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The argument against this being the sole purpose of a company is that it is not a true mission statement--it should also include customer service, integrity, value or benefit of the product and whatever it is offering for these profits. In the 1990's and even now, some investors (e.g.Icann, Bain) bought companies with the sole purpose of "monetizing" them by selling off unprofitable portions and reorganizing the rest. This made a lot of money for them and there is some discussion in the news and literature about whether this causes the rest of the company to go under or not, since the profits of selling usually do not go to the cash coffers of the remaining portion. In the last year or so, there have been instances of investors taking over the boards (e.g. JC Penney) with various success. So, yes, this saying may be fine for the investors, but as far as creating value for the workers and customers of the company, not so good.

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