In 1988 Mario Gabelli issued his Magna Carta of Shareholder Rights. One of its principles was a condemnation of super-majority voting. Now, when he has a publicly traded company (Gamco Investors) he controls, he is using super-majority voting to pay himself 87% of Gamco's net income. This in a year when assets under management were down 10% and profit was basically flat.
This is just another example of the negative news Mr. Gabelli has been making for the past few months.
Where did the idealism of youth go?
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