A MUST READ: Big Banks, Big Government and Big Labor Equal Big Disaster in Financial Reform – Big Government
Posted May 13, 2010on:
- In: Andy Stern | Big Labor Unions | Communism in America | communist | Economy/Money | Federal Reserve | Financial Industry Reform | national deficit, taxes, national budget | National Politics | Obama admistration | Obamanation | Progressives Movement to Destroy America | SEIU Service Employees International Union
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“As the left goes on demonizing Wall Street and big bankers on one hand, Democratic lawmakers on the other hand are busy making sweetheart backroom deals with them up on Capitol Hill, promoting their legislation to the public as “consumer protection.” But really, such measures are nothing more than payback to the likes of three-way mortgage entitlement partnership stronghold of the Bank of America, Center for Responsible Lending and Fannie Mae.
Meanwhile Democrats and Obama allies like Organizing for America are also using the issue as a shameless fund-raising opportunity.”
“The banks actually SUPPORT this bill – so don’t let that “Main Street Not Wall Street” message fool you, no matter which side of this issue you’re on.”
“Big Labor: Dismantling the Free Market System
Under the American Financial Stability Act of 2010 (S 3217), several provisions tucked away in the bill will give labor bosses unprecedented powers that, especially if abused, could threaten the very structure of our free market system.
- Financial institutions and other covered businesses could be required by law to give labor unions “Proxy Access”, enabling union bosses to potentially abuse the system to force unrelated agenda items, like unionizing the firm’s employees, before the shareholders
- New regulations will control how board of director elections are conducted – at private corporations!
- The SEC would be granted the power to force the names of outside nominees onto the corporate ballot (as reported by Politico) (like Mafia bosses for instance! BB)
- Directors running in an uncontested election would now be required to win a majority of votes cast, rather than only by the current plurality(as reported by Politico)
- Similar rules will also determine whether an individual may serve as both the CEO and Chairman of the Board – at a private corporation!
- Government and labor unions will have “say on pay” for the annual salaries and bonus compensation of executives and other employees. Essentially, like Obama himself, they can determine at what point “someone has made enough money””
- (It has never been a secret that the Mafia controls the labor unions (see wikipedia!) so what this bill is doing is insuring that the Mafia bosses also control our financial institution by having their own people on the Boards. Big Labor will bleed the people dry I promise you. BB)
“I don’t think anyone’s against shareholders having their proper say and representation in the corporate management process. But that’s not really what’s behind these pieces of the legislation. We’ve seen how today’s labor bosses are abusing their powers and using the shareholder resolution as a hostage weapon to bully corporations into unionization and special union concessions. Just read my prior post, “SEIU’s Secret Weapon: If Obama’s Plan Fails, Brandish the Shareholder Resolution” for a taste of that tactic.”
“For weeks now, Ive been searching for the resources to help me describe this threat in simple terms, and just as fate would have it, my friend Peter List over at LaborUnionReport and RedState pens the perfect post describing this with clarity and precision, in his post titled “Changing America Forever: Behind the AFL-CIO’s Push for Financial Reform.” (A MUST READ)
Big Government: Power, Control and Everlasting Entitlements
- A new agency, the Consumer Financial Protection Agency, or CFPA, would serve as massive bureaucracy that would control everything from defining the types of loans consumers may be permitted to purchase, to expanding redlining provisions and subsequent mortgage entitlement programs. (And let’s not forget that the head of this agency would be Eric Stein, who ran the Center for Responsible Lending, and before that worked at Fannie Mae)
- The CFPA’s authority goes far beyond banks or financial institutions. This new bureaucracy would have the power to regulate hundreds of thousands of businesses. Examples of small businesses that would be subject to CFPA oversight (as outlined by the US Chamber of Commerce):
- A nonprofit organization that provides financial literacy education
- A software company that creates products to help consumers manage their money
- An advertising company that provides services relating to financial products
- Utilities companies, retailers and even doctors that extend credit to their customers.
- The Consumer Financial Protection Agency, or CFPA, created in the bill would be housed within the Federal Reserve, an already secretive and unchecked force of power in our financial system that insists on going unaudited
- A government agency will have unlimited executive bailout authority, including the power to pick and choose which companies are saved and which are left to fail. This creates serious potential for abuse, as private corporations could literally live or die based upon political decisions
- This bill contains the same language used by groups like the Center for Responsible Lending in the redlining laws and changes to the Community Reinvestment Act in 1995 for special research centers and programs “that promote awareness and understanding of the access of individuals and communities to financial services, and to identify business and community development needs and opportunities”
“Big Banks: Empowered by Big Government, Become Big BrotherFinally, in order to justify all these entitlement programs, all this forced unionization, all this takeover of private companies’ boards of directors, the government needs research. Not to worry, the bill creates vehicles for that, like the “Office of Financial Research” and a national database for the collection of your personal bank account and loan information, and various deposit account data.
Fannie Mae and Bank of America will be so thrilled when this passes the Senate (as will ACORN and SEIU). Thanks, of course, to years of lobbying by organizations like the Center for Responsible Lending. After all, they pioneered the use of banking research to mandate mortgage entitlements. Just imagine all the new entitlements that will be created once they can analyze all of that *new* banking information and data on what we’re purchasing. Someone will find some injustice somewhere in there. You can count on that.
If you haven’t been as interested in all the complex language about things like financial derivatives and credit default swaps in this bill, then all of this above should be plenty for you to be concerned about.