Trading on stock on nonpublic information is legally problematic for the SEC, absolutely. But to get to liability is a pretty long road. It doesn't happen very easily.
More Quotes from Charles Elson:
Most institutions frown on dual-class stocks.Charles Elson
Given the fact that the 'withhold' campaign at Disney is what started this whole brouhaha, I think it's appropriate that Disney adopt this standard, ... I don't believe this makes them a leader in corporate governance practices though I view it as a positive.
Charles Elson
When a consultant does other work for the company, it creates either the actual danger or perceived danger of a conflict of interest. The consultant should either work for the board, or work for the company.
Charles Elson
Any time you separate economic interest from voting interests, it leads to all kinds of problems. It lessens the accountability. I haven't heard of any good reason for dual-class stock. I think the proposal will strike a chord with a lot of people.
Charles Elson
It's going to be fun to watch. But the real story took place long ago.
Charles Elson
He has a potentially conflicting fiduciary duty. There may be a way around it, but no matter how thick you slice it, it's still baloney. The next Time Warner board meeting will be interesting.
Charles Elson
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