According to the administration, the Treasury is trying to find every way possible to make sure that its voice is not heard in the companies in which it has become an accidental shareholder. While it feels it should have significant control over the businesses in which many of these companies operate in, the administration wants to make sure that it doesn't use its shares to determine such things as executive pay.
The Obama administration is set to release a policy on how it will vote the government's shares in the coming weeks. On many resolutions offered by investors -- from demanding pro- environment policies to allowing domestic partner benefits to reining in executive bonuses -- the Treasury plans to ask that its ballots be counted in the same proportion as the votes of other stockholders so it won't impact the results.
As Kenny Lewis can attest to, when it comes to the stuff that really matters, backroom waterboarding is a far more compelling tool than shareholder votes.
Treasury Plans to Limit Voting of Shares in Rescued Companies [Bloomberg]