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.
Suddenly at odds with public opinion on Barack Obama’s proposals on health care and global warming, Wal-Mart is seeking to exclude from its proxy our shareholder proposal that asks for a report on the company’s lobbying priorities. As we noted in the supporting statement, Wal-Mart favors these proposals that will dramatically raise the cost of living for its customers, at the same time it has taken a lower profile on issues like tort reform that would benefit its customers, not to mention the company and its shareholders.
Radio and television broadcasters – at least those catering to black and Hispanic audiences – soon may join financial services and auto manufacturers as the beneficiaries of a federal bailout. For the last half year, a group of executives of minority-themed media enterprises have been lobbying Capitol Hill to provide a boost to their money-losing operations. Having natural allies in the black and Hispanic congressional caucuses, they may win additional support from the Obama administration and any number of white lawmakers eager to expand their base of support. As it is, one of its key members already may have coaxed a loan modification from a financial giant.
The Congressional Black Caucus (CBC), with fully 42 members, these past couple months have made little secret of their displeasure with Congress and the Obama administration, accusing them of giving scant attention to troubled black-owned businesses. Lawmakers such as Reps. Maxine Waters, … Read More ➡
Bailed-out Citigroup is not ruling out continuing its support for ACORN. Citigroup spokeswoman Andrea Hurst told Fred Lucas of CNSNews.com:
Just for the time being, we are still basically continuing to review materials as far as the internal audit or investigation is concerned. I don’t really have any comment beyond that at this stage.
Hurst is referring to the recently concluded “investigation” by ACORN ally Scott Harshbarger, a former Attorney General of Massachusetts. In response to NLPC’s request in September that Citigroup to end its support for ACORN, the bank said that it was “awaiting the results of the independent audit of ACORN activities now underway.”
As I told CNSNews.com:
The Harshbarger report is a whitewash and limited in scope. So, we are fearful that Citigroup will reinstate support based on this whitewash.
We also asked Citigroup to end the membership of one of its executives, Eric Eves, on the … Read More ➡
One of the more entrenched principles in business is “pay for performance,” the rewarding of executives with raises, bonuses and other forms of compensation if they meet or exceed expectations. Fannie Mae and Freddie Mac, now wards of the federal government, are negations of that principle. The troubled secondary mortgage lending giants, already having received more than $110 billion in federal subsidies since the fall of 2008, are set for another major feed at the public trough. On December 24, the U.S. Treasury Department, facing a December 31 deadline, approved a no-limit hike in the publicly-traded companies’ combined $400 billion credit line. Were that not enough, regulators approved an annual compensation package of up to $6 million for each chief executive officer. Welcome to pay for performance, Obama-style – not that the Bush version was a bargain.
Fannie Mae and Freddie Mac, originally known as Federal National Mortgage Association … Read More ➡
When the Obama administration this past spring forced the bankrupt General Motors and Chrysler Corp. into virtual public receivership, officials justified the action as crucial to the survival of the auto industry and indeed the entire economy. Yet this unprecedented action has had several downsides, one of the less heralded of which has been the sudden vulnerability of current and retired employees who don’t belong to a union. Case in point: the roughly 15,000 nonunion retirees of auto parts manufacturer and former GM subsidiary Delphi Corporation on the verge of losing their pension, health insurance and life insurance benefits. These people are getting a first-hand lesson in the drawbacks of not being politically connected. That’s something members of the United Auto Workers (UAW) and other auto industry-related unions don’t have to worry about.
GM and Chrysler are now wards of Obama administration “car czar” Ron Bloom and his immediate boss, Treasury Secretary … Read More ➡
NLPC has filed a shareholder proposal asking Goldman Sachs to report on the science behind its embrace of global warming in the wake of the ‘Climategate’ scandal.
Goldman’s ‘climate policy’ is more than corporate public relations. In 2007, Goldman participated in the buyout of energy firm TXU. The transaction resulted in the cancelation of 8 of 11 planned coal-fired power plants after pressure from environmental activists.
It might make wealthy financiers in New York City feel good about themselves to scotch electric generation in the name of environmentalism, but it has negative consequences for ordinary people. Electricity is a basic need, like food and medical care. Cancelling plants while parts of the country face regular power shortages, and raising the cost of electricity for consumers, is positively immoral.
The supporting statement for the resolution reads:
In 2005, Goldman Sachs established its “Environmental Policy Framework,” which stated:
Ally had been offering some of the highest CD interest rates in the nation until federal bank regulators pressured Ally to reduce them. Lower rates are one thing but there is another compelling consideration when shopping CD rates. When you deposit your money with Ally, you abet the financial and auto bailouts.
Now this may not bother some people. Short-term Ally deposits are probably not at more risk than those at other FDIC-insured institutions. But if you believe that the Wall Street and automaker bailouts are an outrageous soaking of the taxpayer to … Read More ➡
Citigroup has advised NLPC that Senior Vice President Eric Eve has resigned for ACORN’s Advisory Committee. In a September 28 letter to Citigroup CEO Vikram Pandit, I asked that the bank sever its relationship with ACORN, including Eve’s membership on the Committee.
In an October 29 reply, Citigroup also stated that it has “suspended our charitable financial support and program relationship with ACORN, and we are awaiting the results of the independent audit of ACORN activities now underway.”
NLPC President Peter Flaherty debates Rep. Barney Frank’s legislation to address systemic risk of banks that are “too big to fail” with Christopher Hayes of The Nation; CNBC’s Steve Liesman; and CNBC hosts Larry Kudlow and Trish Regan. At about the 2:00 mark, Flaherty enters discussion.… Read More ➡
It is time for former House Speaker Newt Gingrich to end his association with Al Sharpton. The two have been appearing together around the country as part of something called the Education Equality Project.
As Dr. Carl Horowitz of our staff has documented in a Special Report released earlier this year, Sharpton has promoted fake hate crimes against blacks, and has inspired racial antagonism against whites and Jews. Indeed, this long-established pattern of behavior continues to the present.
Just last week, the purported victim of a 2007 racially-motivated attack in West Virginia recanted her story that she had been kidnapped and raped in a backwoods trailer by white men. Sharpton had championed her plight, descending on Charleston to lead an anti-hate rally, much as he rallied to the side of the accuser of the Duke lacrosse players in 2006.
Gingrich shares with Sharpton an affinity for the TV camera. Their … Read More ➡