When things go wrong in corporate America, you can count on someone calling for a shareholder revolt, notes Mark Gimein. But these days, most shares are controlled not by pitchfork-wielding private investors but rather by fund-managers with a taste for high-risk investments. Insulated by the diversity of their portfolios, fund-managers tend not to rein in corporate excesses, but rather to reward and reinforce the very tactics shareholder advocates tend to revile.

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