One hundred and thirty-two years separate the Pullman boardroom from the Klarna boardroom. The math is identical: wages bend, dividends hold.
That's not human nature. It's three contracts no worker ever signs. This video opens the structure: the unwritten 1894 fiduciary norm, the modern bond covenant, executive equity vesting against an index, and the activist Schedule 13D, as four institutionalized expressions of the same lock. And it names which of the three modern contracts is the structural leverage point: the one a single board can change on a single Tuesday.
Related reading, different angle on the same subject: the Pullman essay