Wednesday, June 01, 2005
Donaldson Resigns from SEC
Mr. DLJ, himself, as solid a business Republican as you could find on the planet finally had a belly full of the Bush White House crowd, said "screw it," and is leaving.0 comments
William H. Donaldson is resigning as the head of the Securities and Exchange Commission, and is one of the honest brokers who are saying, "Feh!" and walking away from this treasonous, power-mad mob.
This is a horrible day for folks who have always prided themselves on supporting good Republican fiscal policy and ethics.
His decision gives the White House a major opportunity to sharply alter the direction of the agency and cede controlling power to the deregulatory-minded two remaining Republicans on the five-person commission.
In so doing, the agency could become more responsive to some of the administration's most important supporters in the business community, including the Business Roundtable, an organization of chief executives from the nation's largest companies, and the United States Chamber of Commerce. They have complained that the agency, blowing with the political winds of the times, overreacted to the wave of corporate frauds by imposing rules that have been more burdensome than beneficial.
70% of the pie is not enough for Corporate Amercia today. They want 80%. Then, 80% isn't enough, they want 97%. Then, it's so hard to have real growth when you're at 97% of the pie, so the only way to keep growing is to take that guy's 3%. But that's OK, since it's obvious he doesn't really know its true value like we do.
Any time ANY corporation has to relinquish A DIME to keep from maiming, killing and defrauding the American citizenry, they scream to high heaven that "it's burdensome!" And if they're forced to pay out $28.34 to avoid maiming 157,000 American babies, they'll be forced to lay off 20,000 employees in Ohio.
It's truly a Jacob Marley world in which we live.
Such bullshit.
Can we simply drop that hoary old complaint from the discussions, please?
So, godspeed to Mr. Donaldson. And to the giddy folks in America's boardrooms, I say:
"Uh, boys, meet Mr. Spitzer..."
posted by Gotham 7:51 PM
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