White House Flip Flops On Reining In CEO Pay

[babsbunny]

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

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.

[Captain Hilts]

1. I hope this isn't true. nt

[Better Believe It]

2. Of course it's true. What else would you expect? The financial bill won't amount to beans

[ProSense]

3. Rumor that makes no sense. From the OP piece:

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.

<...>

Frank said that he wasn't certain the White House was involved. "There may be some sense that the White House -- I'll explain it this way: this affects, of course, not just the financial institutions, but all corporations and, yeah, I think there are some people in the White House who think, 'Well, we're fighting the financial institutions, but why fight with some of the others you know, the other corporations?' But all I can do is stand firm in our position, which we're doing. I think there may be some White House influence, but I don't really know. I would ask the Senate. It is interesting that they are reversing their own position," he said.

<...>

Because the conference committee deliberations are televised, a broad range of interested observers were able to watch corporate America gut the reform proposal live. On Thursday, Sen. Chuck Schumer (D-N.Y.) fought back, attempting to amend the language to strike the five percent requirement. It failed; the only Democrats to back Schumer in the vote were Pat Leahy (D-Vt.), Tom Harkin (D-Iowa) and Jack Reed (D-R.I.).

Yeah, why would they reverse their own position?

In fact, this sounds like Ryan Grimm trying to make Schumer out to be a hero, as he tries to do.

[HughMoran]

7. Rumors don't have to make sense and they are true by default

if they are critical of Obama.

[Rosa Luxemburg]

4. They know that they have to stamp on these CEOs

[fascisthunter]

5. pathetic

[Catherina]

6. Color me shocked. Shocked I tell you! n/t

[HughMoran]

8. So you automatically believe everything that criticizes Obama

I've noticed - why is that?

[TheKentuckian]

17. Probably due to the pattern of great deference to"stakeholders"

and reluctance to regulate or second guess "experts" (aka big money lackeys).

[bvar22]

12. Oh LOOKOUT Catherina.

YOU have been "noticed".

The Party Purity Commissar will be paying you a visit.
There is a spot in the re-education camp with your name on it!

[Bluebear]

14. !!

[Catherina]

16. I see the visiting card but all I can see is "Ignored"

Normally I prefer not to use that function but since the catastrophe in the Gulf, I have no patience for *pragmatists*. It hurts too much to put up with games. Those games are a hurtful insult on top of all the pain.

[mix]

9. The Obama administration could give a shit about workers and equity.

And why again should progressives support the White House w/o question?

[metapunditedgy]

10. This crap really frustrates me. The WH should just say, "Screw you, little people."

Can't they see how many problems (from BP on down) result from this crap?

[NutmegYankee]

11. You know - I keep seeing posts like this, but the next day the opposite happens.

How can bloggers be so wrong so often?

[bvar22]

13. You know- I keep seing posts like this, and they turn out to be true...

...despite all those who try to marginalize them.
For instance, "White House makes secret deal with Pharmaceutical Lobbyists."
Boy, THAT one was a regular target of the deniers....until it turned out to be Too True.


Funny how that is, No?

[NutmegYankee]

15. Oh the hilarity!