This is, to me, the bedrock sin of our system.
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The original idea that a CEO is obligated to turn a profit was from Dodge v Ford in 1919, which if you take it as completely literally applying to all companies today would hit all companies that, say, cut prices to reduce current earnings to squeeze competitors (like Amazon)
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So most people think that in practice it doesn't really apply to that extent anymore, although eBay v. Newmark was a pretty landmark case where it was decided that if a company *explicitly* doesn't care about its shareholders they can be sued
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