Posts Tagged ‘corporate power’

"Bart Naylor" "Financial policy"Among the many corruptions underpinning escalating CEO pay, highlighted in the newly released AFL-CIO PayWatch website report, are the mutual fund voters failing to relay common outrage at executive compensation.

Consider the basics: CEO pay rose 14 percent in 2011 over 2010 to an average of $13 million for Fortune 500 CEOs, the AFL-CIO survey finds. The average CEO earned 380 times the average worker in 2011, up from 343 in 2010; that multiple was only 42 times in 1980. Studies show such disparities harm employee morale and productivity.

How are mutual fund managers exercising their ownership responsibilities as stewards for average investors? Irresponsibly, according to a new feature in the national union’s authoritative annual survey.
In “say on pay” votes, a Dodd-Frank Wall Street Reform provision, where voters register a non-binding referendum on the pay package, mutual funds vote “no” an average of only 11.5 percent of the time. The largest funds counted among the worst: Vanguard voted “no” only 1.3 percent of the time against the pay package; Blackrock 3.3 percent; American Century 8.3 percent; State Street 8.9 percent.

Critics point to an inherent conflict: mutual fund companies often manage portfolios for these same corporations and may not wish to complain about the pay of the official who ultimately selects them.
However, there are several signs of hope. This week’s game-changing rejection of Citigroup’s pay package at its annual shareholder meeting offers one example. With a 44 percent decline in the share price in 20111, and 93 percent collapse since the financial crisis, many mutual funds obviously joined the 55 percent majority in rejecting a pay package built on low profit goals.

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The grassroots movement for a constitutional amendment to return control over our democracy to We the People just got a big endorsement from more than a dozen members of the United States Congress.  The “Congressional Summit on Overturning Citizens United,” convened by U.S. Sen. Bernie Sanders (I-Vt.) and Rep. Ted Deutch (D-Fla.) at the U.S. Capitol, spotlighted the growing movement to overturn Citizens United v. Federal Election Commission and other egregious Supreme Court rulings that go against core constitutional and democratic principles.

Lurking somewhere in the crowd, but live-tweeting from an alternate universe not inhabited by the overwhelming majority of the American people, Citizens United head honcho David Bossie dismissed these leaders and grassroots advocates as “clowns” and “socialists” who want to “chill speech.”

Back in the reality where money is property and not speech, and unlimited political spending by corporations and the super-wealthy to buy influence and access  is antithetical to First Amendment values, today’s event was a breath of fresh air in a Capitol where large corporations and wealthy interests dominate the conversation all too often.

Senator Charles Schumer (D-N.Y.), other lawmakers, activists and democracy groups gather to sign a "Declaration for Democracy" that calls for a constitutional amendment to overturn the U.S. Supreme Court's Citizens United v. Federal Election Commission decision and related cases.

Instead, we heard the voices of concerned Americans like Georgina Forbes of  Vermont. She described how people from all walks of life, Democrat and Republican and Independent alike, organized so that citizens at more than 65 town meetings throughout her state would simultaneously demand a constitutional amendment based on the principles that corporations are not people and money is not speech. Last week, the Vermont Senate followed suit in a similar fashion. What’s more, the legislatures of New Mexico, Maryland and Hawaii also have announced their support for an amendment, and similar efforts are under way in more than 17 other states.

Responding to these citizen-led efforts and to thousands of demonstrations nationwide that took place in January (on the two-year anniversary of Citizens United), members of Congress from both chambers today lined up to join state and local elected officials, grassroots activists like Georgina, and diverse pro-democracy organizations in signing a Declaration for Democracy in support of these kinds of constitutional amendment efforts.

With Americans continuing to agree by more than a 3-to-1 margin that unlimited spending in elections by corporations and the super-rich is bad for democracy, and supporting amending the U.S. Constitution by similar wide margins, these supportive voices in Congress are just responding to the will of the people in one sense. But in a system where those with money and power are allowed to game the process, it takes true leadership to stand up to that rising tide at its peak. The dozen-plus individuals attending today’s event have exhibited that leadership and deserve our continued thanks and encouragement.

Many of them, as well as the entire 76-member Congressional Progressive Caucus, are actively supporting Resolutions Week, a nationwide initiative spearheaded by Public Citizen in partnership with other organizations, aimed at passing still more local resolutions that call for a constitutional amendment the week of June 11. More than 5,400 people in all 50 states have signed up to push local resolutions, hoping to join the hundreds of municipalities that have taken action so far.

Also on board are both labor and business leaders, united by the recognition that a political system where only a handful of large corporations can dominate and corrupt the process is bad for workers’ rights and bad for fostering actual business competition. Selling access to the highest bidder reverberates negatively whether you’re a member of the Communications Workers of America trying to organize for better wages, or summit speaker Rudy Arredondo, who represents Latino ranchers and farmers, whose voices all too often are drowned out by campaign-cash-flush agribusiness interests.

That simple, commonsense logic is why more than 1,000 corporate, investment and small-business leaders have declared their support for a constitutional amendment, and why recent polling shows that small-business owners view the impact of Citizens United (and of the dominant role of money in our politics) as bad for business by a whopping 7-to-1 margin. Again, this movement is not about “silencing” anybody, but ensuring that all Americans’ voices and rights are paramount in our democracy.

As Senator Tom Udall (D-N.M.) reminded today’s capacity crowd, James Madison said that constitutional amendments were remedies for “extraordinary occasions.” With our democracy up for sale to the aristocracy of corporate influence that Thomas Jefferson had hoped would be crushed in its birth, we’ve sadly arrived at one of those moments.

The movement to respond to extraordinary circumstances threatening the health of our democracy, just as generations before us have done, is being driven by determined American patriots throughout the nation. And as today’s event demonstrated, their message is no longer the pipe dream it may have seemed in the immediate aftermath of Citizens United, but the mainstream voice of the masses who want to reclaim their democracy and their Constitution.

Sean Siperstein is a Legal Fellow with Public Citizen’s Democracy is For People campaign. Follow the campaign on Twitter @RuleByUs, as well as the hashtag #Democracy4 Sale,  for the latest on the money and politics and the campaign for a constitutional amendment!

By Heather Arkwright

The fight to restore democracy by taking it back from the hands of wealthy corporate interests continues, and Public Citizen is excited to report some victories and upcoming events.

After the disastrous 2010 Citizens United v. Federal Election Commission ruling, which allowed corporations to pour unlimited amounts of money into political campaigns to influence elections, a grassroots movement, spearheaded by Public Citizen and other organizations, has grown that calls for a constitutional amendment to overturn the ruling.

As part of that, Public Citizen President Robert Weissman and Mark Hays, campaign coordinator for Public Citizen’s Democracy Is For People Campaign, are speaking Saturday at a conference organized by Occupy DC, called “How to Get Money Out of Politics Through Cross-Partisan Citizen Movements.” The conference will feature former Louisiana Gov. and presidential candidate Buddy Roemer and the national field director at Americans for Campaign Reform, Rob Werner.

And next Wednesday, a congressional summit is taking place in Washington, D.C., in which lawmakers and activist organizations stand together to demand an end to corporate dominance of political campaigns. Sponsors of the constitutional amendment, senators, representatives, and spokespeople from activist organizations will discuss their commitment to getting corporate money out of politics.  (Public Citizen President Robert Weissman will be a co-moderator for the organizational speakers.) The summit will focus on the information and tools necessary to build and strengthen the movement at the local, state, and national level that drives at change. Check out this link if you’re interested in joining us at the summit!

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"Public Citizen Money and Democracy"Stunning Statistics of the Week

$3 billion: The estimated amount that media companies and their local stations will receive for running political ads this year

It’s not too late to launch a drive for a resolution in your town!
Activists across the country are hosting organizing parties next week to spearhead efforts in their cities and towns to pass local resolutions calling for a constitutional amendment to overturn the U.S. Supreme Court’s Citizens United v. Federal Election Commission ruling, which gave the green light for corporations to spend unlimited sums to influence elections. Join the campaign! Sign up now to find an organizing party in your area. Or, if there is no organizing party in your area, host one yourself.

Taking it to the SEC
It’s not often that you see a rally outside the Securities and Exchange Commission, but it happened this week. Representatives from Public Citizen, Common Cause and the Coalition for Accountability in Political Spending joined New York City’s public advocate Bill de Blasio in gathering outside the agency to demand that it require publicly traded companies to disclose their political spending. More than 75,000 people have submitted comments to the SEC on the matter.

Amendment resolutions advance in New York, Alaska and Santa Monica
A resolution supporting a constitutional amendment to overturn Citizens United is advancing through the New York Legislature. The New York Assembly’s Election Law Committee this week gave its seal of approval. In addition, the Alaska Senate recently approved a similar resolution. The city of Santa Monica has approved a resolution as well.

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"Public Citizen Money and Democracy"Stunning Statistics of the Week:

  • $310 million: Amount that the three main GOP presidential contenders had raised by this point in the 2008 race
  • $146 million: The amount that GOP presidential candidates have raised for the 2012 race
  • $145 million: The amount President Barack Obama has raised so far for his 2012 campaign

Help pass a resolution in your town
Join the growing movement to pass local resolutions for a constitutional amendment to overturn Citizens United v. Federal Election Commission, the U.S. Supreme Court ruling that said corporations could spend unlimited sums to influence elections. Already, more than 4,300 people have signed up. Click here to get involved. And give three cheers to Tampa’s City Council, which on Thursday passed a resolution unanimously.

Meanwhile, in Vermont and California …
State resolutions supporting a constitutional amendment are progressing through the Vermont and California Legislatures. Key hearings and votes are scheduled for next Tuesday. Learn more information about the resolutions.

The power of Super PACs
Super PACs paid for 91 percent of the 5,592 ads that ran in Mississippi and Alabama in the month before the GOP presidential primaries there, according to a company that tracks ads. Restore Our Future, the Super PAC supporting Mitt Romney, bought 65 percent of the ads that ran in the two states.

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