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The American capitalist system and trust: The case of HP

Some WAISers insist the trust is essential to the US capitalist system. From the heartland of HP territory, we may say on this Good Friday that trust has been crucified. Here is a sample of developments (New York Times, 3/29/02): "Dissident Hewlett-Packard board member Walter B. Hewlett, son of one of the company's co-founders and determined foe of its planned merger with Compaq, has filed a new lawsuit claiming HP's management had used corporate assets to "entice and coerce" Deutsche Bank, a large institutional shareholder, to switch its vote in favor of the merger just before the proxy vote was finalized. The suit claims that "Deutsche Bank was led to understand that if it did not switch its votes to favor the proposed merger, its future business dealings with HP would be jeopardized." (New York Times 29 Mar 2002)

Ronald Hilton - 3/29/02