Corporations

Obama to Wall Street: "You want a fight? I am ready."

The President took on Wall Street Thursday. Stocks plummeted, consumer activists cheered. Now we are talking.

Obama's throwdown comes hard on the heels of the special election in Massachusetts in which public outrage over the bank bailout and the state of the staggering economy played a major role. As we have already reported, Republican Scott Brown seized the Democratic stronghold by billing himself as a man of the people and using public dismay with the Wall Street bailout to his advantage on the campaign trail. On Thursday, Obama showed he got the message.

For the first time, the President's narrative directly blamed Wall Street for the crisis and proposed a major structural reform to business-as-usual. After freeing former Federal Reserve Chairman Paul Volcker from the closet he had been stuffed in at the Treasury Department, Obama brought him out to announce new measures long advocated by Volcker.

Citizens United Is a Radical Rewriting of the Constitution by Pro-Corporate Supreme Court

Five Republican appointees to the U.S. Supreme Court just struck down critically important laws regulating corporations' influence on election and public policy. The Center for Media and Democracy strongly opposes this radical decision by a bare majority of the Supreme Court to rewrite the First Amendment and give corporations even greater influence in elections and public policy. With this decision, huge corporations like Goldman Sachs and AIG will be able to use their enormous wealth to run campaigns against the president or any person who might oppose their agenda.

In our view, this decision is terrible for our democracy. The corruption of policy development we have already seen by the big insurance companies in the health care debate, by the big banks opposing regulations to protect our economy, and the big oil companies slowing efforts to address global warming, even under the current rules that the Court just struck down, show this decision will make things worse. We cannot sit on the sidelines and let this radical decision stand.

Americans Before CorporationsYou can help us stand up to the Court by casting your vote against this judicial activist decision and sending a strong rebuke. Please sign our petition and help put Americans before corporations. Please tell your friends, family and colleagues about this important issue and urge them to sign the petition. We also have a new "Corporate Rights portal" we are launching in SourceWatch to help educate the general public about these issues and provide a gateway for getting more involved. You can bookmark this link to the Corporate Rights portal to stay up-to-date on the latest news about this issue.

Too Big to Fail, Not Too Big for Jail

U.S. Attorney General Eric Holder appeared before the Financial Crisis Inquiry Commission today. He cited his strong statutory authority to go after the firms that had a role in the worst economic disaster since the Great Depression. His team was tackling securities fraud, accounting fraud, financial discrimination and fraud related to the stimulus bill. It was an impressive list, but what was not impressive was the first case he touted – Bernie Madoff.

You remember Bernie. His kids turned him in. It appears that the FBI considers this the high-water mark of criminal detective work.

Credit Card Companies Profit Off Tragedy in Haiti

Submitted by Anne Landman on

Many relief organizations are soliciting donations to help victims of the earthquake in Haiti by using hotlines and Web sites that prompt people to use their credit cards. While most of the money people give will make it to the designated organizations, credit card companies are charging a two to three percent "transaction fee" or "charity processing fee" that gets subtracted from the donations.

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Main Source: 
Huffington Post, January 14, 2010
Topics: 
Corporations
Ethics
International

Breaking News: Insurance Industry Launders $10M to $20M in Attack Ads

This is a special alert about breaking news showing that health insurance companies secretly gave the Chamber of Commerce millions of dollars to run third-party attack ads at the same time they were telling Congress they continued to "strongly support reform." On the one hand, we're not surprised, but on the other hand, we're outraged by the lies and deception that have been documented.

The new story in the National Journal proves what I have been talking about, since I switched from being a spokesman for the health insurance industry to being a vocal critic of it. The industry is laundering millions of dollars through third parties to influence health care reform legislation and kill provisions that might hinder insurers' profits.

The revelations are so significant that Congress should launch an immediate investigation and hold public hearings before the House and Senate schedule final votes on health care reform. Please sign our petition demanding an investigation now.

Greedwashing on Wall Street

All eyes are on Wall Street this week as the big banks get ready to report their earnings and bonuses. Rebounding banks are preparing to pay out bonuses that rival those of the pre-crisis boom years.

During the first nine months of 2009, five of the largest banks that received federal aid — Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley — together set aside about $90 billion for compensation.

To avoid pitchforks and public outrage, most banks are tamping down on the cash payouts and beefing up long-term stock options. One bank is taking an even more novel approach. Dare we call it greedwashing?

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