Thursday, August 5, 2010

Finally, the SEC opens up the proxy process


From this Wall Street Journal article, it finally appears that the SEC is set to open up the proxy process. What's this mean? Shareholders are finally going to get the opportunity to nominate people to appear on the ballot for election to the Board of Directors. Can you imagine that? Shareholders of public companies in America are FINALLY going to get the opportunity to choose the people who oversee the managers of the companies that shareholders own. A company owner finally gets a say in how his company is managed. A human trying to breathe is finally going to get oxygen to breathe. Finally.

For all their talk about free markets, capitalism, getting government out of the way, laissez-faire, my Republican party has always objected to giving the owners of public companies the basic right to appoint company overseers. As a result, we've endured decades of brain-dead public company Board of Directors who sat around and allowed shareholders to be raped. We've endured egregious salary packages and golden parachutes that are just plain sinful. We've endured so many Enrons, Worldcoms, and bank failures that its just plain shameful to call ourselves capitalists. We've been deprived the very basic rights of capitalism, thanks to my Republican party.

And the really sinful thing about this whole mess? Republicans still object. The SEC vote to allow shareholders to have this basic say in corporate oversight is going to be 3 to 2. Three Democrats will vote yes. Two Republicans will vote no.

This one issue is the single most important reason I broke ranks with my Republican party and voted for President Barack Obama. And I have a message for the Republican Party about the two no votes that will happen ..... Go F*#& yourselves Republicans. You are hypocrites and deserve to have your sorry asses kicked out of office.

North Carolina deserves better than Republican Senator Richard Burr.

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