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Post by agito on Jun 19, 2010 12:12:47 GMT -6
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Post by jeffolie on Jun 19, 2010 13:52:56 GMT -6
I feel bad for UnLC.
American Austerity NOW is in progress.
Fairness has no part in this. Politics is a slimeball process. Only the bribing, corporate FIRE industries are at the head of the line to get public money while the poorest and lowest voting groups have no place in line now that American Austerity NOW is in progress.
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Post by jeffolie on Jun 19, 2010 14:22:33 GMT -6
from the Huffington Post: White House Flip Flops On Reining In CEO Pay The White House is intervening at the last minute to come to the defense of multinational corporations in the unfolding conference committee negotiations over Wall Street reform. A measure that had been generally agreed to by both the House and Senate, which would have affirmed the SEC's authority to allow investors to have proxy access to the corporate decision-making process, was stripped by the Senate in conference committee votes on Wednesday and Thursday. Five sources with knowledge of the situation said the White House pushed for the measure to be stripped at the behest of the Business Roundtable. The sources -- congressional aides as well as outside advocates -- requested anonymity for fear of White House reprisal. The White House move pits the administration against House Speaker Nancy Pelosi (D-Calif.), who told Barney Frank (D-Mass.) to stand strong against the effort. "I met with the Speaker today and she said, 'Don't back down. I'll back you up,'" Frank, the lead House conferee, told HuffPost. "Maxine Waters is very upset, as are CalPERS and others." Advocates said that the corporations fought the issue primarily over executive compensation concerns. Given proxy access, investors could rein in executive salaries. The Business Roundtable is a lobby of corporate CEOs. Yes, BP would be a natural member of the Business Roundtable. The fishermen and tourist operators on the Gulf Coast would not. If I've said it once, I must have said it a thousand times: there will be no economic recovery in the US, and neither will there be any meaningful reform, whether financial or political, as long as the final say rests with those who have the most money. They've gotten where they are through, and because of, the system as it is, and they will successfully resist any significant changes that would hurt their interests. That's the light in which to view for instance Obama's bizarrely numb Oval Office speech, and that’s why the White House deems it necessary to intervene on Capitol Hill on behalf of its friends and masters in the Business Roundtable. It’s not a pretty picture that you get to see when you peer behind the curtain of spin, is it? theautomaticearth.blogspot.com/
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