SEC EXPRESSES DISAPPOINMENT AT COURT OF APPEALS DECISION

The following is an excerpt from the SEC website: "Regarding Court of Appeals Decision on Proxy Access by Meredith Cross Director, Division of Corporation Finance U.S. Securities and Exchange Commission July 22, 2011 "We are disappointed by today's decision striking down a rule that made it easier for shareholders to nominate a candidate to a company's board of directors. We are considering our options going forward. We note that our rule allowing shareholders to submit proposals for proxy access at their companies, which we adopted at the same time, is unaffected by the court's decision." Corporations are not democracies and therefore have no interest in listening to shareholders unless there are just a few shareholders who have together enough voting shares in the company to actually be able to bring about a successful revolution and roust the top managers from their office lair. Unfortunately, too many corporations are run much like despotic dictatorships and the only way that management is ever changed is when the lights go out and the business is shut down due to the incompetence of management. So, in terms of how the owners are treated the modern corporation is like something dreamt up by Lenin except for the only workers who have rights at a corporation are the top managers (party leaders).