Corporate governance observer Bill George writes: I am continually reminded of a quote sent to me by one of my ‘industry’ friends who is a Chartered Financial Analyst (CFA). The quote seems widely applicable these days. Some claim the quote was contained in an 1863 cablegram sent from the London office of Rothschild Brothers to a New York firm, Ikleheimer, Morton & Vandergould. The quote:
The few who understand the system will either be so interested in its profits or so dependent on its favours that there will be no opposition from that class, while on the other hand, the great body of the people mentally incapable of comprehending the tremendous advantage that capital derives from the system will bear its burdens without complaint and perhaps without even suspecting that the system is inimical to their interests.
