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LOS ANGELES, CA - OCTOBER 01: Protesters hold signs after a march to Los Angeles City Hall during the "Occupy Los Angeles" demonstration in solidarity with the ongoing "Occupy Wall Street" protest in New York City on October 1, 2011 in Los Angeles, California. The protesters slogan, "We are the 99 percent," calls attention to the fact that marchers are not part of the one percent of Americans who hold a vast portion of the nation's wealth. (Photo by Kevork Djansezian/Getty Images)
I've been meaning to link to this post from a wonky econoblog, The Slack Wire, for a while, but I haven't gotten around to it. Given that I haven't posted about the Occupy Movement for a week or so, it seems like a good time:
The key thing is that at one point, large businesses really were run by people who, while autocratic within the firm and often vicious in defense of their privileges, really did identify with the particular businesses they managed and focused their energy on their survival and growth, and even on the sheer disinterested desire to do their kind of business well. You can find a few businesses that are still run like this -- I've been meaning to write a post on Steve Jobs -- but by far the dominant ethos among managers today is that a business exists only to enrich its shareholders, including, of course, senior managers themselves. Which they have done very successfully....
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WILMINGTON, DE - OCTOBER 27: U.S. Vice President Joe Biden speaks at the former GM Boxwood Plant on October 27, 2009 in Wilmington, Delaware. Fisker Automotive announced that the company is buying the plant to produce affordable plug-in hybrid automobiles. (Photo by Jeff Fusco/Getty Images) *** Local Caption *** Joe Biden
The Department of Energy's $535 loan gurantee to bankrupt solar startup Solyndra has become the Obama Administration's first quasi-scandal, with critics insisting that the government shouldn't be funding risky green-energy companies and supporters (myself included) arguing that the government is the only investor that can handle the risk. But now the bickering has spread beyond solar to the go-go world of electric vehicles — just as "Revenge of the Electric Car," the sequel to "Who Killed the Electric Car," is hitting theaters.
ABCNews and the Center for Public Integrity have teamed up to investigate DOE loans guarantees, focusing on two marquee EV companies, Tesla Motors and Fisker Automotive, which together have received about a billion in government-backed financing. The takeaway isn't pretty: