USCAP

Is GM IPO Being Rushed for Political Purposes?

Submitted by Peter Flaherty on Mon, 08/16/2010 - 12:23

Whitacre/GM photoThe unexpected departure of General Motors CEO Ed Whitacre (right) last week was reportedly due to tensions over the timing of a public offering, which the Obama administration wants to take place before the November Congressional elections so that it can declare some kind of “success” for the still-unpopular auto bailout.

A premature IPO must be a really bad idea if it’s too much for Whitacre, who has not exactly demonstrated principled leadership. There’s the problem of taking the GM job in the first place. What kind of capitalist would be a party, or more precisely an accessory after the fact, to the violation of private property rights represented by the crushing of GM bondholders? While CEO, Whitacre did not disappoint his masters in the White House, even appearing in a TV commercial in April in which he falsely claimed that GM had paid back the US government in full and five years ahead of time.

Beyond Pathetic

Submitted by Peter Flaherty on Mon, 05/31/2010 - 12:09

BP logoIt’s revealing that the “greenest” of the big international oil companies is now responsible for one of the worst ecological disasters in history. Maybe BP should have concentrated on its core mission of efficiently and safely producing oil instead of trying to make us believe that BP stands for “Beyond Petroleum.”

Most big companies zealously guard their brand names. British Petroleum seems embarrassed by theirs. Even as the Deepwater Horizon gushes into its 42nd day, the BP website proclaims:

PepsiCo’s Lobbying for Cap and Trade Hit at Annual Meeting

Submitted by Peter Flaherty on Tue, 05/04/2010 - 23:38

Nooyi photoNLPC is the sponsor of a shareholder proposal that asks PepsiCo to report on its lobbying priorities. Here are my remarks today at the PepsiCo annual meeting in Plano, Texas:

I regret that PepsiCo opposes this resolution asking for a report on the company’s lobbying priorities. I would think that management would welcome the opportunity to explain its priorities.

PepsiCo is a member of the U.S. Climate Action Partnership a coalition of corporations and environmental groups. USCAP’s mission is to “quickly enact strong national legislation to require significant reductions in greenhouse gas emissions.” The House of Representatives has obliged in the form of the Waxman-Markey bill. According to the Heritage Foundation, this bill would destroy over 1.1 million jobs, hike electricity rates 90 percent, and reduce the U.S. gross domestic product by nearly $10 trillion over the next 25 years.

PepsiCo’s Lobbying for Cap and Trade to be Hit at Annual Meeting

Submitted by Peter Flaherty on Tue, 05/04/2010 - 09:42

PepsiCo logoNLPC is sponsoring a PepsiCo shareholder proposal asking for a report on the company’s lobbying priorities. At the PepsiCo annual tomorrow in Plano, Texas, I will argue that the company’s lobbying priorities are seriously out of whack.

I will cite PepsiCo’s membership in U.S. Climate Action Partnership (USCAP), a coalition of corporations and environmental groups. USCAP’s mission is to “quickly enact strong national legislation to require significant reductions in greenhouse gas emissions.” The House of Representatives has obliged in the form of the Waxman-Markey bill that would destroy over 1.1 million jobs, hike electricity rates 90 percent, and reduce the U.S. gross domestic product by nearly $10 trillion over the next 25 years.

SEC: Pepsi Must Allow NLPC Proposal on Lobbying Priorities Like Cap and Trade

Submitted by Peter Flaherty on Mon, 03/08/2010 - 21:18

Pepsi logoThe Securities and Exchange Commission (SEC) has ruled that PepsiCo may not exclude a shareholder proposal filed by NLPC that asks the company for a report on its lobbying priorities. PepsiCo is a member of the U.S. Climate Action Partnership (USCAP), a coalition of corporations and environmental groups that lobbies for the disastrous cap and trade legislation.

Our resolution will appear in PepsiCo’s proxy materials, and I will speak in its support at the company’s annual meeting this spring.

By trying to preclude a shareholder discussion of this and other issues, PepsiCo CEO Indra Nooyi seems unwilling to publicly defend the company's controversial public policy positions, which is exactly the point of our resolution. Maybe the company should change its positions on cap and trade, and other issues where it sides with anti-business activists.

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