The Mail GM DECISION

To the Editors of the CRIMSON:

The Corporation's decision to support General Motors management against the public interest is very disappointing. In addition to neglecting the clear mandate of the university community, their statement shows a deep misunderstanding of what is at stake.

The Corporation believes that business corporations as now organized can give "due weight" to the public interest. This view neglects the duties directors now have to stockholders. The interest of the stockholders is in profit. It GM makes cheaper, cleaner cars, profits will go down. Only outside pressure can make this happen.

In fact, stockholders serve no useful function in the modern corporation Companies like GM raise capital by retaining profits or borrowing. Boards of directors should be responsible only to workers and the public not to stockholders.

Stockholders challenges are a useful pressure tactic against big business. but it should be clear that stockholders are not going to vote themselves out of existence. Our task is then to build a political movement for democratic socialism, and to convince the majority of the American people who are hurt by the workings of capitalism.