In Wake Of GM Ouster, Unions Demand Obama Fire Bank Of America CEO

[ArchieStone1]

Source: The Plum Line

By Greg Sargent
March 31, 2009

The major unions are grabbing on to the ouster of General Motors chief Rick Wagoner to launch a campaign to pressure the Obama administration to engineer a similar axing of Bank of America CEO Ken Lewis.

The game plan: To capitalize on the odd disparity in treatment of the two industries to intensify populist rage at major corporations. The idea is to make the political environment much tougher for wavering Senators who might want to side with corporations against labor on the Employee Free Choice Act -- and, tacitly, to keep up public pressure on the White House to aggressively side with workers in the fight.

Read more: Link: http://theplumline.whorunsgov.com/labor/in-wake-of-gm-ouster-unions-demand-obama-fire-bank-of-america-ceo/

[paparush]

1. Goose, meet Gander.

"negative Ghost Rider, the pattern is full"

[tomm2thumbs]

2. they are likely just going to end up getting folks saying the same about UAW Pres Ron Gettelfinger

Just my prediction is all - have been hearing a lot about it already and there are a lot of Repubbies that will jump at the chance to turn up the volume.

[iamtechus]

5. Only UAW members can "fire" Gettelfinger

They can unelect him if they choose. This is not too likely though.

[Igel]

14. Only GM board members could fire Wagoner.

The US government didn't even own any shares in GM, so it didn't have a legal vote in a stockholder election.

And so we can see exactly how far a scrupulous attention to process and technicalities gets us in this game.

[Blue_Tires]

15. before this, Wagoner

was less-than-popular and already had one foot pushed out the door...IMO, Obama would not have done this without tacit (even lukewarm) approval from the board

[liberalmike27]

34. I'm all for stoking populist rage

I think it is pretty disgraceful the disparity of treatment between the banks and the auto companies. This is made especially bad, when you are talking about a few hundred bankers, yet with unions, and the constant demand for more concessions, you are talking about millions of people. And I've yet to hear about how they are going to cut the executive class to a hundred grand a year. How about cutting that amount a whole lot more, before you tap regular workers.

And really, do you think that much more value is added between getting the best guy at 200,000 a year, and another for 2 million plus bonuses in the millions, no matter how you perform? I think you've got the law of diminishing returns happening here, and this is especially true when you consider how many executives are floating around out there.

The day of reckoning is here, and I "reckon" I'm waiting for President Obama and the democratic congressmen to realize that. It's hard to fly in the face of all that economic power, but I guess that is the downfal of our democratic system, that our politicians are all pay for play.

[Usrename]

49. Just weeks ago someone was arrested for similar extortion.

As stated in the complaint:


"... defendants ... corruptly solicited and demanded a thing of value, namely, the firing of certain Chicago Tribune editorial members ... intending to be influenced and rewarded in connection with business and transactions ... involving a thing of value of $5,000 or more, namely, the provision of millions of dollars in financial assistance ... in violation of Title 18, United States Code,
Sections 666(a)(1)(B) and 2."


http://www.usdoj.gov/usao/iln/pr/chicago/2008/pr1209_01a.pdf


I say similar extortion, but I mean identical extortion, only done at the state level.

[Jim Sagle]

50. Nothing similar, and nothing extortion-like, about it.

This is a political demand from citizens to the government. To call it extortion is to criminalize all political activity.

[Usrename]

57. Right, we should be ruled by men, not by laws.

Obama good, others bad.

[Jim Sagle]

59. Your comment seems strangely disconnected from the rest of our subthread.

[Usrename]

66. You really don't understand what you are advocating?

You are saying that it is criminal to act politically if you don't like the person, and perfectly acceptable to act politically if you like the person.

Isn't that what you are advocating? You don't want to apply the same laws to Obama as were applied to Blagojevich. Right?

[Jim Sagle]

67. No, I don't understand what YOU'RE advocating.

Nor do I understand why you suddenly dragged Blagojevich into this.

[Usrename]

73. Read the complaint.

You seem to be arguing that certain behavior is illegal if it has no public support, but with enough public support the same act becomes legal.

Isn't that kind of legal system abandoning the rule of law?

[Jim Sagle]

74. No, I'm stating that certain behavior is illegal if engaged in BY A PUBLIC OFFICIAL,

but when engaged in BY PRIVATE CITIZENS, the same act becomes legal.

Everyday citizens have a perfect right to air their views. Right?

[Usrename]

75. Obama is a public official.

Isn't he?

[Jim Sagle]

76. Uh...yeah.

:wtf:

[TwilightZone]

6. They already are.

Fox has already been suggesting that he be "fired" in the past couple days.

[Jakes Progress]

10. Great. Let's let Faux tell us

how to handle unions. The conversion will be complete.

[TwilightZone]

12. My point was...

that it's already happening. They're going to do it regardless of how we approach the issue and should be ignored. I couldn't care less what they think or do.

[spoony]

25. You're right

And I love the song in your sig :)

[TwilightZone]

40. Thanks!

I'm a big fan, in case you couldn't tell from my username. :)

[Jakes Progress]

27. I wasn't going after your post.

I know it is already going on. That fact that Faux is leading the charge is just more corporate cronyism. I wasn't accusing you of backing Faux, just commenting that we seem to be doing exactly what the people we don't like would want us to do.

[TwilightZone]

41. Agreed.

When "we" are start approaching issues from the same perspective as Fox, it's time to reevaluate!

[shaniqua6392]

17. There is no reason to fire Gettelfinger.

The unions have already renegotiated the 2007 contracts and have given many concessions in this new contract. They can not give any more. Ford Motor Company road on the bandwagon and enforced the new contracts before the ink was dry. GM and Chrysler union workers are also abiding by the new contracts. The employees gave up holiday pay and only earn about $450.00 a week when they get laid off. This is a disaster for the workers because they are laid off so much. I am sure you are right about some people asking for the ouster of Gettelfinger. But I don't think they have a leg to stand on. It is the bond holders and creditors who are the big problem. Hopefully, with a bankruptcy looming in the next several weeks, they will give a little. They are the only ones who have not given up a damn thing. Under bankruptcy, they will get squat.

[sandyj999]

23. He said he is retiring in 2010. n/t

[Brucie Kibbutz]

44. So in other words

don't speak out because someone might not like it.

[No Elephants]

3. Not sure if this will work as described.

[progressoid]

4. Boy those union people sure are ungrateful.

[jtrockville]

7. This perfectly illustrates the "two Americas" we have.

People just trying to make a living get treated one way.
People trying to make a killing get treated another way.

I honestly don't know the "right" approach to bail out a failing company/industry.

But whatever approach we take ought to be applied evenly. Good on SEIU for saying so.

[flyarm]

8. LOOK UP Peter F. Geithner..

LOOK UP Peter F. Geithner..understand Ford did not take any money..
funny that it would be Obama and Timmy that would take down GM....eh?? ....wake up people!!!




TIMOTHY GEITHNER

Biography

Early life and education
Geithner was born in Brooklyn, New York.<2> He spent most of his childhood living outside the United States, including present-day Zimbabwe, Zambia, India and Thailand, where he completed high school at International School Bangkok.<3> He then attended Dartmouth College, graduating with a B.A. in government and Asian studies in 1983.<4> He earned an M.A. in international economics and East Asian studies from Johns Hopkins University's School of Advanced International Studies in 1985.<4><5> He has studied Chinese<4> and Japanese.<6>

Geithner's paternal grandfather, Paul Herman Geithner (1902–1972), emigrated with his parents from the German town of Zeulenroda to Philadelphia, Pennsylvania in 1908.<7> His father, Peter F. Geithner, is the director of the Asia program at the Ford Foundation in New York. During the early 1980s, Peter Geithner oversaw the Ford Foundation's microfinance programs in Indonesia being developed by S. Ann Dunham-Soetoro, President Barack Obama's mother, and they met in person at least once.<8> Timothy Geithner's mother, Deborah Moore Geithner, is a pianist and piano teacher in Larchmont, New York where his parents currently reside. Geithner's maternal grandfather, Charles F. Moore, was an adviser to President Dwight D. Eisenhower and served as a vice president of Ford Motor Company.

Early career

After completing his studies, Geithner worked for Kissinger and Associates in Washington, D.C., for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988. He went on to serve as an attaché at the US Embassy in Tokyo. He was deputy assistant secretary for international monetary and financial policy (1995–1996), senior deputy assistant secretary for international affairs (1996-1997), assistant secretary for international affairs (1997–1998).<5>

He was Under Secretary of the Treasury for International Affairs (1998–2001) under Treasury Secretaries Robert Rubin and Lawrence Summers.<5> Summers was his mentor,<10><11> but other sources call him a Rubin protégé.<11><12><13>

In 2002 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department.<14> He was director of the Policy Development and Review Department (2001-2003) at the International Monetary Fund.<5>
In October 2003, he was named president of the Federal Reserve Bank of New York.<15> His salary in 2007 was $398,200.<16> Once at the New York Fed, he became Vice Chairman of the Federal Open Market Committee component. In 2006, he also became a member of the Washington-based financial advisory body, the Group of Thirty.<17

[BonnieJW]

9. wow

It shows that no one is exempt from cronies.

[jdadd]

13. Other than its name....

The Ford Foundation has not had any connections to the Ford Motor Company nor the Ford family for over thirty years. Henry Ford II, the last family member on the board of trustees, resigned from the foundation board in 1976, encouraging foundation staff to remain open to new ideas and work to strengthen the country’s economic system.

[sabrina 1]

19. So why did Obama surround himself with

people like Geithner, Summers, Barnanke et al? These are the people who believe in the failed system that brought this country to the brink of economic collapse! It makes no sense. Unless they are desperately trying to salvage the system itself? Which could only mean that Obama also believes in it, despite the evidence that that system was doomed to failure without strict regulations which, afairc, Summers was in favor of getting rid of.

I hope that is not the case and that he is merely using them as they know 'where the bodies are buried', although even that doesn't explain appointing them to such high positions in his administration without anyone else there to counter their influence.

[amandabeech]

21. I think that Obama believes the same thing that they do.

He's a strong man, and he hires people who can do the job he wants.

That's why I supported him in the general election, not the primaries.

As soon as I read up on Austan Goolsbee, the first adviser that I heard of, I knew that Obama's positions on economics would not be the ones I wanted eminating from the White House. I wrote about it here on DU, too.

Yesterday's announcement only confirmed what I already believed.

[Myrina]

38. Do you have a link for this? I want to circulate it ...

... thanks!

[readmoreoften]

39. Geithner oversaw the Ford Foundation's microfinance programs... being developed by... Obama's mother

During the early 1980s, Peter Geithner oversaw the Ford Foundation's microfinance programs in Indonesia being developed by S. Ann Dunham-Soetoro, President Barack Obama's mother

Weird. My parents have no connections like this at all. Explains Geithner. "Old family friend," I suppose.

[Jakes Progress]

11. Still not the same.

Wagoner gets to retire with millions a year. Union workers lose their homes and go on welfare.

Don't just fire Wagoner and Lewis. Make them start paying back the money they stole.

"Firing" CEO's is just a stage show. They get a multi-million dollar parachute and get put on several boards and next year head up another greedy company.

It just makes screwing workers seem to be okay.

[WriteDown]

24. Stole?

Really? GM's problems started long before Wagoner. Wagoner also is not getting any sort of parachute. He is paid a pension. Big difference.

[Jakes Progress]

26. So you think he is being put upon?

The "pension" that I read about said it was $20 million. How much for the line worker who put thirty years into the company?

We can disagree about he term "stole". But I think that corporate CEO's are stealing money when they draw salaries, bonuses, and "pensions" for work they didn't do. If a worker destroyed company property, never met his quota, and generally never performed the job he was hired to do, he would be fired. How should it be different for the uber rich?

[WriteDown]

30. You tell me....

How much? Union pension starting at half pay at age 50. Of course it depends on how long you live :). And I'm not saying that is a bad thing.

I believe the employee has part of his/her paycheck taken out for pension benefits. I know mine does.

Wagoner may or may not have made some ill-advised decisions but it’s not like he didn’t work. I guess he didn’t do any “work” for 32 yrs? You could just as easily blame the US's assissine trade policies for GM's woes. And why did he put quotes around pension. If it isn’t pension, then what is it?

Also, doctors make significantly more than orderlies and sometimes hospitals go out of business. Guess its from all that doctor theft?

[Jakes Progress]

51. We're just gonna have to disagree.

I think management has been the problem. When the companies were run by engineers, the company worked and built the automotive industry that we used to think of. Then it got taken over by the salesmen. The company still worked and made money, but the cars got worse and worse. This is when the imports started taking over. In recent times, financial "wizards" have been the CEO's under whom the companies failed.

I don't buy into the class system that rich people deserve better benefits. I don't understand the sociology of that. I think that had they left the decisions to the workers, they would be better off. But then, I'm a real lefty.

[Fire1]

54. SUSTAINED!!!!

:applause:

[Fire1]

55. That's for writedown, btw.

[tomm2thumbs]

16. it is starting to sound like an 'orderly bankruptcy' is becoming more possible than a week ago

perhaps that is what Wagoner didn't want to deal with - so they asked him to go? Who knows what is really going on, but hearing now that they might be structuring the bankruptcy prior to the 60 days and that the government's saying that they would cover the warrantys is a softening of that blow ahead of time.

[amandabeech]

22. Exactly. n/t

[closeupready]

18. I support this.

If Obama is going to demand sacrifices of blue collar laborers, white collars have to sacrifice, too.

[The Stranger]

20. I thought Obama did it to prevent a bankruptcy and massive union busting.

But I'm not sure. Anyone with insight?

[rucky]

28. That's what I get out of the whole thing

and nobody's corrected me so far

:shrug:

[Divine Discontent]

32. that's a valid argument. where did you hear that, or is that your take on the choice of pressure he

put on them yesterday? it makes sense, but still, I want the same pressure applied to the super wealthy and I'm not seeing it.

[Chisox08]

29. Bank of America's Ceo should be fired as well as

the CEOs of Citi Bank, AIG, Chase and any other CEO who is responsible for running our economy into the ground. Once they are fired they shouldn't be allowed to collect a pension that is higher than the pay of the lowest paid employee.

[MannyGoldstein]

31. Obviously, The Unions Are All PUMAs

Only possible explanation.

[ProgressIn2008]

58. Heh, you made me chortle! nt

[liberal N proud]

33. The financial sector executives are far worse than the auto

Why is the auto industry treated like the dirty stepchild while the financial companies can do no wrong?

[sarcasmo]

35. They have every right to demand this action.

[FirstLight]

36. Where do I sign up to support this?

The Govt should lock the top floors (managers, execs, etc) of ALL these "financial institutions" and tell ALL the top levels to pack their desks...then escort them to the street and unceremoniously dump them and their belongings on the sidewalk!!!

THEN they should ALL be investigated, fined, indicted, and whatever else we can think of (hmmm, need new Tenants in Gitmo?)


Torches & pitchfortks are LONG OVERDUE PEOPLE!!!!!!!!!

:banghead:

[Myrina]

37. Not only fire, but Goddammit No More Golden Parachutes!!!!

:mad: :mad: :mad: :mad:

[grahamhgreen]

42. I'm calling my Senators and Representative. Thank you!

[Brucie Kibbutz]

43. Wagoner needed to go, IMO.

Wagoner didn't have a plan and that's all there is to it. However, this is only going to mean trouble for the administration because it doesn't demand the same accountability of their Wall Street masters. Instead of demanding accountability, they put them in charge of cleaning up their own mess (cover up is more like it) at our expense. They are foolish to have persisted with this arrogant double standard.

[CAcyclist]

45. That would be awesome. nt

[RedCloud]

46. Oh you can't scare me, I'm sticking with the union

Lyrics from a timeless classic.

There once was a union maid
Who never was afraid
Of goons and ginks and company finks
Or deputy sheriffs who made the raid.
She went to the union hall
When a meeting it was called,
And when the company boys came around
She always stood her ground.


Oh, you can't scare me. I'm sticking to the union,
I'm sticking to the union, I'm sticking to the union,
Oh, you can't scare me. I'm sticking to the union,
I'm sticking to the union, till the day I die.

This union maid was wise
To the ways of company spies.
She'd never be fooled by the company stools,
She'd always organize the guys,
She'd always get her way
When she struck for higher pay,
She'd show her card to the company guard,
And this is what she'd say,


This union maid had fought
With Pinkertons and cops.
She was hit on the head and called a Red,
But she never ever thought to stop.
She spent some time in jail,
No one could go her bail,
But when she was out she'd let out a shout
And the bosses heard her wail:

[xchrom]

47. recommend -- hope this kind of anger brings

more force for change.

[Demeter]

48. And After That, We'll Go For Indicting War Criminals

Populism on the loose--get out of the way, Mr. O!

[ShareTheWoods]

52. Where and who draws the line at populist outrage and revenge?

How long before the calling to fire the 10 guys watching the one lone state road worker fill
the pothole begins? Look! there's one in the spotlight... he don't look right to me!
Get HIM up against the Wall!

Lines must be drawn somewhere, but no artist can agree upon the abstraction when everyone pens a different stroke.

[EndElectoral]

53. Unions voted Dem bigtime for years. Wall St. never does. Obama needs to be careful,

[steven johnson]

56. Ken Lewis is a member of "the dirty dozen"

Rolling Stone in their 4/2/09 edition will highlight the twelve bankers and brokers responsible for the financial crisis - and the officials who let them get away with it. They come down hard on big players active during the run-up and final unraveling of the economy.

Mr. Too Big
KEN LEWIS
IS CEO of Bank of America (2001-present)
WHAT HE DID Created ultimate too-big-to-fail company, buying up Fleet, MBNA, Countrywide and Merrill Lynch.
WORST MOVE Failed to catch a $15 billion loss at Merrill before buying the firm; needed $20 billion bailout to close deal.
NOW SAYS It's a false "claim" to say "the banks that caused this mess must be held accountable."

http://www.rollingstone.com/politics/story/26868968/the_dirty_dozen

[defendandprotect]

60. Yes . . . and as we let the corporate allies go, let's let the DLC go . . . !!!

[torbird]

61. You people are fucking crazy.

You want the President of the US to fire CEOs of banks. What? That makes no sense. Do you honestly have zero concept of how laws work, or are you just as in love with populist lynch mobs as Republicans are in love with fascism?

This is fucking crazy. We are a nation of laws -- the POTUS is not the supreme head of the economy, nor does he hire and fire the executives of major corporations. Either you're sane or you're not, and you people are deranged right now. Step back and remember yourselves.

[HCE SuiGeneris]

62. Typical comment coming from you...

sad that your head is so far up your ass. "Nation of laws", hmm?

[YOY]

68. Hey if they didn't want Government telling them how to run their business.

They shouldn't have taken exorbitant bailout funds.

[Mnpaul]

63. The banks

should be required to submit a plan to restructure before they get any more money. What branch offices are they going to close? Renogotiate contracts? Take pay cuts? Give up benefits?

[democracy1st]

64. K & R

[lonestarnot]

65. Get down on it! Woot!

:applause: :thumbsup:

[L0oniX]

69. Please us the correct name ...it's SCANK of America.

Also be sure to use Shitty Bank too.

[pam4water]

70. Sounds like a plan.

[bunnies]

71. I didnt realize unions loved GMs CEO so much.

Stockholm syndrome? :shrug:

[olegramps]

72. So you what a simple solution and real justice.

Then tax the wealthy at a minimum of 70% and confiscate their estates. Remember that the tax rate on the wealthy was 94% during WWII and was reduced to 91% in 1961 in order to pay off the cost of the war. The tax rate on the wealthy is ridiculously low and only encourages these immoral bastards to rip off their companies with their handpicked boards of directors.

Nobody, absolutely nobody deserves the compensation that they have awarded themselves. The Republican crooks have destroyed the economy while the stupid ass workers bought their propaganda that unions were evil. I feel for the loyal union workers, but I find it hard to have much sympathy for stupid Republican workers who continue to support a party that has done absolutely nothing to better their lives. Every, and I mean every, thing that was done to create a viable middle class was the product of the Democrats who were opposed every step of the way by Republicans. The Republicans' sole agenda is to destroy the middle class that was created by FDR and the New Deal.

Every day I hear these loyal dip shits disparage President Obama. They couldn't survive a week without their minimum pay jobs and may soon be joining the ranks of the unemployed. But watch them line up for unemployment payments that the Republicans opposed. I am too old to be so upset, but it really depresses me to have to put with these jerks.