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Elaine Chao, 5/28/04: "Todays CEO is a steward of the public trust"

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Bush_Eats_Beef Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-29-04 11:54 PM
Original message
http://www.dol.gov/opa/media/press/opa/OPA2004990.htm

"Secretary of Labor Elaine L. Chao Warns CEOs to Pay Attention to Fiduciary Responsibilities under ERISA
Labor Secretary addresses Chief Executive Leadership Institute at Yale University"

"NEW HAVEN, Conn.Secretary of Labor Elaine L. Chao today addressed a gathering of corporate and community leaders at the 49th CEO Summit of the Chief Executive Leadership Institute of the Yale School of Management, alerting them to the importance of their responsibilities as fiduciaries of pension plans. The conference was held at the Yale Law School.

Todays CEO is a steward of the public trust said U.S. Secretary of Labor Elaine L. Chao. The time has come to move the focus of pension plan governance out of the Human Resource Department and beyond compliance with tax laws. The executive suite needs to focus on pension plan governance itself, especially the responsibility and liability of pension plan fiduciaries."

OK, repeat after me: "to-ga, to-ga, TO-GA..."



...and let's not forget that other fine steward of the public trust, Kenny Boy:

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Career Prole Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-29-04 11:58 PM
Response to Original message
1. I can't stand that woman (or her husband)...
...and how the hell did she get Labor?
Oh. Yeah. Shrub. :angry:
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Norquist Nemesis Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-30-04 12:00 AM
Response to Original message
2. She's right.
But she ain't going to do a damned thing to MAKE them do it OR make them ACCOUNTABLE for this responsibility. (Yes, I'm yelling!) Talk is cheap Laney.
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laura888 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-30-04 12:04 AM
Response to Reply #2
3. Bingo. CEOs will act as they please...
...unless they are punished.
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Bush_Eats_Beef Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-30-04 12:05 AM
Response to Reply #2
4. Absolutely, she is right, and that's the issue...
...she's clicking her ruby red slippers together and thinking it's going to take her back to Kansas.

What part of "Kozlowski used shareholders' funds to buy a cherub ice sculpture that pissed vodka for his mistress" does Ms. Chao not understand?

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alvis Donating Member (665 posts) Send PM | Profile | Ignore Sun May-30-04 12:13 AM
Response to Original message
5. Yeah, Kenny Boy certainly is a bastion of public trust n/t
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DBoon Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-30-04 12:13 AM
Response to Original message
6. "Today's Wolf is a Vegetarian"
n/t
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Solon Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-30-04 12:41 AM
Response to Original message
7. I never understood the trust implicit in American Psych...
in Corporations, at least American ones. I mean, if you look at how 99% of them are stuctured, they are mini-dictatorships, even if only economic ones. The CEO(Dictator) is only answerable to his shareholders(Cabal/Party) and the Board of Directors(Ministers/Cabinet). With the exception of power and some oversight they have to endure, what is the difference between a modern corporation and the old USSR?
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leftyandproud Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-30-04 01:06 AM
Response to Reply #7
8. difference..
corporations are created voluntarily by investors...and the only way they survive is through trade and free exchange...they can't put a gun to your head and force you to buy what they create. Government has the power of pure coercion...corporations have influence, but not the legal right to steal from you...or force you to work for them (slavery, army draft, etc)

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