. >> rose: we conclude this stephen pearlstein on the subject of maximizing shareholder value. >> that is what we think and people think that it is in the law and tha that it is in the ne of corporations but that is actually not true. it is not in the history of corporations, it is not in the law, it is something that came to be really in the late 19, late 1980s, corporations can exist for any purpose, and lynn stout who has been studying this issue has been looking for even one corporation whose charter says our purpose is to maximize values to shareholders. >> rose: brzezinski, pain and pearlstein when we continue. >> funding for charlie rose is provided by the following. >> i have been around long enough to get confused the people out there owning it, the ones getting involved and staying engaged. they are not afraid to question the path they are on. because one question they never want to ask is, how did i end up here? i started swab for those people, those who want to take control of their investments like every other aspects of their lives. >> rose: additional funding provided by

. >> stephen pearlstein is here.e is a business and economics columnist for the "washington post." in 2008, he received a pulitzer prize for columns anticipating and explaining the global financial crisis. in 2011, he became a robinson professor at george mason university. last month, he published a paper with the brookings institution, it takes on the ambitious task to deconstruct what has become a prevailing idea in free market capitalism, "the pursuit of maximizing shareholder value." he writes in the recent history of bad ideas, few have had a more pernicious effect than the one that corporations should be managed to maximize shareholder value. i am pleased to have steve pearlstein back at this table, welcome. >> it is great to be back, charlie >> you like this teaching thing. >> i do. it is nice. you know, you get to be a 60-year-old and you say, i have one more act in me, and so teaching is a good last act. >> it is never bad to hang around young people is my attitude. >> no, no. that's right. >> so tell me abo