"A few weeks ago, Mitt Romney observed that corporations are people. This prompted hysteria on the left, including a video produced by the Democratic Party. But of course Romney was right. A corporation consists of its owners, i.e. shareholders, and its employees–people. It is an elementary principle of law that a corporation can act only through its employees and agents–people. The Democrats’ apparent belief that you can hurt companies without hurting people is absurd. The corporation is merely a legal form in which people do business, now several hundred years old.
A for-profit company exists to make money for its owners, and secondarily to provide wealth and opportunity for its employees. The managers who run any company have a fiduciary duty to try to maximize returns for their company’s owners–that is to say, profits. If a company’s executives decided not to be “greedy,” but rather to operate their company at a break-even level so as to avoid profit, they would be violating their legal duties and would be subject to shareholder lawsuits. And properly so."
[Power Line]
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