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7 years, 2 months ago

the social effect of concrete manifestations of power relations

[...] From the stance of the disenfranchised, financial parameters like the stock price are understood as overtaking other values and affecting differently positioned people unequally. The unequal conflict between the priorities and agendas of the powerful versus the powerless, not to mention the…

—p.35 Liquidated: An Ethnography of Wall Street Wall Street's Orientation: Exploitation, Empowerment, and the Politics of Hard Work (2) by Karen Ho
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7 years, 2 months ago

differently valued social domains with diverging values of the world

[...] a finance capital-led version of capitalism, which privileges downsizing, stock price, and market crisis, is perhaps not so much about disembedding as it is about power relations and unequal clashes of differently valued social domains with diverging values of the world. [....]

—p.34 Wall Street's Orientation: Exploitation, Empowerment, and the Politics of Hard Work (2) by Karen Ho
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7 years, 2 months ago

the function of bankers' shareholder value discourses

[...] Wall Street's narratives of shareholder value resignify the business landscape, creating an approach to corporate America that not only promotes socioeconomic inequality but also precludes a more democratic approach to corporate governance. Banker talk of shareholder value simplifies corporat…

—p.30 Wall Street's Orientation: Exploitation, Empowerment, and the Politics of Hard Work (2) by Karen Ho
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7 years, 2 months ago

Wall Street's identity as guardian of shareholder value

[...] what imbues the presentist shareholder value ideal with such explanatory power is its rootedness in dominant historical narratives that legitimize Wall Street's identity as guardian of shareholder value and empower its role and practice in shaping corporate America. The use of shareholder val…

—p.28 Wall Street's Orientation: Exploitation, Empowerment, and the Politics of Hard Work (2) by Karen Ho
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7 years, 2 months ago

investment bankers always receive high compensation

If the shareholder value revolution was not sustainably enriching the average investor, who may also have been facing unemployment as his or her 401(k) appreciated a few hundred dollars (if that), then was Wall Street not increasing the stock price of corporations - their stated central mission? Wh…

—p.24 Wall Street's Orientation: Exploitation, Empowerment, and the Politics of Hard Work (2) by Karen Ho