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October 2017

Silicon Valley Vs. Wall Street: Can the New Long-Term Stock Exchange Disrupt Capitalism?

Silicon Valley’s high-tech denizens complain the public stock markets are marred by a narrow focus on short-term earnings and profits. Now they are actually doing something about it, by launching a new framework for corporate governance, investing and trading called the Long-Term Stock Exchange.

Backed by top Valley figures such as venture capitalist Marc Andreessen and LinkedIn co-founder Reid Hoffman, the LTSE says it plans to seek regulatory approval by the end of 2017 to become the newest US stock exchange. Its key feature: a system in which the voting power of shares increases the longer investors own them. Firms listed on the exchange would need to use such a structure, often called “tenure voting,” while abiding by numerous other rules, such as a ban on tying executive pay to the company’s short-term financial performance. If the LTSE succeeds, it could offer a new incentive for privately held tech giants such as Airbnb and Uber Technologies to go public, at a time when many market veterans and regulators fear the process of going public has lost its luster.

As US Confronts Internet’s Disruptions, China Feels Vindicated

For years, the United States and others saw China’s heavy-handed censorship as a sign of political vulnerability and a barrier to China’s economic development. But as countries in the West discuss potential internet restrictions and wring their hands over fake news, hacking and foreign meddling, some in China see a powerful affirmation of the country’s vision for the internet.

Few would argue that China’s internet control serves as a model for democratic societies. China squelches online dissent and imprisons many of those who practice it. It blocks foreign news and information, including the website of The New York Times, and promotes homegrown technology companies while banning global services like Facebook and Twitter. At the same time, China anticipated many of the questions now flummoxing governments from the United States to Germany to Indonesia. Where the Russians have turned the internet into a political weapon, China has used it as a shield. In fact, when it comes to technology, China has prospered. It has a booming technology culture. Its internet companies rival Facebook and Amazon in heft. To other countries, China may offer an enticing top-down model that suggests that technology can thrive even under the government’s thumb.

Sen Blumenthal urges Chairman Pai to disavow President Trump tweet

Sen Richard Blumenthal (D-CT) joined the growing number of Democratic lawmakers who are calling on Federal Communications Commission Chairman Ajit Pai to disavow President Donald Trump’s calls to challenge certain media outlets’ broadcast licenses. Sen Blumenthal sent a letter to FCC Chairman Ajit Pai asking him to commit to not infringing on media outlets’ First Amendment rights.

“As FCC Chairman, sworn to uphold both the Constitution and the Communications Act, you have a duty to condemn this attack and reassure our nation and our journalists that you will stand up for them and protect and defend their fundamental freedoms," Sen Blumenthal wrote in a letter. “I ask for your unwavering commitment that you will ensure the First Amendment remains a cornerstone of our democracy and that you will not follow through on this direction from the President."

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