People need to preach importance of unions

PHOENIX -- Lawmakers and activists let the thousands of Netroots Nation conference attendees know last week that workers have the power. They just need to harness it.

Sen. Elizabeth Warren at Netroots conference.

In keynote addresses and smaller panel discussions, speakers shared stories about the successes and failures in trying to embolden a movement that puts the people above the powerful. They let it be known that it wouldn't be easy, but it is necessary to take this country back from corporate rule.

Sen. Elizabeth Warren (D-Mass.) brought conventioneers to their feet by repeatedly stating that issues such as income inequality, retirement security, financial reform and student loan debt are ranked as important ones by the public, even if they are too-often ignored by many on Capitol Hill.

"On these key economic issues, these economic issues that will shape the country, America is progressive. But insider Washington can't hear you; it turns its back. So it's on us to show what we believe in and fight for those values you believe in."

She also noted the importance that unions have in creating a solid middle class. Warren said the decline in income for hardworking Americans can be directly linked to undermining of the labor movement in the U.S.

The senator's thoughts echoed those of participants on a panel looking at how unions can provide solutions to the nation's current economic shortcomings. Several of them noted that a growth in union membership is essential to making a dent in income inequality.

Rep. Raul Grijalva (D-Ariz.) noted workers are currently pitted against a big business-dominated system that is doing everything it can to stop organizing nationwide.

"This has been a very deliberate, long-run effort of corporate America primarily and government to strip away the ability of unions to organize."

To change that, union advocates need to reframe the discussion, panelists said. That means explaining to Americans that a union contract is the best way to raise wages, ensure a secure retirement and receive paid leave for vacation as well as sick time.

Neera Tanden, president of the Center for American Progress, also said pro-worker activists need expand on how better-paid workers would help boost the U.S. economy overall.

"When wages are stagnant in this country, consumption drags and growth drags. It's not the most complicated argument in the world, but we need to make it over and over."

Ex-Citigroup CEO sides with Teamsters on banking reform

The Teamsters have long called for financial reform. Now a retired Citigroup chief executive who was once one of Wall Street’s biggest proponents of the creation of mega-banks has seen the light. John Reed, who led Citigroup from 1984 to 2000 and then served as the head of the New York Stock Exchange, now says banking rules need to be changed to avoid another economic crash.

Well, better late than never.

Reed led Citigroup -- one of the nation’s largest banks -- when it was ramping up in size. He pushed for a repeal of the Glass-Steagall Act when Citi wanted to dabble in both investment and commercial banking, which was barred under the law. So in 1999 he and his big banking friends got it changed. But he now says the current business model is broken and the law needs to be reinstated.

Sens. Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Angus King (I-Maine) and Maria Cantwell (D-Wash.) introduced an updated version of Glass-Steagall in July that attempts to rein in the financial chaos of Wall Street.  It would require banks that accept federally insured deposits to focus on traditional lending and not engage in more risky securities trading. But now the lawmakers need to move the process forward.

The current law allows banks to gamble customers’ hard-earned dollars in shady dealings like the creation of derivatives that puts workers’ money at risk.

While filing legislation that would prevent many of the financial failings that led to the bank bailouts is a good first step, a bill alone isn’t enough. Congress must take action now. Failing to do so will ensure a repeat of the financial meltdown of 2008.

Stay tuned...

Today's Teamster News 05.18.13

In Peru, Talks Resume for New Asia, Americas, Oceania Trade Pact  Wall Street Journal   ...Another round of talks aimed at reaching an agreement on an enormous new trading bloc linking nations from Asia, the Americas and Oceania officially kicked off Wednesday in Lima...
LIVE FROM LIMA: Our Health, Environment, and Rights are Not Negotiable!  Public Citizen   ...Several Peruvian organizations have joined together to launch the No Negociable! (Not Negotiable!) campaign to highlight the grave threats that the TPP poses to Internet freedom, the environment, workers' rights, and public health...
Probe begins in commuter train collision  USA Today   ...60 people were transported to hospitals and five people were hurt critically, one very critically, Friday night near Bridgeport, Conn., after a commuter train derailed and was hit by another train...
Malaria and HIV Spike as Greece Cuts Healthcare Spending  The Atlantic   ..."Greece is an example of perhaps the worst case of austerity leading to public health disasters...
Senator wants U.S. in oil price-fixing probe  USA Today   ...The request from Sen. Ron Wyden, D-Ore., came after European Union investigators this week raided the offices of global energy giants BP, Royal Dutch Shell and Statoil. The anti-trust probe is examining whether the companies manipulated oil prices by making false reports to Platts, an energy industry data service owned by McGraw Hill Financial...
Elizabeth Warren Slams ‘Dangerous’ Legislation That Would Weaken Wall Street Reform  ThinkProgress   ...A week after a bipartisan group of lawmakers on the House Financial Services Committee overwhelmingly approved a rollback of certain financial reforms contained in the Dodd-Frank Wall Street Reform Act, one of the Senate’s biggest consumer advocates is pushing back...
Protesters decry possible sale of Orlando Sentinel to Koch brothers  Orlando Sentinel   ...About 40 people gathered in front of the Orlando Sentinel building Thursday evening to protest a rumored sale of the newspaper to billionaire businessmen Charles and David Koch...
Payrolls Increased in 30 U.S. States in April, Led by Texas  Bloomberg   ...Texas led the gains in payrolls, adding 33,100 jobs last month, followed by New York andFlorida, according to figures released today in Washington by the Labor Department. California, New York and South Carolina were among states with the biggest decreases in joblessness...
Wisconsin sees biggest monthly job loss since 2009  The Cap Times   ...the Department of Workforce Development on Thursday quietly released the latest federal figures showing the state losing 22,000 jobs in April...
What You Should Know About the Philly Student Walkout  The Nation   ...Running a massive deficit of hundreds of millions of dollars, Philadelphia’s school system is planning to eliminate all sports, extracurricular activities, counselors and libraries—beyond which, for schools eviscerated by austerity politics, there’s not much left to lose...
Oklahoma workers' compensation measure signed into law  The Oklahoman   ... It also allows businesses to opt out of the workers' compensation system as long as they provide equivalent benefits to injured workers...
Ohio Republicans Push Law To Penalize Colleges For Helping Students Vote  Talking Points Memo   ...Republicans in the Ohio Legislature are pushing a plan that could cost the state’s public universities millions of dollars if they provide students with documents to help them register to vote...
Democrats Demand Revenues Go To Schools, Families, Cities  Michigan House Democrats   ...House Democratic Leader Tim Greimel (D-Auburn Hills) and state Representative Rashida H Tlaib(D-Detroit), Democratic vice chairwoman of the House Appropriations Committee, said today the House Republicans and Gov. Rick Snyder should be using the increased revenues the state will take in this year to increase funding for schools, help Michigan’s middle-class families and help cash-strapped cities provide services such as police and fire protection...
EDITORIAL: Buy American steel for federal projects  NWI Times   ...U.S. Rep. Pete Visclosky's legistion requiring the federal government to use U.S.-made steel for public projects makes sense...
Teamsters Applaud Senate Labor Committee Vote To Approve Perez Nomination  IBT   ...Teamsters General President Jim Hoffa expressed his hope that the Senate would move quickly to confirm Perez’s nomination...

Today's Teamster News 09.26.12

QE3 = Jobs for Wall St  zero hedge   ...QE3 was basically a program for the Federal Reserve to give money to the banks until Beethoven writes his 10th Symphony. There is no connection to employment whatsoever...
Bacon, pork shortage 'now unavoidable,' industry group says  Los Angeles Times   ..."a world shortage of pork and bacon next year is now unavoidable," according to an industry trade group. Blame the drought conditions that blazed through the corn and soybean crop this year...
IMF says risks remain in financial system as US investors take fright  Guardian   ...A Federal Reserve official's scepticism about the US central bank's efforts to stem the financial crisis alarmed Wall Street on Tuesday, as the International Monetary Fund warned that the global financial system remains as risky as it was before the credit crisis...
Lang says Packers discussed extreme measures on flight home  NBC Sports   ...during the flight home from Seattle, the players discussed the possibility of going on strike — or simply taking a knee on every offensive snap — until the lockout of the officials ends...
Teamsters union rallies to keep jobs intact  Hernando Today   ...some members of Teamsters Local 79 were outside protesting recent personnel decisions. Union steward Dan Oliver expected many of the unionized employees to walk around the building expressing their displeasure over human resources, which he said is engaged in rewriting many of the county personnel job titles and forcing those employees to reapply for their jobs at lower pay scales...
Waste Management to pay $1.24M in settlement over garbage strike  Seattle Times   ...The longest garbage strike in Seattle history has resulted in rebates to customers whose trash wasn't collected, sometimes for as long as 12 days...

Today's Teamster News 09.24.12

Suicide is now the cause of injury-related death in America, and the economy may be to blame  Washington Monthly   ...An extremely disturbing new study published in the American Journal of Public Health finds that suicides have replaced car accidents as the leading cause of injury-related death in the U.S...
Foxconn China plant closed after clash involving 2,000  Reuters   ...Taiwan's Foxconn Technology Group, which assembles Apple's iPhones and makes components for top global electronics companies, closed a plant in northern China on Monday after about 2,000 workers staged a riot at a company dormitory...
400 Richest Americans Saw Wealth Grow 13 Percent To $1.7 Trillion  ThinkProgress   ...At the same time that their collective wealth hits new heights, the tax rate for the Forbes 400 has remained low, thanks to the high-income Bush tax cuts, which slashed the rate on investments and capital gains...
Wall Street Rolling Back Another Key Piece of Financial Reform  Rolling Stone   ...if you’re underwriting a municipal bond for a city or a town, and you happen also to give the city or town advice about some deadly swap deal that will put the city into bankruptcy for the next thousand years, you don’t have a fiduciary responsibility to that city or town...
Unions Seek To Entrench Power In Michigan Initiatives  Investors Business Daily   ...The unions seek to bring home health workers under their wing, keep emergency managers of local governments from changing union contracts, and make collective bargaining a constitutional right...
Nick A. Pico, 70, member, business agent of Teamsters  Philadelphia Inquirer   ...Nick A. Pico, 70, of Richboro, a longtime member and business agent of Teamsters Local 107 and a tireless pursuer of self-improvement, died of lung cancer on Thursday, Sept. 20, at St. Mary Medical Center in Langhorne...

Today's Teamster News 07.29.12

Job Study Tells a Terrible Tale for U.S. Workers  Instapopulist   ...One the most damning findings is how many people middle aged are lasting in a job. When late baby boomers were in their 40's, a third of them had jobs which didn't last a year and almost 70% of 'em were out of a job in less than five years...
Fed Governor Speaks Out For Stronger Rules  The Baseline Scenario   ...A powerful new voice for financial reform emerged this week – Sarah Bloom Raskin, a governor of the Federal Reserve System. In a speech on Tuesday, she laid out a clear and compelling vision for why the financial system should focus on providing old-fashioned but essential intermediation between savers and borrowers in the nonfinancial sector...
German Solar Companies Also Bring Trade Complaint Against China  Trade Reform   ...Oil-backed Republicans are fighting our solar industry tooth-and-nail, complaining that the Obama administration attempted to foster an alternative-energy industry that could bring us a share of millions of new jobs and trillions of dollars...
"Voluntary" Work Program Run in Private Detention Centers Pays Detained Immigrants $1 a Day  Truthout   ...In private prisons around the country, immigrants languishing in detention centers are being put to work by profit-making companies like the Corrections Corporation of America (CCA) for far below the minimum wage. For doing a range of manual labor in the facility, the immigrants, many of whom are not legally permitted to work in the United States, are paid between $1-$3 a day...
The Corporate Rot Eats Away at Wisconsin  The Progressive   ...The corporate coup d’etat in Wisconsin is harder to ignore since June 5 when Scott Walker was deemed winner of the recall election...
Garbage strike enters day 4  kirotv.com   ...Strikers are refusing to put down their signs until Waste Management resumes negotiations, but the company said it won’t happen until the picket lines come down...

Today's Teamster News 07.03.12

Manufacturing In U.S. Unexpectedly Contracted In June  Bloomberg   ...Manufacturing in the U.S. unexpectedly shrank in June for the first time since the economy emerged from the recession three years ago, indicating a mainstay of the expansion may be faltering...
Poor Land in Jail as Companies Add Huge Fees for Probation  New York Times   ...it is...about the mushrooming of fines and fees levied by money-starved towns across the country and the for-profit businesses that administer the system. The result is that growing numbers of poor people, like Ms. Ray, are ending up jailed and in debt for minor infractions...
Two years later, many of Dodd-Frank's rules remain unwritten, report finds  The Hill   ...Years after Dodd-Frank was signed into law, it remains a contentious topic both on Capitol Hill and Wall Street. Banks and financial institutions have mounted intense lobbying efforts to sway regulators or delay rules on key provisions of the law...
Allegiant Air could face third union battle in less than two years  Las Vegas Review-Journal   ...Las Vegas-based Allegiant Air's pilots have filed for an election to be represented by the International Brotherhood of Teamsters...
Teamsters Request End To Mediation for Republic Pilot Negotiations  IBT   ...Today the Airline Division of the International Brotherhood of Teamsters delivered a letter to the National Mediation Board requesting to be released from mediation in its contract negotiations on behalf of pilots employed by Indianapolis-based Republic Airways Holdings...
Teamsters Ratify Three-Year Contract with Allied Waste Services of Massachusetts  Teamsters Local 25   ...Allied Waste Services today announced that employees represented by Teamsters Local 25 ratified a new three-year agreement covering 85 Boston area professional drivers and mechanics. The previous agreement expired at 11:59 p.m. June 30...
Teamsters on automated toll collectors  WIVB.com   ... it is important to remember that it is tolls, not taxes, that fund the New York State Thruway.  Users, not taxpayers, pay for the maintenance and operation of the Thruway, and many of those users come from outside of New York State...

Today's Teamster News 05.11.12

Trade Gap Widens in March, Slowing Growth  Trade Reform   ...The $620 billion annual deficit is the most significant barrier to economic recovery and creating jobs, and oil and consumer goods from China account for virtually the entire problem. Economists agree the pace of economic recovery has been too slow, because of too little demand for what Americans make...
How Wall Street Killed Financial Reform  Rolling Stone   ...a troop of water-carrying Eric Cantor Republicans are speeding nine separate bills through the House, all designed to roll back the few genuinely toothy portions left in Dodd-Frank...
Thousands of British police join anti-austerity protest  Reuters   ...Thousands of off-duty police officers took to the streets in London on Thursday in a rare display of anger against government austerity, joining a protest by public sector workers including immigration officials, healthcare workers and prison officers...
J.P. Morgan Reveals ‘London Whale’-Size Losses  Wall Street Journal   ...J.P. Morgan Chase & Co., the nation’s largest bank, surprised the market today, saying it has taken large losses stemming from derivatives bets gone wrong in the bank’s Chief Investment Office...
Scott Walker Promised $500K Donor He Would "Divide and Conquer" Unions  The Nation   ... a remarkable videotape of the governor describing just such as a strategy has surfaced. In it, Walker is seen promising a billionaire campaign donor that the attack on collective-bargaining rights for public-sector unions -- which sparked demonstrations and the movement that has forced the recall election -- was only "the first step" in a grand plan...
Teamsters certified to represent Troy police  The Daily Review   ...The Pennsylvania Labor Relations Board has certified the Teamsters to represent Troy Borough police...

Today's Teamster News 02.17.12

Deal reached on unemployment, payroll tax cut  CBS News   ...The bill would assure a continued tax cut for 160 million workers and jobless benefits for several million others...
Collection and Credit Firms Facing Broad New Oversight  New York Times   ...Debt collectors and credit reporting companies are bracing for intense scrutiny after the government’s consumer finance watchdog unveiled a broad plan to regulate financial firms that have largely evaded federal oversight...
New Bill to Weaken Protections, Incentives for Whistleblowers Sneaks Through Committee  truthout   ...Thanks to a lobbying effort from the US Chamber of Commerce, New York Rep. Michael Grimm's attempt to eviscerate hard-fought whistleblower reforms included in the Dodd-Frank Act is gaining steam. This news should be seriously troubling to anyone hoping to stop wrongdoing on Wall Street - the kind that led to the 2008 financial meltdown...
Kazakhstan massacre death toll may rise to 200  the moscow news   ...over 70 people were killed and 400 injured when police shot at striking oil workers in the central square of the Caspian port city of Zhanaozen on Dec. 16...
Detroit Finance Study Team Closed Sessions Barred by Judge  Bloomberg   ...A Michigan judge permanently barred a review team studying Detroit’s finances from holding closed- door sessions, handing a legal victory to city employees...
Teamsters: Florida Doesn't Want Prison Privatization  Local 2011   ..."Floridians do not want the rules changed so private companies can get secret contracts with no cost-benefit analysis and no public review," (said Ken Wood, Acting President of Teamsters Local 2011).

Today's Teamster News 10.25.11

Opposition To Ohio's SB 5 Grows, Quinnipiac University Poll Finds; Women, Union Members Push Kasich Deeper In Hole  Quinnipiac University   ...Ohio voters support 57 - 32 percent the repeal of SB 5, the centerpiece of Gov. John Kasich's legislative program, as the margin against the governor's measure has almost doubled in the last month, from 51 - 38 percent for repeal September 27, a 13-point margin, to a 25-point margin...
Vatican Calls for Oversight of the World’s Finances  New York Times   ...The Vatican called on Monday for an overhaul of the world’s financial systems, and again proposed establishment of a supranational authority to oversee the global economy, calling it necessary to bring more democratic and ethical principles to a marketplace run amok...
Occupy Wall Street protesters making preparations for long, cold winter in Zuccotti Park  Daily News   ...If Mayor Bloomberg thinks Occupy Wall Street protesters will fold up camp once winter sets in, he better think again...
Rick Scott Says He May Reject Federal Education Funding He Already Applied For  ThinkProgress   ...Gov. Rick Scott said Florida will reject a federal early learning grant if it comes with strings attached...
Another Dept. of Workforce Development Secretary Abandons Ship  blue cheddar   ...(Gov. Scott) Walker ran on a promise of creating 250,000 jobs by 2014, but job creation numbers released by the DWD during Walker’s short time in office have been dismal...
Greektown Casino workers OK agreement  Detroit News   ...Workers at Greektown Casino voted today to ratify a new, four-year agreement by a margin of 3-1, said Shawn Ellis, communications director for Teamsters Local 372...

Whiny-baby bankster wants more love

Don't give him any.

Last week at the annual gathering of super-wealthy elitists in Davos, Switzerland, bankster Jamie Dimon whined for at least the 12th time about criticism of banks. They only, you know, caused the Great Recession. As the Economic Populist points out,

Most of us are worried about job security, stagnant incomes, loss of pensions and benefits, lack of health insurance, home foreclosures. But the banksters ..."think the biggest challenge for the industry is overcoming public anger about bonuses and compensation."

Here's Reuters reporting on Dimon's complaint:

...the JPMorgan Chase chief executive once again lambasted the media and politicians for portraying all bankers as greedy evil-doers. It was at least the 12th time since the start of the financial crisis that Dimon has complained about Wall Street critics painting all bankers as cut from the same cloth. But the timing of his latest outburst seemed odd.

Reuters notes that Dimon likes to maintain a regular-guy image. As one critic said, "he is a man of the people because he wants a hand in every wallet."

During his bankster career, Dimon and his banks have

• lobbied hard against protecting consumers from predatory banking practices
• ruthlessly collected as many fees as possible from credit card holders
• paid $1.3 million to state attorneys general for deceptive marketing practices
• sold dubious mortgages
• processed home seizures with illegitimate paperwork
• allegedly ripped off customers through its relationship with Ponzi schemer Bernie Madoff

You will not be at all surprised to learn that Dimon took home more than $66 million in cash and stock since 2006.

Economist Simon Johnson blames the big banks for something even worse: causing the government's gigantic budget deficit. (Note: for those of you who think the bank bailout is over and "the TARP has been paid back," you're forgetting the trillions of dollars the Federal Reserve lent to banks at near-zero interest rates. Which, of course, they're lending to you at double-digit interest rates on your credit card.)

Writes Johnson in a terrific piece called "The Ruinous Fiscal Impact of Big Banks,"

Public deficits and debt ...have ballooned in the last three years for one simple reason – the big banks at the heart of our financial system blew themselves up. On this point, the conclusions of the Financial Crisis Inquiry Commission, which appeared last week, are very clear and utterly compelling.

No one forced the banks to take on so much risk. Top bankers lobbied long and hard for the rules that allowed them to behave recklessly. And these same people effectively captured the hearts, minds and, some would say, pocketbooks of the regulators – in the sense that a well-regarded regulator can and often does go work for a bank afterward.

The mega-recession, which is starting to look more like a mini-depression in terms of employment terms for the United States (which lost 6 percent of employment and is still down 5 percent from the pre-crisis peak), caused a big decline in tax revenues.

So remember that budget deficits are not the fault of the teachers, firefighters, nurses, sanitation workers and other public employees who are losing pay, benefits and their jobs. They're the fault of those whiny-baby banksters.

Today's Teamster News 01.30.11

Unions, state battle over worker pay  The News Tribune   ...workers are most likely to see less cash in their paychecks, more unpaid furloughs and bigger out-of-pocket payments for health care premiums and care...
Public Employee Unions: Public Enemy No. 1?  Wall Street Journal   ...public workers are going to feel voters’ anger in their paychecks — and many will lose their jobs. They’re also likely to come under attack politically to an unprecedented degree...
Retirement funds: All state workers will pay for fixes  Columbus Disptach   ...Teachers, law-enforcement officers, state workers and other Ohio public employees must give up more than $16 billion to fix their financially beleaguered pension funds...
Legislators hear appeals for increases, not cuts, in government services  Las Vegas Review-Journal   ...Nevada is experiencing 14.5 percent unemployment, record bankruptcies and a housing foreclosure crisis...
New England Lawmakers Gain Ally for Rail Project  Associated Press   ...A key Republican congressman voiced strong support Friday for the region's high-speed rail aspirations...
Iowa wind energy industry expected to see slow recovery  Eastern Iowa Business   ...Reduced demand for electricity, cheaper natural gas prices, tighter lending in the aftermath of the financial crisis and lack of a federal renewable energy standard slashed the amount of newly-installed U.S. wind turbines in 2010...
A Bank Crisis Whodunit, With Laughs and Tears  New York Times   ...With too-big-to-fail institutions now larger than ever, we are almost certain to go through another episode like 2008 in the no t-too-distant future...
Claims the job market will boom are entirely unsubstantiated  naked capitalism   ...Faith in the US gov’t’s ability to create 2.5 million jobs for the next 5 yrs ... is sorely misplaced...
Banks Get Tough With Municipalities  Wall Street Journal   ...As municipal borrowers look to renegotiate bond deals, banks are drawing a tough line in the refinancing talks...
For Governors, Medicaid Looks Ripe for Slashing  truthout   ...governors from both parties are exercising their remaining options in proposing bone-deep cuts to the program during the fourth consecutive year of brutal economic conditions...
Teamsters Canada Rail Conference leaders meet in Ottawa  CNW Group

Today's Teamster News 01.19.11

FedEx Change Makes Drivers Business Owners  Worcester Business Journal   ...In May, FedEx sent a letter to its drivers requiring that they incorporate their businesses within 180 days. They also have to be registered and in good standing with the states where they operate and treat anyone who works for them as an employee rather than a subcontractor...
CNY unions lead MLK Day food, clothing drive  (Local 317) WSYR-TV   ...For the 10th straight year local labor unions are honoring the memory of Dr. Martin Luther King, Jr. by leading a food and clothing drive...
Doing good on MLKing holiday (Local 317) WSTM-TV ...this year they're also stuffing a bus with school supplies...
North Lawrence Dairy done  (Local 687) Watertown Daily Times   ...100 LOSING JOBS: Contract for Breyers yogurt pulled; plant operated in hamlet for more than a century...
Teamsters Local 320 Narrowly Avoid Strike  Northland's News Center   ... Snow plow drivers in St. Louis County won't strike following a contract vote Tuesday evening... 
Pipeline could be vital to national security interest Grand Island Independent   ...pipelines are a vital link to America’s energy needs with more than 2 million miles of pipelines crisscrossing America, including Nebraska’s Sandhills...
White House's Mexican trucking proposal draws ire of US truckers  The Examiner   ...Mexico-domiciled trucking companies and truck drivers must be required to comply with the same level of safety, security and environmental standards that apply to their U.S.-based companies and drivers...
Study Points to Windfall for Goldman Partners  New York Times   ...Goldman is on track to pay out $17.5 billion in compensation for last year...
Panel Begins to Set Rules to Govern Financial System  New York Times   ...the proposals are among the most concrete steps yet aimed at preventing financial institutions from becoming “too big to fail” ...
China strengthens rare-earth regulation  MarketWatch  ...China has drawn-up national planning regions for rare-earth and iron mines to strengthen government regulation over the development of the metals...

Victory! SEC sides with Teamsters on Navistar executive pay proposal

Yay! Financial regulators ruled yesterday that Navistar can't prevent shareholders from voting on a Teamster proposal to limit golden parachutes.

Actually, one Navistar executve got a platinum parachute last  year. According to the Teamsters press release, Navistar paid CEO Daniel Ustian $24.2 million to leave.  Can you say "excessive?"

My boss, Jim Hoffa, said "Navistar is a company with red flags when it comes to pay." Hoffa said the Securities and Exchange Commission's ruling was important because it interpreted the new financial reform law properly. He pointed out that,

“Congress made clear that the Dodd-Frank Act must not limit shareholders’ right to make proposals on executive compensation, and the SEC’s decision yesterday upholds that mandate. Allowing Navistar to misrepresent the new financial reform requirements could have set a dangerous precedent, robbing investors of their right to demand a voice on compensation windfalls for departing executives.”

Read the whole thing here.






 

Links 07/28/10

Public Employees Get More Benefits Wall Street Journal ...88% of state and local government workers had access to employer-sponsored medical plans, compared with 71% of private-sector workers


UAL-Continental Merger Moves Ahead Wall Street Journal ...Negotiations between UAL Corp.'s United Airlines and Continental Airlines Inc. are picking up pace, with parties believing a merger deal could be reached at the end of this month or early May

The jobs machine grinds to a halt Washington Post ...Ain't no hiring. And ain't likely to be any for a good long time.

Qualms build over consumer agency Politico ...The BCFP will also enjoy broad rule-making and enforcement authority over virtually all financial institutions in the nation.

Companies hold record $837B in cash, yet won't hire workers USA Today ...instead of spending on the typical things, such as expanding and hiring people, companies are mostly pocketing the money and stuffing it under their corporate mattresses.

Cities, counties face job cuts Las Vegas Review-Journal ...Nearly half a million city and county government jobs could be eliminated nationwide in the next two years because of budget shortfalls, a new study estimates.

Links 07/20/10

Senate Set To Extend Unemployment Benefits Wall Street Journal
Consumer Post Prospect Has Democrats in Knots Wall Street Journal
Republican immigration position likely to alienate Latinos, Obama officials say Washington Post
Troops Head to Arizona Border Aug. 1 Politico
Republicans kiss the rich; diss the jobless The Hill
Union, Giant Food Strike Deal on 341 Jobs Gazette.net

Links 07/16/10

Law Remakes U.S. Financial Landscape Wall Street Journal
To Protest Hiring of Nonunion Help, Union Hires Nonunion Pickets Wall Street Journal
Fed Nominees Seek Economic Boost Wall Street Journal
Airlines Cruise to Profits with Newfound Strength Wall Street Journal
Union Leader Says He Is Open to New Korea Trade Deal Wall Street Journal
What About Air Safety? New York Times
A Subdued Public Offering for KKR New York Times

Links 07/14//10

Fed Sees Slower Growth Wall Street Journal
Monthly Trade Gap Is Biggest Since '08 Wall Street Journal
Obama and the Pink Scare Wall Street Journal
FedEx Looks to 777s To Deliver an Edge Wall Street Journal
New York press banks on foreclosures New York Times
Harry Reid sets vote on Wall Street reform Politico
The Democrats' middle-class problem Politico
Job market's a gray area: older workers outnumber teens Bloomberg
Study: Many workers' retirement savings will run out too soon Associated Press

Links 07/13/10

Finance Bill Close to Passage in Senate Wall Street Journal
Avis Aims To Outbid Rival Hertz for Dollar Wall Street Journal
Chinese Factories Now Compete to Woo Laborers New York Times
No extension of unemployment benefits in sight for the long-term jobless Washington Post
Harry Reid stresses job-based agenda Politico
Unions step up 2010 election pressure The Hill
Labor increases the pressure on GOP centrists ahead of July work session The Hill
House GOP To Make Jobs a Priority The Hill

Good question

Bob Kuttner asks why the Tea Party is giving a free ride to Republicans protecting bankers.

In today's Huffington Post he writes,

Two years and counting into the most severe financial collapse in nearly a century, bankers still rule. Republicans protect bankers from reform, yet amazingly masquerade as the party of populist backlash. If Democrats let the right play this double game, shame on them. It's only possible because too many Democrats are too cozy with the same bankers.

Kuttner was prompted to write because he's rightly concerned that financial reform may not make it through Congress. What looked like a sure thing a few weeks ago is now in jeopardy because of the death of Sen. Robert Byrd of West Virginia and the wavering of several Republican senators who previously voted for the bill.

Kuttner tells us

...sure enough, three of the four Republican supporters have gone wobbly. Olympia Snowe of Maine voted for the Senate bill, but is now making equivocal noises about whether she'll support the conference bill (which is weaker in some respects than the Senate's version.) Likewise Chuck Grassley of Iowa.

The always wily Scott Brown of Massachusetts threatened to withhold his vote until the House and Senate leaders agreed to scrap a $19 billion tax on large banks. He voted for the senate bill, but now Brown is warning that he may vote against the final bill anyway. Apparently there is no honor among thieves. The financial industry was the largest donor to Brown's Senate campaign.

The bill isn't perfect, but it's a desperately needed improvement. Prudent regulation would have averted the global economic crisis. Without it, we may well see another financial meltdown.