Elaine Chao, 5/28/04: "Today’s CEO is a steward of the public trust"

[Bush_Eats_Beef]

http://www.dol.gov/opa/media/press/opa/OPA2004990.htm

"Secretary of Labor Elaine L. Chao Warns CEOs to Pay Attention to Fiduciary Responsibilities under ERISA
Labor Secretary addresses Chief Executive Leadership Institute at Yale University"

"NEW HAVEN, Conn.—Secretary of Labor Elaine L. Chao today addressed a gathering of corporate and community leaders at the 49th CEO Summit of the Chief Executive Leadership Institute of the Yale School of Management, alerting them to the importance of their responsibilities as fiduciaries of pension plans. The conference was held at the Yale Law School.

“Today’s CEO is a steward of the public trust” said U.S. Secretary of Labor Elaine L. Chao. “The time has come to move the focus of pension plan governance out of the Human Resource Department and beyond compliance with tax laws. The executive suite needs to focus on pension plan governance itself, especially the responsibility and liability of pension plan fiduciaries."

OK, repeat after me: "to-ga, to-ga, TO-GA..."



...and let's not forget that other fine steward of the public trust, Kenny Boy:

[Career Prole]

1. I can't stand that woman (or her husband)...

...and how the hell did she get Labor?
Oh. Yeah. Shrub. :angry:

[Norquist Nemesis]

2. She's right.

But she ain't going to do a damned thing to MAKE them do it OR make them ACCOUNTABLE for this responsibility. (Yes, I'm yelling!) Talk is cheap Laney.

[laura888]

3. Bingo. CEOs will act as they please...

...unless they are punished.

[Bush_Eats_Beef]

4. Absolutely, she is right, and that's the issue...

...she's clicking her ruby red slippers together and thinking it's going to take her back to Kansas.

What part of "Kozlowski used shareholders' funds to buy a cherub ice sculpture that pissed vodka for his mistress" does Ms. Chao not understand?

[alvis]

5. Yeah, Kenny Boy certainly is a bastion of public trust n/t

[DBoon]

6. "Today's Wolf is a Vegetarian"

n/t

[Solon]

7. I never understood the trust implicit in American Psych...

in Corporations, at least American ones. I mean, if you look at how 99% of them are stuctured, they are mini-dictatorships, even if only economic ones. The CEO(Dictator) is only answerable to his shareholders(Cabal/Party) and the Board of Directors(Ministers/Cabinet). With the exception of power and some oversight they have to endure, what is the difference between a modern corporation and the old USSR?

[leftyandproud]

8. difference..

corporations are created voluntarily by investors...and the only way they survive is through trade and free exchange...they can't put a gun to your head and force you to buy what they create. Government has the power of pure coercion...corporations have influence, but not the legal right to steal from you...or force you to work for them (slavery, army draft, etc)