The campaign contributions issue is not the only issue. There is also fiduciary responsibility. It appears that what the Times did, in essence, is to take money rightly belonging to the shareholders and contribute it to a political organization.
Securities lawyers may want to chime in on this, but I think it's pretty clear that Pinch has a fiduciary obligation to all the shareholders, not only the members of the controlling stock class and not only those who agree with his political opinions.
photoncourier.blogspot.com
Pinch is a genius! Just think where you would be if you invested in the New York Times five years ago instead of something boring like an S&P 500 index fund? [External Link]
Posted at 2007-09-26 15:38:44 [PermaLink]