Al Gore takes aim at "unsustainable" capitalism

[Geee]

Reuters:

* System blighted by short-termism

* Calls for end to quarterly company reporting

* Eyes loyalty-driven shares to counter short-termism

By Sinead Cruise

LONDON, Feb 16 (Reuters) - Former U.S. Vice President Al Gore wants to end the default practice of quarterly earnings guidance and explore issuing loyalty-driven securities as part of an overhaul of capitalism which he says has turned many of the world's largest economies into hotbeds of irresponsible short-term investment.

Together with David Blood, senior partner of 'green' fund firm Generation Investment Management, the environmental activist has crafted a blueprint for "sustainable capitalism" he wants the financial industry to adopt to support lasting economic growth.

"While we believe that capitalism is fundamentally superior to any other system for organising economic activity, it is also clear that some of the ways in which it is now practised do not incorporate sufficient regard for its impact on people, society and the planet," Gore said.

At a briefing ahead of Thursday's launch, David Blood said capitalism has been blighted with short-termism and an obsession with instant investment results, which had ramped up market volatility, widened the gap between rich and poor and deflected attention from the deepening climate crisis.

The former CEO of Goldman Sachs Asset Management put forward five key actions which he hoped would revive the discussion on how to clean up capitalism and put companies, investors and stakeholders on the path towards long-term, sustainable profit.

[Geee]

Yep, he should of been our president all right

[Valin]

System blighted by short-termism

 

Actually he is correct.

/Broken Clock

[Pepper]

@Geee

@Valin

 

 

If ever there was a fat face feeding in the bucket....