One of the more disturbing aspects of the rise of global capital is not so much the power of the organisation itself, but the un-fettered power of the head of the individual company.
During the RBS fiasco, stories of Fred Goodwin's megalomania emerged by the dozen: the bullying, the tantrums, the whims. He ran the company pretty much as a dictatorship and we all know the result.
Murdoch is another case in point: in many ways, more sinister. Although shares in News Corp are traded on the US stock market and a majority are held by individuals and institutions other than the Murdoch family, he seems to do what he wants with little reference to other directors or shareholders.
But maybe, just maybe, the worm is turning.
The Amalgamated Bank of New York and the Central Labourers Pension Fund, pathetically small shareholders in the Murdoch Empire, are suing the mogul for running the business as if it was a "wholly-owned family candy store".
The suit refers to the purchase of Elisabeth Murdoch's company Shine, in return for more than £400 million and a seat on the main board.
The bank said: "Although the transaction makes little or no business sense for News Corp and is far above any independent, disinterested third party would pay for Shine, it is unsurprising that the transaction was approved by News Corp's board. In addition to larding the executive ranks of the company with his offspring, Murdoch constantly engages in transactions designed to benefit family members."
Apart from the fact that we have a rare instance of an American using the word 'disinterested' correctly, this is notable because - while the British government amongst others is happy to bend to the Murdoch will - there are some who are concerned about the increasing power of this Gaddafi-like dynasty.
Until now, shareholders have gone along with the Murdoch brood being appointed to the board. They have kept quiet at the antics of Fox in the US and the News of the World in the UK. They have rubber-stamped every move.
But this attempt to further the "selfish" interests of the controlling shareholder at the expense of the company itself has raised a spark of protest.
And as another dictator famously wrote, "a single spark can start a prairie fire".
Let's hope so.
Today's listening: Marianne Faithfull, Rich Kid Blues. Marianne disavowed this album, but it's notable for a great version of Visions of Johanna. Reminded of it on today's Dylan Examiner e-mail - for which many thanks.
Today's reading: the first post of a new blog from writer Sean Luckett. Check it out at http://shinysean.blogspot.com/
During the RBS fiasco, stories of Fred Goodwin's megalomania emerged by the dozen: the bullying, the tantrums, the whims. He ran the company pretty much as a dictatorship and we all know the result.
Murdoch is another case in point: in many ways, more sinister. Although shares in News Corp are traded on the US stock market and a majority are held by individuals and institutions other than the Murdoch family, he seems to do what he wants with little reference to other directors or shareholders.
But maybe, just maybe, the worm is turning.
The Amalgamated Bank of New York and the Central Labourers Pension Fund, pathetically small shareholders in the Murdoch Empire, are suing the mogul for running the business as if it was a "wholly-owned family candy store".
The suit refers to the purchase of Elisabeth Murdoch's company Shine, in return for more than £400 million and a seat on the main board.
The bank said: "Although the transaction makes little or no business sense for News Corp and is far above any independent, disinterested third party would pay for Shine, it is unsurprising that the transaction was approved by News Corp's board. In addition to larding the executive ranks of the company with his offspring, Murdoch constantly engages in transactions designed to benefit family members."
Apart from the fact that we have a rare instance of an American using the word 'disinterested' correctly, this is notable because - while the British government amongst others is happy to bend to the Murdoch will - there are some who are concerned about the increasing power of this Gaddafi-like dynasty.
Until now, shareholders have gone along with the Murdoch brood being appointed to the board. They have kept quiet at the antics of Fox in the US and the News of the World in the UK. They have rubber-stamped every move.
But this attempt to further the "selfish" interests of the controlling shareholder at the expense of the company itself has raised a spark of protest.
And as another dictator famously wrote, "a single spark can start a prairie fire".
Let's hope so.
Today's listening: Marianne Faithfull, Rich Kid Blues. Marianne disavowed this album, but it's notable for a great version of Visions of Johanna. Reminded of it on today's Dylan Examiner e-mail - for which many thanks.
Today's reading: the first post of a new blog from writer Sean Luckett. Check it out at http://shinysean.blogspot.com/