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← A C Grayling: Why no Asbo for the Pope?

glenister_m's Avatar Jump to comment 27 by glenister_m

I'm also reminded of the case of Montana Power in the U.S. While it was making 7% consistently for its investors, the powers that be in Wall Street weren't happy, and started selling off its assets (without fully informing the shareholders) to buy into the dot.com craze - just in time for the dot.com collapse.

So Montana Power stock crashed, wiping out the retirement savings of many stockholders, the cost of utilities to Montana's residents went from cheap to expensive (quadrupled in price), and just after the CEO/person most responsible announced that they only had enough capital for 1 more quarter he quit the company taking his multi-million dollar bonus (!!!???) with him.

It continues to amaze me, that with the American's stereotypical love of guns, that some of the 'victims' of these type of people don't come gunning for them. Then again, some probably do, but these guys can pay for good security...

Sun, 02 May 2010 18:25:00 UTC | #465019