El gran escape de los bancos

STANFORD – Este año ha terminado siendo otro año repleto de fútiles esfuerzos por manejar el descomunal control que tienen los bancos y los banqueros sobre la economía mundial. El sistema financiero mundial permanece distorsionado y en peligro.

Desde la década de 1980, el “valor para los accionistas” se ha convertido, de manera creciente, en el punto central de la gestión empresarial. Los administradores y miembros del consejo directivo a menudo reciben remuneraciones que se basan en participaciones accionarias, lo que les otorga derechos patrimoniales y, a su vez, crea un poderoso incentivo para maximizar el valor de mercado de las acciones de sus empresas.

Sin embargo, las medidas adoptadas a nombre del valor para los accionistas benefician, con frecuencia, únicamente a aquellos cuya riqueza está íntimamente ligada a las ganancias de la empresa, y de hecho tales medidas pueden ser perjudiciales para muchos accionistas. A pesar de sus aseveraciones relativas a que ellos buscan alcanzar valor para los accionistas, las medidas adoptadas por los altos directivos, en especial, reflejan con frecuencia únicamente sus propios intereses, en lugar de reflejar los intereses de los accionistas, y son estos accionistas quienes, por lo general, tienen en su poder la gran mayoría de las acciones.

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