One of the country's landmark industrial policy laws turns two. Unfortunately, it seems to be a better deal for the world’s most powerful companies than for working people.
Wealth is not all about private equity, even though "corporate managers" and the lawyers they employ might like to think so. Communities also have public assets and the "public trust" is the fundamental background principle of Constitutional Law that has always required us to treat trust assets differently than ordinary property intended for sale. Trust assets must be managed "reasonably" for the benefit of the community (explicitly including future generations). It should be no surprise that some trustees would rather present themselves as "business promoters" and other community members as "tax payers" because the system, as practiced, is far more lucrative for them in their "private" perspective.
Wealth is not all about private equity, even though "corporate managers" and the lawyers they employ might like to think so. Communities also have public assets and the "public trust" is the fundamental background principle of Constitutional Law that has always required us to treat trust assets differently than ordinary property intended for sale. Trust assets must be managed "reasonably" for the benefit of the community (explicitly including future generations). It should be no surprise that some trustees would rather present themselves as "business promoters" and other community members as "tax payers" because the system, as practiced, is far more lucrative for them in their "private" perspective.