The point is that neither side can be trusted, any more than the public could be trusted if someone placed an enormous pile of cash in the middle of the street as people walked by. They are there to watch each other, and to raise the alarm if the other makes off with it.
关键问题是,任何一方都不能被信任,就像当有人在熙熙攘攘的街头放置大笔现金时、公众不可信赖一样。他们会互相看着对方,一旦对方把钱抢走,就会报警。
This safeguard is working better than at any time in the past few decades, as the examples of Apple and Dell illustrate. Neither a chief executive involved in self-interested financial engineering nor a hedge fund manager seeking a short-term return is immune to challenge.
这种保护机制的效果比过去几十年任何时候都要好,正如苹果和戴尔的例子所表明的那样。参与自私的金融工程(financial engineering)的首席执行官和寻求短期收益的对冲基金经理都不能避免挑战。
The balance of power has slowly shifted, from the postwar era of entrenched management to a period in the 2000s when corporations readily handed out cash to shareholders under pressure from activists. The amount distributed by Standard and Poor’s 500 companies using share buybacks increased 18-fold between 1987 and 2007.
实力平衡已慢慢发生变化,从二战后管理层“说了算”的时代,变为本世纪初企业在维权者压力之下愿意将现金分配给股东的局面。自1987年至2007年,标准普尔500指数(Standard and Poor’s 500)成分股企业利用股票回购返还给股东的金额增加了18倍。
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