NLPC seeks to promote integrity in corporate governance, including honesty and fair play in relationships with shareholders, employees, business partners and customers. In doing so, NLPC places special emphasis on:
* Asserting that the social responsibility of the corporation is to defend and advance the interests of the people who own the company, the shareholders. True responsibility is fidelity to one’s own mission, not someone else’s, or someone else’s political agenda.
* Exposing the seeking of influence on public officials by corporations, which is the inevitable result of high levels of government spending and intervention in the marketplace.
* Combating practices that undermine the free enterprise system, including philanthropic giving to groups hostile to a free economy.
The Securities & Exchange Commission this past July has proposed amending Item 407(c)(2)(v) of Regulation S-K to require disclosure of racial and ethnic diversity on corporate and related nonprofit fund boards. We have submitted a comment of opposition because we believe this rule change to be a highly misguided intrusion into corporate governance.
Even assuming benign intent – and that is a stretch of an assumption – the outcome would be anything but benign. Anyone with sound instincts knows that any submitted information would be fair game for organizations seeking to tie executive compensation to the creation of a rigorously-monitored affirmative action spoils system.
The SEC was established 75 years ago for the purpose of protecting investors in publicly-traded securities against fraud and incompetence. Now more than ever this mission must be paramount. Whether the proportion of blacks, Hispanic, Asians and other minority groups in a given company adds up to … Read More ➡
It may be high irony, but capitalists over the decades all too often have been at odds with capitalism. That is, business organizations, for any number of reasons, have been prone to support ideas and policies whose intent is to bring free enterprise under social control. This syndrome is well and alive at a pair of prescription drug/biotechnology industry organizations: the Pharmaceutical Research and Manufacturers of America (PhRMA) and the Pharmaceutical Industry Labor-Management Association (PILMA). Each group is working to promote a radical expansion of government involvement in health care, acting in concert with Capitol Hill Democrats and especially the Obama administration. These measures effectively would nationalize health insurance in the name of providing coverage to most of the estimated 47 million currently uninsured. All are bad bets for Americans, whether as taxpayers, consumers – and, fittingly – as pharmaceutical providers.
These past several weeks have witnessed widespread and … Read More ➡
A new book by Barron’s reporter Erin Arvedlund asserts that banking giant JPMorgan Chase became aware of Madoff’s Ponzi scheme months before his arrest, prompting the bank to liquidate its positions in a Madoff-related fund. Yet, the bank continued to accept deposits into Madoff’s main account at the bank from unsuspecting investors who were about to lose everything.
NLPC is a critic of JPMorgan Chase’s support for political and social causes that are contrary to the bank’s interests and hostile to the capitalist system itself, such as ACORN. Although these new revelations are a separate controversy, both reflect an apparent willingness by the firm to work with shady enterprises if it is perceived to be in its own interest.
The book is titled Too Good to be True. Excerpts appeared in Barron’s over the weekend. Arvedlund has a great deal of credibility on anything Madoff-related, having written a story … Read More ➡
Embattled House Ways and Means Committee Chairman Charles Rangel, facing a multi-pronged investigation by the House ethics committee, shelled out nearly $280,000 to four different law firms over the last quarter, according to his newest campaign disclosure report.
Overall, Rangel has paid $928,000 to his attorneys during the last year as his personal finances have come under scrutiny on a variety of fronts.
Much of the money was spent fending off allegations by NLPC.
We exposed Rangel’s 1) evading of taxes on rental income on his Dominican Republic beach house; 2) cheating on his DC property taxes by improperly claiming homestead exemption; and 3) leading a Citigroup-funded junket to the Caribbean in violation of House Rules.
There are two outrages here. First, Rangel gets to pay his legal bills out of his campaign funds while ordinary citizens who get into tax trouble … Read More ➡
Imagine an America in which employers faced steep fines for failing to interview a sufficient number of minority candidates for a vacant management slot prior to making a hiring decision. Even in this day and age, where Diversity rules, that might seem a far-fetched scenario. Yet for the last half-dozen years, this has been the way the National Football League has operated. And its advocates are seeking ways to expand this regime to a variety of venues – and with a strong assist from government.
Welcome to the ‘Rooney Rule.’ If you’re not familiar with it yet, you should be. Put into effect since 2003 and named after Pittsburgh Steelers owner Dan Rooney, this NFL by-law requires each team to interview at least one minority (for all intents and purposes, black) candidate in the event of an opening for head coach. The rule came about the previous fall when two … Read More ➡
Today NLPC released a letter to members of Congress responding to a letter from a Google front group called the Open Internet Coalition (OIC). The June 29th OIC letter raised concerns about the use of new technologies like deep packet inspection which the group argued could be used by governments to “spy on Internet communications, censor speech and prevent grassroots democratic activism and free expression.” The letter called for Congressional hearings on the deployment of such technologies.
In our response, we pointed out the hypocrisy of a Google front group calling for regulation of new technologies that can hypothetically be used to subvert free expression, when Google itself has already implemented technologies that do the very same thing in countries like China. Click here to download a four-page pdf of the letter.
I pointed out that it’s some of the very “edge providers” that OIC holds up as “innovators” … Read More ➡
In a June 30 letter to the White House, Wal-Mart endorsed Obama’s health care plan. The letter was jointly signed by Andrew Stern, boss of the Service Employees International Union (SEIU), and John Podesta, who led the Obama transition team and is chief executive of the Soros-funded Center for American Progress.
Although the move was unexpected to some, it was no surprise to NLPC. In a Special Report published in 2006 and updated in 2008, I chronicled the company’s move to the Left in a futile campaign to placate liberal critics like Wal-Mart Watch, funded by SEIU. On major issues except for “card check,” Wal-Mart has become a powerful tool of liberal activist groups.
Obama’s plan includes an employer mandate to vastly increase government control over health care ostensibly to provide coverage to 46 million uninsured Americans. Wal-Mart’s support represents a betrayal of the large segment of … Read More ➡
NLPC President Peter Flaherty debates Wal-Mart’s embrace of Obama health care with Nancy Skinner, talk show host; Julie Roginsky, Comprehensive Communications Group; and Dana Milbank, Washington Post; and CNBC host Dennis Kneale.
Already embroiled in an ethics probe now entering its tenth month, Rep. Charlie Rangel (D-N.Y.), chairman of the powerful Ways and Means Committee, received more bad news Wednesday night as the House ethics committee announced it would look into Caribbean trips taken by the veteran lawmaker and four other Democrats.
In a statement released late Wednesday night, Reps. Zoe Lofgren (D-Calif.) and Jo Bonner (R-Ala.), the chairwoman and ranking member of the ethics committee, announced that the panel had voted to create a four-member investigative subcommittee to determine whether the trips violated House gift rules.