Wall Street Finds New Way To Put Investors Second

Wall Street has found a new way to put shareholders second. While many banks are finally bowing to pressure to restrain compensation, Goldman Sachs and JPMorgan are now trying to stifle investors from voting on legitimate matters at their upcoming annual meetings. Goldman asked the Securities and Exchange Commission for permission to omit a proposal that would require it to appoint an independent chairman. JPMorgan, meanwhile, wants the regulator to let it remove from its proxy an initiative to have the board of directors explore “extraordinary transactions that could enhance stockholder value” - in other words, a breakup. Both suggestions are rational topics for debate. Calling for a bank to split the roles of chairman and chief executive is hardly a new concept. Last year, Goldman and Lloyd Blankfein, who holds both titles, negotiated their way out of putting the issue to sharehold...