LA Times - Facebook shareholders are wedded to the whims of Mark Zuckerberg

http://mobile.latimes.com/p.p?m=b&a=rp&id=2144687&postId=2144687&postUserId=7&sessionToken=&catId=6220&curAbsIndex=1&resultsUrl=DID%3D6%26DFCL%3D1000%26DSB%3Drank%2523desc%26DBFQ%3DuserId%253A7%26DL.w%3D%26DL.d%3D10%26DQ%3DsectionId%253A6220%26DPS%3D0%26DPL%3D3

" The 28-year-old company founder is today one of the most deeply-entrenched chief executives in American business. Thanks to a two-class stock structure, Zuckerberg will own about 28% of Facebook but control 57% of all shareholder votes. To put it simply, he can do whatever he wants with Facebook, and you, the shareholder, don't have a say — not even if you team up with every other outside shareholder in the company. You can't veto a decision or vote down his choice of board members.

At heart, these arrangements are expressions of contempt for the very principle of taking a company public. Facebook didn't have to go public to raise money, of which it had plenty in the bank. It was pushed into doing so by federal law, which mandates public financial disclosures once shares in a company become distributed to a large enough insider group. Zuckerberg was indisputable king of Facebook the private company; so why should anything change for Facebook the public corporation?"
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