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Monday 12 July 2010

One outgrowth is more disturbing than any other, when it comes to the current status of corporate “persons.” The decisions made by the CEO and directors of Big Megacorp can be controlled by hidden entities and shell holding companies, held by other shell companies, culminating at a single individual, somewhere hidden from view, whose actual ownership share of BM may be minuscule, but whose clever set of shells and puppet strings allows him to control vast enterprises, against the interests of much larger numbers of actual, living shareholders, or the public good. Moreover, that hidden ownership may be foreign, even hostile to the nation where most of the corporation’s employees, stockholders, creditors and customers live, while ordering the corporation to “speak” or behave in ways inimical to the republic. If there were any reform that merits topmost attention, it is this utter failure of transparency about ownership and control… a failure that has no justification, even in conservative or libertarian terms. David Brin

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