WASHINGTON, May 12 (Sputnik) — Fortune 500 companies are private and public-held corporations grouped by Fortune Magazine and ranked by revenue after adjustments excluding impact excise taxes.
“They [US Fortune 500 companies] have been freed from social constraints,” Obama said.
“Their values have changed. Average Fortune 500 companies don’t have to be great decision-makers.”
Obama explained that corporations alone should not be faulted because US tax and government policy have encouraged an amoral attitude toward US society.
“There’s less of a commitment to those public goods,” Obama said.
Obama concluded that with broad economic trends “turbocharged” by technology and globalization with a 'winner-take-all' mentality continues to allow those with slightly better skills to get more opportunities and more money at the end.