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.
