Earlier this year, it began taking soundings
on shareholder democracy issues, including proposals on whether to ban slate voting and mandate majority voting, which would ensure all directors are elected by a majority of voting shareholders, advisory votes on compensation, and the effectiveness of the proxy voting system.
But Mercer Bullard, professor of law at the University of Mississippi Law School and founder of Fund
Democracy, an advocacy group for mutual fund
shareholders, told ThinkAdvisor
on Thursday that «the plaintiffs have hurt their cause by delaying» filing a suit until now.»
He has argued that failed banks should not be bailed out, Lehman's collapse was not a disaster, AIG should be declared bankrupt, that naked short selling is not a problem, that backdating isn't so bad, insider trading should be legal, many corporate CEOs are underpaid, global solutions are worse than local solutions, Warren Buffett is overrated, Michael Milken is a great American, the collapse of the hedge fund was not a scandal, hedge funds are over-regulated, education is overrated by the educated, bonuses at successful Wall Street's firms are deserved and possibly undersized, management buyouts are boons to the economy, Enron's management was victimized by an over-zealous prosecution, Sarbanes - Oxley should be repealed, corporate compliance culture is a disaster,
shareholder democracy is overrated, hostile takeovers ought to be revived, the market is permanently moving away from public ownership of equity in corporations, private partnerships are
on the rise, public ignorance is encouraged and manipulated by governments and corporations, experts overrate expertise, regulatory agencies are controlled by the businesses they supposedly regulate and Wall Street is much more fun than people give it credit for.
To start, Backfeed hopes to help The DAO become better at problem solving, relying less
on a «simple
shareholder democracy» that it believes could produce «mediocre results».