Professor Edward Kane:

I think it is inevitable. That is why I say that what is wrong with the norm of profit maximisation is the leaving out of this important stakeholder which provides equity funding from the calculation of the profits. There could be a firm that is losing money but increasing the value of the guarantee so much that it can report some profits. Maximising that is done by further victimising the taxpayers. This is what I think is wrong. Value maximisation is fine, as long as we count all the suppliers of equity and not just the stockholders.