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"Have a duty to shareholders to maximize profits" musk is scurd. (slrpnk.net)

submitted 1 week ago by ByteOnBikes@slrpnk.net to c/whitepeopletwitter@sh.itjust.works

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[–] someguy3@lemmy.world 0 points 1 week ago (1 children)

I still think your barking up the wrong tree. They are one cog in the machine which demand fiduciary duty.

[–] ricecake@sh.itjust.works 1 points 1 week ago

Yes, but they're the cog that makes choices about where to invest the money.

People with 401Ks who don't know where their money is invested certainly aren't to blame for corporate evil, even if they, as a block, make up the vast majority of shareholders.

https://www.census.gov/library/stories/2022/08/who-has-retirement-accounts.html

Saying the blame for putting money before lives lives not with the people who control how the money gets invested, but instead with the more than 50% of the country aged 24-64 who have a hands off account seems very strange to me.

Why do you think the investment managers aren't to blame ?