America does love its markets. We even leave the enforcement of our public laws up to them.
Creating "private rights of action" to make sure our securities, environmental, civil rights laws are driven home through the business community, we find ourselves foisting onto hero-pedastals (and, concomitantly, villifying) the (sometimes fabulously wealthly) plaintiffs' attorneys that virtuously (or shamelessly) assume this mantle.
We then proceed to understaff and underpay regulatory bodies (or just get rid of them all together -- who needs 'em??)
Except, like any "market based" solution, power tends to concentrate around ... concentrated power. So whom do we see exercising that private right of action (this time, for the enforcement of due process rights) when a challenge is brought against Rule 14a-11?
The business rountable and institutional investors.
Who, of course, purport to speak for all of us.
