White House Guts Wall Street Reform To Protect CEO Pay

[avaistheone1]

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. A White House spokesperson did not respond to a request for comment.

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, which didn't return a call requesting comment, is a lobby of corporate CEOS.

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

[DJ13]

1. Does the Chamber of Commerce own the WH?

[avaistheone1]

3. It appears so.

This action is quite damning.

[SunsetDreams]

2. Some anonymous person, it's always that

[avaistheone1]

5. The Deep Throats of the country are extremely valuable to democracy

and the quality of life we experience here.

[SunsetDreams]

6. Because the internets said so, It must be so.

[avaistheone1]

7. Well this article disproves what Obama said is so - must be so.

Why are you active on the internet"s" if you have such difficulty with its credibility?

[SunsetDreams]

8. Fail This article proves NOTHING...an anonymous source?

Please...

[avaistheone1]

9. Yes,

and Watergate never happened...anonymous source you know. :eyes:

The failure is yours to see beyond your obvious biases.

[SunsetDreams]

10. Yes and this is Watergate...

It's quite obvious that all Anonymous sources are Watergate repeated, didn't ya know?

:eyes:

[avaistheone1]

11. Huh?

You are not making sense at all.

[SunsetDreams]

12. oh the irony

:rofl: You really must stop your killing me here.

[avaistheone1]

13. Oh

what irony? It must be a private joke between yourself and yourself. Got it.

Here's your tinfoil hat :tinfoilhat: to defend yourself against your own irony.



:crazy: :crazy: :crazy:


Nothing productive from you. I have you on ignore on this thread.

[SunsetDreams]

14. LOL

no....really.

[polichick]

4. Of course they did - their actions rarely match their rhetoric. nt