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October 18, 2011 08:05 pm

Investors Campaign To Oust Murdochs From News Corp

Hugh Pickens writes "Alan Mutter writes that the California Public Employees Retirement System, the nation's largest pension fund, has become the latest investor to say it would vote against the re-election of Rupert Murdoch and his sons to the company's board of directors, joining several other institutional investors opposed to the tenure of not only the Murdoch trio but also most of the rest of the leader's hand-picked board. 'The company appears to have devolved into a free-wheeling, cut-throat and paranoid culture that reached its logical conclusion in the phone-hacking scandal at The News of the World, where deceit and naked ambition trumped common decency, good judgment and even simple compliance with the law,' writes Mutter... Further proof of the anything-goes atmosphere at News Corp was supplied last week when the Guardian reported that ... the European edition of the Wall Street Journal evidently sold access to its news columns and created back-channel payment networks to lift the otherwise sagging circulation of the paper... 'It's not clear whether the outside shareholders have the votes to change anything at a corporation where Murdoch effectively controls 40% of the shares,' concludes Mutter, 'But adult supervision most certainly is in order, because News Corp. seems to be operating with only the sketchiest of business plans and no effective executive oversight of his many far-flung initiatives. '"

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