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Posts Tagged ‘Shareholder Protection Act’

Today’s flickr photo

 

Pollution almost looks pretty in Washington state. Flickr photo by United Nations Photo.

 

If you read one thing today . . .

Greg Sargent at The Plum Line wonders when the nation’s crack political reporters are going to start fact-checking the outrageous claims coming out of Republican kingmaker Karl Rove’s mouth. Don’t get us wrong, there’s some good political reporting going on this election season but, come on folks, giving Rove a free pass in the name of “balance” is just lazy reporting. Unfortunately, a lot of Rove’s outright lies are bouncing around the Internet’s echo chamber where they are quickly becoming conservative talking points. Sargent writes:

Karl Rove, who co-founded two big spending groups, and others behind the huge conservative ad buys, have repeatedly claimed in recent days that their spending is comparable to anonymous spending from the left. These claims are serious distortions at best and demonstrable falsehoods at worst. But no one seems to care. While it’s understandable that White House claims would draw more scrutiny, Rove is a hugely influential figure this year, helping raise and spend tens of millions to swing the elections.

Overheard:

The Shareholder Protection Act, which would give shareholders a say in how their boards spend money in political campaigns, is stalled in the U.S. House of Representatives and hasn’t gone anywhere in the U.S. Senate. Want to know why we need it? Just ask these News Corps. shareholders who aren’t happy that Rupert Murdoch’s company gave matching $1 million donations to the U.S. Chamber of Commerce and the Republican Governors Association. According to The Caucus blog in the NYT, The Nathan Cummings Foundation wrote:

“The apparent lack of a strategic rationale for News Corp. raises very serious concerns for shareholders as to whether Mr. Murdoch and the rest of the News Corp. Board of Directors are truly taking shareholder interests into account when they approve political payments made with shareholders’ assets.”

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Stunning Statistics of the Week:

Amount the U.S. Chamber of Commerce spent on lobbying in 2009: $120 million

Amount Chamber spent daily to defeat health care reform in the weeks before its passage: $800,000

Amount Chamber plans to spend to influence the fall congressional elections: $50 million

Senate Republicans block DISCLOSE Act; Public Citizen urges reconsideration

Last week in the U.S. Senate, partisan politics prevailed over the public interest as all (more…)

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Today, the House Financial Services Committee approved the Shareholder Protection Act (H.R. 4790), sponsored by Rep. Michael Capuano (D-Mass.) and 49 co-sponsors, clearing the way to send the measure to the House floor. Chairman Barney Frank’s (D-Mass.) strong support for the bill was instrumental in moving it forward. Public Citizen applauds the leadership of Reps. Capuano and Frank on this measure and strongly encourages the full chamber to take up the measure as soon as practical and ratify this desperately needed legislation.

Following the Supreme Court’s disastrous Citizens United decision earlier this year, corporations may now spend unlimited amounts on elections. This new spending in politics allows corporations to tap directly into corporate treasury funds without any accounting to shareholders on how the spending decisions are made. (more…)

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