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Securities and Exchange Commission Chairman William H. Donaldson is reported to have just said:
"The old concept on Wall Street was that if you didn't like the way a company is run, you would sell the stock. I think that no longer pertains. You now have companies where investors want to be long-term investors."
If Mr. Donaldson is accurately quoted here and means what he says, then the United States and its securities markets are in very big trouble.
Mr. Donaldson's quote is the worst kind of dangerous nonsense on stilts.
UPDATE: All of which does not mean that Mr. Donaldson doesn't have some good ideas - like largely knocking the preposterously grandstanding and destructive Eliot Spitzer out of securities law enforcement.