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1769 King George III grants a charter to Dartmouth
College.
King George III suffered from a genetic disorder called
porphyria, an over production of the reddish pigments in hemoglobin, which
carry oxygen in red blood cells.
King George III displayed many
symptoms of porphyria, including abdominal pain,
reddish urine and
acute mental disturbances.
Similar symptoms
had been reported across several generations of the
royal (blue blood megalomaniac)
lineage.
Ironically
arsenic containing
medicines used to treat some of his symptoms probably exacerbated them as
arsenic disrupts hemoglobin production which, paradoxically, triggers many
symptoms of porphyria.
Biochemist Martin J. Warren of the University of
Kent studied strands of George III's gray hair preserved at London's Science
Museum.
They concluded that the hair had
an arsenic content of 17
times the level generally considered to indicate
arsenic poisoning.
"It is
extremely likely that his bouts of madness were due to severe porphyric
attacks," Martin J. Warren said. "Arsenic may have precipitated
his attacks, or made them much more severe."
King George III
experienced at least five bouts of extreme derangement, each lasting weeks.
King George III occasionally became violent,
and he often talked to imaginary people; a tree he thought was
King Frederick II of
Prussia.
There is
a real possibility that
had King George III not suffered from severe arsenic poisoning the American
colonies would have been dealt with in an entirely different manner and
the American Revolution
would never have occurred.
"The Declaration, after
all, catalogued the assaults on our freedoms committed by Britain's King George
III.
What has been
built up over the last two and a quarter centuries is a structure that dwarfs
King George III's regime." – K.E. Grubbs
1776 In The Wealth of Nations
Adam Smith suggestes
shareholders who do not
run their own business' but delegate that task to
professional managers were
making an economic mistake.
Adam Smith felt
professional managers could not be trusted
to apply the same "anxious vigilance" to manage "other people's money" as they
would their own and "negligence and profusion therefore must prevail, more or
less, in the management of such an incorporation."
1816 Legislature of New Hampshire
alters Dartmouth College charter placing appointment positions in the hands of
the governor, adding new members to the board of trustees, and creating a state
board of visitors with veto power over trustee decisions.
1819 Supreme Court rules in favor of the Dartmouth College
charter and invalidates the act of the New Hampshire Legislature, which in turn
allows Dartmouth to continue as a private institution and take back its
buildings, seal, and charter.
The majority
opinion, written by John Marshall, reaffirms
the sanctity of a
contract.
In the words of Chief Justice Marshall in the famous
Trustees of Dartmouth College v. Woodward case, corporations are
"artifcial being[s], invisible, intangible, and existing only at the intention
of the law."
A corporation is a "creature of the law" that
does not possess inalienable human
rights, but rather "only those properties which the charter of creation
confer on it."
Corporations could be extensively regulated to ensure
that they did not abuse the special privileges and protections governments
conferred on them not shared by individuals.
The Supreme Court rules
that the corporate charter of Dartmoth College qualifies as a contract between
private parties, the King and the trustees, with which the legislature could
not interfere.
The contract is valid because the US Constitution said
that a state could not pass laws to impair a contract.
Chief Justice Marshall's opinion emphasized that
the term "contract" referred to
transactions involving
individual property rights, not to "the political relations between the
government and its citizens."
This was the
settled understanding both
prior to and after the Civil War when
the Fourteenth Amendment was added to the Constitution, requiring states to
respect the fundamental rights of all Americans.
1844 In Louisville, C. & C.R. Co. v. Letson, 2 How.
497, 558, 11 L.Ed. 353, the US Supreme Court holds that for the purposes of the
case at hand, a corporation is "capable of being treated as a citizen of [the
State which created it], as much as a natural person."
1854 Reaffirmed the result of Letson, though on the somewhat
different theory that "those who use the corporate name, and exercise the
faculties conferred by it," should be presumed conclusively to be citizens of
the corporation's State of incorporation. Marshall v. Baltimore & Ohio
R. Co., 16 How. 314, 329, 14 L.Ed. 953
1886 Santa Clara v. Southern
Pacific Railroad Co
Supreme Court never
reaches an opinion in the case and it dies.
The court reporter,
a former railroad man, inserts
the opinion notes of the oral argument of Chief Justice Waite into his
published notes.
This appears to be an announcement that corporations
are "persons" within the meaning of Fourteenth Amendment.
1911 "Corporation, n.
An ingenious device for
obtaining individual profit without individual responsibility." - Ambrose
Bierce Devil's Dictionary
September 11, 2001
SEC offices are destroyed in
the World Trade
Center.
"The SEC has not quantified the number of active cases in
which substantial files were destroyed.
Reuters and the
Los Angeles Times
published reports estimating them at 3,000 to 4,000.
They include the
agency's major inquiry into the manner in which
investment banks divvied up
hot shares of initial public
offerings during the high-tech boom." - Margaret Cronin Fisk
2002 to 2007
US Justice Department wins 1,236
convictions in corporate
fraud cases.
2004 The wealthiest 1% of
American citizens own 36.9% of all stock. 30% of stock is enough to fully
control most corporations.
2007 Warren Buffet
states he feels no imperative to invest in socially responsible corporations or
to press those corporations in which he invested to be socially
responsible.
Corporate social responsibility
is illegal.
Corporate social
responsibility is an oxymoron.
A corporation, by definition of corporate law, is
singularly
self-interested.
The "best interests of the corporation" priciple, a
fixture of corporate law, compels
corporate decision
makers always to act in
the best interests of the corporation and its shareholders.
The law forbids any other motivation for actions, whether
to assist workers, improve the environment, or help consumers save money.
Corporate officers can give away their own money, as private citizens
but as corporate officials, however, stewards of other people's money, they
have no legal authority to
pursue such goals as ends in themselves - only as means to serve the corporate
interests - to maximize the
wealth of shareholders.
"The corporate design contained in hundreds
of corporate laws across the face of the Earth is nearly identical.
The people who run corporations have a legal duty to
shareholders, and that duty is to make money.
Failing this duty can leave directors and officers open
to being sued by shareholders (non-voting
shares may have an arbitration
clause).
The law dictates to the corporation to
pursue of its own
self-interest - and equates
corporate self-interest
with shareholder
self-interest.
No
mention is made of responsibility to the public interest.
Corporate
law thus casts ethical and
social concerns as irrelevant, or as
stumbling blocks to the
corporation's fundamental
mandate." - Robert Hinkley, corporate lawyer
January
21, 2010 Quest for corporate personhood completed.
Corporations
can now make unlimited, direct political contributions.
"The
decision of the
Supreme Court in
Citizens United v.
the Federal Election Commission paves the way for unlimited corporate
spending in elections, drowning out the average voice in public policy
debates." - Bob Edgar 01/22/10
Paths Citizens United Created for Foreign Money to Pour Into US
Elections |
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