"corporate seismic shift"

[Chris Burford <cburford@xxxxxxxxxx>]

Bourgeois right catches up with finance capitalism:-

 

>>>

Being above it all is no longer a viable defence

The corporate world felt a seismic shift when a New York jury found Bernie Ebbers guilty

<<< 

 

from Guardian (UK)

 

http://www.guardian.co.uk/worldcom/story/0,12167,1441446,00.html

 

 

It is not clear how this is all going to pan out, but it seems to me they are up against the fact that financial control to be done properly is almost irreducibly complex. Modern stock companies can no longer be left to buccaneer CEO's who act as if they are the embodiment of individual capitalists. The pressure to maintain the share price of their company safely on stock exchanges dominated by financial capitalist institutions is now too great.

 

This implies that companies will have to be run by an increasingly complex system of elite intelligentsia and technical feedback systems. The CEO and board of directors will remain disgustingly highly paid but they will in effect by gilded intelligentsia employed by capital, rather than tantamount to capitalists in their own right as if they are the direct owners of the means of production, who have just borrowed a bit of money on the stock exchange. They now have to be the elite employees of finance capital itself.

 

It seems to me this clash between legal bourgeois right and the modern conditions of finance capitalism, if the author is correct that this is a seismic shift, is another step towards finance capitalism being so highly socialised in form, that it just needs political struggle to start tipping it over into socialism.

 

A bit of class struggle might help the political battle too.

 

IMHO

 

Chris Burford

London