uruloki’s lair

Some of the “big funds” are concerned about the share structure in the upcoming Google IPO.

TIAA-Cref, the New York-based teachers’ pension fund with $300bn under management, said that corporate governance weaknesses would be reflected in the price it was willing to pay for Google stock. “There should be a substantial discount for corporate governance deficiencies,” said Peter Clapman, senior vice-president and chief counsel for corporate governance. He declined to speculate on how wide the discount should be.

Hopefully, these guys won’t go for any of the stock, leaving more for me. I happen to think that the guys who built the company, and have managed to get into a position where it will be a successful IPO, should be the guys in charge. I don’t trust these pension fund assholes who think that since they are playing with other people’s money, they should get a say in whatever company they are investing in.

In regulatory filings, Mr Brin and Mr Page said the capital structure would enable them to take a long-term view and ensure that its internet search engine remained insulated from commercial pressures. They pointed out that some US media groups used dual class share structures to protect the editorial independence of their newspapers.

Mr Clapman said TIAA-Cref would not be swayed: “Google is just another way to make money out of the internet. The public is entitled to one share, one vote.”

This is a great idea, since allows them to ignore these outsiders that are going to come in and say: “Expand the business.” And for the record, the public isn’t “entitled” to shit. Only the shareholders are entitled to a vote, and they will get one vote with one share. It just happens that the guys put all of it together get a large share of the votes, as it should be.

Tags: Stupid people //