Thursday, March 12, 2015

Tell Big Banks to be transparent about Executive payouts

Dear MoveOn member,

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 a shareholder proposal at your institution asking for more transparency regarding compensation package practices for executives who leave for high-level government jobs. You in turn asked the SEC for permission to omit the proposal so you can continue to keep the details of this practice secret.

You should be willing to let shareholders and the public see all the facts and judge for themselves. Please drop your opposition to this proposal and give shareholders the opportunity to vote for greater transparency in your executive compensation practices.

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.

Click here to add your name to this petition, and then pass it along to your friends.




1. "Want $20 million to work for the government? Just quit a Wall Street job first," CNN, December 4, 2015

This petition was created on MoveOn's online petition site, where anyone can start their own online petitions. AFL-CIO didn't pay us to send this email—we never rent or sell the list.

Want to support our work? We're entirely funded by our 8 million members—no corporate contributions, no big checks from CEOs. And our tiny staff ensures that small contributions go a long way. Start a monthly donation here or chip in a one-time donation here.

This email was sent to eddie alfaro on March 12, 2015. To change your email address or update your contact info, click here. To remove yourself from this list, click here.

No comments:

Post a Comment