While the points made by these gentlemen are both valid and critically important, they fail to take note
of four other dangerous subsidies: (1) the market perception that the Washington and Wall Street revolving door has rendered these
firms immune from prosecution — even for repeated, illegal cartel behavior; (2) the ability to spend billions buying back their own stock, effectively propping up their own share price and bad behavior; (3) self - regulation with compromised bodies creating the market perception and
reality of a competitive edge; and (4) Congress and the Supreme Court tolerating Wall Street running its own private justice system (mandatory arbitration) where corrupt acts are kept hidden from public
view until they blow up into catastrophic events to the economy.
The purpose
of The Long
View is to measure family
firms against criteria that are specifically tailored to their governance
realities, and to provide a framework to compare them against each other, rather than against the norms
of widely - held issuers.