Posted 5 years ago on Nov. 1, 2011, 7:03 p.m. EST by Timbuktoo
This content is user submitted and not an official statement
Why don't you set up a stock exchange?
Not a joke. Seriously.
Corporate America and Wall Street are stacked up against the average guy. They go for the highest return and avoid paying taxes or for anything as much as they can? CEOs make 400 times what the average worker does, or whatever it is. Fire everyone and get an 86 mil dollar bonus.
Why? The same reason you guys are occupying Wall Street. They are operating by the rules and norms of Wall Street based on some fantasy view of the world. The invisible hand and trickle down... It's basically modern-day feudalism and you guys are the serfs being told to grovel for the crumbs of the lords, when in reality they scorn and ridicule you as filth.
Set up a stock exchange. Grass roots. The first one on Wall Street was on the street wasn't it? Under some tree or something.
Have good sensible rules. Not ROE based, but responsibility based. Do it right.... there's plenty of un-employed wall street people around and they aren't all jerks. Some of them know about this stuff.... plus it's not that hard. Look it up, but make up your own rules. Rules that make sense and that will result in a growing infrastructure, public transport, fair school systems, police departments, fire departments, healthcare.
I don't know, some examples of what I would want as requirements for listed companies would be:
Paying taxes in the US. No way to cut around it. All companies, foreign and US. Maybe based on a percent of top line sales.
Max multiples on take home pay of top guys vs bottom guys.
Listed companies must pay into a national health insurance that all Americans are part of. Like in almost every other country on the planet.
All employees, part-time, full-time, whatever, must have health insurance. The company pays part, the employee part, but a reasonable deal
Maximum limits on how much can be charged for health insurance.
Listed companies must ensure that the public schools within their areas of operation are fully funded by the government and up to stack. No ridiculous testing measures or nonsense. Brick, mortar, books, facilities, teachers with good pay, lights that work, blackboards, safety. sports, music, electives.
Analysis of corporate performance, credit ratings, etc.. to include a much higher weighting on community based parameters, such as how clean the air and water are, how good the schools are, how safe the streets are, how good the healthcare is, how good the local hospitals are, how well the unfortunate are cared for, how good the homeless support facilities and recovery measures are, how good the roads, sewer systems, and infrastructure is, how good the public transport is.
Rules on weather or not a company can raise money through share or other offerings, taking bank loans, operating their business, would include minimum standards for measurements such as the ones listed in item 7, and not just on financial ratios and traditional balance sheet measures.
At first no companies will want to do this. Would you? Sounds pretty crazy, risky. Maybe a good way to ruin your business. But that's only natural. Everyone says no first to anything new. But they can be sold on the idea.
At first it might be just some lemonade stands and sleeping bag concessions that list on your stock exchange, but slowly, one by one....
At the same time, you can lobby local government to change rules. Is there a district where Wall Street is located? Start there. How about Delaware, Nevada or wherever there are certain tax advantages for corporate domicile? Push for change there.
A big day will be when you get a "real company" to join, then suddenly there'll be two, and next thing you know...
You could give it a helping hand by setting up your own companies... Remember, Nasdaq started as a rinky dink sleepy backwater with little known companies going no where such as Microsoft... then look what happened.
This can be done. It's easy. Just do it.
Remember, it might take a bit of time, but you have the numbers, you have more votes that the top 400, 1,000 or 10,000 guys making all the stupid money.
Did I say stupid money? Wait a minute, can I have some of that?
Forget about all this stuff, Hey! I want 86 mil dollars! Yeah, on second thought the heck with everyone else, I want 86 mil dollars! I want 86 mil dollars!