Occupy Wall Street Movement

401 posts in this topic

Hmmmm, what "Delaware-based corporations" might Wolf (via the OWS protesters) be referencing here?

 

 

Over 50% of US publicly traded corporations and 60% of the Fortune 500 companies are incorporated in Delaware; the state's attractiveness as a corporate haven is largely because of its business-friendly corporation law. Franchise taxes on Delaware corporations supply about one-fifth of its state revenue. Although Delaware is ranked first tax haven in the world by Tax Justice Network, it is not listed on the OECD's 2009 "Black List", despite objections of Luxembourg's and Switzerland's authorities.

 

(That last sentence references this):

 

 

While most states require a for-profit corporation to have at least one director and two officers, Delaware laws do not have this restriction. All offices may be held by a single person who also can be the sole shareholder. The person, who does not need to be US citizen or resident, may also operate anonymously.

 

I wish Wolf had been more specific about this "little-known loophole," especially since it underpins her entire argument about why the DHS would have an interest in crushing OWS.

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I wish Wolf had been more specific about this "little-known loophole," especially since it underpins her entire argument about why the DHS would have an interest in crushing OWS.

 

Could you connect the dots for me on this one? The conditions in Delaware are absolutely nothing new (as your Wikipedia links states).

 

If people are not outraged by the insider trading scandal, it seems unlikely that the legal minutiae of Deleware's favorable corporate governance laws are bringing them out into the streets. It could be, but it seems doubtful.

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I can't connect the dots, kropotkin. Naomi Wolf writes in the Guardian that one of OWS' top demands has to do with Congress' power to create legislation about Delaware corporations that benefits them personally and can also be kept under wraps.

 

Especially since she's publishing in a foreign paper, I wish she would clarify exactly what that legislation is (and if it's new, as you say.) I spent some time yesterday trying to figure out what exactly she's referring to, and came up empty except for the above.

 

Wolf is right that it's suspicious that all the crackdowns started happening at the same time. Which was also about the same time as the insider trading scandal started hitting the news.

 

That the people who are likely to be outraged enough to hit the streets about insider trading are probably to a large extent the same ones who are already out for OWS. There may be a lot of conservatives outraged about it, but they can't join OWS protests now that their own conservative media have labeled OWS a "liberal" movement.

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Wolf is right that it's suspicious that all the crackdowns started happening at the same time. Which was also about the same time as the insider trading scandal started hitting the news.

 

Are you suggesting that the two are related in any way? Sounds like conspiracy theory.

 

 

 

That the people who are likely to be outraged enough to hit the streets about insider trading are probably to a large extent the same ones who are already out for OWS. There may be a lot of conservatives outraged about it, but they can't join OWS protests now that their own conservative media have labeled OWS a "liberal" movement.

 

People who are outraged about Corzine's behavior may not see the need to use OWS or say, the reform movement which must not be mentioned, which was started more than 2 years before OWS, as vehicles for protest. The choices are not binary.

 

Perhaps you are not familiar with the implications of the case quite yet. The fact that the money was misappropriated has wreaked havoc with futures traders many of whom are providing hedging services for manufacturers and farmers to name just two groups.

 

Jon Corzine is not only former Vice-Chairman of Goldman-Sachs but later, a Democratic Senator from New Jersey and later Democratic Governor of New Jersey. He is the main fundraising conduit between the Obama administration and Wall Street.

 

People who prefer the Democrats to the GOP would seem less likely to want to mention the MF Global case. It is not like the petty corruption exemplified by Hillary Clinton's commodity trades, but rather something which could destabilize the system.

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I'm surprised that it has escaped your attention.The cases refer to Delaware companies which are affected by change of legislation by American lawmakers. Said lawmakers have the unsanctioned right to front run their legislation and deal in such Securities before the public knows what is going on.No wonder that they protect their groundskeepers.

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Are those company specific?

 

Are there cases which have moved the market?

 

Thanks in advance for any info or a link.

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A May 2011 study by Dr. Alan Ziobrowski et. al found that members of the US House of Representatives outperform the overall stock market by about 6% annually. The study measured abnormal returns for stock trades made by House delegates from 1985 to 2001 and concludes, "We find strong evidence that Members of the House have some type of nonpublic information which they use for personal gain." It was a follow up to Dr. Ziobrowski's 2004 Georgia State University study showing that members of the US Senate outperformed the overall stock market by 12%.

 

Alan Ziobrowski, PhD "Abnormal Returns from the Common Stock Investments of Members of the US House of Representatives," (321 KB) Business and Politics, May 2011

 

try insider trading by congress

 

http://maxkeiser.com/2011/11/24/congress-insider-trading/

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I can't help but have this slightly foreboding feeling about the next few years to come. Fingers crossed that one of the dominoes doesn't topple over I guess.

 

You and me both brother. In my lifetime alone The population has increased from 3 to 7 billion and counting. I just cant see a good outcome from that and suspect alot of our current problems stem directly from that increase. So you redistribute the wealth, put a leash on big banks and increase taxes on the rich. Then what? The economy will take off and everybody will have a job? Doing what? Making things from raw materials for others to buy? And the population bomb just keeps ticking/growing.It's going to get very ugly. This is just act one.

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cinzia "That the people who are likely to be outraged enough to hit the streets about insider trading are probably to a large extent the same ones who are already out for OWS. There may be a lot of conservatives outraged about it, but they can't join OWS protests now that their own conservative media have labeled OWS a "liberal" movement."

 

thats just the point, even if a group people want to do whats good for the country, they can't because its more important to be against the "liberals".. its a cultural battle all over again, woodstock vs hawks or what have you, its a battle of the sub cultures, who has long hair and whose doesnt.. so what if lack bank regulations is bad for EVERYONE ..except maybe the short term profits of a few monopolies. . how is it that governement regulations of banks and anti monopoly legistation has become the cause reserved for anarchist and leftist subculture?

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I can't connect the dots, kropotkin. Naomi Wolf writes in the Guardian that one of OWS' top demands has to do with Congress' power to create legislation about Delaware corporations that benefits them personally and can also be kept under wraps.

 

Especially since she's publishing in a foreign paper, I wish she would clarify exactly what that legislation is (and if it's new, as you say.) I spent some time yesterday trying to figure out what exactly she's referring to, and came up empty except for the above.

 

Wolf is right that it's suspicious that all the crackdowns started happening at the same time. Which was also about the same time as the insider trading scandal started hitting the news.

 

That the people who are likely to be outraged enough to hit the streets about insider trading are probably to a large extent the same ones who are already out for OWS. There may be a lot of conservatives outraged about it, but they can't join OWS protests now that their own conservative media have labeled OWS a "liberal" movement.

 

It usually isn't possible to bring out about change or pass significant legislation without building coalitions. Building coalitions doesn't mean becoming bosom buddies, just cooperating on a few well-defined issues, which is yet another reason why OWS should focus like a laser beam on a few salient ones, i.e., so it can find allies instead of pretending it has all of the answers and everyone should fall in behind it because it would like for marketing purposes to maintain the fiction that it speaks for 300 million people.

 

I think it's more accurate to define OWS and the TP as populist movements, but no doubt that is going to raise some hackles with OWS supporters who don't want to be identified with the TP in any way, although the latter is the natural coalition partner with the former on several issues such as the corruption of the political class in league with special interests.

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The only way the OWS movement will grow is if the police stop arresting them. Because if you're looking for a job, the last thing you need is an arrest on your record.

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The only way the OWS movement will grow is if the police stop arresting them.

 

Fat chance of that.

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Update on pepper spray + protests:

 

http://cucfa.org/news/2011_nov27.php

 

Also, just got an e-mail this morning from my uni that said this:

 

November 28, 2011

 

To: UCSC Community

Fr: Chancellor George Blumenthal and Campus Provost Alison Galloway

Re: Hahn Student Services protest

 

As you may know, the Hahn Student Services building never opened today (Monday) after protesters blocked entrances to the offices there. In the afternoon, several dozen protesters entered the locked building and gathered in an area that included the Financial Aid Office on the second floor. We have been in communication with the people who remain inside the building tonight.

 

We both support free-speech rights and are concerned about tuition increases and other impacts of never-ending state budget cuts to UC. But we cannot support a protest that deprives all of our students of essential services.

 

We have asked that units affected by the closure of the building set up temporary offices elsewhere on Tuesday. These offices will reopen at the Stevenson Event Center on Tuesday morning.

 

In addition to Financial Aid, other student services impacted include the Registrar's Office, Undergraduate Admissions, Student Housing, the Cashier's Office, the Disability Resource Center, and Summer Session.

 

The service our dedicated staff can offer in this temporary space will not meet the needs of every student who would normally seek help at Hahn; but we know that our staff will do what they can to help our students.

 

Thank you for your patience.

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So it seems that peaceful protest has achieved results, at least in London..

 

http://www.thisislondon.co.uk/standard-business/article-24018697-fsa-chief-to-talk-city-ethics-with-st-pauls-protesters.do

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Hmmmm, a bit problematic: The OWS folks have apparently blocked shooting of an American TV program with an OWS theme:

 

http://www.allmediany.com/details_news_article.php?news_artid=2611

 

I suppose it hasn't dawned on them that freedom of speech is supposed to be available to everyone, not just to those with whom they sympathize (and ironically the piece supposedly was sympathetic to OWS). Embarrassing own goal.

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...President Bush signed over 700 billion dollars with no strings attached. Congress approved it! No regulation to prevent it from happening again, and no transparency to prevent the banks from issuing those bonus checks either...

Meanwhile across in the UK:

 

 

RBS chief Stephen Hester's £963,000 bonus criticised

A £963,000 bonus in shares awarded to Royal Bank of Scotland boss Stephen Hester has been strongly criticised.

 

The Labour leader, Ed Miliband, said the payout represented a "disgraceful failure of leadership by the Prime Minister".

 

But the Chancellor, George Osborne, said the previous Labour government was responsible as it had forged the contract that included a bonus clause.

 

Lib Dem minister Jeremy Browne said Mr Hester should turn down the bonus.

 

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The OWS stuff here in Germany just doesn't seem to have the mass base that it does in the U.S.

 

I think that has something to do with a (relatively) decent welfare state in Germany. Of course living from Hartz IV or Bafög sucks, but it in no way compares to the real desperate situation of poor people in the United States, which is truly dire.

 

In the U.S. there's a situation where higher education -- which used to be a ticket into the middle-class -- has become an unaffordable luxury for large swathes of the population. People get mired in horrible debt, and for absence of a public safety net, have to move back in with their parents.

 

The situation is nowhere near that bad in Germany, where higher education is still largely low-cost, if not completely free and subsidized.

 

As a result, Occupy in Germany tends to attract either standard-bearer leftist die hards or weird conspiracy theorist monetary cranks.

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Cleveland area Occupiers up the ante... attempt to blow up bridge.

 

http://www.newsnet5.com/dpp/news/local_news/cleveland-fbi-makes-national-security-arrests

 

I rather suspect the FBI agents were nearly shitting themselves listening in on the plotters who...not making this up... wanted to throw thumbtacks out the back of the car if the cops started chasing them.

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