maxine waters has introduced legislation
called the investor protection act of
two thousand na
it is simply put
the most logical piece of legislation i
have seen in along
long-time because it's simple you know
in the health care for you to say hey
you know what that parts logical but i
got a problem with that part
there's a lot of moving parts is very
complicated is a very simple bill it's
almost impossibly disagreement
what she's saying is hey you know what
the people who
all companies
should have a say in those companies
uh... isaac appaloosa would possibly
argue with that right
seek the shareholders in public
companies
on the company out right
and then there's the management
executives who run the company in the
portal pixels executives in the exact
dates back to court
i've often pointed out that that is
at obvious an enormous conflict of
interest
when the boris postal overlook
management
and the management fixable
and vice versa
how does that make any sense
so she's putting together a bill that
simply says
you know what the shareholders should
have more of a right to decide who goes
on the board
to which i sent small percent want
soooooo company
now you might say don't have a right to
voice your opinion on was on the board
now since their company
what they do but it's a different
process and its purposely cumbersome and
expensive
right now the way the system is set up
the shareholder
hasta mount a campaign
on their own
than they could bring in other
shareholders to their campaign
but paid for it out of their own pocket
come out that can't be
which makes it usually so expensive
but it's prohibitively expensive for
anyone shareholder damalf issue campaign
and that's why i rarely ever happen
one hurdle suggests is why don't we make
it easier for the owners to decide what
to do with their company
so if
set up a regular process in which the
shareholders
have input into the board
and that that process is paid for by the
company
good ultimately
it helps the company when the owners
actually running
or at least have a voice in
who runs it
i can imagine that any conservative
would be against this bill right
i mean this is capitalism at its qu
all of those companies of course i
should say who runs those companies
right all my concern about brazil route
me right
now you'd be surprised but i tell you
they are all against
all the republicans saying
on it is uh... unacceptable bill
the owners should not have
as easiest say who runs a company
managers who currently run
an outlook that is
dot one percent exaggeration in the
reader for yourself
so now why would they do that
the reason they would do that is that
the current managers for the ones who
hire the lobbyists
who'll pay the politicians
alan grace a set on this program what i
often say
exabytes it a little brought use the
same exact words
the republican party has become a holy
owned subsidiary
of corporate america
and he said there goes that health care
industry
but it's broader than all corporate
america
without the people all the companies
for the people who will run the company
that bill black brawl book about will
well top economists in the country it
one of the top regulators and fixing
that said i ll crisis
he said the best way to
rob a bank is on a bit except it's a
little miss title
this people were running these days so i
think on the back
sexy run in the back
safety own than they would care that the
bank at the end of that any money left
what or the people they're opposed to
this day our making the republicans say
there are no we can't have it
the chamber of commerce
which is again the same executives who
run these companies
of the american bankers association
docket
upbeat along the banks will be more on
the backs
they don't want to be regulated
and in some of the top corporations the
country intel microsoft wiser verizon
and so what is their complected complain
as all of this would cost money alone
but more money the company
while
there because a little bit more for the
owner to tell you what to do
okay thinking
because a little bit more
i mean giving all the tremendous costume
ever knew that come into these companies
you really worried about the cause of
the comical complain
now see because it might be really
specify individual shareholder
ne almost not expose that all for the
company
to have and organize process in which
they do that's right so then the second
complain is i've even
more comical
here it is
it impairs
the boards function
it impairs the boards
telling you to do exactly what you want
right it impairs
your highway robbery
that it what it actually does is that as
a board function properly where the all
respect the board
it i'll tell you this is the single most
logical piece of legislation
i have ever
and then finally there
complain about three years
quote and
love that
no compelling need
to change the system
o_j_ courts is no compelling images as
the for you
good you know i'd all the
call corporations of the money
now look to give me a sense of this we
have been a bus from newsweek on talking
about this
right now the current system is set up
these fortune five hundred companies
especially in the financial industry
then taking
fifty percent not a profit
of the review of the companies
and giving it towards compensation
of executives
fifty percent of the revenues
best way to rob a bank is the run-up
back
okay
wouldn't pay nothing for us
now all somalis the taxpayer when they
crash renaissance dissent about that as
a taxpayer but as a catalyst
i'm more concerned about the fact that
this is not how
free market is supposed to run
most doing most of the ceiling
for all of the company
that's the shareholders
and maxine waters a barney frank of the
house democrats are trying to stop that
i wear robbery and of course
the robbers have a chip have objected
but we have a political system in which
we said
all really
what does that do you have to say about
his t_v_
well then perhaps we shouldn't do it
now
uh... n
finally
this is why i care so much about this
legislation
not discuss is for the wonderful logical
but this is so important
because this is one of the e
elements the fixing it or structural
problem
and i'll tell you what because look if
you have it coming like edgy listed as
an example uh... dade
uh... are now in the tank for us for
hundreds of billions of dollars the
united states expert so i think there
was a bankrupt their in safely back to
take it anymore bhangra been aching
if nobody can see it
that be a problem it
you lost all your money not if the
function market function properly in the
government does value-added center
which was what happened when the
brothers are bankrupt and on and nobody
and all the people who ordered uh... are
outta luck
now you don't want that
but if you run women brothers edo only
been brothers
or you can bet is too short term
uh... profits if you're taking off
compensation bonus salary etcetera
okay so europe benefit battling the
brothers crashes which it did
they don't really care the top executive
leavin
already walked away with
hundreds of millions of dollars
at peace
overall billions of dollars
so the company crash who cares see this
bill says
the people who owned the company
have a say in who runs a candidate
so that you have to have an incentive
not the crash the company
not to kill the company
not to drain all the money out of the
company an avid go under
this is absolutely critical to our
capitalist system if you care about
capitalism
you care about our economy
your trueblue america
appeared to be very this bill if your
sellout lobby it lobbyist
url bull person
the patent you're out against this
this is a clear delineation
what was the guy that good guys
and or the bad guys
and as usual we were very common answer
to that
the good guys
in this case abba to be the most
progressive guys in the house
but a try to protect apples and and the
bad guys are the entire republican party
who all against
