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OfficeMax Incorporated Message Board

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  • legalbark legalbark Jan 15, 2005 2:38 PM Flag

    A Funny Thing...

    You're very perseptive. The rule that the corporation pays for everything their agents do was developed 100 years ago when corporations were much smaller and controlled by their incorporators or original shareholders. You had closely controlled companies and it was fair and reasonable to develop a court-made rule that the corporation was responsible for the misdeeds of its agents in bilking other people to invest in the enterprise. Fast forward to the 21st Century, these rules no longer make any sense but the courts are so far behind the times and seeing any ocean-change in this kind of antiquated thinking is probably not going to happen in our life time. It's time for some legislative intervention to recognize that managements today often have very different agendas than the best interests of the shareholders. You see this played out time and time again in class action lawsuits. I think the legislature should decree that an act by management is their responsibility, not that of the innocent shareholders who never had a chance to participate. If they can't accept this change in the law, then let's say that the selling shareholders, who get out before the collapse, are liable to the shareholders who bought their shares at artifically inflated values. The selling shareholders are the ones who benefitted from the misrepresentations of management, not the shareholders who held on. The latter group get punished repeatedly in class action cases and I believe it's time for the legislature to act, to override the existing court enacted rules, to place the loss where it truly belongs. Other viewpoints are obviously welcomed.

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    • So refreshing to see an intelligent post with factual commentary instead of the mindless negative personal attacks I have had to respond to lately.

      Good luck to you.

      So long,

      Mr. Spinoff

      • 1 Reply to mrspinoff
      • mrspinoff,

        I have not attacked you personally - in fact, it is you that has made use of the mindless personal attacks. No doubt you have employed this tactic due to your lack of intelligence. Shall I remind you of your use of the word 'loser' on multiple occasions? Or perhaps your amazing use of 'horse's ass'?

        You continue to make a fool of yourself on this board, a curiosity in light of your astonishing investing track record (other than OMX, of course). Perhaps you have gone off your meds? Or perhaps the fact that you bought OMX high and sold it low has really upset you.

        It might be best for you to move along and play on another board where you haven't been exposed.



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