Coffin... Meet Nail !!! - Can Somebody Here Please Defend THIS ???

[WillyT]

Cause I'd LOVE to hear the argument.

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.

Valerie Jarrett, a senior White House adviser and Obama confidante, is the administration liaison to the Business Roundtable.

An administration spokesperson said that the White House isn't flip-flopping because it has never made proxy access an explicit position it supports. "It was not part of our original financial reform proposals, and we have not taken a position explicitly. We have heard from and understand the various concerns on this critical corporate governance issue from multiple stakeholders including business, investors, labor and others. We are confident that the House and Senate conferees will come to a resolution and deliver a consensus view," said the spokesperson.
Story continues below

But two top administration officials publicly supported proxy access, and the Senate version in particular, at the Council of Institutional Investors annual conference in April. Deputy Secretary of the Treasury Neal Wolin addressed the provision. "The Senate bill will make clear that the SEC has unambiguous authority to issue rules permitting shareholder access to the proxy. We support that proposal. The SEC's rulemaking process will define the precise parameters of proxy access," he said. "But the principle is clear: long-term shareholders meeting reasonable ownership thresholds should have the ability to hold board members accountable by proposing alternatives and making their voices heard."

Valerie Jarrett followed Wolin. "The Senate bill will make it clear that the SEC has unambiguous authority to issue rules permitting shareholders access to the proxy -- essential, as I know you guys know," she said. "We agree that corporate governance means more transparency, more responsibility, more accountability, and once again -- I can't say it too often -- we stand firmly with you on that point."

The statements were heartening to the investors, who were blindsided by the reversal this week.

Link: http://www.huffingtonpost.com/2010/06/17/white-house-guts-reform-t_n_615952.html

Cenk's Take at TYT: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x476860

:wtf:

:banghead:

:puke:

:evilfrown:

[Uzybone]

1. How many times will this be an OP?

Can you add your comments to one of the other existing threads?

[WillyT]

5. Nice Change Of Subject...

But once again, with all the politeness I can muster...

Can you, or somebody... anybody... PLEASE defend this???

Thank you in advance.

:hi:

[muffin1]

7. Just stay put...

there will be lots of people defending it soon. :)

[WillyT]

11. LOL !!! - Yeah, There Defending It By Unreccing This Thread !!!

It's on The Greatest with 5 recs, but here with 3 recs.

Love that time delay!

:rofl:

:hi:

[muffin1]

13. Thanks for the reminder.

I forgot to recommend!:hi:

[Uzybone]

17. no defense . Its sucks

And 5 OPs on the same subject also sucks.

[WillyT]

20. Well... I Aim Ta Suck !!!

:evilgrin:

[Cresent City Kid]

52. I missed the other 5 so thanks for posting this

You ever notice that the republicans cry foul on anything that costs a corporation a dime like worker safety, etc., except CEO pay? What about all the jobs they could create if they settled for millions instead of 10's or 100's of millions? And the White House is okay with it? This bothers me a little more than multiple posts on a topic.

[WillyT]

54. You Are Quite Welcome !!!

And yes, I have noticed that.

:hi:

[girl gone mad]

35. That's sort of like saying..

Losing your Grandmother sucks, but so does losing your car keys.

[William Z. Foster]

61. why?

What is the problem? One thread on a topic makes it easier to bury or disrupt. Many will then miss the story altogether. There are multiple threads on many topics - hundreds on some. Nothing wrong with that. Is the idea to get as much information to as many people as possible and to foster a free and open discussion, or to maintain message discipline and present a certain image to the public?

[bvar22]

26. There is NO defense.

There is only denial, and attack the messenger.

K&R

[DJ13]

2. Theres no defending it without admitting the WH is owned by big business

[johnnie]

4. And it has been for well over 100 years

And anyone who thought it was all going to change in 2 years is in la la land.

[DJ13]

6. No one expected a change, but they did expect less deference to corporations

It has to start somewhere, and thats why people voted for Obama.

[WillyT]

9. It Was PASSED By Both Houses Of Congress...

It was stripped out, and watered down by the White House. We had the change, the WH stopped the change.

"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."

:shrug:

[Poboy]

10. And it is this attitude and admission that things will

need to get much worse, before they get better. This is/was an historic opportunity that the President had the backing of Americans to do. He has caved, colluded, and conspired, against the popular will and intent of the people.

[girl gone mad]

21. The only word I would add to that last sentence..

is "again."

[SammyWinstonJack]

44. Again and again and again.

x(

[Donnachaidh]

23. Welcome to DU Poboy! n/t

[Poboy]

31. Thank you. And yes, 'GGM, "AGAIN!" CEO pay...

"In 1980, the average CEO-to-worker salary ratio was about 30 to one. Now it’s more than 300 to one, and still climbing — this while worker productivity is at an all-time high. "

http://www.eacourier.com/articles/2010/06/17/opinion/letters/doc4c17fe93ee662636301042.txt

[fascisthunter]

8. yup, and it's more obvious now than ever

[LWolf]

3. I can't, and won't, defend this. nt

[pscot]

12. So it's not Rhambo's doing

it's Jarret's. Where oh where does the buck stop.

[Child_Of_Isis]

14. BP Tony would have taken a mighty hit in pay

if it were up to his investors, I would think. They probably want to hang him.

[WillyT]

15. Great Point... It Would Seem The The WH Just Protected The Pay Of People Like...

Tony Hayward.

Just the message we need before the mid-terms... NOT!

:wtf:

[democrank]

16. Oh, wait.......

Is this change we can believe in?

[WillyT]

18. It's Not Change... And Unfortunately, I'm Coming To Believe It...

:shrug:

:beer:

[jillan]

19. The repugs are going after him today, saying what he did to BP is just another example of how this

administration hates corporations and business.

;)

[Rex]

22. Defense? Okay, rich people look out for rich people.

Poor people can go, as Cheney said it, Fuck Themselves. Hey , I didn't say it would be a good defense. Just the truth.

[WillyT]

28. Yep...

Sen. Evan Bayh, D-Ind., who is retiring after this session, and his wife, Susan, are a little better off, showing assets totaling between $2,280,137 and $4,206,095. The figure doesn't accurately reflect the family's true income since it doesn't include the money Susan Bayh earns serving on a reported seven corporate boards, including WellPointe Inc., a health benefits company, and Dyax Corp., a bio-therapeutics firm.

Link: http://www.courierpress.com/news/2010/jun/17/lugars-finances-see-slight-drop/

I'm sure many people in Congress and the WH plan to become board members after they finish with "public service".

:shrug:

[Rex]

29. I don't know when they replaced our democracy with a caste

system, but there it is for all to see.

[Laelth]

24. I have no intention of defending that.

But you will undoubtedly be attacked just for mentioning it.

:dem:

-Laelth

[Catherina]

25. This is indefensible. n/t

[Curmudgeoness]

27. Oh god, I hate when my Dem president screws me.

[izzybeans]

30. The only defensible explanation is a weak one.

Fear of being hammered by republicans during the elections. It's an honored Democratic tradition. Cower in fear of the great negative campaign.

Of course, the flip side of this is the fear of losing large campaign contributions. Obama should know that when he is on the side of the masses, the masses' pennies add up to more than the few's millions. If 75 employees of BP gave him the maximum, you would only need 1900 to make up the difference. And in all likelyhood you'd only lose half of those 75 insider contributions.

If I took a bet, I'd bet on both of these things being true. "You've been Rahmed my man." He may sound tough but he's a weak little panderer at heart. Rahm that is.

[midnight armadillo]

32. We should have supported Kucinich in the primary

Democracy is the theory that the common people know what they want, and deserve to get it good and hard. -H. L. Mencken

[bvar22]

34. We (the vast Majority of DU) DID support Kucinich in the Primary:

[HughMoran]

39. Once again showing

how out of touch DUers are with the Democratic party.

[Lorien]

47. Um, no. Kuncinich won National debate polls as well, but the media treated him like

a non-candidate. If you think that We the American people choose our candidates then you haven't really been paying attention.

[HughMoran]

50. paranoia is no excuse for his inability to get a larger following

I'd be glad to see him become more popular, I'd have no issue supporting him. But I'm not making excuses for the millions of people who just don't have what it takes to be President. Kuch just doesn't seem to have it.

[bvar22]

56. Out of touch with the Democratic Party?

I'll take that as a compliment.
I AM out of touch with today's "Centrist" Anti-LABOR, Anti-Working Class Democratic Party.
I'm still "in touch" with THIS Democratic Party:

"It is our duty now to begin to lay the plans and determine the strategy for the winning of a lasting peace and the establishment of an American standard of living higher than ever before known. We cannot be content, no matter how high that general standard of living may be, if some fraction of our people—whether it be one-third or one-fifth or one-tenth—is ill-fed, ill-clothed, ill-housed, and insecure.

This Republic had its beginning, and grew to its present strength, under the protection of certain inalienable political rights—among them the right of free speech, free press, free worship, trial by jury, freedom from unreasonable searches and seizures. They were our rights to life and liberty.

As our nation has grown in size and stature, however—as our industrial economy expanded—these political rights proved inadequate to assure us equality in the pursuit of happiness.

We have come to a clear realization of the fact that true individual freedom cannot exist without economic security and independence. “Necessitous men are not free men.”<2> People who are hungry and out of a job are the stuff of which dictatorships are made.

In our day these economic truths have become accepted as self-evident. We have accepted, so to speak, a second Bill of Rights under which a new basis of security and prosperity can be established for all—regardless of station, race, or creed.

Among these are:

*The right to a useful and remunerative job in the industries or shops or farms or mines of the nation;

*The right to earn enough to provide adequate food and clothing and recreation;

*The right of every farmer to raise and sell his products at a return which will give him and his family a decent living;

*The right of every businessman, large and small, to trade in an atmosphere of freedom from unfair competition and domination by monopolies at home or abroad;

*The right of every family to a decent home;

*The right to adequate medical care and the opportunity to achieve and enjoy good health;

*The right to adequate protection from the economic fears of old age, sickness, accident, and unemployment;

*The right to a good education.

All of these rights spell security. And after this war is won we must be prepared to move forward, in the implementation of these rights, to new goals of human happiness and well-being.

For unless there is security here at home there cannot be lasting peace in the world." FDR

Those are the principles I will fight for.
I have no desire to further the Anti-Working Class agenda of today's "Centrist" Democrats.
The above poll simply shows that the majority of DUers are much more familiar with the issues, and the history of the Democratic Party.
We are less susceptible to the glossy marketing tactics and pandering to Brand Loyalty over substance being employed by both major parties today.
I will support the candidate who more closely supports the issues I believe are important.
For the great majority of DU, that was Kucinich.
AND....we were right.

"There are forces within the Democratic Party who want us to sound like kinder, gentler Republicans. I want us to compete for that great mass of voters that want a party that will stand up for working Americans, family farmers, and people who haven't felt the benefits of the economic upturn."---Paul Wellstone



"By their works, you will know them."

[WillyT]

57. Bravo bvar22... Bra-Fucking-Vo !!!

:applause::applause::applause:

Who knew... that even with a Democratic Congress, and a Democratic President, some of us would still have to be "underground" as Democrats.

:shrug:

:hi:

[nadinbrzezinski]

33. Well if we do, they will go to other countries

that don't...

YOU ASKED... but I am sure that was the defense.

Oh never mind that many countries DO LIMIT it...

[Prophet 451]

36. It can't be defended

If many aren't bothering to try, I suspect that's because the attitude of "corporations uber alles" has been mandatory in Washington for years.

[WillyT]

37. Morning Kick...

:kick:

[HughMoran]

38. Unrec for 5th posting of this

It's been argued to death here - clearly there's a difference of opinion on the influence of the WH and what their underlying concerns are.

(edit - it's at least the 5th posting)

[WillyT]

40. Funny... I Only Posted It Once, But Thanks For The Kick !!!

:hi:

[WillyT]

41. And... Exactly What Was Your Defense Of This ???

:shrug:

[HughMoran]

43. I'm not defending it

But just keep posting repeatedly the same posts that conveniently support the "there is no option, we must not support Obama and Democrats here - they had their 17 months and I'm done with them." It's a pattern that has become readily apparent. Enjoy your little kicky...

[WillyT]

45. That's Quite An Assumption There...

...support the "there is no option, we must not support Obama and Democrats here - they had their 17 months and I'm done with them."

Are you worried? I'm not.

:shrug:

[bvar22]

59. Some of us actually have jobs, and a life outside of DU.

Some here obviously don't.

[KansDem]

42. "...proxy access, investors could rein in executive salaries."

Wouldn't this be "democracy?" Why shouldn't the investors have a say?

[Lorien]

46. Wow, I don't see a single "ignored" appear among the responses

C'mon Team Obama! Take a break from lighting the candles and incense; let's hear a good defense here!

[Tierra_y_Libertad]

48. The new boss has met the real bosses and decided to play it their way.

[Oilwellian]

49. Hey, c'mon

Haven't you gotten the memo yet? It's been business as usual since Obama took control. It's no surprise to see this happening.

[amborin]

51. More of the same.....K&R

[asdjrocky]

53. Can't defend it, but I can expalin it.

These are friends, they are a club none of us will ever belong to. See, it's like a gangs, and their gang has all the money and guns. No way they are going to take money out of another gang members pockets. Friends don't take from friends.

The first real tip, other than his cabinet picks, was the health care debate. No single payer discussed? No public option? No way they are on our side.

[TheKentuckian]

55. No defense, just desperate spin, lame denial, and threats of the Boogieman

[jp11]

58. You said it in a nutshell.

[ecstatic]

60. I guess I'm in the minority... Let them pay their CEOs whatever BUT

if they fail, they fail. No more bailouts, especially if the CEO etc were getting paid in the millions.

[femrap]

62. Let's face it....

the Corporations say, 'Jump,' and the political minions say, 'How high?'

It's all Kabuki theater anyway you look at it.