People complain all the time about public companies with dual-class share structures that allow one person to keep voting control even without majority economic ownership, and I mostly shrug. (I shrugged as recently as yesterday, about Facebook.) Those companies generally went public that way. The founder-controller went out to investors and said, look, here is the deal: You will give me money, and I will do stuff with it, and you won’t get much of a say, but I’m a great guy, aren’t I? And the investors said, sure, sounds good. So what is the problem? Willing buyers, willing sellers, full disclosure, negotiated deals. Sure we have many years of experience with the default rule that public companies should be run along one-share-one-vote lines, and that mostly works pretty well, but in this modern world of financial innovation there is no reason to force every company into the old defaults.