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Showing blog posts tagged with Wall Street Reform

Congress Must Defend, Strengthen Wall Street Reform or Risk Return of ‘Casino’ Economy

The AFL-CIO Executive Council urged Congress to stand with the labor movement and President Barack Obama in defending the Dodd–Frank Wall Street Reform and Consumer Protection Act from attacks by Wall Street’s friends in Congress, in a statement released yesterday at its winter meeting in Atlanta. The council also urged new financial industry reforms.

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SEC Uncovers Improper Fees Charged by Leveraged Buyout Funds

Photo courtesy Michael Daddino on Flickr

It seems there is no end to the extremes to which the titans of Wall Street will go to pad their pockets. The latest example came last week when the head of examinations for the U.S. Securities and Exchange Commission revealed that SEC examiners have uncovered rampant fee abuses by leveraged buyout fund (aka ‘private equity’) advisers.

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SEC Rule on CEO Pay Helps Investors Judge Compensation Practices That Affect Performance

Photo by Brandon Rees

Corporations will no longer be able to hide how much CEOs are paid compared to the workers who make those companies run, under a rule proposed today by the U.S. Securities and Exchange Commission (SEC). The rule requires companies to disclose the ratio of total compensation between chief executive officers and the median pay of employees.

That new rule does far more than help point out the historic and growing massive gap between CEO and worker pay. It is an important tool for investors to judge a company’s internal compensation structure, says AFL-CIO President Richard Trumka.

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Romney’s Déjà Vu?

Did watching Mitt Romney in last night’s presidential debate seem familiar? Haven’t we heard it all somewhere before? Yes. Mitt Romney wants to repeat the policies that caused the economic crisis that we are now recovering from because of President Obama's leadership. 

What is it we’ve heard before? Tax cuts for the wealthy. Deregulate Wall Street. Dismantle Medicare. Turn health care over to private insurance companies. Privatize education.

Watch this video for more.  

We did hear one thing new last night. Romney wants to fire Big Bird.

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Romney: 'Limit Teachers Unions' Political Donations.' What About Wall Street’s?

Illustration by Mike Licht,

What’s the difference between corporations and teachers’ unions, according to Mitt Romney? Apparently corporations are “people”—at least in the Citizens United definition—and should be allowed to give unlimited campaign contributions and other political donations, while teachers' unions are evil influence peddlers who buy politicians’ favor and shouldn’t be allowed to give campaign contributions.

That’s what you’ve got to infer from his comments Tuesday to an education forum sponsored by NBC, where he told moderator Brian Williams:

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Trumka: Mass. Senate Race Should Be Decided on Issues, Not Gender

Massachusetts AFL-CIO photo

Massachusetts U.S. Sen. Scott Brown (R) portrays himself as a pickup truck-driving, Boston Bruins jersey-wearing friend of union workers and working families. He paints his opponent in the Senate race, Elizabeth Warren, as a woman who is an elitist college professor. Both points are untrue. 

Today, AFL-CIO President Richard Trumka set the record straight on Brown and Warren in an address in Boston to New England union members and leaders that media and political observers are comparing to his 2008 speech on the role race played in some workers’ opposition to President Obama’s candidacy.

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You Are Now Entering the Mallory Factor Spin Zone

Photo by eyewashdesign A. Giolden/Flickr

After Mallory Factor appeared on "Morning Joe" this morning, Jeff Hauser sends us this report.

What type of person comments on a generation of declining union membership and increasing inequality and blames unions?

What type of person looks back at America’s economy—after decades of deregulation followed by economic bubbles and misery for the 99% of people who work hard for a living—and blames unions?

It takes someone who combines an ear for dishonest public relations spin with a large wallet linked to the continued enrichment of Wall Street tycoons.

Mallory Factor is someone who understands that the banking industry’s bad reputation for destroying the world’s economy requires a diversion, a scapegoat. That he would write a book focusing on blaming unions, rather than his Wall Street peers, is entirely

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