White House Guts Reform To Protect CEO Pay
What that means:
Wall Street Uses Main Street's Money to Corrupt the Legislative Process
and Perpetuate The System that Failed Us and Will Fail Again
Did I mention that eight legislators are under investigation for conflicts of interest relating to fundraising from financial services firms during consideration of this legislation?
I'm shocked, shocked to find gambling going on in Casablanca.
It is despicable that the very people we entrust with our investment capital are using it to thwart any attempt at market-based oversight.
The Council of Institutional Investors sent out this urgent message to its members:
All Council members opposed to the Senate's proposed 5% ownership requirement for proxy access are strongly encouraged to call and email White House advisor Valerie Jarrett TODAY. As a senior advisor to President Obama, Jarrett has significant influence over the ongoing House-Senate conference committee negotiations, particularly regarding the proxy access provision of the base text (section 972).
To support proxy access, call the White House switchboard at (202) 456-1414 and request to be connected to Valerie Jarrett's office. If you cannot reach Ms. Jarrett, we encourage you to leave a message expressing your strong opposition to the Senate's amendment imposing a 5% ownerhsip threshold for shareowner access to the proxy. Tell Jarrett and the White House to support the original language passed by both houses of Congress simply affirming the SEC's authority to issue a proxy access rule. Be sure to include some brief information about your fund as well as your contact information. You can also send Ms. Jarrett an email at Jarrettpublic@who.eop.gov.
Tell Valerie Jarrett and the Obama administration to publicly oppose the Senate's proxy access amendment imposing a 5% ownership requirement. Encourage them to call upon House and Senate conferees to reject this harmful change.
If you have any questions, please do not hestitate to contact Council analyst Jonathan Urick at (202) 261-7096 or jonathan@cii.org, or our general counsel Jeff Mahoney at (202) 261-7081 or jeff@cii.org.
Nell Minow - Editor
