Begin forwarded message:
From: dasg...@aol.com
Date: March 20, 2009 11:03:25 AM PDT
To: ramille...@aol.com
Cc: ema...@aol.com, j...@aol.com, jim6...@cwnet.com, l...@legitgov.org
Subject: Wall Street Rule by Proxy -- Geithner Picking Fellow Foxes to
Guard the Henhouse
http://tpmmuckraker.talkingpointsmemo.com/2009/03/the_rise_and_fall_of_aigs_financial_products_unit.php
Top Geithner Aide (Mark Patterson) Fought CEO Pay Reform
http://www.motherjones.com/politics/2009/03/geithner-aide-fought-ceo-pay-reform
"In 2007, [Barney] Frank, the chairman of the House financial services
committee, introduced H.R. 1257, the Shareholder Vote on Executive
Compensation Act. The bill required public companies to allow
shareholders to hold nonbinding votes on executive compensation plans...
"Goldman Sachs, for which Patterson was a registered lobbyist from
September 2005 to April 2008, was no fan of "say on pay." Sachs'
chief executive, Lloyd Blankfein, who took home at least $70 million
in 2007, has argued that shareholders are "less sophisticated and have
less understanding" of compensation issues than corporate board
members."
Mark Patterson is now chief of staff to Treasury Secretary Timothy
Geithner!!
The chance of any serious reform in the financial industry would seem
remote as long as Obama keeps the foxes guarding the taxpayer
'henhouse'.
"When Patterson's appointment was announced, good-government groups
grumbled about placing a Wall Street lobbyist in a senior post at
Treasury ... The White House had to grant Patterson a waiver from its
new and strict ethics rules prohibiting lobbyists from obtaining jobs
in areas related to their lobbying work." (http://blogs.cqpolitics.com/davidcorn/
)
Feeling the pinch at the grocery store? Make dinner for $10 or less.
