For many years here at Consumerist, we developed a theory that the venerable department store Sears was secretly a vast anti-capitalist prank, which actively avoided selling merchandise. Its goal was something else: perhaps waiting for the retail real estate market to turn around and cash in the land and buildings that it owns. A group of Sears Holdings shareholders are starting to think the same thing, and they’ve filed a lawsuit against the company and its manifesto-writing CEO, Eddie Lampert. [More]
Verizon will deign to consider an advisory vote on executive compensation from shareholders starting in 2009. Shareholders demanded the right to vote on executive pay at last year’s annual meeting. Verizon CEO Ivan Seidenberg’s salary increased 11% last year to $21,309,264. Seidenberg’s salary has risen consistently, unlike Verizon’s profits.
Mattel’s shareholders are upset. A pension fund in Michigan has filed a shareholder lawsuit against the company, claiming that they mishandled product safety procedures and were therefor responsible for 3 toy recalls this summer. The lawsuit also alleges that executives with knowledge of the defects sold $33 million in stock before the recalls were announced.
Jennifer Lopez was the main attraction at Walmart’s 4 hour long “shareholder’s meeting”, along with American Idol winner Jordin Sparks and comedian Sinbad. Less important? The shareholders. Walmart allotted 3 minutes to each of the resolutions shareholders had put forward. Why was such little time available for shareholders to discuss the company they own? “Time-constraints!” Walmart had to make room for the following:
Members of the House Financial Services Committee, led by Rep. Barney Frank (D., Mass.), approved a bill last week that would give shareholders an advisory vote on pay.
Hey, remember all those debit cards and PINs that got stolen and stuff? Where hackers got into Office Max, made off with debit card accounts and encrypted PIN codes, decrypted the PINs, made counterfeit ATM cards, and withdraw lots of money and large amounts of people were forced to get their ATM card changed without anyone telling them the real reason why? Well, apparently Citigroup remembers too. Eventually.