Tuesday, February 26, 2013

Lynn Jenkins Reminds us SHE'S FOR THE 1%

Lynn Jenkins sent me an email describing her position on avoiding the sequester.  In her missive Representative Jenkins noted that she supported H.R. 5652 (112th Congress) as a better solution to avoiding the Boehnerquester.  Now most people will take that at face value, being accustomed to being spoon fed information.  I, however, am not one to accept Jenkins's propaganda machine's output as Gospel.
H.R. 5652 (112th Congress) is terrible legislation that tries to bury the progress made during President Obama's first term.  There is a lot wrong with the bill, and you may see more than one blog on this bill.  It is that bad!
In this piece of work Jenkins turns to one of her favorite topics, protecting Golden Parachutes for the executives that, in the true vulture capitalist tradition, wreck their businesses while skating off with massive ill gotten gains in the form of bonuses and other compensation.
The Dodd-Frank Act §210 puts it this way: "The FDIC may avoid or invalidate certain prior transfers, agreements, leases, or compensation to executives that hinder the ability of the FDIC to carry out its duties."  Those duties are winding down the failed business while providing that claimants get at least as much as they would have received under a bankruptcy liquidation."  In bankruptcy parlance that means the FDIC can reach back and bring those monies back into the estate to be liquidated.
What, you ask is Jenkins's voting record on Golden Parachutes?  Let's review.
From this Blog on June 5, 2010:  Lynn Jenkins never saw a Golden Parachute she didn't like. H.R. 1664, and the title says it all: "To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards." This is another attempt to reign in Wall Street Fat Cats giving themselves big paychecks and bonuses on the taxpayers dime. Lynn Jenkins voted against us and for the Wall Street Fat Cats on roll call 247.
Then on June 10, 2010: H.R. 3269 the CORPORATE AND FINANCIAL INSTITUTION COMPENSATION ACT OF 2009 gives stockholders rights some teeth when it comes to executive compensation and golden parachutes. This bill gives the Securities and Exchange Commission authority to make rules regarding these compensation packages. Lynn Jenkins loves those golden parachutes. Again she votes to keep exorbitant executive pay packages and those golden parachutes they way they are. In roll call 686 Lynn Jenkins voted against H.R. 3269.
On September 28, 2010 I wrote:  Lynn Jenkins voted several times to do nothing about those Golden Parachutes being paid out of taxpayer money. She voted against letting shareholders have a mandatory binding vote on exorbitant executive pay practices, H.R. 3269.  She voted against a bill allowing the Treasury Secretary  prohibit financial institutions from paying excessive executive pay from taxpayer money, H.R. 384 and H.R. 1664. She consistently voted against restraints on executive pay for Big Bankers while the Big Banks are being Bailed Out! H.R. 3269 contained one weak provision permitting non-binding shareholder votes on Golden Parachutes, which Lynn Jenkins voted against.
It is clear that at every opportunity to support Wall Street, Big Banks, and the Silk Stocking Financial Sector Lynn Jenkins is with them and against us.  Why she would remind us of her callous disregard for the people during this debate over the sequester is baffling.  She does not represent us, she represents the 1% and you waste your vote on them when you vote for her.

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