“I find all of this so weird because of how it _elevates_ finance. [Various cases] imply that we are not entitled to be protected from pollution as _citizens_, or as _humans_. [Another] implies that we are not entitled to be told the truth _as citizens_. (Which: is true!) Rather, in each case, we are only entitled to be protected from lies _as shareholders_. The great harm of pollution, or of political dishonesty, is that it might lower the share prices of the companies we own.”
— Matt Levine
Here he is talking about shareholder lawsuits (securities fraud) being the primary mechanism of holding social responsibility.
Matt Levine often repeats the phrase ‘everything is securities fraud’. Any statement which turns out (with hindsight) to be false is grounds for a shareholder class-action lawsuit. Even many correct statements are grounds for shareholder class actions. The problem is that the only people who actually profit from shareholder class actions are the lawyers.
“I find all of this so weird because of how it _elevates_ finance. [Various cases] imply that we are not entitled to be protected from pollution as _citizens_, or as _humans_. [Another] implies that we are not entitled to be told the truth _as citizens_. (Which: is true!) Rather, in each case, we are only entitled to be protected from lies _as shareholders_. The great harm of pollution, or of political dishonesty, is that it might lower the share prices of the companies we own.”
— Matt Levine
Here he is talking about shareholder lawsuits (securities fraud) being the primary mechanism of holding social responsibility.