The fair market value necessarily implies a willing buyer and a willing seller. Proxy rules today substantially limit shareholder ability to nominate independent board members. Actually, a more reasonable example (though still imperfect) is the election cycle and, hopefully, the expected outcome this November.
Look at Fannie and Freddie, arguably one of the most corrupt examples of free market corporate governance.
The fair market theory is an excellent theoretical construct, but there are few if any examples of the free market in large corporate governance.
Lastly, the blame does not lie exclusively with the liberal and democrats (though I dislike and distrust them intensely). Republicans are as much to blame for market distorting tax codes as anyone else. In fact, they cloak themselves in moral superiority while continuing to play the game with their buds. Let's see if the Republicans gain one or both houses if they live up to moral principles or if they squander their mandate...again.
RE: Look at Fannie and Freddie, arguably one of the most corrupt examples of free market corporate governance.
I tended to agree with you ... but Fannie and Freddie for me should NOT be included as Private companies in the same manner as say, GE or Microsoft.
They were and still are IN EFFECT, government companies despite the impression they want people to have.