Tag Archive: corporations

Oct 07 2011

Lancman Examines Occupy Wall Street Protest

Legislator feels empathy. Offers insight in an Op-ed to the HuffPo.

In an Op-ed column to the Huffington Post, State Assembly Member Rory Lancman (D-25) takes a look beyond the occupation of Zuccatti Square.

Rory Lancman was not born with a silver spoon in his mouth. He’s a very down to earth guy and he likes to update his Twitter and FB, unlike many pols who leave it dry and lacking character. I always know what he’s up to. Lancman received his B.A at Queens College and has always lived in the neighborhood. So, he’s really in touch with what’s going on. He’s also a regular visitor to my Democratic Club.

Everyone is talking about the Occupation, so you can mention the Corporate Political Activity Accountability To Shareholders Act  to your friends and sound like  a genius.

QP breaks the letter down in bulleted format for ease of reference.

 

There is a lack of specific demands by the protestors.

Reoccurring themes are considered the source of the problem:

  1. Accountability on Wall Street for the financial crisis.
  2. A political system controlled by people, not corporations.
Results:
  • Wall Street protest reflects frustration across America.
  • Middle-class homeowners are being hurt the most.
  • i.e Warren Buffet pays less tax than most of us.

According to the Op-ed letter,

There are “shovel-ready” solutions in the form of existing bills currently before the New York State legislature.

Legislation and case law have weakened the protections of people who got a bad deal from investors.

The solution: Cut Red Tape, Increase Transparency
  1. Empower  New York’s famous Martin Act, which keeps financial fraud accountability simple.  To do this they must pass the Institutional Investor Recovery Act, which would unleash the power of the Martin Act by allowing public and union pension funds to bring their own lawsuit without waiting for the Attorney General.
  2. Legislation pending in both chambers would extend this surcharge for families making over a million dollars a year — which means most affected families would still see a tax cut.
  • New York can stop the lobbyists and predatory corporations by heeding the Supreme Court’s challenge to improve shareholder control and corporate disclosure of political expenditures.
  • The “Corporate Political Activity Accountability To Shareholders Act” requires corporations to tell shareholders what they hope to buy with their money.

We should urge our legislators to support this.

What are the results of the demonstration?  T.B.A

The question now is where that frustration leads us.  Here in New York, and in state legislatures around the country, we have a unique opportunity to crack down on abuses of the financial system, level the economic playing field, and empower people rather than corporations in the political process. But it will require focus on concrete measures. The three discussed above are a good start.

- This is a break down of an Op-ed for skeleton facts. I believe in state solutions and I believe Lancman’s suggestions are worth further examination. Discussion?

###

UPDATE:

Today, 4\7  NY1 reports that the message has reached the White House and the President has responded.

Permanent link to this article: http://queens-politics.com/2011/10/lancmanwallst/


Hit Counter provided by brochure holders