My Blog Load of Crap: Google rejects a more democratic shareholder voting system

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Thursday, May 11, 2006

Google rejects a more democratic shareholder voting system

The three head honchos of Google, Schmidt, Page and Brin hold a special class of stock in their company. Although they've sold a large sum of their shares and diluted even more by cashing out to the open market, they still hold over two thirds of the voting power. One of their shareholders who own over 4700 shares of their class A common stock propose that they remove the voting restrictions but they would shot down. What a way for these three guys to have their cake and eat it too. Not only was it enough that they cashed out billions worth of cash last year, they still want the ability to over rule their thousands of shareholders whenever they wish. People are sheep.

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