"Our progressive and scheming civilization has developed new forms of speculation and new organizations to give power to capital. Corporations have already become more formidable than the government. Law has clothed them with artificial power without placing proper restriction on its selfish and unjust exercise. There is not adequate security against the frauds they perpetrate. Aggregated capital is managed by boards of directors or trustees whose first business is to advance their own individual interests, and then, so far as consistent with it, the interests of the stockholders."
William Phillips: Labor, Land and Law: A Search for the Missing Wealth of the Working Poor (1886), p. 23