Hewlett-Packard shareholders are set to vote March 19 on whether the company should merge with Compaq. It's too bad that other constituencies can't participate in the vote. Many of them also have a lot at stake.

Despite the recent endorsement from the Mutual Fund Advisory Group Institutional Shareholder Services, it still isn't clear how stockholders will vote, but I think it is clear that the deal would be defeated if other constituencies had a say.

With the exception of HP and Compaq stockholders, Wall Street doesn't get to vote, but the market certainly didn't jump for joy when the deal was announced last year. The companies' employees don't get to vote either, but it's pretty clear that the merger isn't in their best interest. Three recent polls found that HP employees oppose the deal by a two-thirds margin. Many complained that Compaq doesn't add enough value to HP. Others expressed lack of confidence in HP's board of directors and top management. And, of course, there was concern about the 15,000 layoffs that are likely to take place if the companies merge.

Computer retailers also don't vote but I can't imagine that many of them are happy about the deal. Most retail stores that sell computers feature two brands of desktop PCs: HP and Compaq. Hewlett Packard's was No. 1 in consumer sales during the fourth quarter of last year followed by—you guessed it—Compaq. Combined, the two companies had better than a 20 percent market share. Dell came in third with 8.9 percent.

Customers, who far outnumber any of the other players, could be a big loser, but they, too, don't get to vote. Normally customers carry a big stick—they can vote with their dollars—but only if given a choice. If this deal goes through, the customers' choices will be limited at the retail level.

Silicon Valley, where Hewlett Packard is based, could also be a loser where the buzz around is certainly against the deal.

HP founders Bill Hewlett and David Packard were beloved by many who knew and worked for them. They built a company that has been known for its humane treatment of employees and creative ways to weather downturns. I doubt very much whether either of the founders would stand for acquiring one's competitor and laying off thousands of employees as a way of dealing with a temporary slump in the tech economy.

While we all can accept that no one lives forever, is it inevitable that the "HP Way" must be buried along with the men who created it?

Commentators and pundits don't get to vote, but if this columnist has his way, HP and Compaq will continue as separate companies. Our economy needs competition and pluralism, and PC buyers need more—not fewer—choices.

For Sound Money, I'm Larry Magid.