Barack Obama’s Empty Shareholder Rights Plan
Barack Obama is planning to propose new shareholders’ rights legislation that gives no rights to corporate shareholders at all.
Obama’s plan would require corporations to have a non-binding vote on executive compensation packages. Shareholders would not be allowed to limit nor deny executive compensation under Obama’s plan.
So what good would Obama’s plan do? Absolutely none. This is an insanely stupid plan which does nothing more than codify his empty rhetoric into a law which is as equally empty.
Shareholder rights are a good thing. Allowing shareholders to have a say in executive compensation is also a good thing. But Obama’s plan does neither of those things. In fact, it does nothing at all. It is as meaningless as everything he says.
Barack Obama has been the beneficiary of tens-of-millions of dollars in contributions from corporate bigwigs. In fact, Obama has been the largest recipient of cash from Wall Street executives. Is this proposal Obama’s way of appealing to his base which is incapable of distinguishing substance from fluff while at the same time staying on good terms with corporate bigwigs who have lavished him with cash? I think so.