After another Election Day filled with mostly unsubstantiated Republican claims of vast left-wing (read: non-white) voter fraud, the Securities and Exchange Commission is jumping on the GOP bandwagon.
The Republicans have learned to blame poor electoral showings–or, apparently, even strong ones such as yesterday’s–on a vast army of illegal immigrants, dead people and welfare queens stuffing the ballot box at the behest of the ghouls at ACORN. For its part, the SEC is taking aim at the evil hedge funds and other speculators that trade those wicked derivatives.
SEC Chairman Mary Schapiro, who yesterday sought to put that whole Bernie Madoff thing behind her agency by hiring someone who might actually be able to spot fraud, is turning her attention to proxy contests. While she wants to make it easier for investors to get their director nominees on a company’s ballot, she also wants to make sure there’s no “early and often” shenanigans.
“We want to ensure that the U.S. proxy voting system as a whole operates with the degree of reliability, accuracy, transparency and integrity that shareholders and companies have the right to expect,” Schapiro said.
The SEC is considering corporate-governance reforms after shareholders said the financial crisis showed directors didn’t adequately supervise risk-taking at banks and securities firms. Investors and companies have complained that SEC rules haven’t kept pace with changes in proxy voting, and give groups of investors may too much sway in board elections.
Schapiro said the SEC will seek input from shareholders and corporations on ways to ensure vote counts are accurate. The agency also will ask about the role of so-called proxy advisory firms, which pension funds pay for advice on how they should cast their shares, she said.
See, it’s not just that some investors are apparently casting more votes than they own shares. Schapiro has also cast a wary eye upon so-called “empty voting.” Currently, borrowing shares to increase your say is totally legal, so if there’s a proxy battle you want to screw with, you’d better get busy.
Schapiro Says SEC Reviewing Corporate Election, Advisory Firms [Bloomberg]
Greg
I’m going to recalibrate the shifters and tweak the guide pulley on your derrailleur, making it difficult but not impossible to get to the lower gears.
Not Jeff Macke but a fan of his work
Is that Tracy Jordan or Tracy Morgan holding the sign?
Sounds like a job for Captain Marvel.
SHAZAM!!
SHAZA SHAZA DING DING!
I’m going to pistol whip the next person to say “shenanigans”
I can’t wait to hear Mark Klein, M. motherfucking D.’s take on this.
Mary Schapiro’s claims are all just a sprinkling of small bones thrown down at the masses to appease their anger.
Wall Street! Have no fear. This is merely a minor inconvenience for you.
You see, Mary & Larry Summers were part of the Clinton Administration in 1999, and they were big advocates of all that financial innovation that took place back then.
Now that Mary runs the SEC, and Summers is in the White House, Wall Street should celebrate because the two of them are indeed true believers.
The Guy from Delaware
So artistic Jonny boy.
http://www.facebook.com/friends/?id=1394923448#/jonshazar
Guest@#8…
BaaHaHa!
The Guy from Delaware
@8/Jon
the tower of london?
Hey Jon – stick an ACORN up your ass and see how substantiated THAT is.
I miss Greg already.
greg never would have written something this dumb. two more strikes.
Bess,
I’m commenting on Shazar’s post, but this is really meant for you. I read the site because your writing is good.
This guy Shazar is messing with your brand with crap like this. That affects you, your reputation and how you feed your kids, your parents, your crazy neighbors in need.
The “non-white” parenthetical is either, take your pick, stupid, really stupid or a ridiculously obtuse extrapolation from Shazar’s young (god, I hope he’s young, because if he’s old and this stupid, well…) world view.
@13 this shazar guy affects how bess feeds her non-existent kids? wild.
Jon,
Holy fuck this bad. I mean, I can’t even grasp what a worthless piece of shit this post is.
Do us a favor Jon. When you get in the bath tonight, keep the razor going parallel to the veins. None of this attention seeking perpendicular emo shit.
Or just quit writing.
@11-15 = teabaggers