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Okay -- it's their money, so I am not especially shocked that members of the Sulzberger family, that owns the New York Times, is taking its assets away from Morgan Stanley. After all, Morgan investment manager Hassan Elmasry has been very vocal in opposing the family's domination of voting control at the Times Company.

What's more surprising is the reaction from the ranks of the goody-goods who make it their business to monitor "corporate governance" -- usually falling all over themselves to promote some notion of "shareholder democracy," which is blatantly flouted by the Sulzbergers. Here's Nell Minow, the queen of the corporate governance harpies, on the situation between the Sulzbergers and Morgan Stanley:

I can certainly understand why the family would believe that they no longer had a relationship of trust with Morgan Stanley... It points up the problems inherent in multifunction financial services organizations."

Huh? You mean it says nothing about the evils of a single family that has majority control over a great publication even though its share holdings represent a minority of the company's equity capitalization? I guess there can be an exception for a Left-biased anti-business newspaper, whose business section reads like a "true crime" supplement incriminating America's executive class -- and shrilly arguing for "shareholder democracy," whatever that is," as long as it doesn't apply to the Times itself. Thanks to reader Gordon Haave for the link.

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