07/12/2002 Archived Entry: "Daschle/Reid-led Democratic leadership wimp out, McCain/Levin stand tall"
The McCain Accounting Proposal Scuttled by Daschle yesterday highlights the reason why I supported John McCain in 2000 over Gore. Unfortunately, it was only financial support, as the local fascist-style Republican Party was able to keep McCain's name from appearing on the 2000 Presidential primary ballot. Sure, McCain has some bad stands, on abortion for example, and beyond Arizona, he is weak on environmental issues, but he's shown the ability to evolve on the issues, especially social ones. His moves have been herky-jerky at times. For example in 2000, working for the wingnut Bauer's support, then rightfully bashing Robertson and the other religious fanatics that have taken over the GOP, and then backing off fro the criticism, but he's shown progress, and it just keeps getting better, especially dealing with matters of reform. And remember, McCain voted against the deficit-inducing Bush tax-cut.
Senate Democrats yesterday blocked a proposal that would have changed the way companies account for stock options, an initiative vehemently opposed by high-tech companies that have used such grants to award billions of dollars in compensation to their executives and employees. Sen. John McCain (R-Ariz.) tried unsuccessfully to attach to a broader corporate accountability bill a requirement that companies subtract the cost of stock option grants from their reported profits. But the Democratic leadership prevented McCain's amendment from reaching a vote.
On the investors side, you have McCain and the Democrat Carl Levin saying, "The fix is in," and on the corporate shenanigan side, you have Daschle complaining about a "one-size-fits-all" bill, saying he wants to SEC to put in charge of creating new accounting oversight regulations. Right, Pitt is going to do this, GMAFB. Tom Daschle is insulting my intelligence. So, in essence, you have Daschle doing Bush's dirty work here, killing off good reform. At the same time, he's undermining the Democratic Party's attack of the Republican to-close alignment with corporate influence. The corporate-sponsored Demlicans emerge.
Assistant Majority Leader Harry M. Reid (D-Nev.) outflanked McCain. As a result, Reid spared senators the potential discomfort of going on record with a vote against the stock option amendment. Daschle said he was "not adverse" to amendments to strengthen the bill but cautioned against going too far. "I would say this is a very good, strong bill," he said.
Bullshit. As Krugman, The Insider Game, pointed out yesterday, insiders will find many ways to get out of "tougher sentencing". Mainly, because they are not sentenced in the first place. I sure hope McCain forces real reform to come up for a vote, I want to see how many corporate-windbags that are bought and paid for in the US Senate.
Federal Reserve Chairman Alan Greenspan and billionaire investor Warren Buffett are among those who favor factoring option costs into corporate profits.
So ask yourself, would you rather join with McCain/Levin in lining up alongside Greenspan and Buffett, or join the Daschle/Reid Republicrat corporate accountability bill that will pass the Senate "by a large margin," possibly even without dissent? The McCain/Levin bill makes the market an open book, where the corporations will be held accountable for their actions of dilution. Instead of acting on behalf of the people, the Democratic leadership is performing quid pro quo for a few major contributors.
Replies: 1 Comment
More on John Fund's Fraud...this time an attack on McCain...
http://www.opinionjournal.com/diary/?id=110001971
Posted by G.C. Raj @ 07/13/2002 11:52 AM PST
