This is why Democrats shouldn’t be in power. Chief Warran thinks this is how America should be run.
If your business has sales of 1 billion a year:
Government must give you permission to be in business under these rules:
40% of the board elected by employees
Must be responsible to share holders, employee’s and the community
No political contributions
Board members have to hold stock for 5 years.
Imagine a democrat controlled house, senate, and president coming up with the RULES for business if they want to remain in business.
Here is the interesting thing from the article:
The CEOs I know believe there is no conflict between serving shareholders and stakeholders. In fact, Delaware law – which is the predominant corporate standard – requires that boards of directors take into account the interests of the company and its shareholders in making decisions.
Under the “business judgment” rule, they are given wide latitude to make tradeoffs between competing stakeholders interests as long as they are acting in the best interests of the company. Just to confirm the point, 19 other states have laws explicating enabling boards to consider the interests of customers, employees and communities in addition to shareholders.
Looks like many companies are required to take into account the best interest of the company and it’s shareholders.
Warren was instrumental in the CFPB and it’s radical, unsupervised ransacking of financial institutions who then couldn’t quantify their methodology of determining unfair lending practices so that these same institutions could keep from repeating what the CFPB punished them for. She is beyond goofy.
Friedman was the one who popularized that philosophy, and conservatives loved it.
That, and tying CEO/Upper management compensation to the stock price (another conservative idea) is much to blame for the insane income/wealth inequality we have today.
Fo the con to keep working, conservatives blame regulations, high taxes, unions, outsourcing, and immigrants (legal and illegal) for the plight of the working man.
It’s greed. And it is now baked into the economic cake of America, thanks to conservatives, from both parties.
Here are some facts about the CFPB. I see you are on the side of Wall Street.
You’ve been conned.
The CFPB is the only federal agency focused exclusively on enforcing consumer financial laws. It is meant to ensure that all consumers have access to markets for consumer financial products and services and that such markets are fair, transparent and competitive. It was given the power to issue regulations and monitor a range of lenders from banks to non-bank firms that were previously unsupervised at the federal level including mortgage companies and payday lenders.
It also has the power to discipline firms for misconduct. Since opening its doors, it has levied fines and dealt with more than a million consumer complaints relating to mortgages, credit cards, student loans, debt collection and other financial products.
The CFPB said it has provided $11.7 billion in relief for more than 27 million harmed customers. That figure includes debts that were canceled or reduced as well as compensation paid out by firms.
Wall Street accuses the agency of imposing overly burdensome regulations and large fines.