Well, the SEC finally passed the long awaited proxy access rule. However, it could also be called the anti-hedge fund activist rule.
To me, the provisions are designed to bar the types of investors who have the appetite to stir things up and aggressively push companies to boost stock prices one way or another.
Ironically, the new rule more favors the unions and other special interest groups that folks at pro-business lobbies like the U.S. Chamber of Commerce and Business Roundtable fear would use this new power to promote their own narrow agenda.
So sad.
The best thing to come out of this event is that the SEC Wednesday voted 3-2 to approve the final proxy access rule. SEC chairman Mary Schapiro had promised when she was nominated last year to move forward with controversial issues even if the five commissioners couldn’t agree unanimously.....