Pennington here is engaging in a nice spot of public reasoning, voicing a partial justification for exit-based institutions.

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Reasoning together, in public, through a question of political philosophy is something that Professor Sandel, a political philosopher, will be able to have great influence over.

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Under this reasoning, if the public had known that they would be choosing the people who will pick the next chief, they would have turned out in droves.

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One huge problem with this line of reasoning is that the financial advisers that public pensions rely upon for education and advice are, more-often-than-not, conflicted and lead pensions down treacherous paths that guarantee only greater fees to themselves.

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Having failed to make the strategy work at Sears, he carried it over into Dean Witter's merger with Morgan Stanley, reasoning that linking the underwriting of securities with their sale to the public had to have some value.

ECONOMIST: UnfulPhilled