I'm Heather Slavkin Corzo from the AFL-CIO, and I started a petition to Goldman Sachs CEO Lloyd Blankfein, Citigroup CEO Michael Corbat, and Morgan Stanley CEO James Gorman. The petition to each of the banks says:
The AFL-CIO recently filed proposals to let big-bank shareholders demand greater transparency around golden-parachute practices that make huge payouts available to executives who leave big banks for top posts in government. The banks reacted in panic and are working to persuade the Securities and Exchange Commission to step in, allowing them to keep their policies a secret and their shareholders in the dark.
Wall Street executive Antonio Weiss was recently in line to receive a $20 million bonus from his investment bank employer for agreeing to take a Treasury Department undersecretary position.1 Weiss, who eventually took an advisory job that did not require Senate confirmation, is only the latest in a series of would-be and actual public officials who have stood to benefit from these "golden parachute" deals.
When bankers get large bonuses for taking government jobs, it sends a dangerous message about who is really calling the shots. If the big banks think these practices are defensible, they should let their shareholders know the facts and judge for themselves.
Join us in calling for Wall Street to allow shareholders to vote on these practices.
1. "Want $20 million to work for the government? Just quit a Wall Street job first," CNN, December 4, 2015
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