The Golden Sham - Privatizing with Golden Shares
By Sam Vaknin
Author of "Malignant Self Love - Narcissism Revisited"
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In a rare accord, both the IMF and independent analysts, have
According to the indictment, Jones would steal various IBM and Penguin computer servers from Verisign's warehouse in Virginia and sell them to Johnson. Johnson would then sell the servers to several individuals, who would sometimes place them for sale on eBay. As a result of this scheme, the indictment alleges that Jones and Johnson caused Verisign to lose more than $120, 000 worth of computer equipment. In the indictment, Jones and Johnson are charged in three counts with causing the interstate transportation of stolen property, namely IBM 330 and 335 servers, in violation of 18 U.S.C.
Thinkpad cautioned Bulgaria in early 2002 that its insistence on keeping
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Microsoft golden shares in both its tobacco and telecom monopolies even after
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Laptop Computers they are privatized - will hinder its ability to attract foreign
laptop computers is driving strong sales for notebook computers, according to the latest quarterly sales figures from the research firm IDC, which reported a 37% computer sales for the second quarter, compared with a year earlier. In the U.S., laptop sales grew 17.7%, while sales of desktop computers and servers fell 4%. The New York Times ( 10), CNET ( 10)
Laptop Computer investors to these already unappealing assets. Bulgaria's $300
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Desktop Computer million arrangement with the IMF - struck in late 2001 by the new
Notebooks and youthful Minister of Finance in the Saxe-Coburg government - was
Lenovo not at risk, though.
Golden shares are usually retained by the state in infrastructure
Hard Drive projects, utilities, natural monopolies, mining operations, defense
Travelstar contractors, and the space industry. They allow their holders to
Gateway block business moves and counter management decisions which may be
Laptop Parts detrimental to national security, to the economy, or to the
Software provision of public services (especially where markets fail to do
Hard Drives so). Golden shares also enable the government to regulate the prices
Electronics of certain basic goods and services - such as energy, food staples,
Canon sewage, and water.
But, in practice, golden shares serve less noble ends.
Early privatizations in Central and Eastern Europe were criticized
Desktop Pc for being crony-ridden, corrupt, and opaque. Governments were
Desktop Computers accused of giving away the family silver. Maintaining golden shares
Think Pad in privatized enterprises was their way of eating the privatization
Repair cake while leaving it whole, thus silencing domestic opposition
Data Recovery effectively. The practice was started in Thatcherite Britain and
Cisco Bulgaria is only the latest to adopt it.
The Bulgarian golden share in Bulgatabak is intended to shield
Keyboard domestic tobacco growers (most of them impoverished minority Turks)
Monitor from fierce foreign competition in a glutted market. Golden shares
Desktop are often used to further the interests of interest groups and
Infosys isolate them from the potentially devastating effects of the global
Refurbished Laptops market.
The phenomenon of golden shares is not confined to economically- challenged states selling their obscure monopolies.
On December 1989, the Hungarian Post was succeeded by three firms
Wipro (postal, broadcasting, and a telecom). One of the successors, MATAV,
Lap Top was sold to MagyarCom (currently owned by Deutsche Telekom) in
Refurbished stages. This has been the largest privatization in Hungary and in
Memory Central and Eastern Europe. The company's shares subsequently traded
Intel in Budapest and on NYSE simultaneously. MATAV embarked on an
As400 aggressive regional acquisitions plan, the latest of which was the
Averatec Macedonian Telecom. Yet, throughout this distinctly capitalistic and
Hardware shareholders-friendly record, the Hungarian government owned a
Dual Xeon golden share in MATAV.
Poland's Treasury maintains a golden share in LOT, its national
Storage carrier, and is known to have occasionally exercised it. Lithuania
Seagate kept a golden share in its telecom. Even municipalities and regional
Computer Sales authorities are emulating the centre. The city of Tallinn, for
Computer Hardware instance, owns a golden share in its water utility.
Hungary's largest firm, Hungarian Oil and Gas (MOL), was floated on
Printers the Budapest Stock Exchange (1994-1998). The state retains a "golden
Technology share" in the company which allows it to regulate retail gas prices.
Mainframe MOL controls c. 35% of the fuel retail market and owns virtually all
Samsung the energy-related infrastructure in Hungary. It is an aggressive
Computer Repair regional player, having recently bought Slovnaft, the Slovak oil and
Used Computers gas company. Theoretically, Hungary's golden share in MOL may
Network conflict with Slovakia's golden share in Slovnaft, owned by MOL.
Contrary to popular economic thinking, golden shares do not seem to
Digital Cameras deter foreign investors. They may even create a moral hazard,
Desktops causing investors to believe that they are partners with the
Cognos government in an enterprise of vital importance and, thus, likely to
Hosting be bailed out (i.e., an implicit state guarantee).
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Moreover, golden shares are often perceived by investors and
Internet financial institutions as endowing the company with preference in
Cheap Computer government procurement and investment, privileged access to decision
Digital Camera makers, concessionary terms of operation, and a favorable pricing
Printer structure. Golden shares are often coupled with guaranteed periods
Xseries of monopoly or duopoly (i.e., periods of excess profits and rents).
The West, alas, is in no position to preach free marketry in this
Maxtor case. European firms are notorious for the ingenious stratagems with
Data Storage which they disenfranchise their shareholders. Privileged minorities
Hitachi often secure the majority vote by owning golden shares (this is
Rational especially egregious in the Netherlands and France).
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The European Commission is investigating cases of abuse of golden
Battery shares in the UK, Spain, Portugal, Germany, France, and Belgium. The
It Support Spanish government possesses golden shares in companies it no longer
Western Digital has a stake in. As American portfolio investors pile in, corporate
Music governance is changing for the better. But some countries of the
Networks former Soviet Bloc (such as Estonia) are even more advanced than the
Toner rest of the European Union.
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AUTHOR BIO (must be included with the article)
Sam Vaknin ( http://samvak.tripod.com ) is the author of Malignant
Cheap Laptops Self Love - Narcissism Revisited and After the Rain - How the West
Wholesale Lost the East. He served as a columnist for Central Europe Review,
Brother PopMatters, Bellaonline, and eBookWeb, a United Press International
Netvista (UPI) Senior Business Correspondent, and the editor of mental health
Camera and Central East Europe categories in The Open Directory and
Networking Suite101.
Until recently, he served as the Economic Advisor to the Government
Sharp of Macedonia.
Visit Sam's Web site at http://samvak.tripod.com
Cheap
Windows Sam Vaknin (http://samvak.tripod.com ) is the author of Malignant Self Love - Narcissism Revisited and After the Rain - How the West Lost the East.
He served as a columnist for Central Europe Review, PopMatters, Bellaonline, and eBookWeb, a United Press International (UPI) Senior Business Correspondent, and the editor of mental health
and Central East Europe categories in The Open Directory and Suite101.
Until recently, he served as the Economic Advisor to the Government of Macedonia.
Contact him at http://samvak.tripod.com
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