell Gang hadn’t planned for: Angry shareholders! From a billionaire owner of Dell stock to plain folks who’re getting ripped off, a rebellion erupted against the stacking of this corporate election. I’ll tell you more in our next common sense commentary.

“Dell committee backs new offer, rules change,” Austin American Statesman, August 3, 2013.

“Judge delays hearing on Icahan’s Dell Suit,” Austin American Statesman, August 13, 2013.

“Michael Dell Salvages Bid for His Company,” www.nytimes.com, August 2, 2013.

“Michael Dell accuses Icahn of using court as takeover tool,” www.theregister.co.uk, August 8, 2013.

“Icahan says Dell vote sholdn’t be postponed again,” www.marketwatch.com, July 23, 2013.

“Icahan Adds to Claims Against Dell Over Buyout Vote Timing,” www.nasdaq.com, August 13, 2013.

“Quotation by F. Scott Fitzgerald,” www.dictionary.com, 2013.

“Battling the bastards is about as much fun as you can have with your clothes on.”

Never miss a word from Hightower– sign up today:

Send this to a friend