White House intervenes to come to defense of corporations; Maxine Waters, CalPERS & others upset

[Bluebear]

The White House is intervening at the last minute to come to the defense of multinational corporations in the unfolding conference committee negotiations over Wall Street reform.

A measure that had been generally agreed to by both the House and Senate, which would have affirmed the SEC's authority to allow investors to have proxy access to the corporate decision-making process, was stripped by the Senate in conference committee votes on Wednesday and Thursday. Five sources with knowledge of the situation said the White House pushed for the measure to be stripped at the behest of the Business Roundtable. The sources -- congressional aides as well as outside advocates -- requested anonymity for fear of White House reprisal.

The White House move pits the administration against House Speaker Nancy Pelosi (D-Calif.), who told Barney Frank (D-Mass.) to stand strong against the effort.

"I met with the Speaker today and she said, 'Don't back down. I'll back you up,'" Frank, the lead House conferee, told HuffPost. "Maxine Waters is very upset, as are CalPERS and others."

http://www.huffingtonpost.com/2010/06/17/white-house-guts-reform-t_n_615952.html

[gateley]

1. Good for Pelosi! And WTF is the WH doing?? nt

[Bluebear]

2. +

[indepat]

4. Don't know what the WH is doing, but it appears to be doing what WHs and the Congress almost always

do: prove themselves corporatists by bowing to/serving the wishes/whims of large corporations rather than acting in the bests interests of the people (promoting the general welfare). EOS :P

[mitchtv]

3. K&R

thanks

[Bluebear]

7. thank you!

[Jamastiene]

5. Kick

[joe black]

6. Maxine

Always a bright, shinning star.

[immune]

8. It doesn't matter who might make the decision

to upset Wall Street's little apple cart, if it happened it would be lights out from coast to coast. They alone have the power to lock this nation down like a grade school where a kid is loose on the playground with a butter knife. How do you think they extorted the bailout money? Threats.

[GreenTea]

9. Kick!

[classysassy]

10. " Remember the golden rule"

Those with the gold make the rules.

[classysassy]

11. " Remember the golden rule"

Those with the gold make the rules.

[classysassy]

12. " Remember the golden rule"

Those with the gold make the rules.

[Waiting For Everyman]

13. But, but... the WH isn't able to influence Congress

unless it's to influence it AGAINST our interest.

Check. Got it.