culture, politics, commentary, criticism

Thursday, November 29, 2007
The ownership society &mdash pwned! One of the basic tenets of capitalism is that owners get to decide things, like who manages their property. Now with far more than half of all Americans invested in the stock market through 401(k) plans and IRAs and direct investments, the SEC wants to cut their rights of ownership off at the knees (
A high-stakes battle over shareholder rights, dubbed "proxy access," has become a proxy for something else: the performance of Christopher Cox, chairman of the Securities and Exchange Commission.

In a party-line vote, the SEC said companies can reject shareholder efforts to put their own director nominees on corporate ballots.* The move set off a storm of criticism from shareholder activists and Democrats, who responded with their sharpest rebukes yet for Mr. Cox.

In the latest twist in a long-running saga, the chairman voted with the 3-1 majority on what has been dubbed the "nonaccess" proposal, even though Mr. Cox said his ultimate goal is to give shareholders broader proxy rights.

"This action will tar his legacy as an antishareholder chairman and essentially now makes him a lame duck," said Richard Ferlauto, director of corporate governance at labor union American Federation of State, County and Municipal Employees.
*In other words, you can own part of a company but have no say in how it's run.

I've said it before and I'll say it again — the GOP is no longer the party of business.

If you want a strong economy, vote Democratic. Otherwise, ur ownership society -- pwned!

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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