Corporate Governance after GameStop
Last week, ordinary citizens responded to systemic inequalities with a populist, market-based campaign to disrupt the mechanisms of elite accumulation – and sent a powerful message about the need for a new model of corporate governance. After decades of passivity, the time has come for directors to lead.
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NEW YORK – Last week, a social-media-fueled populist rebellion gripped capital markets. Retail investors purchased huge amounts of stock in struggling companies like GameStop, AMC, and BlackBerry (among others). They wanted to make a buck. But, even more than that, they wanted to punish the financial elites, like hedge funds, that had been betting on the companies’ decline.