Greedy Trial Lawyer
The Chairman Of US Chamber Of Commerce Does The Insider Thing
Category: Gaming The System
Will the Chairman of the US Chamber of Commerce continue to be the spokesman and lobbyist for its effort to unshackle the bonds that prevent American businesses from effectively competing in the global economy? [Yes, my son, that is the altruistic goal of the Chamber.] It looks to me like he has already removed his personal shackles and decided to make some bucks the old fashioned way, by insider trading.
From MyDD:
US Chamber of Commerce Chairman Caught Ripping Off Investors
Gretchen Morgenson, a good business reporter for the New York Times, has an important story about Thomas J. Donohue, Chairman of the US Chamber of Commerce, being caught in a very shady insider trading scandal. The scandal involves Sunrise Senior Living, an assisted living provider for the elderly, and insider sales of stock prior to public revelations of accounting problems which crushed the stock price.Mr. Donohue's sales are of particular interest, given his day job. He has been a force behind the Chamber of Commerce's efforts to defang Sarbanes-Oxley, the Enron-era law designed to clean up corporate accounting and governance. The chamber also has the S.E.C.'s enforcement division in its sights; one chamber priority is to ''curtail the S.E.C.'s overly broad authority to launch investigations,'' according to its Web site.
It's not surprising that Thomas Donahue is an unethical guy who sold out the investors he's supposed to be looking out for. He's the head of the Chamber of Commerce, the paradigmatic example of corrupted lobbying practices.
In fact, the United States Chamber of Commerce, which, while it purports to work for a business-friendly environment that helps its members, is actually one of the most wingnutty groups around.
The Chamber wants to weaken or eliminate the Family and Medical Leave Act, the minimum wage, and the Americans with Disabilities Act. They want to cut every possible tax despite massive deficits, privatize Social Security, and just generally pursue the right-wing agenda down the line.
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