The tension between centrality, on the one hand, and competition, on the other, is probably the oldest of all market structure issues.
More Quotes from Arthur Levitt:
The best companies, the most solidly managed companies, are ones that are managed for the future that don't focus on the price of the shares.Arthur Levitt
I think that the failures of Enron and WorldCom and other companies are partially failures of investors to recognize companies that are selling for a thousand times nothing, but chances are they may be worth only that.
Arthur Levitt
We all understand that directors aren't required to guarantee that their fund has the lowest fees, ... But they are required to ask whether fund investors are getting their money's worth. What do independent directors know about management's costs and their profitability
Arthur Levitt
If you have a CEO who is motivated because of an option plan or a bonus plan to promote his stock, if he has the kind of personality that measures performance by the selling price of the stock, he's going to lead his board, his company and his shareholders down a very slippery slope.
Arthur Levitt
That also has put pressure on analysts to report favorably on a company in order to maintain access to inside information,
Arthur Levitt
We have an opportunity today that we may not have again in our lifetime, to realize the vision for a true national market system,
Arthur Levitt
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