In These Times
04-12-2012, 05:50 AM
WASHINGTON, D.C.—Last month, the AFL-CIO's Executive Council endorsed (http://www.inthesetimes.com/working/entry/12895/afl-cio_endorses_obama_puts_money_on_national_worker_conversation/) President Barack Obama for re-election. About a week later, Congress passed the "Jumpstart Our Business Startup," or JOBS Act—a bill backed by President Obama and his Council on Jobs and Competitiveness, and strongly opposed (http://www.inthesetimes.com/working/entry/12937/labor_joins_losing_fight_against_bogus_dangerous_jobs_bill/) by organized labor. President Obama signed it into law last week.
"President Trumka is personally outraged by the JOBS Act and the implication that this administration thinks that it’s going to be good for the country to re-inflate a stock market bubble," a top AFL-CIO official told In These Times Monday night,speaking only on condition of anonymity.
Developed by the Jobs Council—the chair of which, GE CEO Jeffrey Immelt, said late last month he wouldn't endorse anyone for president—the JOBS Act would rollback many of the measures enacted to protect investors and stockholders in the wake of the dot.com bubble and Enron scandal. It would allow companies with less than $1 billion in assets called “emerging growth companies (http://www.businessweek.com/articles/2012-04-05/the-jobs-act-loosens-regs-for-companies-like-these)” (like tech start-ups) to not provide audited financial statement for five years after going public. Among other things (http://dealbook.nytimes.com/2012/04/11/regulator-seeks-feedback-on-jobs-act/), It would also weaken rules barring research analysts working for firms that could gain from the sale of a stock to promote the stocks of these “emerging growth companies,” a practice previously disallowed (http://www.nytimes.com/2012/04/06/us/politics/obama-signs-bill-to-ease-investing-in-start-ups.html).
Trumka was so outraged with the prospect of the JOBS Act passing that he and other major union leaders insisted on issuing a statement (http://www.aflcio.org/About/Exec-Council/EC-Statements/The-Jobs-Act-A-Cynical-and-Dangerous-Return-to-the-Politics-of-Financial-Deregulation) condemning the bill during the AFL-CIO Executive Council meeting's agenda last month in Florida (where the organization endorsed the president), even though the issue wasn't on the agenda. The labor leaders wrote:
More... (http://inthesetimes.com/working/entry/13017/trumka_personally_outraged_by_obama-backed_jobs_act/)
"President Trumka is personally outraged by the JOBS Act and the implication that this administration thinks that it’s going to be good for the country to re-inflate a stock market bubble," a top AFL-CIO official told In These Times Monday night,speaking only on condition of anonymity.
Developed by the Jobs Council—the chair of which, GE CEO Jeffrey Immelt, said late last month he wouldn't endorse anyone for president—the JOBS Act would rollback many of the measures enacted to protect investors and stockholders in the wake of the dot.com bubble and Enron scandal. It would allow companies with less than $1 billion in assets called “emerging growth companies (http://www.businessweek.com/articles/2012-04-05/the-jobs-act-loosens-regs-for-companies-like-these)” (like tech start-ups) to not provide audited financial statement for five years after going public. Among other things (http://dealbook.nytimes.com/2012/04/11/regulator-seeks-feedback-on-jobs-act/), It would also weaken rules barring research analysts working for firms that could gain from the sale of a stock to promote the stocks of these “emerging growth companies,” a practice previously disallowed (http://www.nytimes.com/2012/04/06/us/politics/obama-signs-bill-to-ease-investing-in-start-ups.html).
Trumka was so outraged with the prospect of the JOBS Act passing that he and other major union leaders insisted on issuing a statement (http://www.aflcio.org/About/Exec-Council/EC-Statements/The-Jobs-Act-A-Cynical-and-Dangerous-Return-to-the-Politics-of-Financial-Deregulation) condemning the bill during the AFL-CIO Executive Council meeting's agenda last month in Florida (where the organization endorsed the president), even though the issue wasn't on the agenda. The labor leaders wrote:
More... (http://inthesetimes.com/working/entry/13017/trumka_personally_outraged_by_obama-backed_jobs_act/)