Obama Should Focus on Bank Crisis Rather Than “Fake Populism”

NLPC President Peter Flaherty said today, “Excessive executive pay and perks are indeed a problem, as NLPC sought to highlight way before the financial meltdown. But the real scandal now is bank bailouts without end.

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Instead of engaging in fake populism by trashing corporate travel to Las Vegas or the Super Bowl, Obama should produce a plan to deal with the banking crisis. Throwing more taxpayer money at AIG and Citigroup as they lurch from crisis to crisis is not a plan.  I am worried that by the time Obama and Timothy Geithner come up with a strategy, there will be no money left.

The tally for AIG is now $175 billion with no end in sight. AIG placed bets on derivative trades that it could not possibly pay off if it lost. This is called fraud. These bad bets were big enough to bring down the financial system. Obama … Read More ➡

Missouri Local Rigged Election, says DOL

U.S. Dep’t of Labor filed suit Jan. 4 to overturn the Jul. 1998 election of Service Employees Int’l Union Local 50 in St. Louis because bosses allegedly rigged the nominations. DOL charges that SEIU violated federal labor laws by failing to provide timely and adequate notice of nominations, using an unreasonable nomination procedure, refusing to provide information to a challenger and failing to assure a fair election. Local 50 president Don Rudd said DOL asked Local 50 to agree to a new election, but Rudd refused because DOL sought to change the nomination process. Rudd said Local 50’s bylaws “were all approved by our international union.” But SEIU said the bylaws weren’t in question; rather their application by Local 50 was.

Ex-Local 50 president Bill Stodghill, a past and possibly future adversary of Rudd, called it “a terrible day for labor when Local 50…would adopt undemocratic procedures. Anytime the government … Read More ➡