Instead of heavily investing in job creation or production, the big five used $38 billion, or 28 percent of annual net income, to repurchase their own stocks. This practice enriches shareholders but it doesn’t add to oil supplies or investments in alternative fuels or other new technologies.The authors fail to understand that this is the way capitalism is designed--to maximize shareholder wealth--not to promote employment, alternative energy, or a sustainable future. Corporations are mandated by laws engineered by capitalists to do precisely this.
in the time remaining, to help us understand how the man-made system of capitalism will lead to the extinction of our human species, and so many others.
Monday, February 13, 2012
Big Oil’s Banner Year: Higher Prices, Record Profits, Less Oil
Click here to access article by Daniel J. Weiss, Jackie Weidman, Rebecca Leber from Center for American Progress.